11 Tips for Starting a Successful Business

The possibilities that arise with the idea of starting a business are inspiring enough to make anyone want to dive in head first. However, taking a step back and looking at everything that running a business entails can be intimidating enough to make the same bright-eyed individual run the other way. While there are certainly many aspects to consider when starting a new business, there are some known tips across every industry that can help alleviate some of the associated stress. Below are 11 pieces of advice that will hopefully make starting a business less intimidating and bring out your inner entrepreneur. 

1) Make sure it’s a match

Enjoying running a business is only half the battle; ensuring you can take on the responsibility of doing so and integrating it with your lifestyle is just as crucial. You’ll want to choose a business that not only represents your passion, but reflects your skillset and lived experience to give you an edge in the sea of competition. Rather than just focusing on whether your product fits your market, prioritize finding a product and market that suits you.

2) Find your niche

When people investigate why their business isn’t doing too well, the answer often lies in their niche selection. Determining your business’s scope when starting will a) help you reach the right audience and b) prevent you from wasting resources catering to the wrong crowd. When deciding upon a niche, consider seasonality, rates of repurchase, and if your products are only needed for a specific phase of the customer’s life which they’ll eventually outgrow.

3) Take care of your employees

If you’re performing well with just you or any partners you’ve gone into business with, adding on some team members can work in favor of your hustle. Keep in mind, though, that your employees’ morale is a predictor of your business’s prosperity, and they should feel respected and appreciated under your management. Not only will you help enrich your employees’ skillsets by providing them the necessary tools to succeed, but they’ll also be more willing to help reach company goals if they feel supported by you.

4) Diversify your offerings

Starting with a narrow business focus can aid in building a loyal customer base that perceives you as your niche’s authority. Take advantage of the momentum and branch out into other sectors in your arena; this can help you reach a wider audience and further establish your business. Starting with a modest offering can also help you gauge demand and see what products or services you want to continue providing as your customer base grows.

5) Don’t quit your day job

Starting a business is stressful enough, but creating a business while worrying about making enough money to get by is infinitely more so. Avoid undue stress by starting your business while still employed to give you the funds to get started and invest back in your hustle. You’ll also open up more opportunities for yourself and your business if you already have a steady income. This way, you’ll be more willing to experiment with different aspects of your business you may not have had the means to do if you had relied solely on your hustle to support you. If you’re still looking for more funds to put into your business, start approaching investors or lenders after establishing yourself in the market.

6) Prioritize profit over revenue

Making money is exciting; however, focusing solely on the cash coming in can provide a false sense of financial security. When you start earning from your business, don’t forget to consider your expenses and overhead. Prioritizing profit over revenue can help you determine whether your business is doing well at the rate you’re operating or if you’re due for some advice and assistance. Making $100,000 in revenue gets less exciting when only $1,500 becomes profit after covering start-up costs and other expenses. Using a profit margin calculator can help you better grasp whether you’re making enough money to put back into your business while also having some left over for your savings.

7) Get some help

Building an empire on your own sounds fantastic in theory, but in reality, having some helping hands can take an immense weight off your shoulders, allowing you to focus on your business. Assistance can range from seeking a business partner to split your workload and bounce innovative ideas off to a solid network that can provide support when you’re in crisis and lift you up in times of success. Financial aid or mentorship may also be available through government programs and non-profit organizations such as Futurpreneur in Canada.

8) Plan it out

Diving into a business idea out of passion and excitement is incredible. Still, it will often leave you feeling lost down the line when things get serious. Crafting a business plan that outlines how you plan to navigate the upcoming couple of months or years will help you allocate funds, delegate tasks, and ultimately save your time by promoting efficiency. If you notice your business is starting to slip and not up to where you want it, come back to your business plan and fine-tune it to get you back on track to success. While your business will be the focus of your business plan, keep industry trends and any competition in mind.

9) Establish your business

In the digital age, reputations matter more than ever; creating a professional aura for your business will help you establish yourself in your market. Start with the basic business fundamentals like a website, business email, phone number, and social media to stay connected to your audience while reaching new customers. Most importantly, keep in mind that you are the face of your business. Your interactions with others will reflect on your brand, so stay authentic and professional to maintain a positive standing.

If you want a website for your business like the one you are on now, feel free to reach out here. We would be happy to help! Most of our clients come organically through our website using Google, and we wouldn’t have a business without it.

