Startup Tips

Investing in property can be a business venture on its own. By owning a few properties you can make a healthy profit – if you know what you’re doing. Here are four of the best ways to make money out of property.

Become a landlord

The preferred method by most, becoming a landlord allows you to cover mortgage costs by renting the property out. This could include one whole building or individual rooms. Paying an agency can sometimes help to ensure property gets filled and that rent is paid on time, although it’s worth weighing up the cost. Rented properties must fit certain specs, so you may have to do a little work to your property first if you were to pursue this avenue. It may be best to keep some money left over to in the event that you may need to make repairs (obviously if this inflicted by the tenants, you can deduct these costs from your tenants’ deposits)

Give properties makeovers

Restoring and renovating property can be another great way of making a profit. If you’re a dab hand at DIY you may be able to do this yourself, but quite often it may pay to hire professionals. There are many companies that can renovate your entire property for you (such as this company owned by Nicolas Livsit). Alternatively, you may be able to save money doing certain jobs yourself and then picking specific handymen for specific tasks such as electricians as plumbers. Getting involved in this kind of property investment requires having some money already behind you and you should always make sure not to get too attached to the properties you renovate – otherwise you may not want to sell them.

Study appreciation rates

Riskier than renting or renovating, you could simply rely on natural appreciation to make a profit. You will have to find a way of paying the mortgage in the meantime, but if you study property price rates enough you may be able to find an up-and-coming location in which prices are sharply on the rise, making it only a couple years before you can make your return. Many property investors will try other methods before moving to this, making money and gaining a knowledge of how the property market works before committing to such a risk. The worst thing you want is to invest in a property, only for it to not increase in value at all and be stuck with it (or worse invest in property that loses it’s value).

Learn to flip

Flipping property is the riskiest venture of all and involves trading a property directly for another with no money involved. Both parties generally have to feel like they’re getting something out of it. If you’re sly enough you may able to exchange your property for one that’s worth more in value, or one that you can easily add value to by making a few adjustments. Get it wrong and you could risk ending up with the worst part of the deal. Property experts should only attempt this.

One of the most important components of any business plan is your relevance. You could have the brightest scientists and engineers working on a life-changing product, but if there is no market for it then you aren’t going to make any money. If people don’t have a use for your product, then no matter how great it is you aren’t going to make a profit on the money you invested in.

This is the key to running a successful manufacturing startup. You can’t be too specialized and you can’t be too broad, but you do need to be flexible and take on as many orders and clients as you possibly can. An industrial startup has to be willing to accept jobs that are outside of their comfort zone, but you need to be professional enough not to overstep your boundaries and overestimate your ability.

Versatile equipment

Image starting a production line. Picture all the machines, gears and computers required for production to run smoothly. Now let’s say your contract is complete and you’re going to take on a new job. As you receive the order, you realize that you now have to change your production line and tweak it so that you can build this new order. If your manufacturing line isn’t ready for change, then you’re going to be slow at meeting orders and your efficiency as a business will plummet.

Whether it’s heavy duty clamps to lock down hoses, robotic arms to do highly detailed work or conveyor belts to move items around your factory, you need to have versatile equipment that can be switched or modified at a moment’s notice so that you can continue working efficiently whenever you receive a new order. There are some obvious limitations to this. For example, you can’t expect to create plastic toys and also manufacture chemicals to be used in cleaning products. You have to set realistic goals and aim to conquer an industry.

Focus on a needed industry

Let’s start with this question: what can you provide? If you want to specialize in a specific industry, then you need to get yourself out there and provide products that resonate with your clients and customers. For instance, if your factory is close to a large lumber yard, then you can specialize in wooden products that could be anything from furniture to disposable chopsticks. Wood is one of the most used raw materials in our everyday lives. We build houses with it, buildings, furniture and it’s even used as fuel.

For something so versatile, you are guaranteed to get regular customers and you might even sign contracts to supply big-name brands assuming you can meet their demands and provide excellent quality and service. If you focus on too many contracts, however, you’re going to spread your resources too thinly and you might not have the right equipment to tackle every job thrown at you. Another example of a needed industry is a chemical plant. Chemicals of all types are used in almost everything from food to cleaning products and bathroom essentials.

