Is Your Business Attractive to the Outside World?

Business

Having a business that proves attractive to the world is a thing all owners should strive for.

That said how would you rate your company when it comes to attracting business?

If you are doing all that is necessary to field a good business, the hope is everything falls into place for you.

So, what steps should you be taking if not already doing so to field a more attractive business?

Customer Service Can Never Be Overlooked

One of the big mistakes too many owners overlook is providing top-notch service.

With that thought in mind, is there more you can and should be doing when it comes to the level of service you offer?

By showing your customers how much they mean to you, you’ll stand a better chance of keeping the majority of them.

Make sure if you have employees that they too go out of their way to keep customers happy.

Given many consumers have many options when it comes to their shopping; you want to be their choice.

Also look to your use of technology.

Keep in mind that many consumers use a lot of tech in their daily lives. As such, odds are many of these people will expect you to do the same.

While some businesses manage to get by with little tech, most find it nothing short of essential.

So, this means you want to be sure your employees have all the tech they need to get their jobs done.

From being productive in the office to when they are out on the road, supply your team with whatever tech they need.

Speaking of needs, imagine for a moment if your business was not very good at managing money. Could you expect to be in business for very long?

Not only do your customers want a prosperous business to deal with, investors look to this in a company too.

So, you’re not going to attract too much interest in your business from investors or buyers if finances are a mess.

Do your best to not only keep adding revenue, but to think about what your business looks like should you opt to sell.

There can be one or myriad of reasons why you look to sell your business at some point.

That said you want an attractive business to put out in front of potential buyers.

You also want to know how to value a startup, namely yours should you decide to sell.

By knowing the true value of your company before you put it on the market, you’ll be in a much better spot. That is to get what you want for it.

Finally, you want to be sure your company’s reputation and your own for that matter are as good as they can be.

Whether you stay with your current business for years or move on, your reputation must stand out. That is stand out for all the right reasons.

In looking at how others may view your business, will you be happy with what you see?

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Why You Should Consider Selling a Startup

Business

There may come that time as a small business owner that you decide it is time to move on from your current venture.

With that thought in mind, do you know how to prepare your startup for an acquisition?

Making sure you get it right is critical as you look to move forward in your business career.

A sloppy preparation can leave you unable to sell your startup or sell it at a much reduced price than intended.

So, what has you thinking it is time to prepare to sell?

Moving on from Your Small Business

When thinking it may be time to go about selling a business, here are some reasons you would consider such a thing:

1. Challenges in your industry – Depending on the line of work you are in, you may see stagnation in your line of work. While a few bumps in the road are not uncommon, you do not want to be in one where trouble seems to be coming at you all too often. As such, you may decide it is time to get out and move along to something you hope will be more prosperous. Keep in mind that a sluggish industry could make it a little more difficult to sell. Then again, some people may jump at the chance to get a business at what they consider a good price.

2. You lost drive to continue with a business – For one reason or another, the drive you had each day is not what it once was. As a result, you can’t justify continuing on with your business. You want nothing but success for it and determine someone else at the helm would be better. The idea of someone coming in with a fresh approach and more may well be what you deem is best for business.

3. Personal matters in play – Through no fault of your own, you may be dealing with a serious health matter. Or, you could have suffered a serious injury. This would be one that prevents you from handling work now and for the foreseeable future. With that in mind, you decide selling is in the best interests of the business. While these issues do not come up all the time, they can sway one to decide now is the time to turn things over to others.

4. Now is the best time to sell – The one scenario many business owners would likely welcome is there is not much left to do. You’ve gotten to a point and time where your industry is doing quite well. As such, you figure why not sell now when things can’t get much better. Getting out while on top can leave you with a nice payout. It can also mean the feeling of you helped contribute in some way to that success.

5. Time to relax – Last, if you’ve gotten up in years and done pretty much all you wanted in business, now may be the time to retire. The hope is you have gotten to a financial point in life where that is doable. If so, give yourself a little pat on the back for all that hard work and success.

In considering selling a startup, you may well find now is the time to do just that.

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John Bradberry Consulting – Have a Start-Up Idea? Don’t Forget to Patent It!

Business

Startups involve bringing a new service or product to the market in order to solve a current problem or to respond to a present need.  Because of this, it is likely that many people or teams are working to develop a solution to the same problem – in fact, many of the greatest inventions of our time have been developed almost simultaneously because they are spurred by a general perception of a problem.  The reason we know the name of one inventor and not another is often because one of them made it first to the patent office.  As industry experts like John Bradberry Consulting can tell you, there is a great deal of competition to find the next big startup idea.   If you think you might have found it, be sure you consider applying for a patent to protect your rights.

What is a patent?