10) Get legalities sorted

Legal trouble is the last thing you want to deal with when starting your own business. Taking time to understand all the laws and regulations for a new business at the beginning of your journey will save you expensive and time-consuming hassle further down the line. Learning about income taxes, registering your business, and worker’s compensation insurance, among many other things, will ensure that your company operates within legal guidelines.

11) Keep tabs on The competition

Anyone who puts their time and energy into starting a business wants it to be the best in the market. With the rate of innovation increasing rapidly, however, competition has intensified, making it harder to come out on top. Taking note of what your competitors are doing (as well as where they’re lacking) can help you identify and predict trends in your industry and also allows you to price competitively. That being said, you must not forget about the bottom line: your customers’ satisfaction. The reason you want to look at your competition is to be of better service to your customers. So, don’t get caught up trying to outdo another brand if it prevents you from providing for your target market.

 
CONCLUSION

Starting a business can be daunting both for a beginner and a seasoned corporate professional. While there are bound to be countless unknowns when taking the leap and starting your business, there are some things you can do to make the ride more enjoyable. Finding the right business to go into, making a plan, and seeking help will help you prosper as an entrepreneur. 

Written by Midhat Mujaddid

Have you ever considered starting a business? Do you already have one? We'd love to hear about it in the comments below. 

Thanks for reading this blog! We hope it was helpful. We are a full service media production studio, and specialize in audio / video production and website creation services. If you need help with anything media related let us know :)

10 Ways to Foster a Positive Hybrid Work Environment

Introduction 

Cultivating a positive work environment is the foundation to any successful business. If you have ever heard the quote “Happy Wife, Happy Life”, it’s pretty much the same idea except work version, like “Happy Employee, Good Productivit-ee?” or some variation of that. When people feel encouraged, accepted and happy, they become more motivated and perform better. A simple yet extremely effective formula to achieve in a workplace. Setting your team up for success, especially in hybrid settings, which let’s be honest, is the reality we live in these days, comes down to the emotional, intellectual, and physical ways you support them. Even the simplest things can create a good and enjoyable work environment, leaving employees feeling like more than just working dogs, but actual valued members of the company. 

Here are 10 tips to creating a positive work environment for your company:

1) Prioritize onboarding and training

There’s no such thing as starting too soon! Creating a positive work environment starts from the beginning when employees are first hired. Especially for those starting their new jobs remotely, onboarding can feel daunting, and if done poorly, can impact retention. Therefore, it is extremely important for managers to create opportunities for new employees to interact and be involved within the company culture. Strategies such as introducing an internal mentor/mentee system can help both junior and senior level employees get to know each other and find common interests. Additionally, implementing team socials, after hiring new employees, whether it be online or in-person, can allow for employees to interact with each other in a stress-free and casual environment which will ultimately lead to creating a positive team dynamic. 

2) Provide a suitable and comfortable work environment

Positive team dynamic is one thing, however, a good physical work environment is a whole other thing. Having a comfortable and adaptable work environment creates a positive work experience with many physical and cognitive benefits. A good work environment goes beyond providing regular breaks, a break room with vending machines, and an annual employee appreciation breakfast. Employees also need adequate support, training, resources and space to perform their job. Mood is also influenced by overall workplace conditions such as safety features, adequate lighting and comfortable temperatures throughout the building. For companies that have employees working from home remotely, it is even more crucial for companies to provide as much support as possible in creating an ideal workspace for their employees.

3) Trust your team members

An essential part of any successful team is transparency and honesty. This requires mutual trust and respect between employees and employers. In action terms, this means that when you delegate, really let go and let the individual own the task you gave them. You can also communicate trust by asking team members to make decisions on their own for their part of the project. At the end of the day, people act the way they are treated, so the best rule to stick by is to treat other people the way you want to be treated. As simple as that. 

Another effective way to generate trust is to see the people you are working from time to time in-person or even on zoom for a virtual coffee date. Having everyone turn their camera on can help everyone feel more connected and part of a team, and helps with clients as well.

To set yourself a part when working from home, upgrade your studio setup so you can look and sound your best in front of all your co workers and clients, allowing for better connection, which can lead to substantial business growth and employee confidence. We are experts at studio setup upgrades and can walk you through exactly what you need based on what you already have, and how to set it up properly (100% virtually) using our Digital Studio Setup package, contact us here to learn more!

