If you are someone that is currently in the process of trying to set up a business, something that you will be more than aware of is just how expensive getting your very own premises can be. When you are conceptualizing the idea for your business, you tend to think about the other costs associated with your business and you don’t ever really consider how expensive getting premises for your business can be.
There are a lot of factors that can influence the cost of business premises. For example, the town or city that you are operating from or even the location of your business within the town that you are operating from.
The costs all start to add up and something that you will want to avoid is using the majority of your startup funds on just getting a building to operate from, as this will burn through a lot of the money that you have to start and it may put you in a difficult financial position.
The best thing that you can do to ensure that you have plenty of leftover funds when you start your business is to buy cheap premises. If you have already been browsing potential premises, then you may think that it is near impossible to get anywhere cheap. Here are just some easy ways to secure cheap premises for your business.
If you have been looking online or contacting realtors to find a place to operate your business, you have been missing a serious trick. Have you ever wondered what happens to all of the homes and buildings that get reclaimed by the bank after someone is unable to pay their mortgage? Well, if the bank cannot find an immediate sale, they usually put the property up for auction as a way to cut any losses and make back the money that they should have got.
If you do a quick google search, you will be able to easily find any local auction houses next to you. When you go to these auctions, you will be able to find some homes for only a fraction of the price that you would usually expect to pay for them.
You may get lucky and find a house that is of excellent quality and at a very low price. However, more likely than not, the homes that you can buy at auction have some sort of damage or repairs that are required.
More often than not, the repairs will only be minor and so you do not have to worry too much about sinking money into it. However, you do have to remember that when you buy a house at auction, you only get a description and some pictures of the house and you are unable to go and view the house itself. This means that you may not be happy with the house that you get in the end and so you have to be prepared for that to be the case.
If you are worried about not getting the right premises for your business, I would avoid going down this route as once you have bought the property at auction, you have to honor your agreement.
Buy Damaged Properties
Have you ever wondered who buys fire damaged houses when they are put on sale? You may presume that the homes are simply just demolished and people reuse the land to build something new. Though this is the case sometimes, you may be shocked to know that a great way that business owners save a bit of money when getting new premises is by buying properties that have undergone water or fire damage.
When you imagine a fire-damaged building, you likely imagine buildings that are completely destroyed. However, this is not the case at all. A lot of the properties that have undergone fire damage are still perfectly usable, it is just a lot of the internal components that are smoke damaged.
A lot of people put these fire damaged properties on the market because they simply cannot afford or be bothered to fix any of the damage that has been caused by the fire. The shell of the property is still in perfect order, you just need to put some TLC into the buildings.
Before you make the decision to buy any smoke damaged properties, you have to go and check the property out before you do so. By doing this, you will be able to see the full extent of the damage and see just how much work the property will need before it is up and running again.
If you are not someone with expertise in this area, I would recommend taking someone with more experience and knowledge on the subject so that you do not end up buying a property that will cost you a lot of money in the long run to fix.
Buy Properties Away From Popular Locations
A big reason why a lot of business premises are so expensive is that they are usually located in busy retail areas. Busy retail areas are a great place to lure in customers, but the buildings that you can buy in those areas are usually incredibly expensive.
To avoid paying high costs for your businesses, you can instead buy a building that is a bit further out of the way. These buildings are usually much cheaper than the buildings that you can find in retail areas, which will save you a lot of money.
It is the start of a brand new year, which is always an exciting time for businesses. The start of the year has several big events that can bring customers into your establishment. For example, we have Easter, mother’s day, and father’s day.
These special events are a time when people treat their loved ones to some fantastic gifts, which is a great opportunity for some businesses to make some money. If you are a smart business owner, then you will be planning to break into the seasonal market way before the events even arise.
One of the biggest events that offer a lot of money-making opportunities for businesses is Father’s day. Father’s day is celebrated all over the world and it is a day where we celebrate all of the hardworking fathers all over the world.
Father’s day is a time where their partners and children parade them with gifts and so if you are a business owner, you have a great chance to make some serious profit, if you know how to appeal to the upcoming audience. Here are some easy ways to appeal to customers ahead of father’s day.
