Be a Business Owner Instead of an Employee

I remember a relative telling me that the way to a good life was to get an education, find a good job with benefits and pension, work hard and retire secure. It worked for him…a long time ago…and he was sure it would work for me, too.

Another relative owned his own business but still believed I would be more secure and less stressed if I worked for someone else who did the worrying so I could be comfortable as a worry free employee who got to retire on a pension from my employer.

After all entrepreneurship is very hard work.

I think they are both wrong.

There are a lot of reasons.

Probably the most compelling reason is that few jobs last a whole career these days.

I know one older man who recently lost his job for the fifth (5th!) time when the bank that employed him was bought by another bank. He not only had to tell 30 people they lost their jobs, he lost his own, too.

Talk about stress. That’s stress!

Following the advice of an influential person in my life I decided to get a degree and go to work for the welfare. I wanted to help people. My job would have benefits and a pension so I would be worry free and secure, right?

Well, guess what?

I worked regularly with people who were mentally disturbed, people who were armed, people who were high, people who were very ill and people who were desperate.

I hated staring down the wrong end of a gun which I did more than once. I was frequently grateful to get home alive. I was often ill from seeing so many sick people, and, worst of all, I was exposed to tuberculosis.

Oh yeah. Great job. SOOOO secure.

Then there are the people who work at jobs in corporations.

A good education in management, engineering, or finance can get you one.

Then you get to move a lot, work awful hours, travel more than you are at home, and get laid off just when your kids are old enough for college. And you thought there would be a pension. How silly and unrealistic.

Plus the constant moving and changing schools is bad for your kids’ mental health.

And then if you manage to stick it out and rise to upper management you have probably made a LOT of moral compromises, the biggest one being that you did a lot of lying for the good of the company.

“Oh, no. You won’t lose your job when the company is taken over. Everything will be fine.” Then after the holidays you send out the pink slips. I actually saw this one committed by a CEO who did the deed. I did not work for him…fortunately.

These types of stories…all true…make entrepreneurship look SOOO much less risky than you or I or anyone else thought…or will ever think.

A job?

No thanks.

How Do I Incent My Retail Sales People

The secret to keeping any organization running smoothly is to keep its employees happy at all times. Keeping workers motivated in times of stress and rush can be difficult. When there are targets to be met, clients to be satisfied and deadlines to be met, ensuring that your employees don’t lose their cool is essential. How do you ensure that your workers are not overstressed? Here are a few handy tips to pump up the energy levels of your retail sales team.

 

Performance bonuses:

Everyone loves a little bonus once in a while and retail sales personnel are no different. Targets are difficult to meet and some clients can be really pushy to deal with. Whenever someone achieves their target or finishes their quota, make sure you appreciate their work and acknowledge their effort. This will go a long way in making them feel motivated. Offer monetary incentives from time to time as this will boost their morale. Underpaid employees do not deliver. Keeping them happy will only go a long way in making your company running smoothly.

 

Communicate:

Communication is the key to any healthy relationship, be it in the workplace or at home. Talking to your employees, understanding their grievances will help you empathize. It is important to make your employees feel like they belong in the team. They must feel like they’re not just employees, but part owners.  To keep the business running hassle free, ensure that weekly meetings or gatherings occur without fail where everyone is allowed to voice their concerns.

 

Lead by example:

Nothing is more persuasive than practicing what you preach. If you want your sales team to feel motivated and inspired, the best thing you can do is to show them how it is done. When you lead the team with the same determination and perseverance as you expect of them, employees are bound to take notice. When you prioritize work above all else, they will too. Several employees hold grievances against their employers because they feel like the latter do not have to struggle as much as they do. You can change that as a boss by leading through example.

 

All work and no play makes Jack a dull boy:

The motto to a happy workplace is to work hard, but party harder. It is important to create a working environment and a working culture where employees believe that mental and emotional wellbeing are crucial to being successful in your work. You can perform only if you are at peace mentally. Little morale boosting games such as inter-team sports contests or other such competitions can go a long way in helping your employees de-stress. Office picnics, get-togethers are all of vital importance to keep your sales team feel engaged.

