Business

If you love children and are interested in caring for them while making some money at the same time, starting a childcare business could be a great option for you. However, starting an actual childcare business isn’t as easy as babysitting for your friends or neighbors occasionally. So to help ensure that you’re up for the task, here are three things you should consider before starting a childcare business.

Figure Out Your Budget And Financial Matters First

Unless you’re doing this out of the kindness of your heart, one of the very first things you’ll want to figure out is if your plan for starting a childcare business is financially feasible.

To do this, a contributor to Small Business Trends, recommends that you put together a budget model for what you anticipate your expenses being compared to how much money you think you’ll be bringing in from your work. You’ll need to make sure you include things like bills, administrative costs, fees, utilities, and potential rent and salaries if you’re thinking about starting a larger business. You’ll also need to put a plan in place for having parents pay you for your services and ensuring that you get paid the correct amount and on time each month, as you don’t want to have to be trying to figure out this part of your business when you’re counting on that money coming in.

Should You Become Licensed?

If you’re thinking that your childcare business will be small and that you’ll mainly be caring for children that you already have some kind of connection to, be it knowing their parents from the community or whatnot, then getting licensed may not be a main priority of yours.

On the other hand, Alexis Writing, a contributor to Chron Small Business, shares that states have their own guidelines for what type of childcare facilities need to be licensed and registered and what that all entails. So to ensure that you’re legally doing all that you should be for your business to function, make sure you check the laws of your area regarding licensing.

Get The Right Insurance

When you start any kind of business, you open yourself up to risk. Because of this, it’s vital that you have the right insurance in place to protect you and the kids you care for.

Generally, the U.S. Small Business Administration shares that childcare businesses should have liability insurance and accident insurance at the very least. By getting the right coverage and type of insurance for the childcare business you’ll be running, you’ll have protection in case the unthinkable happens.

If you’ve been wanting to start your own childcare business and think that now is the time to do it, consider using the tips mentioned above to help you get off on the right foot.

It’s a good idea to take a look at what we can do to prepare for a disaster. It may not happen, but you never know when it will strike. Whether it’s the threat of a natural disaster or simple, everyday business interruptions, many companies face similar challenges with being prepared for the unexpected.

But regardless of how prepared you think you are, there’s no substitute for proper planning and preparation. Here are some tips on what to consider to avoid loss of productivity.

Maintain up to date contact information

A good first step in preparing your business is making sure you have the right contact information for key people in your business chain and that it is up to date. If the worst happens and your business is affected, it may take time for you to get in touch with customers or suppliers. Make sure that they also have up to date contact information, so making contact post any incidence can be easier.

Create an emergency fund

It may be hard to imagine, but if your business was to suffer damage from a fire, natural disaster, or other events, you would need financial resources at your fingertips. That’s why it’s essential to set aside cash savings for emergency situations. Depending on the scope of your business and its needs, an emergency fund can typically be set up between three and six months of operating expenses.

Get the right insurance

Many times, business owners don’t think they need insurance until they find themselves in an unfortunate situation. The easiest way to protect yourself is to get the right policies and make sure you know how much coverage and what type of coverage you have.

Don’t rely on just one individual

When you create redundancy in your business, you can withstand any adversity. You can literally have several people that can replace the primary person, and the company will still operate successfully without the main individual. If a few key people leave your company, it’s not going to be nearly as bad as if you only had one or two people running the business.

Have a business continuity plan already in place

Analysing how your business works are the first step to understanding how you can protect it and the value that it holds. Business continuity planning will help you create a response plan to enable your business to recover from a disaster and return to normal operations as quickly as possible.

It’s important to know what could disrupt your ability to deliver these services or products when people depend on them, and it’s equally as important to have strategies in place where you can still make deliveries for products of lesser importance.

Final Thoughts

With the above ways to prepare for the worst, your business will be ready to go in no time. However, most businesses don’t have what it takes to make it through the most severe financial disaster. It’s good to always be prepared.