It doesn’t matter what size your ecommerce enterprise is, the simple fact is that controlling your stock levels and the way you order and manage your inventory will be critical to your success. There is a lot that can go wrong when you order products, store them, and then sell them to customers – and the only way to control the problems is by investing into practical inventory management systems. Here are some general guidelines for newcomers to the ecommerce world – no matter which industry you are serving.

The ins and outs

The first step is to take a firm grip on what comes in and out of your stores or warehouse. Suppliers will deliver your goods, and you will need to count it in to ensure there are no discrepancies. Bear in mind that somewhere between 1-2% of all packages have missing items – and that can add up to a significant amount of money over a year. It’s also worth thinking that those percentages apply to online retailers, too – in an ideal world, your actual figure for packaging mistakes will be a fraction of this average.

Storage

Storage might not seem like a problem if you are just starting out in ecommerce and working from home. But by the time you start selling in any volume, it will be problematic without the right levels of organisation. First of all, you need to arrange your stock in a way that is sensible – are your best sellers readily available? Are you keeping products that look similar to each other apart to avoid picking and packing mistakes? And are you ensuring that you are rotating stock that has Best Before Dates – such as foods or perishables?

Automate it

With the right system in place, your inventory control processes will become much easier than they are when you have to do everything manually. There are plenty of ERP retail solutions out there, so take a look around and find one that works well for your industry. For example, there are barcode systems and RFID solutions to consider, and they can help you minimise picking areas and get a tighter grip on your stock. It’s also advisable to choose a system that allows you to order automatically. As soon as your stock levels hit a minimum level, the system creates an order, meaning you can ensure your most popular products are never out of stock.

Check it!

Manual stock checks will become something of a bane for you – just as it is in every retail store. But the simple truth is that without them, you will end up in all kinds of trouble. Even with the sharpest, best and brightest piece of software, you should be making regular manual checks. Picking mistakes, employee theft, supplier issues – all of them can lead to discrepancies in your system which will frustrate you in the long-term.

Inventory management isn’t the most glamorous part of the ecommerce trade – but it is one of the most important. It is essential that you have a robust system in place right from the start, so you can analyse all your processes and ensure your business is as accurate as possible.

When starting any business there are many cost issues you need to bear in mind. You’ll plan them all out, just like you should, and allocate cash reserves to each area as needed. But there are things businesses always forget, and as such need to scramble around and find extra cash or risk leaving the business exposed in some way, shape or form. The best way to mitigate this is by planning things out properly beforehand, and knowing exactly what the costs will be before starting the business.

Cyber Security

A sometimes cheap expense, cyber security is a must in a computer rich environment. Often overlooked in the business plan, it can be an irksome add on later on. But it should be planned in because sometimes it can be more expensive. If you run a specific industry, such as financial, you’ll want the best SIEM to defend against internal and external threats. You should include all types of security in your initial business model to limit the disappointment of having to spend out later on. Firms simply cannot function without appropriate spyware these days as the risks are too great. There’s viruses, spyware, malware etc to worry about, so ensure you get it at the earliest opportunity to circumvent all risks involved.

Accountancy

Usually smaller businesses will think that they can do all the number crunching themselves on the side, and many of them can. But only until the business grows and you need to start pulling your time to other areas to keep it operational. The number crunching is time consuming. You should plan in for this down the line and set some cash aside for accountancy or accountant consultation. Your business will really benefit from their expertise and reap the rewards as their advice can help you run for longer and appropriate cost cutting techniques where needed.

Miss Calculation Of Growth

Sometimes growth will be miscalculated and you won’t receive the funds from operation that you expected. Because of this you should always have backup cash reserves. Shave ten percent off your business cash at the beginning of launch and stow it away in a separate business account. This is your money that can see and support you through the bad times. Just remember to top it back up when things start going well again.

SEO

Businesses which operate solely from a website need search engine optimization to ensure people can find their website with ease. It isn’t easy, but many business owners still try to do it themselves, which involves creating lots of quality content for blogs and social media. It is time consuming and should be left to the experts who know exactly what they are doing. Hiring freelancers to write for you or an SEO company can be pricey, but marketing and ensuring your website is visible is a sure fire way to increase sales. You don’t want to be in a position where you are trying to do all of this yourself, set cash aside at the beginning for it for maximum effect.