4) Listen to EVERYONE'S ideas

Everyone on your team has great ideas, that’s one of the reasons you hired them! Take advantage of that individuality and diversity among your employees and listen to the ideas they bring to the table. Whether it be the newest hire or the longest employee, each brings different experiences and perspectives to the project that they are focussed on. Trust them and allow them to express themselves freely without judgment! Give the good ideas a try; you never know what might happen – other than the fact that the team becomes more invested in their work and the project outcome, for starters.

5) Conduct regular check-ins

It’s no surprise that people who enjoy what they are doing are more likely to do better work. Encourage that by checking in regularly with your employees whether it be work related, or even casual conversation. Having scheduled check-ins on a weekly or monthly basis allows for team members to feel included and involved in the work environment, it also gives managers a chance to review the work that has been done and provide feedback. In terms of remote workers, it’s no question that people get burnt out from time to time when they are sleeping, eating and working all under the same roof. Employees need to know they are being supported beyond the confines of regular 1:1 chats, especially if they’re used to being able to walk over to your desk and ask a quick question. 

6) Create opportunities for learning

Employees thrive on being stimulated and challenged from time to time and this wouldn’t be possible if there weren’t opportunities to learn new things. Providing either online or hands-on learning experiences increases work productivity and overall brain stimulation, which let’s be honest we all need at times. A company can save millions in lost productivity by making sure that employees have access to the information they need to do their jobs.

7) Show your appreciation

This ties in with having trust in your team members. People are often fuelled and motivated through receiving gratitude and appreciation from others. Employers need to make their workers feel like they matter in a way that gives their work a sense of purpose. Meaningful and honest appreciation can be done through creating a simple “shout out” group chat through the company's communication platform to acknowledge the hard work that employees have been putting into a certain project or task. This way, your employees can understand what they’re doing well, and do more of it. When people feel like they’re doing good work, they want to rise to the occasion even more. A simple “thank you” goes a long way. 

8) Protect employees physical and mental health

This is a two parter. Both working at home and working in the office can make people feel fatigued and burnt out at times, providing regularly scheduled breaks and opportunities for relaxation can go a long way. Companies can promote a more positive and relaxed workspace by encouraging employees to take periodic breaks, allowing them to customize their workspace, and organizing a staff outing, picnic or retreat. Additionally, if in-person activities are not a possibility, then sharing various resources with employees so they can utilize their breaks by participating in eye, breathing and stretching exercises to feel refreshed.

Companies should also work to create a culture that encourages employees to talk openly about how they feel, both with their coworkers and managers. Employee Assistance Programmes are a great way to address problems before they begin and create a work environment where employees are happy and healthy. Talking about mental health can also go a long way towards helping employees feel supported and happy at work. Poor mental health can often lead to sick leave, which negatively impacts your business and team. Don’t keep mental health in the closet. 

9) Promote diversity

An essential ingredient to a positive workplace is diversity. Not only does a diverse workforce make it easier to attract your industry’s best and brightest, but it also increases productivity and profits. Employees are naturally more comfortable, which opens the door for creative thinking and innovative ideas. Plus, when employees are happier with their work environment, they’re less likely to spend their time looking for another job. 

10) Be spontaneous and have fun!

Everyone wants to have fun at work — even though everyone defines “fun” a little differently. Fun happens when people feel well-connected with a team where there’s mutual respect, open communication, acceptance of who people are and everyone’s collaborating and working toward the same goal. When teams are working well together, it makes it easier to be spontaneous and have some fun – whether it’s a last-minute Happy Hour on Friday after a project launch, or a brief pause in the afternoon to tell stories and have a few laughs over topics that have nothing to do about work. Sometimes we all need a break from the seriousness of business.

Conclusion

Building high-performing teams hinges on the culture you cultivate, the hybrid work environment you create, and the relationships you build. Company work culture plays such a huge role in their employees lives, so it is crucial to any team that they create and maintain the best work environment they possibly can. And remember, whether you’re a team leader or team member, everyone plays a role in contributing to your work environment.

Written by: Rena Wu

We want to know your thoughts on how your companies have positively impacted your lifestyle, or maybe how they haven’t? Share with us in the comments below!

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Thanks for reading this blog! We hope it was helpful. We are a full service media production studio, and specialize in audio / video production and marketing. If you need help with anything media related we are here and happy to help!