 

Ideally, most business owners want to create a company that will be around for years and years. However, if businesses stay the same over the years and never try to innovate or reinvent themselves, they may not have a great chance of keeping up with the competition or maintaining excitement about their bring.

With this in mind, many companies choose to go through a rebranding process. And while this may be a great idea in some respects, there are things about a rebranding that you’ll need to be careful about.

To help you in figuring all of this out for your organization, here are three things to consider before rebranding your business.

How You Fit Into The Competitive Landscape

One thing you’ll need to think about as you consider rebranding your business is how you fit into the competitive landscape within your industry or field. This is where you’ll really want to work in your brand, since Amanda Bowman, a contributor to Entrepreneur.com, shares that the biggest reason to rebrand is to further set yourself apart from the competition.

As you think about this, consider what about your business differentiates you from others in your industry. These are the things that you’ll want to focus on when you rebrand, as they’ll help people better understand your business as its own entity.

Know What You’re Risking

While you might initially only be thinking about all of the great benefits you could have by rebranding, there’s definitely some risks that come along with this business decision as well.

According to Scott Greggory, a contributor to Forbes Agency Council, doing a rebrand could wind up setting your business back in recognition and trust if you’re not careful. Also, not everyone is going to love or appreciate the changes that you’re making to your brand and your company. So while you might gain some new clients or customers, you could also alienate some of those who have been with you for years. But if you feel like the risks are worth the reward, then it does make sense to go ahead with a rebrand.

Your Timeline

Once you get the idea to do a rebrand, David Rodnitzky, a contributor to Inc.com, it’s wise to try to expedite the process and make swift decisions that will allow you to roll out the rebrand quickly. The longer you wait to unveil your new branding pieces, the more time people have to get your old brand and image ingrained in their minds, which means you’ll just be making your future job harder.

If you’ve been toying with the idea of rebranding your business, consider how the tips mentioned above can help you successfully go through this process and prepare your business for whatever the outcome may be.

Many people are intimidated at the prospect of running a business. Despite the financially rewarding nature of starting an enterprise, it comes with a lot more challenges and considerations. And because even the slightest error or oversight can have massive repercussions that could affect the profit potential of your company and its ability to grow, the task of running and managing these types of enterprises can be more than a little overwhelming.

But as the saying goes, there’s always a solution to every problem. The key to keeping away from traps and pitfalls is knowing exactly where they are, and we’ll discuss some of the mistakes that every entrepreneur must avoid.

Not asking for assistance

Many entrepreneurs are used to getting everything done themselves. After all, it is the business owner who thinks of the idea and turns it into a money-making enterprise. While this mindset might work in certain fields or trades, it can get you in a lot of trouble in specific industries. The fact of the matter is that there are bound to be things that you won’t fully grasp or understand. And if you insist on doing it all yourself then you’ll be more susceptible to making potentially costly mistakes that could affect the business’s image and finances.

As such, you must never let your pride keep you from asking for assistance. Requesting outside help, be it from experts or suppliers, won’t just help you build contacts in your industry, but more importantly, it will make it easier for you to succeed.

Skimping on new technology

These days, almost every industry is dependent on new technology. After all, it minimizes the likelihood of mishaps and errors from happening and reduces the safety concerns of its operational processes. It also improves its overall efficiency, leading to more productivity. It is because of this reason that you must invest in new technology whenever possible. It may sound like a lot of additional expenditure now. But the right tech, be it software or machinery, can help you achieve greater returns on your investment.

Keeping all the work in-house

Let’s face it, running a business is expensive. There’s no getting around this fact. And you’ll risk your outlays eating your profits if you try to keep all of the work in-house. Instead, outsource certain jobs that you are unable to take on yourself. Waste disposal, for instance, can be costly. So you’re better off leaving the job of recycling any waste to the likes of langleyrecyclingkc.com if you’re in a business that deals with a lot of waste because they’ll do a better job at it. More importantly, you won’t have to commit a sizable amount of financial resources to the process.

