About WSI Digital Web WSI is the world leader in Digital Marketing, Web Development & Web Design Headquartered in Toronto, Canada, WSI has been developing profitable Digital Marketing Solutions for businesses of all types and sizes, since the mid 1990s. Our global network of Digital Marketing Consultants in over 80 countries is the largest of its kind.
About WSI Digital Web WSI is committed to improving the profitability of its customers through the use of leading-edge digital technologies. As more businesses join the struggle to harness the potential of the digital world for business growth and success, WSI is ready to effectively serve their needs with affordable digital solutions.
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Advantages of Starting a Business Be your own boss! You can take control in many areas of the business – such as hiring, firing, administration and financial decisions. You can decide the hours you work. There is a chance you can make more money than you would if you work for someone else. Job security – no one can fire you.
Advantages of Starting a Business You can decide which direction you want the business to go in – specialise or diversify. You can derive a lot of satisfaction from running a successful business.
Disadvantages of Starting a Business There is massive financial risk involved, very few businesses are an instant success. You are directly exposed to legal problems, which you would not face as an employee. You may be unqualified to cope with things such as administration, human resource development and research and development.
Cost of Starting a Business Start up costs for the majority of businesses are traditionally very high. Location, Location, Location – Having your offices or shop in a desirable location can be expensive. Your office / shop you will need to furnish this, have a phone line, internet, pay rates, pay rent, pay for electricity and buy office equipment etc. How many staff will you need? If you need specialist workers they will warrant a higher salary. You will still need to pay your staff even if the business is not making any money.
A Business Plan A business plan is a clearly written, detailed document which describes your proposed business, your objectives, how you will achieve these objectives, your target market and financial projections. A business plan is essential when trying to secure external funding but can also be used to project the success of your business.
Your Marketing Plan Your customers will NOT find you – you have to find them through effective advertising. How will you market your business? Print vs Online. How much will you spend on advertising in year 1, year 2 and year 3. Get some feedback on your Business and Marketing plan for numerous individuals, not just your bank manager.
Is there a Market for my Product/Services? One common reason why businesses fail is lack of planning. In this respect, Market Research is vital. A USP (Unique Selling Point) can set your product / service apart from your competitors and is essential in a competitive market. Do you know how much people are willing to pay for your product – is it possible to bring the product to market and make a profit on this.
Competition Is the product / service you want to offer readily available in your area? Why would a customer buy from you and not your competitor? Price / Quality / Reputation How will you compete with your competition in regards to marketing. Just because they are spending more than you doesn’t meaning they are spending it smarter than you.
Why Do a Small Business Fail? The latest figures reveal that only 67% of businesses survive 2 years trading and only 44% survive 4 years trading. Lack of research, many businesses assume their market is there and do not research. The product / service – There are many factors which determine the success of a product or service, such as price, quality and even brand awareness.
Common Reasons for Failure Failure to change. Poor marketing. Underestimating the competition. Expanding too quickly. Lack of reserve funds. Poor planning. Lack of internal controls. Overspending.
Poor Management You have to be equipped to manage an ever expanding business. Financial management is without question the key survival. Cash flow is very important, without cashflow you can’t pay your creditors, if you can’t pay them you could be forced into liquidation. Working capital is the money used for the day to day running of the business, without working capital, you may be unable to buy a packet of stamps.
ALL businesses will at some point in the year will probably have a lean period, where very little business is done. Your cash flow forecast should anticipate this period and money should be set aside for this – just because no money is coming in, doesn’t mean the bills won’t. On the other hand, most businesses can benefit from a boom period, such as retailers around in December and January, where customers always spend big.
Managing Customers Especially in this economic climate, many businesses give very low priority to some of their invoices. Making sure your customers are invoices at the right time and pay on time is critical. You must deliver on the services promised when you promised them – Your customer may take any excuse not to pay. Will you offer your customers credit? If so how much? How much will the charge be?
Maintaining a Relationship with Suppliers The relationship with your suppliers is always a two way one. You have the right to expect goods to be delivered on time and as agreed. They have the right to expect you to uphold the agreed payment terms of the contract. If you are not happy with a supplier, the best thing to do is let them know, if they fail to improve – leave them. If you however fail to pay them on time, they may stop supplying you!
The relationship you have with your supplier can impact your business in more ways than you anticipated. You could benefit from discounts for loyalty with them or from ordering more stock. However, if your supplier doesn’t supply you – then you can’t supply your customer – this will have a direct impact on your customer relations and may even hamper customer retention.
How to fund your Business Start ups can benefit from Invest NI grants. Bank loans (More difficult in this economic climate) Use your savings. Venture Capital – You don’t need to go on Dragons Den, but encouraging a business person or anyone to invest in your business for a share of it can be a fantastic way to get funds.
Evolution To survive, a business must evolve. It must move to meet the needs of it’s increasing or decreasing market. Diversify to offer different services and expand into different markets. If your business is successful in one geographic location, why not expand to another one?
In any industry, you must be ahead of the game, you must know changes coming in such as regulations etc and you must relay these to your staff and customers. Many businesses retain some of their profit instead of spending it. This can help the business have a lot more security and can even be used to expand the business.
IF YOU FAIL THE FIRST TIME – TRY, TRY AND TRY AGAIN!!!