Some workplace stress is normal, even acceptable. We all come up against challenges that can push us close to our limits. However, if your workplace is an environment where stress is all too common an occurrence, it’s a workplace that is at risk of collapsing at any moment. People will leave, people will burn out entirely, and people will resent the place they work. It’s a good idea to identify the stressors your team are under so you can start tackling the biggest ones.

Lack of agency

If your business is treating any one person as little more than a workhorse, then you better believe that they’re going to feel penned in and used. People like to have some impact and some agency. Empowering them, keeping your door open to creativity and even incentivizing solutions with little rewards doesn’t just make them happier in their job. It means that the people closest to the work can provide solutions that you might not be able to find otherwise. Whether that’s in efficiency, in customer satisfaction, or in improving your ROI.

A workload they can’t handle

Roles evolve and the best employees are able and willing to take on new tasks as they grow. But you have to make sure that you’re not straining them too hard. You can’t always expect them to speak up. Instead, teach them about the value of organizing their workload and time management. Then help them find tools like software that can help do certain things quicker or even automate them.

Their future

The future is uncertain and there’s no way to control it. However, employers are in the position to make the future at least a little more secure for their employees. Monetarily, they can use 401k small companies plans to offer the kind of long-lived financial protection against the kind of worries most people have about their future. But you should also look at their need for some sort of future path in their career, too. Instead of always hiring, think about focusing more on developing people internally to grow them through the company.

Their work-life balance

Naturally, they have needs in the present, as well. One that too few employers really consider is their need for work-life balance. Not everyone is suited to a 9-to-5 in the same office as everyone else. Sometimes, they need more privacy, which could mean remote working or offering a different space in the workplace. Sometimes they need more control over their own schedule, which employers can give by offering flexible paid time off instead of regimenting sick days and holidays.

Fear

This contributes to every point above. If employees are afraid to talk about the issues that matter to them, they will sit on their stressors. They will silently look for jobs that offer 401k plans and flexible hours. They won’t object to being given work that would push them over their limits. Make sure you’re not engendering a workplace of fear. It might offer you a shallow modicum of control over them, but it is your business that suffers in the end.

Operating with a healthy level of challenge is always going to be stressful, so you don’t need the business itself to be causing any more. Remember the needs of your team so they can focus on the needs of the business.

In the midst of starting a company, you will at some point hit a snag. It is nothing that is worth worrying about, these things were made to try us. It is inevitable as the business progresses you will bump into issues along the way. Staffing is one of those issues. When companies start, there is the big question of cost hanging over everything. Can you afford to hire full-time members of staff when you are a primitive startup company? A lot of people bypass this by going for the outsourcing method, where you hire a freelancer to come in and do whatever needs to be done quickly, and exit the process. As a small business owner, this could be an absolutely ideal way to get the tasks you need doing, but at a fraction of the cost. There are pros and cons to having permanent staff and freelancers at any one time.

The communication between an employer and freelancer is something that can be frustrating at points. The freelancer mindset is to swoop in and out. Do the job and leave. If you want to inject a sense of cohesion and transparency in your business, it may be very hard to achieve when you are met with this approach to work. On the other hand, if you are the type of leader that likes to give the order and expect no questions, this is a suitable approach to take. Contact can be minimal if you give a very detailed level of information with a deadline, which gives you more time to get on with the important stuff.

On the other hand, freelancers can give a fresh point of view on your company, maybe in ways that you have never seen it before. Outsourced IT companies can look at your technical infrastructure and tell you where you are falling down. By having another point of view on proceedings, it helps to flag up potential problems before they get worse.

A permanent member of staff is not just someone who clocks in and out. This is a person who is invested in the company and its ethos. At least that’s what you should be looking for when you are doing the hiring process. Having someone work for you on a permanent basis is more of an investment than a freelancer, and you would not need to school them up in the ways of the business and how it is run, as they would already know this. From a perspective of a business owner, time is not wasted in training up someone in the fine details of the company for them to disappear as soon as their work is done.

Looking at both sides of the coin in the freelancer versus permanent worker debate is one that can go on forever. You need to ask yourself, do I need someone to be an investment in my business so I can build a great team, or do I want to go it alone for a bit longer, getting help when I may need it? I hope you find the answer.

