The American dream involves big houses and big lawns, fast cars, a steady retirement, and to some, being able to call themselves a business owner. Owning a business is no small, or easy feat. In fact, the Small Business Association estimates that only 51% of small businesses last beyond five years, and succumb to bankruptcy and close down within that time frame. Why is this? Is it a competitive job market? Inability to budget? Not knowing one’s own business? The answer is all of the above, and more.
In an ever-changing business environment, getting the right talent and committed employees is the only way a company can find success. However, competition for qualified and experienced business executives is steep. A small business that is not well versed in the industry will find it hard to secure top talent and experienced business executives.
Don’t let yourself get too caught up in the idea of a business before vetting it properly. For that matter, you can balance your passion for your idea with confronting practical concerns head on. The more careful you are when starting your business, the more likely it will be that you’ll take it from fantasy to reality. Because the reality is that when starting a business, you’re not only creating a job for yourself, but a job for other people. The ideal goal is for your business to take off, and be successful enough to employ other people. But you can’t get to that point — and sustain it — without doing your homework first. With that being said, we’re going to delve into some of our top tips for new entrepreneurs. While everyone has different business ideas, and different approaches to starting a business, some tips for new entrepreneurs apply to everyone. Let’s dive in, and find out what’s more relevant to you and your future business. What do you need to keep in mind before launching it in full?
1. Startup Costs
Whether you’re starting a doggy daycare or an auto body repair shop, you’ll need to invest a certain amount of money in your business before you can make money. Of course, a lot of us have a hard time coming up with the money to start our businesses. But the fact is that you can’t move forward without some level of capital. This amount may vary greatly, depending on the type of business you want to start. But most small businesses don’t break even over the course of their first year and it can take a while for you to earn the amount of money necessary to make a profit.
So, where does your startup money come from? Of course, you’ll want to be frugal and save, in order put as much of your own money into the business as possible. But there will likely be a point at which you need more money. Some of this can come from investors. However, you’ll have to convince investors to invest in a business that hasn’t even started yet, which can be quite difficult. Another issue that a lot of small business owners confront is the fact that investors often want some degree of ownership of the business. If you’ve yet to launch in full, do you really want to give up any degree of ownership of your business? While it can help offset the costs in the beginning, you may end up earning less from your business in the long term. If your small business ultimately isn’t as successful as you expected, or perhaps doesn’t succeed at the speed with which you would expect, your investors could become upset, causing you a lot of issues in the long term.
Perhaps one of the most important tips for new entrepreneurs to remember has to do with a mean for obtaining funding: a loan. There are loan programs available, specifically for up and coming entrepreneurs. Small business loans can help cover your startup costs, and greatly offset the financial burden you’ll undertake in the beginning of your journey as an entrepreneur. Before you even begin looking for a lender, of course, you should create a business plan, as well as an expense sheet and financial projections. You should be able to project what your business will make — realistically — within the next five years, and back your projections up with data. Be as prepared as possible; because you must take that with you to different banks and credit unions in order to get a small business loan. You’ll want to speak to multiple banks and credit unions, of course. That way, you’ll have the best chance of getting a loan that works for you. If you don’t receive a loan, you can consult these tips for new entrepreneurs again — and take into mind why you were rejected. Maybe you’re not ready yet. Or maybe a small business loan isn’t for you, and you should seek out other options like investors, self-funding, or even crowdfunding.
2. Legal Aspects
Perhaps one of the most important tips for new entrepreneurs to remember is that you can’t forget the legal aspects of starting a small business. Once you start to transition from a dreaming entrepreneur to a true business owner, you should seek out a lawyer to help you along with certain issues. The last thing you want to do is spend more money than you should before finding out that you missed a key legal component of starting your business. The types of legal advice you need, and the types of lawyers you may consult with, can vary depending on your business.
Some legal concerns are universal for all business owners. For example, you should seek legal advice regarding workers comp no matter what type of business you run. Yes, your business may seem sedate. But if you employ people, they can potentially get hurt on the job and seek workers comp. However, not all small business owners will need to understand patent laws. While one of the tips for new entrepreneurs that many people guess has to do with getting a patent — not all businesses operate off of proprietary ideas or technology. If it does, the small business owners in question should certainly seek help from lawyers. But you don’t want to jump ahead of yourself and spend more money on legal fees than you must. Keep in mind that you shouldn’t ask lawyers to work on material that they don’t specialize in. Your family attorney may not be the right person to help you draft contracts for employees. The last thing you want is to open yourself up to legal action from former employees or clients down the road. Wading through legal waters may not be your idea of starting a small business — but it’s one of those practical elements than an entrepreneur cannot neglect.