Success in business can be incredibly rewarding from both a financial and personal level. However, it isn’t easy to thrive and flourish. But by avoiding the mistakes that are listed above, you’ll give your business more opportunities to grow and succeed.

If you don’t want to get burnt, you can study some simple “laws” before diving into the stock market, learning more about cryptocurrencies, or trading forex. There are several ways to trade, but most people don’t do their homework first and then whine about how they were duped.

The reality is that if you do your homework correctly, you are incredibly unlikely to become a victim of a scam. There are some excellent investing tips that we want you to be aware of to become a successful investor. If you’re not doing so, it’s a good idea to refresh your memory to see what’s changed.

Are you a day or a swing trader?

What kind of shopper are you? Are you prone to making rash purchases when you’re depressed or overjoyed? When you’ve got the cash? Or do you keep track of your monthly expenditures and adhere to a budget? Perhaps you fall somewhere in the middle. It all affects how you view trading. Supposing you have a regular income source (such as a monthly paycheck), trading stocks is a smart idea. Forex is for those who don’t want to restrict themselves to a single trading session and prefer various buying and selling options. Cryptocurrencies are fantastic if you do your homework to figure out which ones are likely to last and which ones are the most liquid. Trading can be seen as an investment. It could be for your kids, a new car, retirement, or simply a road trip. Whatever it is, you are spending your money in the hopes of making a profit over time.

Education

Make sure to look up websites that act as regulators and read their trading lists. Enroll in a trading course (many are created in 2020 on famous studying platforms for free). Learn the fundamentals of the economy and politics (yes, both are important!). Participate! Soon enough, you’ll be able to link the dots and see how interconnected politics, the economy, and trading are. Most importantly, you can better understand where your money comes from and how to handle it properly.

Choose the appropriate broker

If you’re just getting started, the most important thing to remember is to keep your risks to a minimum. You can do so by learning about trading and finding the best Forex broker to support you along the way. It’s a good idea to read broker reviews first to see which ones are right for you. A good Forex broker will change the way you think about trading and even help you achieve your objectives. Finally, a certified Forex broker is someone who has the expertise you can pursue and who truly wants to see you succeed as a trader. You can always pay for online trading software to keep track of everything, but it won’t provide you with much insight on its own.

Stick to your strategy!

This is a crucial move because it’s proven that people lose a significant amount of money if they: Invest too much money all at once is a bad idea. They don’t want to learn but rather react and trade on an impulse and regret it later. Please don’t follow their trading strategy/plan because, in reality, they don’t have one.

In conclusion

The trading goal isn’t for you to be in “survival mode” all of the time. Instead, it’s to become a source of passive income and something you can watch and decide when to buy or sell without feeling rushed. Please don’t bring more money into it than you’re prepared to lose. That doesn’t mean you’ll do it; it’s just a good idea. Your broker will most likely tell you the same thing, so you won’t panic if the market shifts. It’s vital to be patient, watchful, and wait for the right opportunity.

 

Josh Melick is an entrepreneur who is passionate about creating strategies and tools for businesses to increase their NPS-based customer satisfaction scores. Melick is vocal about his top tips for businesses to decrease their number of unsatisfied customers and to increase their number of customers who will promote their products and services to their family, friends, and colleagues.

Improving Customer Service

Josh Melick believes that every business should offer a premium concierge service that will increase customer loyalty. As customers are far more likely to continue doing business with a business that offers a concierge service. This is why Apple’s Genius Bar is so popular and customers at the First Republic Bank have access to a personal banker, regardless of the amount of money which they choose to save or invest with First Republic Bank. As if customers’ expectations in regards to customer service are exceeded, they are likely to recommend a business to everyone that they know.

Although businesses have to plan ahead in order to offer concierge-type services, they will be rewarded with higher sales and a higher retention rate of customers.

