Category Archives: Eyeful of Entrepreneurs

The Business Shop

Calling all Entrepreneurs Business Chat LIVE brings to you: The Business Shop. More and more people are beginning to start their own business. To help we have brought together a collection of the best offers on the latest business books, accessories and office supplies for you to buy for your business. If you are thinking to start up your own business we have the best business start up books for you to buy and read at an affordable cost. So come in, take a look around and you are sure to find what you are looking for:

http://astore.amazon.co.uk/buschaliv-21/about

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Home Services Registration Survey FAQ Contact Important Facts to Know About a Registered Business Address in the UK

If your company has a physical presence in the UK, you need to have a registered business address. A registered address is where a company receives its official correspondence. It could be the place of business, a shop, or accountant’s office. However, all official correspondence must not only be received, but should be responded to at this address. At times, documents may need to be inspected, delivered, or picked up personally. The address will be part of the Public Registry of the Companies House.This is something to keep in mind if using a personal residence as a service address. Additionally, UK rules stipulate that this address must be displayed as the address on the company letterhead. This letterhead is required for all official correspondence.Some businesses prefer to get a registered address through private businesses which provide this service. If, for example, a company receives its correspondence through a P.O. Box, this is not a legal business address. Additionally, packages cannot be received or sent from a P.O. Box. For this reason, many companies prefer to get an address through a business address provider. You can use a PO Box, if it is used in conjunction with the physical address, including the postcode.This address must be validated by the Royal Mail.Registered companies (commonly referred to as subscribers) do not have to be residents of the UK. Furthermore, your registered address does not have to be the same address where you conduct day to day business. It will serve as the address to receive and send official correspondence. If you use your personal residence for this purpose, your lease may not allow business to be conducted on the premises.

In addition to Companies House, HM Revenue & Customs(HMRC) requires many forms for businesses to fill out, most of which require a registered business address. If you are doing business in the UK or intend to start, you also need to register for VAT (Value Added Tax). Different rules apply for different types of companies. Be sure to read all applicable rules.References:

http://www.companieshouse.gov.uk/index.shtml
http://en.wikipedia.org/wiki/Companies_House
http://www.hmrc.gov.uk/vat/start/register/when-to-register.htm#2
http://en.wikipedia.org/wiki/Value_added_tax 

Rising Cost of Fuel and Train Fares Heightens Demand for Virtual Offices

Every time you look in the newspaper or turn on the television, you see more news about rising petrol and diesel prices.  Recently, RM Petrol said petrol prices could rise as much as 125.9 per litre!

Without a doubt, a trip to the pump quickly drains your pocketbook. The rise in price is not expected to end soon.   In addition to the instability in the Mideast affecting the price of petrol, the UK government added a fuel duty rise and VAT in January, 2011.

The Retail Motor Industry Independent Petrol Retailers Association (RM Petrol) has indicated a 3% increase in petrol prices by the Bank Holiday weekend. The earthquake and tsunami in Japan, increased demand from China, oil speculators, and dwindling Mideast reserves are all factors that influence petrol prices. Even if you forego the commute in a car, the price of a train ticket has risen by about 6 percent in the UK in the past year.

If this isn’t enough to start thinking about alternate ways to do business, the European Commission wants to ban diesel and petrol cars by 2050.  The Commission said that “a profound shift in transport patterns for passengers and freight” will help to break this reliance on oil and cut emissions by 60%.

With such legislation looming on the horizon, business owners and citizens are rethinking their current lifestyle.  Many people are now reassessing the daily commute to their offices and are either starting their own businesses, or working within their company in virtual offices.

If working in a virtual office is something that you have considered, you should research options to see if this is the best decision.  When considering the shift to a virtual office, you will probably need a virtual address.  You may read more on how virtual office rental works, find out about virtual office services available and find out how your business might benefit from having a London addresses.  Visit http://www.registeredaddress.co.uk/

Keywords to use: virtual office address, virtual office london,  virtual office service, virtual officing, virtual office in london, virtual office rental

virtualoffice.php

References: http://www.thisismoney.co.uk/oil-predictions

http://blog.easyoffices.com/index.php/rising-cost-of-fuel-and-train-fares-heightens-demand-for-virtual-offices/4784/

http://www.greenflag.com/

The Rise of the Homepreneur

The world is changing rapidly due to technology.  Business practices from 20 years ago no longer work.  The Internet has made striking changes in the way business is conducted, and this transformation continues. This virtual shift has resulted in more and more business doing business online, and foregoing the traditional “brick and mortar “office space.

Because the Internet enables companies to reach consumers worldwide, it has encouraged the formation of many small businesses.  To support the creation of small businesses, the British prime minister has recently initiated a “Start-upBritain” campaign. According to Prime Minister David Cameron, “We need to see a country where new businesses are starting up on every street, in every town; where entrepreneurs are everywhere.  It appears that small businesses are indeed on the rise.  According to the FSB (Federation of Small Business), there are now 4.8 million small businesses in the UK, up from 4 million in 2003.