When looking through tips for new entrepreneurs, you’ll probably see a lot of tips that advice you on big ideas and turning your dreams into a business. Many entrepreneurs are naturally creative, which means that they want to focus on the big picture rather than the details. But, as we’ve mentioned previously, starting a small business is about more than just creating a job for yourself. You’ll want to create jobs for not just anyone, but the right employees who will successfully support your business. This means setting up a competitive benefits package for your potential employees. In this day and age, a benefits package can make or break whether or not an employee takes a job. You can’t just prioritize the types of benefits that you need — you should look at the job market, at your competitors, and at what similar jobs offer to candidates. A competitive benefits package will cost your business to small degree, but it will offer a return in the form of qualified employees, who will in turn help launch your business. Usually, a good benefits package includes quality health insurance plans, which will ensure that your employees receive proper healthcare services. It should also include sick leave, paid time off, and retirement benefits. Another thing to consider is the fact that many employees expect their employers to contribute to a 401K as well. Many don’t think about benefits packages when compiling tips for new entrepreneurs, but it can in many ways make or break the future of your small business. Remember that the right employees are key to your success.
Many of us consider the upkeep required when we take on a new home; we know what is expected of us as tenants of a house. But what about the physical aspects of keeping up your small business? One of the tips for new entrepreneurs that can easily be overlooked is to remember the upkeep required when running a small business. It’s exciting when your business is successful enough to move into a building. Chances are that you’ll be renting your space, which means that you’ll not only need to approved as a tenant, but maintain the space to your landlord’s expectations. Often, commercial real estate is leased with the expectation that the tenant will cover most of us, and perhaps even all of the upkeep costs. This includes regular building maintenance, energy costs, and cleaning costs as well. You’ll want to make sure that you hire the best possible cleaning services for your small business. If your business is customer-facing, this is especially important. You’ll want to make a good impression, and it’s key to keep a clean space. Even if your business isn’t customer facing, cleanliness is an important part of creating a professional and safe environment. For that matter, you need to hire a cleaning company that you can trust. After all, they’ll probably be at your business after hours. Essentially, you’re outsourcing an important part of your business. While this may not be one of those exciting tips for new entrepreneurs to remember, keep your small business and its space clean and well-maintained cannot be forgotten. Nor can you forget the costs involved in your business’s upkeep.
There are many benefits to becoming a small business owner, but you shouldn’t let yourself get too eager too early. Unfortunately, the Small Business Association estimates that just 51% of businesses continue beyond five years. You need to make sure that you stay organized, and part of that is to keep these tips for new entrepreneurs in mind. At the same time, don’t let them discourage you. These tips aren’t meant to keep you from starting a small business in the first place. Rather, it should simply be a part of making your small business really happen. You should be excited about getting these aspects of your small business in order. The sooner you do so, the sooner your business will really fall into place. In the long term, you’ll be glad that you approached your business practically, without getting too far ahead of yourself. Once your business is running smoothly successfully, your forethought will pay off.
An axial flow pump is simply another type of pump to circulate the flow of liquids, powered by an electric motor. It is a popular choice in many factories, as well as being used in the aftermath of natural disasters such as floods.
Inside the shaft of the pump, you will find a few propellers that create the flow of water, usually around three will be present. A type of centrifugal pump, axial flow is used when flow rates need to be very high while maintaining a low pressure.
This pump manages to produce this result by staying true to its name and keeping the water flowing axially. This means throughout the travel of water (or whatever liquid) through the pump, the liquid will remain parallel to the shaft, which creates less pressure but higher flow.
To imagine a pump at work, think of another propeller driven engine you are familiar with. For example, many boats are powered by propeller engines. There you can clearly see that the propellers move water and thus the boat goes forward, and often a wake is created behind from water being moved. Axial pumps work in a similar way, but the main focus is to push water through in the most efficient way possible. Still, their defining characteristics is the direction of water flow which may separate them from other propellor drive engines you are familiar with.