Running a business has its perks, there is no denying that. But for everything great in this world, there is another side of the coin, and ensuring the positive’s mean doing your best to combat the negatives. In the case of business management that tends to be the responsibility you have. It oozes out of every department, every floor and every boardroom. You have a responsibility to your employees, to make sure they are appreciated, work in safe conditions and are steered in the right direction. You have a responsibility to your clients, to sell them a high quality service or product worth its money. You have a responsibility to the board and to investors, to deliver them high returns on their investments and ensure each quarter provides increased profits.

Of course, this is all part and parcel of running a business, but that does not mean you have to shoulder all the responsibilities and all the pressures alone, and we are not just talking managerial responsibilities. We live in an era where experts offer their services through outsourcing opportunities, many of which could assist you and your company.

Let’s start with digital agencies

Great marketing strategies have the ability to see your business boom. Poorly executed ones can see you take a hit financial and in terms of your reputation. As such, why not release some of the efforts and resources tied up within your business and work in collaboration with those who have forged award-winning careers on this front, companies that know which market trends are working and will be able to couple strategies to maximise the effect you have. While you may have been concentrating on strategies to boost your SEO, an agency will be able to explain how to successfully integrate this with other tactics, such as CRO and PPC strategies.  

Computers take up resource

A robust and reliable network is likely to be your unsung hero because a well-maintained server is what allows your business to operate smoothly day in and day out. It is what allows employees to work remotely, to share files, to work in collaboration with different departments and sometime different offices. But maintaining computers can be arduous, costly and frustrating, which is why we recommend you consider partnering up with a company that specializes in managed IT services. Not only will they be your software support team, but they will ensure your security is top notch too, installing the latest firewalls and encryption devices as standard.

Look professional

All businesses – whether those established for 65 years or those that are a week old and being run out of a dorm room – want to look professional, and that tends to be nothing more than a matter of perspective. As such, you will want to upgrade your telecommunications services so that you are able to book virtual meeting rooms, host conference calls and hold in WebEx seminars. That is where a solutions company specialising in business phones will be your best friend. Trust us, this will give your business that professionalism it may be lacking.

The success or failure of your startup company often depends on how you get started. If you don’t have the right foundations for success in place, it will be almost impossible for you to get to where you want to be. It really is as simple as that. Of course, there are other matters and challenges that you will have to deal with later. But for now, you will need to think about what you can do to lay the right foundations. Here are those foundations, so don’t ignore any of them.

Contacts in the Industry

It can really help if you have contacts in the industry where you want to work. When you don’t have the right contacts in place, it can be a big hindrance for your company. You will be all alone, and you won’t know where you need to turn. That’s no way to run a business if you don’t have any existing experience in your sector. Try to network, meet people and build contacts before you actually start to get your business off the ground. It could be one of the smartest things you do when you’re just starting out in the world of business.

A Secure Headquarters

Next, you will need a base from which your company can do it’s vital work. If you don’t have this in place, it will lead to you not achieving as much as you know that your business can. You’ll be forced to run your business from home, which is a situation that’s never ideal for serious entrepreneurs. It simply makes things harder for you to manage, and the business will struggle to present itself as professional. When you do have your headquarters in place, you will need to think about security. You can get help with this from Cannon Guards.

A Plan for Reaching Those First Customers

Reaching the very first customers of the business can be really difficult. Remember, you’re going to be starting from absolutely nothing. There will be no existing customers. In fact, no one will even have heard of your business to begin with. This situation can be difficult to contend with because you have to put a strategy in place that results in quick sales. So, think about what you can do to reach out to people and get your name out there. It might mean linking up with bigger companies, creating a launch event or marketing the business aggressively.

Strong Team Ethic

The team ethic present in your business is going to be very important. If you don’t have a strong team ethic, your team will not perform as strongly as it would if everyone was working for one another as a team unit. This is something that you really need to pay attention to if you want to find success. Build your team gradually, and ensure that each and every person you bring into the fold is capable of doing well for the company and pulling it in the right kind of direction.

Communication is a vitally important part of any successful business. Whether it’s relating to internal memos or external marketing, being able to communicate clearly and quickly is vital. What’s more, with globalisation gathering pace, communication now needs to cover much greater distances than ever before.

If you do not have the right tools in place, however, communication could end up costing your business thousands of dollars more than it needs to. If you want cutting-edge communication without bankrupting your company, then be sure to follow the below tips.