Many of these new entrepreneurs will probably operate, at least partially with virtual offices. Working from a virtual office has been termed Homepreneuring, Remote Working, Teleworking, Virtual Office, and Elancing.  Whatever you call it, there are definite advantages from working out of a virtual office. It saves the cost of renting of an office, cuts or eliminates commute time, and allows workers to flexibility in their work schedule.

If you are considering starting your own home business, or homepreneuring, you should start with a solid business plan and research other companies that offer similar products or services.  The Start Up Britain campaign has many resources available for the Homepreneur.  Other things to consider are whether you want your home residence address the one that is on Public Record.  Many landlords or communities will not allow you to have this as your official place of business.  If you will be receiving and sending letters, you probably want a service that does this for you from a registered business address.

Fortunately, there are affordable, low cost solutions available.  For a fraction of the cost of renting an office, postal mail services available that offer an address in the UK.  These services can forward your mail within the country or internationally.  Truly, the virtual office has no boundaries!

Having a physical address in the UK brings an aura of reality to the virtual world.  Consider such things as redirection of mail, international mail, and, forward mail.  To learn more about how the benefits of postal mail services, visit the website at www.registeredaddress.co.uk

address in theuk, redirection of mail, post mail redirection, mail redirect, international mail, forwardmail, postal mail services, postal mail services

mailredirect.php

References:

http://www.startupbritain.org/

http://www.fsb.org.uk/stats

http://files.shareholder.com/downloads/MAN/164668571x0x117500/bebbb96d-64a8-4a24-a3ab-1a41eeffb7db/MP_World%20of%20Virtual%20Work%20Facts_Stats_FINAL.pdf

Top tips on how to start a successful business

1)      Research: Research your product and target market completely when setting up a business so that you can assess, develop and validate your business ideas to get a deeper understanding of its commercial potential.  Place yourself in the shoes of your customers to identify their needs and wants. This helps to make sure you are offering what people want to buy not just what you want to sell.

2)      Educate yourself: Business start-up success does not usually happen without massive, inspired action. Learn the language of marketing and how to boldly ask for what you want often. Be committed to learning as much as you can about sales, marketing for a successful business. Too many entrepreneurs focus on getting their brand right before they start to generate leads. That is exactly the wrong way to go about business. Leads are always more important than your brand therefore don’t waste money perfecting your brand and spend that same money to buy new customers.

3)      Learn from your mistakes: Make bold choices and learn from your mistakes as this is a normal part of the process. You will not succeed without missing the mark more often than not.

4)      Always find new ways to keep cost low: Make sure your plan is thorough and be prepared if things do not go to plan. In your plan it is also wise to always overestimate expenses and underestimate revenues in the first couple of years.

5)      Get cash flowing: Find ways to get money up front and your cash gap will never be an issue. One way is to get customers to pay an up-front monthly fee to guarantee their delivery or availability of items they will buy continuously.

6)      Find creative ways to increase profit: There are many ways to increase profit: Developing effective ways to convert more leads into customers, increasing the number of times those customers buy from you; increasing the average price point of your sales and increasing your profit margins.

7)      Continuously test, measure and track your results: Through testing and measurement you can develop, improve or change your strategy or program.

8)      Prioritise adding value instead of offering discount:  Whenever you discount, you are taking money directly out of your pocket and directly from your bottom-line profit. Offer your customers added value all the way up and down your product or service line. One way could be to increase your margins with the low-cost or no-cost extras and any kind of, “freemium” offerings. This will encourage customer loyalty and word of mouth will spread across your customer base.

9)      Seek help:  Find someone who is successful in business, outside of your business, that you can rely on for objective business advice and to hold you responsible for getting results. You can even employ a business coach to give you a helping hand.

10)   Take positive action: Believe in yourself and your abilities then take action! Always find ways of solving problems through planning.

Personality Traits of Successful Entrepreneurs

by

Mary Geisenhoff

Staff Writer

One of the definitions of an entrepreneur is “a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.”

Maybe you are wondering whether you have what it takes to be an entrepreneur, or wonder how to develop those traits.  Perhaps you have an idea which you feel is very innovative and will be a great success.  How do you start? What are some characteristics that successful entrepreneurs have?

Much has been said about the personality traits that an entrepreneur should possess.  According to the definition of an entrepreneur, given above, there is “considerable initiative and risk” involved.  With that in mind, you could say that an entrepreneur should be self-driven, and not afraid of pursuing his or her dream.  However, let’s look at some traits and see what successful entrepreneurs have to say.

