Handling a business is a matter that should be taken seriously. For one, entrepreneurs don’t invest money for fun; they invest in a business to make more money. Aside from money, entrepreneurs undertake different ventures for new opportunities. This can be a difficult task. It may come off as a challenge at first, but certain steps might help you get through it all.Employee Relations and ProductivityHaving a harmonious relationship with your subordinates contributes to the success of your business. This is because employees who are treated right and fairly tend to work well and increase their productivity. Giving criticisms to your employees is not a bad idea, but don’t forget reinforcing them with motivation. Aside from boosting your employee’s morale, you should highlight the workflow in your business. Doing this will help you detect any flaw in your operations and make immediate solutions.Marketing and Advertising StrategiesA business without any marketing and advertising strategies is like a car without any wheels. Like a run-down car, you wouldn’t go anywhere without a concrete marketing and advertising plan. However, creating a marketing plan involves intensive research. You don’t simply promote your products and services out of the blue-that would certainly be wasteful. You need to ascertain your target market, know the opportunities and risks, and consider the market of your competitors.Client RelationsMost of the businesses today are built with a strong support from their clients. Aside from that, long-time clients can likely help with expansion. For instance, some eventually choose to acquire business services franchise. Therefore, it is of utmost important to keep your clients’ interest at heart. What you can do is to learn their business and know how you can meet their needs. You can also ask for their feedbacks to know which areas of your business need improvement.Business ExpansionHaving your business services franchise will give room for new opportunities. Although it can sprout many benefits for your business, business expansion should not be taken lightly.Ask yourself this question: Is it time to expand my business into a franchise? If you are thinking of business expansion and franchising, then you might want to consider your budget, manpower, and resources first.Financial ManagementThe cash flow is the bloodstream of your business. Delays and miscalculations will certainly affect the overall condition and stability of your business. For this reason, you need to monitor and regulate your business’ cash flow. One way to do this is through financial management and financial services franchise businesses can acquire from experts.
When most people think of home businesses, the first things that comes to mind are Network marketing, Internet marketing or Information marketing. However, things have changed. The field has broadened and the possibilities have opened to include new and more innovative services.The following three businesses are little known services, yet highly lucrative alternatives.Life Coaching Service: Many people readily offer advice to friends, family, and in some cases, even complete strangers. These days, this simple model is a business service called “Life Coaching.”Depending on where you are located, Life Coaching can be done without any specific licensing or degree. However, because you may be facing competition from those who may in fact have Doctorates or Masters in Psychology, it may be a good idea to at least acquire a certification.Although colleges around the country haven’t officially classified “Life Coaching” as a major, Harvard, Yale, Duke, NYU, UC Berkley, Penn State, and others have all started coaching programs. In addition, there are several online certification courses available, as well as, continuing adult education courses offered at local colleges.Jared Mellow, a Life Coach in Southern New Jersey says, “Life Coaching offers a broad market. I specialize in teens and adolescents. But the market is open to various niches. I see an exciting future within the industry.”According to Forbes Magazine, Life Coaching is a 2 billion a year industry, and is projected to grow to 10 billion by 2020. Services are routinely charged on an hourly bases, and run $50 – $100 per hour.Social Media Manager: As Social Media continues to grow in the business arena more business owners are struggling to keep up with the ever-increasing technology and constant platform expansion.Twitter, Facebook, YouTube, LinkedIn, Instagram, all present viable marketing medias, however, most local brick and mortar businesses don’t have the time, energy or know how to take advantage. This creates opportunities for those who are well versed with these platforms.Business owners welcome Social Media Managers, as they know the power, reach and cost effectiveness of marketing online. An increasing number of businesses are anxiously looking to fill this need in their own marketing.The industry is positioned for massive growth due to the sub-sectors available within Social Media. Companies who don’t currently have a strong Social Media presence are looking to create one, and those who do in fact have one are looking to maintain, and even grow their position.According to US Department of Labor, public relation activities will increase beyond 12% over the next 6 years due to the increase in Social Media. Managing Social Media, interacting with customers, monitoring customer satisfaction, announcing new products and services, all fall into the Social Media Marketing activities.The industry standard for Social Media Manager’s compensation is based on monthly fees. Average fees, according to specific Social Media service packages range from $400 – $1000 a month per client.Public Adjuster: Public Adjusters are advocates for home owners and business owners who incur damages and are in need of placing insurance claims to recover expenses in order to return their homes or businesses to pre-damage condition.The demand for this service is enormous as statistics demonstrate that of the average 11 million home insurance claims placed annually in the United States, less than 5% are represented by Public Adjusters.The value in the service is in properly representing the policyholder, who carries the “Burden of Proof” in the claim’s process. In order to recover the full extent provided within the policy, home and business owners must prove their damages. Must simply don’t know how to effectively do so.Smart Money Magazine confirms this by stating that most insurance claims are settled with the initial offer, and many times policyholders are walking away with as little as 25 – 40 cents on the dollar.Art Lattanzi, a 17 year veteran Public Adjuster says, “With the weather becoming more and more turbulent, Public Adjuster are in high demand. In New Jersey for instance we see that after two years since Super Storm Sandy, thousands of homeowners are still fighting with insurance companies. Without Public Adjuster representation, homeowners are at the mercy of insurance companies.”Public Adjusters are licensed and bonded by their respective states. Compensation is usually charged on a contingency bases. Fees range from 10 – 35% of the settlement recovered.For those entrepreneurs looking for the opportunity to provide a valuable service to the public, while earning a great income, Life Coaching, Social Media Managing, and Public Adjusting are three viable choices that are worth a closer inspection.