A common misperception about patents is that they give the holder “ownership” of an idea.  This is not the case – instead, a patent gives an inventor the exclusive right to develop an idea in order to bring it to the market. Even then, this right is not forever.  A patent will expire after a period of time, allowing competitors to develop their own version of the same product.  There are some limitations on what kinds of ideas can be patented.  First, the idea or process needs to be new – this means that it can’t be something that is already available to people.  It also needs to be something that is not obvious to other people.  This is because if an idea is so obvious that someone could simply “stumble across it” then there is not likely to be a significant intellectual process that needs to be protected.  Finally, in order to be patented, an idea needs to be actually possible to develop.  This means that you cannot patent ideas for technologies or processes that aren’t currently possible.

Things to remember

If you are considering applying for a patent for your idea, you need to keep a few things in mind because they might affect your rights.  For example, in the United States, the law is that if you have publically demonstrated or used your product, you have 12 months to apply for the patent (because remember, patentable ideas must not be in the public realm).  You also have only 12 months to apply for a patent if you have sold your product.

Patents are quite expensive to apply for and can be quite complicated.  For this reason, some developers choose to protect their idea by keeping processes, ingredients and technologies “secret” rather than patenting the idea.  While you don’t have an exclusive right to develop the idea without a patent, if it sufficiently complicated you may find that you don’t need to patent it at all.

You do need to make sure, however, that any great idea you have for a startup has not already been patented by a competitor.  Be sure to do your homework on this issue before you invest any time or money developing an idea that someone else has secured the rights to.

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How to Avoid Startup Failure

Business

Despite the growing popularity of startups, small companies and independent businesses fail each and every year. While some companies fail due to product errors, a dip in the market, or, unfortunately, a particularly bad idea, many companies actually have the skills, product (or service), and passion to build a financially stable company.

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However, there are key mistakes many startup owners make, unknowingly sealing their business’s fate. Before quitting your current job and opening the doors to your new business, make sure you have researched the venture adequately, and know to avoid these specific mistakes:

Hiring In-House for All Positions

Small businesses should avoid hiring in-house employees for all positions. When building a business, the beginning financial stages tend to fluctuate dramatically, and hiring too many employees on can lead to an unstable financial structure. Moreover, in today’s economic business age, many businesses are downsizing marginally, using third party companies to outsource certain business tasks to, such as accounting, payroll, and other human resource positions.

Companies like National PEO work to provide small and large companies alike the ability to delegate tasks and work more efficiently by outsourcing. This is a smart business practice, as you are not only confident in the ability of the company, rather than relying on an employee, it also saves you a great deal of money.

Being Unprepared

Starting your own business will turn your life upside-down temporarily. First-time business owners are often not prepared for the upset running a company brings to their accustomed lifestyle, as they find themselves working more hours for less pay. This unexpected change can leave business owners feeling drained and overwhelmed, thus it is important to ensure that if you are going to start a business, you are prepared for the changes.

Thinking Your Product Is Your Business

Many people have a brilliant idea for a product or service, but they have absolutely no idea how to run a business. More often than not, they attempt to build their business around the product, but, unfortunately, that often leads to quick success but longterm failure.

While a product does solve a problem, providing customers with an answer to a need, it is not a stable foundation for a business, as it does not bring customers back to a business. There needs to be something deeper within the business than a product.

Ignoring the Market Research

Many people who believe they have a great idea often ignore the market research, especially if the research is telling them they need to change their business plan. Most first-time entrepreneurs are guilty of holding onto their idea and being resistant to change, as they are adamant that their idea will work.

There is nothing wrong with hanging onto an idea that you believe in, as it is critical to be passionate about your business if you want to be successful; however, when the market and experts are educating you on tweaking your idea, it is a wise idea to heed their advice. The results are usually astounding, as their expertise can provide you with the link you were missing before.

Expecting Overnight Success

Unfortunately, all businesses take a great deal of time to pick up momentum. Many new owners underestimate the amount of time it will actually take to sell a product, find clients, or, generally speaking, turn a profit. It can be easy to attribute the competition you are facing to getting lucky or having overnight success, but building a solid business takes time and dedication. Most overnight success stories are filled with financial woes, sleepless nights, and plenty of almost-failures, but they managed to overcome the problems and build a stable business. Thus, when starting a company, do not be surprised at the amount of time it takes for you to grow. Keep your head down, work hard, and visualize the future success.

Believing Money Solves All Problems

Many business owners are guilty of thinking that if they could just turn a profit, find financing, or make another sale, all their problems would be solved. While all of those thoughts might be helpful to the business, it will not solve all of the businesses problems. Throwing money at problems will never solve them, thus you need to fix the holes in your business model first.

These tips can help you avoid devastating mistakes that could lead to ultimate failure.

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