Melick often speaks about how most companies try to offer too many customer service options and need to cut down on the options which they offer in order to focus on a few carefully selected platforms. One platform which Melick encourages the businesses which he consults to stop wasting resources on is Twitter. As far more individuals would prefer to get in touch with a business’ customer support team via a chat-based messaging system. As chat-based customer support is becoming more and more popular with every year that passes. Especially as fewer individuals want to physically call companies and most individuals are familiar with chat-based messaging as they use chat-based messaging systems on an everyday basis.

Melick is vocal about how important it is for business systems to be linked properly and for information to be available in the cloud. So that if customers have issues with their account or a particular transaction their information can be requested at the drop of a hat.

While Melick started his career as an engineer and has a practical way of thinking he does admit that the human factor still plays a huge importance in raising a business’ NPS score. This is as if a customer has a positive experience with a customer service representative they’ll likely to continue shopping with the business in question. Whereas if they walk away from an experience feeling dismissed or attacked, they’ll unlikely to purchase another product or service from the company in question.

Melick believes that businesses need to continually remind their employees of the importance of giving each customer exceptional customer service and that businesses should not be afraid to fire any employees who fail to provide their customers with a high level of customer service. As employees who don’t take customer service seriously are a liability and can negatively affect customer’s beliefs about a brand.

Every business owner will have one overall goal, to make profits. That is, in fact, the main reason why most people get into business. Despite that, some businesses still fail, and the most common reason is usually the fact that they suffer a great deal of losses. For a business to be successful, you just have to reach your set goals, and the most important one is ensuring that revenue is more than expenditure. Just keep that bottom line in check, and you’ll be good to go.

It may sound as easy as ABC, but it is far from that. Revenue management is more than ensuring what comes in is more than what goes out. There’s a lot of factors that need to be considered, and that is why most financial experts will advise you to hire a revenue consulting firm. They can play a huge role in your financial management and, in the long run, bring a great deal of success to your company. So why hire a revenue consultant? Here are some of the reasons.

You Will Benefit from Their Expertise

Since it is the field in which they are trained and have years of experience, a revenue consultant is set to have an in-depth knowledge of everything to do with finances and management. They will know what steps need to be taken for you to successfully manage your finances and how to go about everything. In addition, it helps if the consultant has background experience in the specific field that you deal in because they will know the market trends and what it takes to succeed in that market in particular. 

You Get an Independent Perspective

Most business owners are usually invested not just financially but also emotionally into their business. Who can blame them? This is like a project you’ve created right from the start and seen it grow. In as much as it can be beneficial for the sake of the business to have that emotional attachment as it pushes one to do everything they can, it can sometimes be a disadvantage and could blind someone from seeing what is right for their business.

With a consultant, you get the perspective of an independent third party. They will be objective and might find it easier to spot any problems that need changing. They can also help you change some traditions that you have long been reluctant to change because you think they are part of the company’s “DNA.” 

Reduces Staffing Costs

Hiring a consultant as opposed to employing someone to do the same job could end up saving you loads of money. You might be required to pay the consultant, but that’s where it ends. There aren’t any additional costs in terms of investing in the right technology. Also, because they technically aren’t your employees, you don’t have to worry about welfare benefits such as insurance, healthcare, and pension, things you would all have to cater for if you got a full-time in-house consultant. 

Streamlines Operations

A revenue consultant is set to streamline all the operations within the company. Their work is to look at areas in which you can minimize spending and also find ways to increase the amount of money coming into the company. For example, if the company has some unnecessary stages in its supply chain, the consultant would try and streamline that and find a way in which you can eliminate these unnecessary stages without affecting the final product. Something that is gained through experience and working with different companies. 

Brings In Strategies For Growth

Growth is one of the most important things for businesses to observe. As long as you are growing, then you are on an upward trajectory, and the chances of failure are minimized. Through revenue consulting, you get an opportunity to grow. By evaluating your business and looking at the industry in which you are in, plus the market trends, they will be able to come up with strategies that can help your business reach its short-term and long-term goals.