Avoid international travel if you can

With the vast array of communication options now available, businesses should think long and hard before committing any of their staff to international travel. Although face-to-face interactions remain important in modern business, you may be able to save your business hundreds of dollars by having a telephone call or Skype conversation instead of purchasing a ticket half way across the world.

International travel may be tempting, particularly if you can include your first class ticket as a company expense, but reckless spending has undone many a successful business in the past. If there’s no genuine benefit to the business, then avoid long journeys. You’re finances, and the environment, will thank you for it.  

Outsource your comms

Communication in the modern age can be extremely complicated. There are emails, telephone calls, video conferencing and more to consider, which can be confusing and costly, particularly if you are purchasing your different comms from a number of different providers.

Instead of attempting to organize this collection of disparate networks yourself, you can now outsource your communications to an external agency. In particular, VoIP solutions now let businesses conduct their telephony over an online connection, providing cost and reliability benefits. Instead of having to handle your comms management yourself, you can outsource the purchase, installation and setup to a third-party provider.

Sort out your telephone tariff

If you are conducting business abroad yourself, or contacting a client based overseas, it is important that you have the right telephone tariff to ensure you’re not incurring huge fees. International calls remain expensive, but businesses do have a few options that let them get around this.

There are a number of mobile business tariffs that include international options, offering reduced rates on calls and providing data usage. What’s more, businesses can set caps to ensure that spending never gets out of control. Alternatively, going with a VoIP or Unified Comms solution that uses an internet connection rather than traditional phone networks will also enable you to avoid international fees.

App-ly yourself

When looking to save costs on communication, don’t neglect the vast range of apps that are available to the modern business. These include WhatsApp, which is free to use and allows encrypted communication anywhere in the world, and others that are more business oriented, like Slack. Whichever communication apps you ultimately decide to use, there are many that boost collaboration at no added cost. You may, however, wish to officially endorse a particular application, in order to reduce the rise of shadow IT in the business.

Ask any expert or business owner what the most common reason for small businesses failing is and they will tell you it is mismanagement of outgoings. It is a simple math; the more outgoings you have the more revenue you need, which, as a small business or startup, can be a tough ask. Outgoings tend to pour out of every area of a business. There is stock, there are wages, there is tax and utility bills and rent or mortgage payments, and that is just a scratch on the top of the iceberg. Get out a calculator, add them all up and you will see that these outgoings tend to add up pretty quickly, meaning the end of the month isn’t that fun.

But don’t worry, we have spoken to industry experts and successful business owners, and compiled a list of their top tips and advice to help you be a success. No need to thank us.

Find Yourself Great Deals

Finding deals can become one of your closest friends. It’s a bit like when you go shopping for groceries or clothes or anything; you will be attracted to deals because they will save you money. The same goes for business. What’s more, there are plenty of ways to get a good deal. Why not go online to see what you can find in the way of deals. The internet is saturated with money-saving websites, it just takes a little knowledge of knowing where to look and what to look for. For example, if you are in the retail business, have a look to see what the lowest credit card processing rates are. Alternatively, why not try a little renegotiation here and there. Speak to your suppliers, or your landlord, and see whether they can give you a better deal. Chances are, if they value your relationship, they will be willing to to offer you a reduction. Even if this is a fraction, a few dollars for instance, it could add to a sizeable chunk when added together and spread out over a year.

Marketing Can Be Cheap

If you are thinking of hiring an agency to handle all of your marketing and social media content, but have gulped at what they charge, stop. It is not worth shelling out a huge chunk of your tight revenue on an agency. Why? Because there are so many ways to market your business in a seriously cost-effective way. Heard of social media? Of course you have. It is the go to place for everyone, whether they are searching for something, researching a business or just procrastinating. So get on it. Know which platform will suit your needs best and get on it. Look at Twitter and LinkedIn and Pinterest and Facebook. Decide which one will drive the most traffic and start harnessing its power. Start blogging as well. You have a website, so start improving your SEO by blogging often and well. Trust us on that one.

Outsource Everything

Employees cost money. They have monthly salaries you need to pay. There is insurance that needs to be put in place. You’ll need a bigger office space and that means more utility bills. So, yeah, they cost money. So why not dip into the pool of freelancers that is now filled with top talent. It could be HR consultancy that you want, designers or content writers. All if it can be freelanced, which means you can start cutting your costs dramatically.

