Entrepreneurship

WHY HIRING A CONFERENCE OR MEETING ROOM MAKES GOOD BUSINESS SENSE

Many offices utilize precious office space for meeting and conference rooms only to discover that they don’t require them as much as they thought. Like guest rooms in a home, they are under-utilized but still need to be maintained and cared for. If you identify with this scenario, you may need to make a hard decision: rent a meeting or conference room instead of setting one up in your office taking up space that could otherwise be used for additional offices or your expansion plans. Hiring a conference or meeting room as and when you require it, makes good business sense. Businesses today require well-equipped […]

HOW TO GROW YOUR CUSTOMER BASE

At the heart of a successful business are satisfied customers. Growing that customer base is a challenge. But it can be done. Here are some tips that you can adopt to help your business grow. 1. Focus on the right customers and do everything you can not only to keep them but keep them delighted. They can be great endorsements for your business. 2. Stay connected with these customers. Offer extra value – go beyond the boundaries of your own products or services. 3. Ask for referrals and testimonials. Graciously accept their appreciation but also ask if […]

HOW TO BE AN IMAGE-MAKER

With so many products and services in the market, what usually makes the difference is the image you project for your business. An image is a cluster of impressions and perceptions, often hard to define but it does influence the way your clients or prospects think of your company and is an important deciding factor when it comes to choosing you over the competition. The space in which your business is located has a direct correlation with the image you project. The same is true about a restaurant, hotel or other area used for commercial purposes. Before you even sample what they offer, you begin […]

IS YOUR BUSINESS LOCATION NEIGHBOURHOOD-FRIENDLY?

Choosing a location for your business generally has three main considerations – proximity to customers, suppliers and employees. Other issues are easy transport and parking facilities,proximity to competitors and affiliated businesses which could impact your business. Depending on the nature of the business, you need a location with ready access to enough potential customers. How many people actually pass by? How many would walk in? Foot traffic can make a difference and even the side of the street on which the address is. Unless you provide only services, you will need to depend on suppliers – distributors, wholesalers, manufacturers […]

Pitching your idea to investors …. in 30 minutes or less

You have a great business idea. Very soon it will become clear to you that to turn that idea into concrete reality will mean raising capital. You will need to sell the idea to investors. And usually you get a window of 30 minutes or less to make your pitch. Presenting your idea in a convincing and coherent way is a core competency for entrepreneurs. Here are some tips for perfecting your pitch: 1. Show it can be done Start creating or delivering the product or service on a small scale so that when you make […]

THAT FIRST YEAR AS AN ENTREPENEUR

Remember your first year as an entrepreneur? Or would you rather forget it? That was when you let yourself get wet behind the ears and learnt many lessons, mainly through trial and error. Ouch, some things still hurt! Here are some lessons all new entrepreneurs- can benefit from. They are lessons learnt the hard way. 1. Don’t take investors just at their word Investors or would-be investors may get very enthusiastic about your start-up idea.They will tell you it’s a winner and would be happy to back it. So you relax. The money is going […]