With all these benefits, there is no reason why you shouldn’t hire a revenue consultant to reevaluate your business’ spending habits and revenue streams.

 

 

Brine makers that are prepared specifically for the contractor market are starting to appear. Given the many advantages of making one’s brine deliver, it is an equipment addition any contractor that is serious about brine application should fully consider.

Control Supply

One major challenge for some to get brine for sale is sourcing the brine itself. The advantages of brine for sale have been touted to the contractor market for the past decade, and many are convinced it needs to be added to their winter maintenance repertoire. But when materials aren’t readily available, it doesn’t matter how great the process works, and it’s simply not an option.

As the method has become more popular, availability has improved. Now, many equipment dealers and granular salt suppliers are beginning to offer brine for sale, as well. Still, there is hesitancy about material availability.

For any contractor, the key to success can service customers when needed. They cannot tolerate a lack of materials.

By adding a brine maker to an operation, contractors don’t need to worry about sourcing a supply. Brine makers work with standard rock salt to create the solution, so as long as a contractor has access to salt and water, he/she can make the brine. Furthermore, it is easy to store. Contractors can make groups well in the motion of a weather event to be ready when required.

Control Costs

Another reason to put brine on sale is to lower material costs. The practice of applying brine already offers cost savings, as it can reduce salt usage. But, of course, when you make your materials, you forgo any margin an outside vendor will naturally add to the purchase price.

One ton of rock salt, at $60 per ton, can generate 870 gallons of brine. And the cost of necessary water for that batch is relatively negligible, with the top rate in the United States at about $4 per thousand gallons. That comes to about 7 cents per gallon to make the brine.

Establish a New Profit Center

Decreasing costs is one way to boost profits, but adding another product or service to sell is also better. As previously mentioned, a primary reason for making brine in the house is the difficulty in finding a reliable supply of materials. So, why not flip this new experience to become part of the supply solution, brine on sale to other contractors for profit?

One of today’s brine makers’ attractive qualities is that they don’t require a lot of hands-on activity to operate. Once the machine inputs are set (water and salt), it works to mix and produce the finished brine. And again, brine can be efficiently stored for later use.

Conclusion

If you put brine on sale, it will eliminate the handling or disposal of insoluble, reduces human resources requirements, provides a dependable and convenient supply, eliminates salt dusting and caking problems, and many more. So do not think anymore and put your brine on sale now and enjoy its benefits.

 

 

It is a fact that running a business venture comes with many challenges. At the top of the list are money-related problems. Cash flow problems are the cause for stagnating. Sometimes these arise from non-paying clients or those who take 30, 60 days. What happens in such a case if the business can’t afford a bank loan? That’s where invoice factoring can save the day. Small businesses can benefit from learning about this funding option and how to leverage it on rainy days. Here is a simple breakdown of how it works.

About Invoice Factoring

Invoice factoring or invoice discounting is a financing option where a business accesses cash using an unpaid invoice. It works by a business owner selling his invoice to a factoring company at a discount. The company assesses the credibility of the customers in the invoice. If they are viable, it avails the business owner cash flow. The factoring company will then collect payment directly from the customers. The advantage of invoice factoring is the seller doesn’t have to wait too long for the funds.

This finance option is popular with SMBs because they may not have the capacity to wait for late-payments, and their ability to access loans is more limited than that of large corporations. How do they ensure they qualify for this one?

The first step is to make an application to a factor. The factor will review and determine eligibility.

The review involves a background check of the customers to determine:

• How long it takes before they pay for products
• Records with other businesses. For instance, how they pay bills and government services.
• Their credit score
• How they earn income
• Any possible legal issues or debt
• Once the factor determines that the customers check these boxes, they will accept the application and initiate the contract process.

Is It a Viable Funding Source

When a company needs immediate cash, then factoring the invoices is as good an option as any. Although they will be getting at a lower rate than the actual sale price, it helps businesses avoid the trap of getting into debt and loans.