Hiring employees brings a number of issues for startup owners. It’s a massive expense and a lot of extra responsibility, which may cause you a lot of concerns. What if your business can’t support these employees in six months time? What if the people you hire are unable to do the job as well as you can? And never mind the cost of wages – will you be able to meet the compensation costs if there is an accident on your premises?

All of these concerns are valid, of course. But it’s important to see hiring employees as an investment, rather than a cost. And, as with any other investment you make in your business, some risk management is vital – and will inform you of whether or not you are ready to start employing people. With this in mind, we’re going to run through some of the things you need to consider before bringing employees into your business. Let’s get started with the basics.

When you are wasting time and money

Startups often begin with one person who does everything – and that person takes on all the responsibilities and work, irrelevant of its value to the business. But this way of working is incredibly problematic. Let’s say as a CEO; you are worth $300 an hour for your business, either through working with clients or selling to potential customers. But you only get to do this for three days a week – the rest of your time is doing everything else you need to do to keep your business running. Tasks such as filling in databases, uploading receipts, or filing documents – all vital to your business, but you could pay someone $15 an hour to do them, leaving you free to focus on your $300 an hour work.

When you have everything in place

Hiring employees is a lot more complicated than working for yourself. You have a lot of responsibilities to recognise and act upon, including providing a safe and healthy workplace for your staff and everything from contracts of work to disciplinary guidelines. In fact, the area of employment can be so complicated that many startups might benefit from making a human resources appointment first of all, or outsourcing to an HR consultancy. It’s vital to get everything in place before you start hiring as it will give you the protection you need in the event of an accident, dispute, or any other problem in the employment law area.

When you are unable to meet long-term demand

Finally, many businesses are seasonal – in that they enjoy good months at particular times of the year. It’s important to understand that these seasonal spikes in sales are not enough to tell you that you need to hire in some extra bodies. Instead, startup owners need to look for sustained, long-term growth, where they cannot meet demand in even their quieter periods. When this occurs, it’s a reliable sign that you need to hire people to cope with that demand. However, it’s vital to avoid diving in too early, or you will be left with a massive wage bill to pay every month and too few sales to sustain it over a whole year.

Getting a product to market successfully is truly difficult. The amount of products that die a death before they really make an impact litter our newsfeeds as endless cautionary stories. On the other hand, those truly successful and impactful products, like the iPod and the Fitbit, become almost legendary for getting it right. But you don’t have to reach their level of notoriety to succeed. What you need to do is ensure you’re not making these product-killing mistakes.

Skipping the market appeal

Whether you’re inventing a product for a business or as a business, you can’t skip the step of creating a proper pitch for it. You need to identify that the target market exists, that you’re providing some unique proposition compared to your competitors, and that consumers will actually care about that proposition. If you don’t take the time to create a proper pitch, you will either get laughed at by potential investors in your idea or you will launch only to find virtually no fanfare for it.

Lacking a roadmap

Developing a product can be hectic and can throw all kinds of unexpected steps and detours at you. But without a roadmap, those detours can become an entirely different road with no end in sight. Make sure you have clearly defined goals and a process route that ensures no-one is left waiting at a bottleneck for others to open up the next step for them.

Rushing the prototyping process

Prototyping is vital. But all too many businesses use it solely as a proof of concept step. You should be using it to get used to the physical dimensions and property of the product you want to create. This is the perfect time to identify design aspects that could be changed to make production a lot easier, or elements of discomfort that could put potential buyers off the product entirely.

Not investing in the production

Few businesses can afford to skimp out on the proper equipment to ensure they’re as efficient in production as possible. When it comes to shaping the product, you need to do what you can to reduce loss of valuable materials. Whether that’s spending more time training employees to use manual tools or integrating automated CNC machinery, loss prevention is a vital part of keeping production cost-effective. Fail to be cost-effective and you’re already making it a lot harder for the product to succeed.

Failing to launch

The launch is the part that gets the public invested in the business. A successful launch can make more an impact than most of the steps above. But you shouldn’t let a fear of failure keep you back from launching. If you keep putting it off, then the hype you should be generating through social media and marketing will keep dying down until there’s no-one to care by the time you actually do launch.

At every point during the development, creation, and launch, you need to be honest with yourself about how smooth the process is going. Knowing when to cut your losses is as important as getting a great launch going. Looking at the elements above will better help you identify not only how well you’re doing, but how successful the product is likely to be.