SUCCESSFUL ENTREPENEURS KNOW THEIR PRODUCT OR SERVICE

Outspoken entrepreneur Lord Alan Sugar said in one of the Series 4 Apprentice (UK) episodes: “Simon, if I asked you to build me a wall, you’d build me a wall, I’m pretty sure of that. If I asked you to dig me a trench, you’d dig me a trench. But I’m not sure that if I asked you to run my investment portfolio, you’d be able to do that very well. I’m sorry my friend, I think you’re a little bit out of your depth here. And with regret, you’re fired.”

What Mr. Sugar means is that if you are proposing to work in the financial field, for example, you should know how that business works.  Don’t get into something that you are not good at or know nothing about.  If you want to get into a new product or service, make sure you know everything about it.

SUCCESSFUL ENTREPREURS LIKE TO SELL

Julie Meyer is founder and ChiefExecutive of Ariadne Capital inLondon, an investment and advisory company. She has also appeared on the Dragon’s Den, offering advice to would-be entrepreneurs.  Ms. Meyer advises “…, sell, sell, sell. I’ve known a lot of very clever people in my life who don’t like to sell, who think it’s beneath them. If you don’t like to sell, then don’t run your own business”

Whatever product or service you have, you will need to let the public know about it.   It’s not going anywhere if no one knows what it is.   Your enthusiasm about the product will go a long way to help sell and promote your business idea.  You should casually incorporate your product into your conversations.  Remember, an entrepreneur is always selling themselves, their image, and their product.

SUCCESSFUL ENTREPENEURS ARE PRACTICAL, YET IMPATIENT

John Baldoni, an internationally recognized leadership development consultant, executive coach, author, and speaker has the following advice. “…successful entrepreneurs know how to keep their feet on the ground. First, they get inspired through personal observation, developing ideas from needs they see in the world around them. Second, they develop a concrete plan. They may work the plan, changing it as they go, but always with an eye towards getting a good return.”

Mr. Baldoni further advises that impatience may be a desirable quality:  “Sure, patience is a virtue in some cases. But for an entrepreneur, so is impatience”

An aspiring entrepreneur will always research their product and audience, and develop a plan.  He or she will find out about different business strategies and approaches.  With a plan in mind, successful entrepreneurs are impatient for success and use this drive to forge ahead with new ideas.

SUCCESSFUL ENTREPENEURS LIKE THEIR WORK

Successful entrepreneur and host of the The Apprentice (US), Donald Trump advises “If you’re interested in ‘balancing work and pleasure, stop trying to balance them. Instead make your work more pleasurable. “

Sometimes an aspiring business owner will have to dedicate himself to the new venture more hours than he or she realized.  Make sure you enjoy what you are doing and it will make the process much more successful and enjoyable.

In summary, successful qualities include knowing your product, enjoying your work, being practical, and having the drive to sell your product.  All this should be mixed in with a little bit of impatience to get the job done.  Remember, you want your business to succeed and taking some time to think and plan will yield great results for your business in years to come.  You are the entrepreneur.  You are going on a voyage that involves initiative and risks.

http://www.brainyquote.com/quotes/authors/d/donald_trump_2.html#ixzz1PSWJMzQf

http://www.bbc.co.uk/dragonsden/dragons/juliemeyer.shtml

http://en.wikiquote.org/wiki/The_Apprentice_(UK)

http://blogs.hbr.org/cs/2011/05/three_traits_of_successful_ent.html

http://www.brainyquote.com/quotes/authors/d/donald_trump_2.html

Building Trust – Advantages of Having a Registered Office Address with a Reputable Company

by

Mary Geisenhoff

Staff Writer

The HM Revenue and Customs states that a registered office address is a legal requirement if your place of business is in the UK.

There are many companies that provide this service. However, when you choose a registered office address, you want to pick a company that will give you superior service and fit your specific needs.

For instance, think about the business that your company is engaged in.  There are different address options for on-line businesses, ones primarily conducting trade, or overseas businesses that simply want to register as a UK company and have a registered business address.  If you are doing business overseas, it is important to pick a company that will forward your mail anywhere in the world.

Another consideration is the actual address.  Many people are familiar with different areas of the UK, especially London.  If you have a street that is well-known and respected, it will reflect on your company.  Your clients will equate that prestigious address with quality service.  London locations are the most prestigious and well known in all of the UK.

Lastly, consider hidden charges.  A company may offer you a low rate and then add set-up fees, deposits and hidden charges.  It may cost more in the long run than you initially thought.  Be sure to do your research and ask questions.

Try to get a company that offers customer support with personnel that will answer your questions.   How many times have you called a company only to be answered by a recorded voice, offering no human link?  Or, when you look for an address, you only see an e-mail address, which sometimes never gets answered.  When you look for companies, make sure a customer support number is listed on the web site.  Then call to see what kind of service you actually receive. You want to choose a company that fits your needs and that you can trust.

www.registeredaddress.co.uk