 

 

Work should feel like a productive, constructive environment where you not only help the business grow but grow yourself. It must not feel like a prison where you are bonded laborers. Incentivizing performance is a great way to make your sales team feel wanted.

Where Can I Find A Loan For My Startup Business

If you are searching for loans to start your small business, you may have a lot of options available. The investors, crowd funding, family and friends can be the options to find your working capital.

How Start Up Loan Works:

Line of credit is just like your credit card. This tied to your business rather than your personal credit. This is typically interest free for the first nine to fifteen months. So you don’t have to worry about making interest payments while getting your business. You can start working to improve your personal credit score and from many services you can get tips on how to improve it. You can ask your credit card company to increase your credit limit. Or you can apply for a new credit card. You can even apply for business credit cards.

If you have some equity in your home, you can leverage that to get a home equity loan. These funds can be used for starting up your business.

Help from friends and family

Friends and family can also be a source for getting a loan for your start. You can always ask to your family and friends to give you a loan for starting up your business. Some of them who like your business idea may be willing to lend you funds. But it is always better if you get the loan in writing to avoid misunderstandings later on. You can take the fund from them by two ways. You can sell them a share of your business and other way is taking their money as a loan.

Family members and friends may be willing to lend you funds. Make sure to get the loan in writing that many misunderstandings can be avoided later on. When you focus on raising small amounts of money from a large number of people, it is known as crowd funding. Many different ways are there for crowd fund.

Investors of various ways

Some investors and venture capitalists may be willing to give the fund to you. You have to return a certain rate o their investment. If a company or firm is ready to give you the fund, that is venture. They are looking for a very high rate of return for their money. But the condition is you have to give up some portion of the ownership of your business.

A nonprofit lender can be just the resource you need, when you are collecting funds for starting up your business. Here the annual interest rate ranges are around 18 – 35 %.

There are many banks which offer loan for you with minimum interest. You can have loan from banks also to start your business.

There are lots of different ways to get start up business loans with or without getting a bank loan. But the most important thing is to make sure every agreement should be in writing. and Research well about the individual or place from where you are having the loan. Make sure everything is legal and above board. You should discuss with your family before starting any new business venture.

How To Manage Inventory

For ensuring the ease of business, the inventory management is very essential. If you have an aim of getting a high return in business, then you should need an improved and efficient stock management. With better stock or inventory management, you can create the good will by giving the best quality product to the people. This is one of the essential factors of business management. A better stock management can also help you to get rid of bad products and the problem of excess of deficit stock. Therefore, you must ensure a better productivity by maintaining a better inventory management.

The Importance of Inventory Management

Now the question is how to manage the inventories? Well, your inventory management depends on the nature of your business.  The types of the stock or inventories depend on the nature of the business. The physical stock can be classified into various parts. Inventories are needed for keeping various raw materials; semi-finished goods, consumable products and many more. No matter whatever your business may be, you will surely need a good inventory management for ensuring a better quality of the business. The process of inventory management requires few essential parts. You need to follow these aspects of inventory managements for ensuring a better quality of business.

How to Manage Inventory

The Process of Maintaining Inventory

Ways to maintain your inventory is discussed below. Take a look at it for getting the right idea about the inventory management.

  • The first factor that you need for efficient inventory management is the good space of the inventory. The space of the stock room should be well enough so that it can hold the maximum amount of products. For a better management of the stock, you should need better space and area of the stockroom. It no matters whatever the nature of the product may be it will always require a better space in the inventories.
  • Another important aspect of inventory management is that the environment or temperature of the stock room should be favourable for the products. If you sell edible products or machinery, then you must keep a cool temperature of your stockroom so that the products can get higher longevity and good quality. This is very important part of inventory management. The ambience of the room is a very crucial factor for ensuring the quality of the product.
  • The third factor of inventory management is that you must keep a good record of the stock and its content. The official account management in case of stock is very crucial. You must keep a proper record of the number of daily stock materials and the sold products so that you can get the right calculation of the business flow. This is very important for any business.

Good Business Quality

These are few essential ways of keeping a better management of the inventories. No matter whatever the nature of your business is these above factors are very important. You should have a good maintenance of the inventories because this factor ensures higher productivity at the end of the day. This can promise you a quality business management.