Make Sure You Have The Classic Gifts In
If you are someone that has a general store and you do not necessarily focus on the sale of just one type of product, then it will definitely be in your best interest to get in some products that can be aimed directly at people wanting to buy their father’s a gift.
It is not unheard of for businesses to open a gifts for him section at this time of year. Within this section, you can have all of the stereotypical gifts that are expected for father’s day. For example, mugs and even teddy bears.
If you are worried about your father’s day section not necessarily standing out, there are things that you can do to ensure that this is not the case. For example, you can make a bold advertisement outside of your shop that states that you will be selling father’s day gifts in your shop.
When you do get the products in, you can set up your display right next to the entrance of your shop, so that it catches the eye of people passing by. Don’t forget to use vibrant blues on your stand, as this is the color that is most associated with father’s day, which means that people will notice it when they are in your shop and pay attention to it.
A big mistake that a lot of businesses make is setting their prices far too high around father’s day. You have to remember, every surrounding store near you is going to be doing what they can to make money from the father’s day rush. This means that if people believe that your products are overpriced, then they will have absolutely no issue finding what they are looking for in a different store. This means that a lot of shops that overprice their items are usually left with a lot of leftover products, which can not be sold again until the following year.
When you initially release your products, there is no harm in setting higher prices, as it is likely that people will pay for those prices. However, a great way to make sure that you are not left with a lot of father’s day stock is by offering fantastic deals in the days running up to the big day. This means that all of the people looking for a last-minute bargain will buy something from your store.
This new digital age has brought about a lot of incredible advances. We have access to a wealth of information through our phones. We can instantly communicate with people all around the world. And the business world has massively benefited from the new digital landscape. Most businesses now operate completely online, mainly due in part to the success of Amazon as an online store.
But anything that exists in a digital landscape is open to the threats that now plague digital systems. Viruses, hackers, and data thieves. All of these things are very real and present dangers that can affect anyone who hasn’t taken the proper precautions. So if you’re the owner of an online business then you might be wondering what you can do to migrate these risks. The first and most important step to keep your online business secure is to make use of a VPN.
What is a VPN?
You will have heard the term VPN floated around a lot. Especially if you are running an online business. A Virtual Private Network (VPN) functions similarly to a normal network except it is housed somewhere else and runs through a virtual system. A normal network can connect to a VPN and send or receive data through it as if it was a normal network. But it does so much more than that. So let’s break down exactly why is it so important you make use of a VPN for your online business.
Do VPN’s provide an Extra Layer of Security?
One of the main concerns associated with running an online business is security. Standard firewalls and anti-virus software for your main network are good, but can’t guarantee a high level of security. Plus hackers can find your physical location if they break through your defenses and this can open you up to identity theft.
Whereas a VPN does offer a lot more security as opposed to traditional security methods. The main way it does this is by hiding the physical IP address of your business network. The way a VPN works is by putting an extra layer of network between the public and you. When people access your website they will be doing so through the VPN. This means any hackers or data thieves trying to get your information will be stifled at the start.
On top of this, the company you purchase your VPN from will offer a host of other security benefits. Since they need to keep their own servers safe they will have a lot of security systems running around the clock. This goes further than standard firewalls. They will have a dedicated cyber security team constantly monitoring the systems as well as anti-hacking tools and programs running.
Other Benefits A VPN Provides?
It isn’t just about security where a VPN is concerned. Modern VPNs offer a lot of extra advantages for an online business. The first of these is increased uptime. Running your business website from your own network is fine, but you face the issue of downtime if your internet cuts out or the server gets damaged. Whereas a VPN company will have a lot of backups to make sure the server stays online consistently. Downtime means people cant spend money on your site, so it is vital you keep your business’s website up as much as possible.
Along with that, a VPN also offers stronger and faster connection speeds for customers. Your personal network may not be of the highest quality and this can cause a lot of lag for your customers. Especially if your website is experiencing a lot of traffic. Customers want things to run smoothly and efficiently these days. So a slow website can put them off and send them to your competitors. VPNs are designed to handle a lot more traffic than a conventional network.
A VPN also allows you to access the network from anywhere in the world. This can be extremely useful if you are constantly traveling. If you need to go abroad for business then you will still have access to your website and data. VPNs let you transfer data securely as well, so you can rest easy knowing everything you do is 100% safe.