As a Christian business owner do you have people constantly expecting you to give away your services for free? Do people give you a sob story about why they can’t pay and expect you to give them a break? Do they call you a passive aggressive Christian hypocrite if you send out a late payment reminder? It can be hard balancing wanting to help people and not giving away your services for free. Remember, as a business owner you are in business to make a profit. You must protect your personal and business credit score.Most business owners, service providers, and professionals have business expenses, as well as living expenses to include a mortgage, utilities, and possibly student loans. Creditors want to be paid. Creditors will charge a late fee if you don’t pay them on time. They may possibly report you to a credit bureau and this can adversely affect your credit score. So, how do you balance helping others and being a Christian business owner? My tips below will help you to operate as a business owner while honoring your Christian values.1. Contracts – Use very detailed contracts. Do not trust handshake deals or word of mouth agreements. Put the agreement or terms of service in writing. Be very specific on due dates, amounts owed, late fees, etc. This includes barter contracts. Do not be afraid or intimidated to not hold the other party accountable for honoring their part of the contract.2. Invoicing Procedures – Establish procedures and follow them. If you do not want to deal with this task then out source it to a Virtual Assistant or bookkeeper. This includes sending out late payment reminders. I recommend you work with a collection agent so that when needed the agency can go after the late payer. Using a collection agent will save you headaches and heartaches. Plus, you know they are following the law and you won’t get in trouble for accidentally violating a debt collection law or rule.3. Choose your words carefully – I have learned when someone asks me if I can help or they say “so and so said you can help me” and I reply “yes, I can help” they are expecting the service for free. I have had to learn to respond with something that states this is a business service that I provide. Also, I have found when someone asks if they can skip a payment at holiday time I have a script ready to address that late fees will be assessed. Again, this task of communicating with individuals may be best left to your gatekeeper or a Customer Care Manager. Listen very carefully to what is being said by the person asking for your services. I also do not recommend giving away free strategy sessions. When you charge a small fee for an introductory session and charge for missed appointments you will eliminate the tire kickers and snatchers and grabbers. Watch out for the people that hit you up on social media via Messenger pretending to be your friend and then immediately they want free advice or services.4. Know How Much You Can Give Away or Discount – Set clear boundaries. I don’t mind helping people. But it does get old helping the same people over and over again. You have to know your walk away point. Watch the person on social media. If they are out having fun while you sit home eating ramen noodles don’t get mad. Use it as a lesson. You just let that person skip a payment so they could have fun. The person does not respect or value you and your services. I recommend you know how many scholarships you are going to be able to give away each year and when you have exhausted that amount you know you cannot help anyone else for free. Also, know what discount you will give friends and family.5. Know Your Value – Do not forget that you provide a valuable service. Just because someone else does not see the value does not mean you have none. Do not let the snatchers and grabbers wear you down. Learn to identify who is not your ideal client and learn to identify where they lurk and then go find a new fishing pond.Those that are attempting to steal your products, intellectual property, and services will always have something negative to say when you ask for payment. In our digital age they will be as bold as to post nasty comments on social media platforms blasting you and your Christian values. They will probably “unfriend” you too. Remember, do not open a door that God as has closed. Count your blessings you were unfriended and saw the person show his/her true colors.Don’t be made to feel guilty or shamed into giving away your products or services for free. The funny thing is these people would not work for free or give away their products or service for free, so they should not expect you to do it either. Everyone won’t love you. Rejection is God’s protection.