Floods have put a dent of nearly $40 billion in America’s spending since 2010, and axial flow pumps have been a huge part of the spending in order to mitigate flood waters. They are constantly being used a water pump after floods, as well as in all sorts of plants from a sewer plant to power plant, as a method of circulating various fluids. Understanding how they work might help ensure that you are running your pump to the best of its ability.
Concrete will last without any maintenance: One of the biggest misconceptions regarding this material is that it doesn’t even need any maintenance or cleaning. But this is not true at all. Like all other surfaces, concrete requires proper maintenance in order to hold up and last longer. Sealing concrete should be done to prevent or fix cracks and power wash services can help keep the surface clean. Overall, it’s important to properly care for concrete surfaces to increase longevity.
Concrete doesn’t crack: Unfortunately, concrete is prone to cracking and damages. While it certainly is one of the more durable materials that can be used for parking lots and walkways, it can become damaged. Whether it’s because the Earth is settling, hot or cold temperatures cause the surface to expand or contract, or because of harsh impact, these surfaces can definitely crack. Fortunately, sealing concrete cracks can properly repair the surface and prevent them from expanding and causing further damage.
All concrete surfaces are the same: There are various types of concrete mixtures, many of which can have different properties. One of the main differences among these surfaces is the final coating that’s used. Some surfaces may be coated while others may be polished. It’s best to hire professional pavement services to ensure you’re getting the best concrete surface for the area. Overall, while they are similar, some concrete surfaces may need different methods of care and maintenance.
All in all, concrete surfaces are strong, reliable, and easy to maintain. But if you fail to maintain the surface properly, it could end up cracking or getting damaged more easily. So hopefully, talking about these misconceptions cleared up some confusion regarding this material.
We’re here to tell you that’s simply not the case! In fact, you are able to do your job, as the head of the business, much easier when you don’t have to keep an eye on every single warehouse and every single product within it. Here are three reasons why you should let someone else handle the complexities involved in warehousing and distribution.
- Avoid long-term leases: Renting a large storage space to suit your warehousing needs usually involves a strict lease. This means you’ll be stuck between a rock and a hard place if business suddenly slows more than you expected it to. Third-party commercial logistics, on the other hand, often offer flexible pricing to expand or shrink as your business requires, adapting to your personal and financial needs with ease.
- No extra staff required: Taking on an entire new building (or multiple buildings) means you’re going to have to hire more staff. Rather than struggling through lengthy interviews, your third-party warehousing company will find and fill positions themselves in addition to managing the new workers after the fact. Since third-party companies are experts in their fields, you don’t have to worry.
- More effective: You didn’t build a company from the ground up just to pack and ship boxes; when you rely on a third-party company, you’ll be able to focus on what really matters to you and your company. When you’re not distracted by the minutia involved in warehousing and distribution, you’ll be able to spend your time improving things that will have a greater impact on your bottom line.
Think about the fact that two-thirds of all Canada-US trade is moved by truck: do you think every business owner was capable of personally managing the nuances involved in such a convoluted situation? Of course not! Leave the stress of border control and warehouse management to the professionals; you won’t regret it.
- Shifting economic and industry fundamentals: Lower U.S. taxes (and other related reforms) are increasing demand. Combined with consumer confidence and a resurgence in manufacturing, the end result is more carrier and heavy haul vehicles that push warehousing and distribution companies to capacity. The shortage of drivers has an impact as well, so staying on top of industry shifts is key to maintaining your edge, especially considering the fact that around 80% of all U.S. exports to Canada are moved by truck.
- The rise of the “Amazon” effect: Amazon’s commitment to extremely fast delivery is altering people’s expectations, and radically so. Consumers now want deliveries at their door within a day or two, with plenty of notifications revealing where it is and what steps it has gone through. This demand forces businesses to build warehouses closer to customers, and simply build more of them to maintain their reach.
- Advances in technology: The driver shortage may have found a solution thanks to technology as groups like Tesla, Waymo, Starsky Robotics, and Embark have already begun testing long-haul robotic trucks. The aerial drone, which Amazon has been hinting at for years, could also have a huge impact in speeding up the logistics process. While we may be several years (even decades) out from either, it’s important to be aware of new developments.
Creating a reliable and popular product is hard enough, but when you take in distribution, storage, and the supply chain of your entire system, running a business can easily become overwhelming. As long as you’re able to keep an eye on this rapidly transforming industry and prepare for whatever may be coming down the pike.