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Costs to Consider When Starting a Business

12/18/2020

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2020 has thrown many of our careers into disarray. The coranvirus and Covid-19 pandemic has brought chaos with it, not only in threatening our physical health and wellbeing, but in damaging our economy and finances too. The restrictions that governments around the world are putting in place are in good faith and are actively slowing the global population’s infection rate. But it’s impossible to deny that these restrictions have taken countless businesses down with them. Many companies have been unable to withstand the restrictions and have collapsed. Many of us have lost our jobs. A huge number of people have been made redundant. Then there are those of us who have been furloughed and had sufficient time to realise that the careers we’re currently in aren’t the right ones for us. If you’ve found yourself in any of these situations, you may be one of many people who are considering starting their own business. Now, if you have a  great product or service concept that can work during the pandemic, this is great and you could experience profound success and huge profits. But you should also be aware of the costs of running a business when you head into things. Here are a few to take into consideration!

Manufacturing

If you’re planning on selling a product, remember that there are going to be costs involved in manufacturing it. This is true no matter what product you’re making and selling. You’re inevitably ging to have to take one of two options. The first is outsourcing. This means handing over a product design to a third party manufacturer and paying them to create it. The second is bringing manufacturing in house. This means investing in specialist machinery, specialist equipment like a tungsten carbide nozzle and hiring staff to operate said machinery. The most cost effective option for you will likely depend on the volume of goods you’re producing.

Staffing

Sure, many business owners will take the bulk of the work on their own two shoulders when they first start out. But eventually, as you establish yourself as a brand, start making sales and see increases in demand, you’re going to have to take on staff to help. One person can only do so much and continuing to do things alone will see poor customer service and problems with reviews and reputation. So, you’re going to have to hire staff - who come with a cost - at some point. Consider part time, full time and even occasionally self employed individuals for one off tasks like web design, new product descriptions or other tasks.

Commercial Premises

If you continue to grow, you’ll eventually need to expand into commercial premises. Sure, operating from home can work on a smaller scale. But as you grow, you will need more space for yourself and your staff. Whether that’s brick and mortar stores or office spaces.

These are just a few costs associated with running a business. There are, of course, more. But hopefully, some of this information will help you to get the ball rolling in the right direction!

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Top Tips for Optimal Customer Service

12/2/2020

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Whether you’re in the thick of customer service, or you manage a team of experts in customer care, there are a few basics that it’s always worth brushing up on. So, if you want to give your team some tips to follow leading up to one of the busiest times of the year, then read on for some expert guidance on great customer service. 

Make it easy for the customer

One of the things that customers find frustrating is when the purchasing or communications procedure is complicated and takes unnecessary time. How often have you been buying something online only to give up when you discovered they didn’t take Paypal? At every step of the purchasing journey your customers take, you should be asking yourself how to make things easier for them. Whether it’s a credit card reader, scanner, or mobile point of sale, you can get one here to make things easier for your customer and ensure they slide smoothly from browsing to purchasing. 

Good product knowledge

If you want to provide amazing customer care, then flawless product knowledge is absolutely key. You need to trust your team and successfully delegate tasks to them and, for that to work, you should feel certain that they know the business inside-out. If Christmas and the holidays are a busy period for you, then it might be worth investing in some training days to make sure that everyone’s up to speed. If some employees are part-time or working reduced hours, then dedicate some time at the beginning of a shift to fill them in on any changes or developments. Remember, your customers should feel safe and confident that they’re dealing with experts in the product or service that they’re purchasing. 

Take on feedback

It can be challenging to deal with complaints. We all might know that you should avoid challenging the customer, but this can be difficult especially if it turns out that the customer is not always right. However, regardless of what they’re saying, you know you have to paste on that smile and let them have their way. Instead of letting angry or complaining customers irritate you, instead think about it as an opportunity for feedback. Some people will always try and get something for nothing, but other customers might have a genuine concern that they want to raise. Instead of getting defensive, use it as an opportunity to grow and develop your business.

Start a conversation

It’s important to get to know your customers. Firstly, because knowing who they are and what they like will mean you can interact with them far more easily and efficiently. But not only that, it will make expanding and developing your business that much easier if you’re already aware of your customer’s likes and dislikes. This might be straightforward in a face-to-face interaction but what if your business has gone digital? This is where you can really use a service like Facebook audience insights, to see what other pages your customers have liked and tap into their interests.

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and Craig C. Powell
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