The business owner doesn’t have to wait for payments from customers. He can keep running the business and sort out any immediate issues like payroll, inventory purchases, and other recurring expenses.

The business shifts the responsibility of follow-up to the factoring company. It can therefore focus on running the enterprise.

Possible Costs of Invoice Factoring

Like any business transaction, the factoring companies have to ensure they make a profit from their service. The profit comes in the form of charges and costs of purchasing an unpaid invoice.

These will vary from company to company, so it’s necessary to find out with the factoring company in question.

These are some of the costs factoring companies may charge.

Application Fee

Although not applicable for all companies, an application fee is an upfront amount for registration and due diligence. Companies that do not charge application fees can have higher factoring fees.

Discount Fee

It is a charge for paying for an invoice in advance. Factoring companies consider it a risk fee on their part.

Termination Fee

A charge may apply if a business decides to end the factoring agreement early.

Factoring Fee

It is an amount business owners incur for invoices that take longer to fulfill. For example, if the agreed-upon time for payment was 30 days and extends, the company charges a fee for this delay.

How to Choose a Factoring Company

When searching for a factoring company, there are screen potentials to avoid surprises during the business relationship. Some bases to cover are

Experience

How long the company has been in business is a factor to consider. Older companies have more knowledge and capital base. It will mean fewer restrictions for the business owner.

Reputation

Reputation tells a lot about how a business operates. Companies with a good one indicate better standing with clients. They are the ones worth checking.

Factoring Costs

More important is the service charges. Look into the types of fees they charge under various circumstances. These include recourse and non-recourse fees, discount fees, etc.

Invoice factoring is a great way to access funds for small businesses. And also, stay debt-free. If taken with caution, it can help SMBs survive and scale.

Following and maintaining safety standards are an absolute necessity for in managing commercial property. Landlords or tenants of a commercial property are subjected and have a duty to ensure that their premises fulfill relevant safety regulations. A proper safety protocol ensures the health and safety of people located in the building.

Fulfilling the basic safety requirements is ever crucial when it comes to avoiding or minimizing the risk of dangers.

Fire safety a necessity

Hazards such as fire and caused smoke can be a devastating and dangerous threat. In early stages of a fire emissions, the produced smoke will often occur from ignited surface objects and items such as furniture and other content. If the fire is untreated and extinguished, it will further consume and ignite combustible materials, which will result to a dramatic in crease in the volume and toxicity of the smoke and fumes.

According to research, inhalation of toxic smoke and fumes caused by fire emissions accounts for 50-80% of fire deaths and injuries. This underlines the importance of having optimal fire security standards.

Thus, a fire safety system is a vital part of any commercial property or real estate when it comes to saving lives from fire emissions.

Smoke ventilation systems

The safety of occupants depends strongly on the performance of the building, in terms of safety measures during the occurrences of fire emissions.

A life safety system designed as a solution to such hazards is a smoke ventilation systems. These systems aid the occupants with a safe escape in the event of a fire emissions. An installed smoke ventilation system will allow hazardous smoke to leave the building in the event of fire. This decreases the risk of smoke inhalation and fire damage. Many ventilation systems basically work as openings such as windows.

Manual and automatic systems

When considering investing in a new or inspecting your current smoke ventilation system, it is beneficial to know whether it is a manual or an automatic one.

The difference between a manual and automatic system is, with a manual system, one will need physical intervention in terms of opening by hand. On the other hand, automatic ventilation systems work through the help of sensors. The system opens when the sensors detect smoke from fire related emissions. One of the main benefits of an automatic ventilation system, is that it does not require any physical intervention from occupants.

Important to follow your local legislation

When acquiring a new smoke ventilation system for your overall fire safety strategy to your commercial, residential, educational, or healthcare property, it is important to ensure that the ventilation system complies to all the requisite building regulations. These requirements may depend on the type of your building, size of the property, number of floors and how it the property is being currently used.

Fire safety regulations and standards differ across different geographies; therefore, it is always important and advisable to stay updated on local requirements within your geography.