Should you Invest in a VPN?
So now we have examined the benefits of a VPN for an online business. But is a VPN right for your business? If your business is a small independent one then a VPN might not be cost-effective for your needs. You need to look at factors such as daily website traffic and how many sales you are making.
But for a larger business, you will definitely benefit from a VPN. There are companies offering VPNs for Windows, Mac, and Linux systems. So whatever you’re running on there is something for your needs. We recommend you check this list of the best VPNs available in 2022 to find one that meets your business needs. You will need to balance features against price to make sure you aren’t spending above your needs or means. It is a good idea to contact a few different providers and discuss with them your needs. They will often be able to offer specialized deals or packages that work around your business.
If you are someone that has a passion for business and a head full of excellent ideas, then you have likely dreamed of opening your very own business at one point or another.
If you are someone that has surpassed the dreaming stage and you are in the process of actually starting your own business, then it is likely that you have faced a lot of decisions. Once you look into opening your own business, a lot of things become clear, things that you have likely never thought about before. Owning a business is much more than just having an excellent idea and selling your products to the general public.
There is a lot that you have to think about in order to ensure that your business is a success. For example, you need to consider the location of your business, the price range of your products, and a whole list of other things. However, something that you have likely not considered is whether or not you should buy the premises that you operate from, as this can make a big difference to the way in which your business operates.
Owning your business premises isn’t something that is really spoken about when you are in the process of opening your business. However, if you have stumbled across this article, then it is likely that it has been on your mind.
Here is a look at some of the pros and cons of owning your own business premises.
Mortgage Payment Cost
Unless you have a lot of money stashed away, it is unlikely that you will be buying your business premises outright. Buying outright can cost hundreds of thousands and simply is not economically viable.
If you are not going to purchase your premises outright, then it is likely that you are going to have to take out a mortgage. People tend to think that taking out a mortgage is a very pricey venture, but it really isn’t. Having a mortgage is a commitment and depending on how expensive the building is, you can be repaying it back for years.
However, if you look at the monthly cost of a mortgage, you will find that it is actually much lower than the cost of renting a building. When landlords rent out to business owners, they are more than happy to raise the cost of rent, especially if they have a building in a good location. This means that when you rent as a business owner, you can expect to pay very high rent bills and there is nothing stopping the landlord from occasionally increasing the cost of your rent.
When you pay a mortgage, it is usually only a few hundred pounds a month, at a fixed rate. You don’t have to worry about the cost of your rent randomly increasing, which means that you will always know how much money you will have to put aside to pay for your mortgage.
However, the consequences of missing your mortgage payment are usually much worse than missing a rent payment. If you miss a rent payment, a landlord will likely give you the chance to pay it back and will give you several warnings before you have to vacate the property. The bank is much less forgiving of people who skip mortgage payments. Skipping a payment can have a detrimental impact on your credit score and if you leave your payments for too long, then the bank can take your building.
You Are Stuck With the Building
When you buy a building, you make a long-term commitment. When you rent a building, you usually rent it for a set period of time, after which you are able to end the contract and move on to something new.
When you buy a building, you have to stay there until you choose to sell it. People often buy the building that they wish to operate from before they have even started to operate their business. This usually happens with new business owners, which means that when they buy a property, they are taking a chance on whether or not it will be the right building for their business.
You do not know if the building will be too big for what you need or even too small, and if this is the case, you are stuck with it until you can sell the building and go through the process of buying a new one.
However, selling a house is easier than ever, which means that this may not be much of a problem. If you buy a building and you decide that it is not right for your business, you can always sell it to this we buy houses cash company, which will then allow you to be free to buy a brand new building if need be.
When you are renting a building, there are usually limitations on the customization that you can do. This can be frustrating if you run a business that requires a lot of innovation, such as a physical activity business. Buying a business gives you complete control of what you can do to your building.
If you want to knock down a wall, you do not have to worry about compromising your contract. If you want to paint the building a different color, you can do it without asking for permission from others. You have complete control.
