When you think digital transformation, you may be thinking of large corporations in high rise buildings with mountains of IT staff making all sorts of technological changes.
But in the interests of operating efficiently in this digital age, small businesses are also in need of digital transformation and it is certainly an area worth getting on board with. And this is even more important if you have just bought a business or are thin... Continue Reading
“Do what you love, and you’ll never work another day in your life.”
A powerful statement, with an underlying sentiment that is very true. You don’t need a degree in psychology to know that humans naturally tend to enjoy the things they excel in, and this is no different when it comes to business ventures. As much as buying and establishing a business is all about assessing the market and making a worthy investment, personal ... Continue Reading
There is a special bond between brothers, sisters, parents, and extended family members. But is it special enough in that you can go into business with them?
Going into business with your family can be a good idea if done right. After all, they are people you like and can trust.
There are of course stories where families have fallen out over business disagreements. But a lot of these situations seem to arise from a lack... Continue Reading
You’re now a new successful business owner. You’ve gone through all the steps, finalised the purchase, and can proudly say you own an established company that generates revenue and a reputation to its name. But now what?
You may be brimming with ideas for change and ways in which to scale the business, but it’s important you assess your limitations and know exactly what your next steps are before going forward. It goes without ... Continue Reading
You may be thinking: "my business is going well, why would I need an exit strategy?" But an exit strategy is not something that you have because your business is not doing well. An exit strategy is something you have in case you want to leave your business at some time in the future. After all, you don’t know what the future holds.
A draft exit strategy will ensure you have a plan when something unexpected happens and you wish to ... Continue Reading
The attraction of a convenience store is very simple - you're providing your customers with convenience. When all other stores are shut, you’re the solution to last minute snacks or essential toiletries. So if you’re in the market to sell a convenience store, you have a valuable product on your hands.
But the product on its own is not enough to get the best possible price. You are in a good negotiating position but there is... Continue Reading
You may be toying with the idea of running a B&B, especially with the convenience of living in the same place as your work. Long work commutes can be quite off-putting and a B&B is definitely a way to avoid any sort of travel for work.
Accounting for a fifth of the UK’s serviced accommodation industry, there is definitely something attractive about this business venture.
A B&B can be extremely rewarding, as you are p... Continue Reading
A lifestyle business, especially if you are starting it from scratch, needs to strike the perfect balance between personal fulfilment and profit. But when the market is this diverse, there are a number of avenues you could pursue as you establish an organisation.
If you are looking to move away from a more hectic corporate environment, you may want to consider a new venture that encompasses a flexible working timetable in terms of s... Continue Reading
The British may be known for their love of tea, but the reality is that 70 million cups of coffee are drunk every day by Brits across the country. And with coffee being the second most desired commodity behind crude oil, it’s clear there is a lot of money and potential in the industry.
In today’s society, coffee-drinking can range from being a daily necessity to kickstart the morning or boost concentration, to being a sophistica... Continue Reading
The number of small businesses in the UK is on the rise and the statistics are there to prove it. At the start of 2017, there was a record number of 5.7 million private sector businesses. This is an increase of 197,000 since 2016 and a total increase of 2.2 million since 2000.
Small businesses accounted for 99.3 per cent of all private sector businesses at the start of 2017, of which 99.9 per cent were small or medium-sized enterpri... Continue Reading
Money matters are always a topic of conversation when you’re a business owner – regardless of whether you’re new to the industry, a veteran, or simply an interested individual thinking about purchasing one. The business of finances is central to any company, as it can usually be the maker or breaker in a decision to buy a company, and so it is in your own best interests to ensure your financial affairs are in order or have been discussed. F... Continue Reading
Selling a business can be a complex and fast-moving affair, but it can also be drawn out over a long period due to the preparation and negotiations that make up a large part of this process. As such, it is crucial to ensure you have the best team around you to provide the support you need from start to finish. Trust is key, and it's a good idea take the time to find experienced professionals who are capable and willing to deliver on their pr... Continue Reading
When looking to buy a business, you need to take into account certain considerations. At first glance, you may be overwhelmed by all the matters that require your assessment. Questions like “is this a good investment?” or “are they making money?” are going to be in your mind. But there is a process that you can use to sort out your concerns in an orderly fashion and make an informed decision. This is called due diligence.
Wha... Continue Reading
The dream of owning your own business and the reality of actually running it may be polar opposites. A better work-life balance, a substantial income and simply the satisfaction of being your own boss may be offset by long, arduous hours and slow turnovers until your business is fully established.
Not quite a walk in the park and a long game, setting up and running your own company from scratch can be a rollercoaster ride. Do you ha... Continue Reading
Building up a business takes time and it’s not an easy decision to sell, but it also isn’t an easy decision to find the right time to sell. There are many reasons why you may be looking to sell - the company may be on the verge of growth but needs someone new, or the risks are no longer worth the rewards. It may also be that personal circumstances mean you are no longer able to devote the time and effort to manage and grow the business.
... Continue Reading
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