There is always a certain amount of trepidation when small business owners look to embrace new technology. This is mainly thanks to an understandable fear of the unknown, as many independent ventures lack the necessary resources to recover from application mistakes or a misuse of […]
Author: Jack Vale
Organising an outdoor event takes more planning than one might initially expect. It may well be almost winter, but event marketing teams plan months in advance, which means many of them will start planning their strategy for outdoor events in late spring and summer. Having […]
At present, the UK economy appears to be distinguished by a series of contradictions and inconsistencies. While consumer spending and confidence continues to suffer from rising inflation, for example, the level of sentiment among British business-owners has risen to a four-year high with more than 66% optimistic about the future of their ventures. For aspiring entrepreneurs who are deciding whether or not to take the plunge and launch their own business start-up, this makes it extremely difficult to make an informed decision.
3 Things to Consider when Launching your Own Business Start-up
Decisiveness is one of the key characteristics required to be a successful entrepreneur, however, while it is also important that you have a strategy that can survive testing economic times. Consider the following steps towards launching a stable business start-up that has the best possible chance of success: –
Reduce Fixed Costs
Fixed costs and overheads are arguably the most difficult for business owners to surmount, as they can quickly consume your fiscal budget and leave you operating on a shoestring. This is particularly daunting for a start-up firm, as these ventures are typically forced to operate with relatively minimal resources. It is therefore important for aspiring entrepreneurs to keep these as low as possible, as this will help them to make the most of their existing capital. To begin with, you should consider visiting the LEO.co.uk website to access a business address and virtual office space that can be operated without the cost of ownership.
Evolve your Venture Organically
For any start-up venture that has enjoyed initial success during the recent economic boom, there will have been a temptation to build on this success and expand accordingly. Scaling your business too quickly can be extremely counter-productive, however, as this can increase costs rapidly and create an annual spend that ultimately exceeds your turnover. With this in mind, it is imperative that you adopt an organic approach to growth and create a realistic plan that can be easily sustained.
Create a Flexible Workforce by Outsourcing Skilled Work
When you first launch your venture, you may have a minimal team of staff to handle your initial workload. Rather than investing heavily in long-term employee contracts and annual salaries at this stage, however, it makes far more sense to create a flexible workforce that can be engaged on a temporary basis. Not only does this enable you to access a global talent pool through the outsourcing of skilled labour, but it also helps you to reduce fixed costs and adapt your budget to suit the existing workload.
If you’re an aspiring entrepreneur, then one of the things you’ve probably given some thought to is whether you want to deal with other businesses (B2B), or the end consumer of a product or service (B2C). In truth, neither is clearly better than the other, […]
Consumer spending is continuing to fall in the UK, as the national annual wage continues to stagnate alongside the rising cost of living. This is a major concern for business owners in Britain, who must now face the realities of a declining domestic and global […]
Today the bustling city-state of Singapore has a healthy, government-ordained budget in place for vigorous commerce and development. There is a notable trend of social and economic growth happening, which means that there are also innumerable procurement opportunities available for qualified contractors and subcontractors.
To help independent contractors become a valid Singapore business incorporation, land some such lucrative opportunities, and qualify for profitable government contracts, there is a clear path to follow:
Refer to GeBiz
GeBiz is a web-based procurement portal maintained by Singapore’s government. GeBiz publishes announcements for available contract work, and solicits contractor bids for various projects in the private sector. GeBiz is regularly maintained and constantly updated, and new procurement opportunities are posted daily. It has an interface that is easy to use and understand, and it is a vital tool that puts contractors in touch with relevant work in Singapore.
Become a GeBiz Trading Partner
If you want to start a Singapore company that can bid government contracts, you must become a GeBiz Trading Partner. It is an extensive process that requires a number of forms and filings. Once you have fully undergone the registration process and become an official GeBiz Trading Partner, you will be eligible to bid for jobs. Of course, each proposition will also require its own set of completed forms. While it may seem like a very complicated process, you will become more and more comfortable with all the necessary paperwork with each new proposal you submit.
Know What You Can Do
With so many opportunities available, you might be tempted to compete for numerous projects at once. But honing in on what you do best and finding work in which those skills are most needed will prove to be more beneficial to you in the long run. By taking on one job at a time in areas of your expertise, you are giving yourself the opportunity to do excellent work, establish good rapport and reputation in the community, and increase the likelihood of many future opportunities after the first one finishes well. Start by recognizing your company’s strengths, and use them to make proficient bids. Being able to successfully impart what you are skilled to do will help you present a strong identity and write more impressive proposals.
Know the Fine Points of the Job
Before submitting bids and quotes, be fully aware of everything the job will entail. Consider carefully whether you have the experience working with whatever supplies the job requires and means to acquire necessary tools and materials. Be certain of the scope of work and the timeframes in which milestones and final goals must be accomplished. Understand the requirements of the job and be sure that you are capable of delivering all it requires in the allotted time.
Get to Know the Network
GeBiz provides the introduction to a varying number of work opportunities, and though much of its bidding processes may happen online, it is a wise move to submit some forms in person, and try to schedule meetings with people who make hiring decisions. You will not win every project you pursue, but you might be selected for some based on the impression you make at in-person meetings. Make yourself real to them, and give them a friendly face to remember.