If you are a business owner, then you will know that the main focus of any well-run business is making and maintaining profits. Profits are what every business aims to make, but every good business owner knows that effectively reinvesting the profits that you do make is what makes a good business stand apart from the rest.
Gaining profits can be an exciting prospect and if you are someone that is new to the world of business ownership, then you may feel the need to hold onto your profits and build up a bank account to fall back on. However, the best thing that you can do for your business has reinvested any money that you may make, as that means you can improve many aspects of your business and make it the best business that you possibly can. Here is our guide to effectively reinvesting your profits.
Invest In staff
Though it is not recommended that you over staff your business, we recommend starting off with fewer staff and then reinvesting profits into hiring more once things start to really take off. Hiring more staff will improve the efficiency of your working environment and will also take a lot of the pressure away from you, which means that you can focus more on running the admin side of your business.
Something that we recommend is that you focus on employing younger staff as they usually have a more flexible schedule and their wage isn’t as expensive. Having multiple people on smaller contracts will also mean that the staff that you do have are not being run down so you don’t have to worry about your staff not putting in their all.
Invest in higher quality products
If you are starting to turn a high profit and you are not sure what to do with it, why not invest in some higher quality produce to sell. The higher the quality of your products, the more you can sell the product. If you are someone that sells products that integrate cbd oil, such as sweets or scents, then you could improve the quality of the other products that you use within your current recipe.
Improving the quality of the ingredients that you use in your product will not only mean that you can increase the price of what you currently sell, but you will also be able to say that you are offering up a better quality product. If you are someone that wants to own a luxury brand, then you have to offer up luxury products and the best way to do this is by improving the ingredients that you use for your products.
Improve your facilities
If you have a lot of profit left over, then you may be considering expansion of your current facilities. Expanding your facilities means that you can increase the stock within your facility, which means that you can increase the potential money that you can be making.
Improving your facility is something you should definitely think about if you are someone that works specifically in manufacturing. Manufacturing fit facilities can be much more costly than smaller buildings and so it is likely when you first start up your business that your facility will be quite small. Though this may work for some, after a while you will want more space in order to increase the amount of product that you are getting out there.
If you are someone who works in hospitality or something similar, you may not have the intention to move your facility due to the advantages that come with your chosen location. Instead of moving your facility, you could instead use your extra profits and expand your current property or either renovate the inside, as once again this can increase the possibility of custom.
Another way that you can invest your profits is by prepaying for any upcoming bills that you may have. By doing this, it means that you can have a sense of security for the upcoming months. Having already paid off your bills means that any profit that you earn will be yours for the foreseeable future.
Paying for things that matter will also mean that you don’t have to worry about spending money on things that you don’t need. It can be easy to get carried away with purchasing items that are not exactly necessary for your business and by having all of your other bills already secured, you won’t have to worry about spending money that you would actually need for any fixed bills.
Some utility companies actually offer a form of discount if you offer to pay for several months at a time, so by being responsible you can actually save yourself a substantial amount of money.
The pandemic has affected every business in a very different way by placing limits and restrictions on the things that you can do meaning that many changes have had to be made. These changes often result in a reduction in the amount of business you are able to conduct on a daily basis as you are only able to interact with small groups of people at a time. The law industry is no exception to this and for those of you that own your own law firms, you will be aware of the hardships that the industry as a whole has undergone.
As is the case with many different businesses all over the world the stress that has been pl; aced upon them as a result of the pandemic would have to be unlike anything else we have ever seen in our history. Companies and law firms have had to work very hard to make sure that their company stays afloat and that once the pandemic is completely over and we can get back to normality there will still be a law firm to come back to.
How you market your business and the services that you have on offer is directly responsible for the outcome of your business success and the number of potential clients who are aware of your existence. In the pandemic especially it is very important that people know of your company name and reputation as you will need to bring in as many customers as possible to bring in a healthy profit. You should spread the word of your company on a number of different platforms such as physical advertising as well as virtually on platforms like social media.
The best way to secure your law firm’s future would be to increase the number of contracted clients you have on your books so that you have a reliable income for your business to grow from. During the difficult times that have been caused by the pandemic, it is now more important than ever that you are able to secure high-end contracts that will ensure you have long-standing relationships with public figures and business owners. Your legal team will be able to source contracts by finding strong legal leads and widening the search within your marketing strategies.