Provided you had at least a couple of jobs before you started your business, I’m sure you’ve had experiences with people who weren’t exactly the biggest assets to the company. As co-workers, they’re simply annoying. As your own employees, these people are toxic to your livelihood, and need to be dealt with! In this post, we’ll look at a few different types of toxic employees, and the best ways to deal with them…

Slackers

This is probably the most immediately obvious type of toxic employee a business can have, and one too many can drive a promising start-up right into the ground. These are the people who will constantly find ways to duck out of work, and will have no problem watching others having to pick up the slack. What makes things worse is that a lot of them are experts at disguising themselves as hard workers! Slackers are a massive drain on their co-workers’ time, enthusiasm and energy, so don’t let their behavior slide. Try to figure out if there’s any secret resentments that they have for the company, and deal with these where you can. Provide clear, measurable targets, recognize the effort they do put in, and be a little more stern with their reviews.

Sociopaths

An estimated 4% of people show sociopathic traits, and if any employees harbor these it can have a serious negative impact on the business as a whole. These people will poison the whole office environment with their behavior, and leave a trail of discord and damage wherever they go. If they’re given the opportunity, many will try to extort or manipulate the business for their own gain, pushing their employer to find a corporate PI or take aggressive legal action. If you notice any employees who demonstrate dominant, bullying behavior, a constant disregard for business protocol, interpersonal issues, and a subtle contempt for authority, I recommend keeping a close eye on them. Make sure you’re enforcing strict anti bullying policies at your business, taking all employee complaints seriously, and going out of your way to make your company’s working environment as safe and supportive as possible. Sociopathic employees are often toxic, but can usually be kept under wraps.

Martyrs

These are the polar opposite of slackers, which may sound great on the surface. However, employees that have no end to their work ethic, and insist on taking on as many responsibilities as possible, can cause a range of issues. Martyrs may be hard working, but many of them need everyone else to recognize what they’re sacrificing for the job. Their control issues can seriously undermine the confidence of their co-workers, and cause major issues when it comes to anything involving teamwork. Furthermore, a lot of them will come into work even when they’re way too sick for it, spreading illness around the office. If you’ve been fostering something of a competitive attitude in the workplace, consider toning this down, and encouraging more collaboration. You should also talk to any martyrs and ask them directly to delegate more of their work.

There a plenty of rewards to running your own business. For yourself, it might be seeing your idea and venture grow tall and succeed before your very eye. It might be the fact that you’re trying something new and moving forward on your own. In fact, it might just be because your name is behind a new business.

The pros of starting a business? Well, you now get to be your own boss and control your own career and destination. There’s the fact that you can control your own hours, being as flexible as you wish. Of course, there’s the money which can boost your bank balance off the back of your own hard work.

That last point is a good one because money is so crucial to the starting and running of a business. You can’t start a business without money, and it certainly can’t exist without a steady stream of incoming cash. Your idea can be amazing, but without money, it won’t be realized.

A customized business loan is a great way to fund your business no matter if you are just starting up or need to cash to advance the pursuit of your business goals. There are loans out there that will fit you and are completely customizable, so you’re not out of pocket. With simply flat fees and payment terms laid out on your terms to suit your needs, it’s worthing looking around for a good loan which could keep your business going or start your new idea off.

Loaning money from the bank isn’t the only way you can get started, though. You can raise money through an equity investment which will see you sell your shares to investors. There are plenty of people who are prepared to back new businesses, and in many cases, the government would grant them some serious tax relief in reward for supporting businesses like yours. Venture capitalist firms may be prepared to take a gamble on you if your idea is unique and could form an alternative avenue of funding.

In terms of alternative financing options, you might consider a crowdfunding platform like Indiegogo or Kickstarter if you believe your business or your idea can capture the hearts and minds of the public in order for them to part with their hard-earned cash. A crowdfunding campaign is going to be hard-work as you’ll need to keep your backers update on your progress and ensure you meet their needs and your goals. Plenty a Kickstarter has gone wrong because the creators have failed to deliver once they’ve received the money – make sure you can follow through on your promises. To run a successful crowdfunding campaign, you’re going to have to embrace multimedia and social media to get your message out to the masses, but these skills will serve you well when your business is up and running.

Money – it’s going to keep your business in business, get a solid plan funded and run it responsibly.