Choosing the Right Cases
The pandemic has put a lot of stress onto many businesses and the biggest effect that it has had on law firms would be heightening the importance of public image, this has meant that law firms and legal representatives have had to take extra consideration when choosing which cases to take on as they want to portray themselves as honorable businesses who are out to help people win their legal battles. Although it is true that you should be considered as much work as you can to ensure your law firm’s success if you want to stay afloat during these troubling times you should be choosing cases that are going to make you look good in the public eye.
It may seem like a simple thing when you consider the work law firms have to do but by simply cutting your everyday running costs you can save yourself a lot of money that can be put towards securing your law firm’s future. By doing things like cutting the office expenses or saving energy in the workplace your monthly savings could add up to a nice sum that would have otherwise been wasted.
A great way that you can bring more income in for your law firm would be to offer a deal on your services, for example, you could offer a fee reduction for first-time clients or a discount if you refer a friend to your firm. Doing a small deal like this will not only make more people likely to choose you over the competition but will also make them more likely to leave a positive review of your work and they may even come back for some repeat business or contracted family legal representation that could bring in some serious profits.
Expanding Your Services
If after trying all of the tips above you are not satisfied with your profits or you are fearing the damage that could be done by the pandemic then a great thing to think about would be to expand your services to attract more clients. Lawyers can be very helpful in a number of situations so if you start to open yourself up to things like educational sessions to teach the public about contracts or environmental law, you are opening your business up to making more money. Teaching sessions are a great idea so many people do not have a lot of knowledge in the area so there is a real demand for a service of this nature.
In the last decade, vaping has really taken off. It is difficult to go outside these days and not be surrounded by a cloud of scented vapor. Vaping seemingly started to take off out of nowhere and now every mall has a different vape shop on every floor. Lots of entrepreneurs have noticed the popularity of vaping and have taken it upon themselves to seize the opportunity and go into the vaping business. Many places have had brilliant success, but why is vaping so successful and how can you get involved in the success?
The creation of vaping
Before we get into the business side of vaping, it is first important to understand where vaping came from.
Though vaping was first created in the mid-1900s, it wasn’t until 2003 that it became mass-marketed. Vaping has released into the mass market thanks to the work of a medical pharmacist called Hon Lik. Hon Link was a very heavy smoker at the time but was quickly put off the idea of smoking after the passing of his father. His father’s unfortunately premature death was caused by his own smoking habit which led to him developing lung cancer.
Hon Lik was afraid that he would fall victim to the same fate as his father and tried lots of different methods in an attempt to rid himself of his addiction. However, he found that all of the techniques that he used didn’t seem to be working and he was worried that he would fall back into his same habits. Because of this, he decided to try and make his own method to quit. After testing the vape privately for a while, he realized that he had a product that he could potentially sell on the mass market
Since then vaping has been thriving on the mass market, and so there is no wonder why so many people have taken the opportunity to throw themselves into the vaping market. But why is it such a good business to go into?
One of the main reasons that vaping is such a good business to go into is because of how versatile it. Vaping first started off with the intention of being a way for people to quit smoking, but since then it has evolved in many other ways.
With the legalization of marijuana-related products in the last few years, vaping has branched out into a wider consumed and more profitable business. In the last few years, vaping has surpassed only being used with nicotine products. These days, people also choose to buy CBD cartridges to use with their vape or just straight-up marijuana vapes, depending on their location. The trend of integrating CBD into the world of vaping has been extremely popular in the last decade, so much so that you can access plenty of instructionals on how to mix CBD oil with vape juice in order to be able to vape it.
Any business person knows just how large the profit margins can be when it comes to the sale of CBD products as the consumer market is only increasing every day.
The appeal to nonsmokers
Though the cigarette industry managed to gain the following of a lot of people, the one group of people that they couldn’t reach were the nonsmokers. However, even people who were once against smoking have come around to the world of vape.
The main reason that people chose not to smoke was because of the nicotine and also the effect that smoking can have on the lungs. However, there are a mass group of people these days that choose to vape without nicotine and just for the flavor. Vaping also does less harm to the lungs, which is why it’s so appealing to so many people.
Because of the lack of unappealing aspects that are associated with vaping, going into vaping can be an extremely clever business move. This is because you have a higher amount of consumers that you can sell to, which means you have the opportunity to make more profit.
Like with any business that you can go into, you should be looking at whether the costs of the business are lower than the potential profit.
Vapes are very cheap to make and you can sell them at any price above ten dollars. Even making extremely high-quality vapes can be a very affordable process, as all the components needed to create a vape are very easily accessible and the manufacturing process is also very easy.
If you are someone that isn’t too familiar with the manufacturing process, this isn’t a problem either. You can actually buy bulk vapes from a manufacturing company and customize them to fit with your brand. Though buying in bulk may seem more expensive, you will actually save yourself a lot of money in terms of manufacturing spaces and the wages of further employees.
Though vape shops are becoming the norm, there are endless ways that you can distribute your vaping products. Vapes aren’t a product that needs to be tried out, in fact in a covid world they are probably the last items that should be tried out. Because of this, if you wanted to, you could distribute your vapes entirely online. This would save you money in terms of hiring a premises, as well as having to hire in-store workers
Because of the kind of product that vapes are, as long as they are not sold with the vape juice included, there are very few limitations when it comes to distributing them. This means that you could sell to multiple locations and you are not limited to your local area.
Due to being able to sell to a larger consumer market, you are able to reach more people that would be interested in your product, which can only lead to you being able to make more profit in the long run.
Free-to-play games have risen over the years from humble beginnings to now occupying a huge chunk of the entire video game market, to the point where the most well-known game around right now is the free-to-play portion of Fortnight. But this begs the question; How do these games make enough money to sustain themselves with so many players and how do they profit?
There are many ways developers profit from offering their games for free. “Free to try” or “soft” free-to-play games are the most basic of these. A preferred method in the older industry, with games like Runescape and Adventure Quest offering huge games for free, with the option of paying for a membership which unlocks huge amounts of additional content.
While this may seem a lot like a simple demo like in the olden days, it is subtly different in that it is a method employed almost entirely by Massively Multiplayer games. This skews the developer’s design philosophies towards having huge swathes of content for players to enjoy and allows even a small percentage of this to occupy players for dozens of hours when offered for free.
In more recent times, the most preferred business model is a result of a few other models which have popped up other the last few years mixing together in a few games to create an intensely monetized homunculus. Be it on mobile or console, most high-profile free-to-play games hit the same spots when it comes to their general business model.
Such games will include a season pass, a premium currency with an item’s store, and very often some sort of “surprise mechanic”. The season pass in free-to-play games asks players to pay money upfront at the beginning of each development cycle in return for additional cosmetic and in-game upgrades while they gain progress along the season.
You must be this rich to play
Premium currencies in games are often only acquirable in return for the digits on your card. In return, the items you can purchase with them will often have some level of exclusivity and will help you stand out against other players in whichever game you play. Slightly on the darker side of this idea are games that allow players to buy powerful upgrades to get an edge over other players, like in the old days when you could just look up the latest working cheats for lots of modern games.
Usually purchasable with the aforementioned premium currency, we have the ever-controversial Loot-boxes, infamously referred to by an EA representative as “Surprise Mechanics”. These are an extra step on top of a premium currency store, in that you can no longer choose what you buy.
When it comes to buying a loot box, they are often cheaper than the potential asking price of any given item, in return for the customer receiving a random item or items. From the customers’ point of view, this often means on average receiving less than their monies worth, but with the possibility to receive something many times the worth of what they spent.
From the developer’s plinth, on the other hand, this taps into humanity’s natural gambling instinct and can encourage people to actually spend more than they would like on getting less than they hope. This leads directly to people who have large amounts of money to hand spending insane amounts of money on these “free to play games”, leading to these people being described as whales by several game developers.
Free-to-play games are essentially a way to encourage a few people to provide the funds to keep a huge game going for many thousands of people who don’t have the facility to pay. When done right, they provide brilliant entertainment for all players, with some players getting that little bit extra out of a game they enjoy. At their worst, they can be horridly exploitative and borderline evil. But either way, the existence of such a model speaks to the greatness of the modern gaming industry.