How To Start Expanding Your Business Internationally

Growing your own business means you have no limit of what you can do in the future. You have total access to make it bigger than you originally planned. Developing your business is always possible. As entrepreneur, having a mind that foreseen the future is important. It helps build your business to another level. Aside from targeting domestic scale, you can also go for international success. Expanding your business internationally is not impossible thing to achieve. In fact, having this kind of plan is really great. It means you have a great plan for the future of your business. 

Expanding your business internationally

Business development is common but only a few who can successfully do it. It is not something easy to achieve. It needs dedication, strategic plan, and the right team. As for expanding your business to international market, it is possible to do. The process might take times but it is not possible for you to reach international competition. What to do to give your business an international debut?

Contact Base

One of the most important keys for international expansion is contact base. You have to grow international contact base gradually and surely. When you intend to make your business expanded internationally, your focuses are shifted. There are many challenges you will face such as language barrier, geographical barriers, etc. Besides, every country may have different ways of dealing with business matter. There are things you have to learn about to make successful international debut. 

Building Relationship

Therefore, building relationships is important. You need to develop relationship that can help your business to grow internationally. You can start with developing relationship with someone well-connected in your target country. This way, you will gradually gain accurate business landscape. You have to invest your time to build relationship even if it takes hundred attempts to finally find the right key contact. 

Related Story: Why People You Have Been Knowing Should Be Told About Your Business

Go Out of the Comfort Zone

Another important thing to start expanding your business internationally is be more willing to push your comfort zone. It is easier said than done obviously. However, it is also important to remember that targeting international market means you have much bigger area to focus on than your surroundings. You may start your plan by exploring contacts through social media. This can be the most efficient tool you can use to start building international contacts in this modern age. 

Be A Helpful Party

In building international relationship, you can also contribute to become a more helpful party. For example, you can use your expertise and understanding of domestic business to help international companies. This can be a good start because you can build trust through this strategy. However, you need to be selected to choose which companies you will help. It is highly advised to use reputable resources to find international founders. You can also use reputable, trusted international talent connector to bring specialized talents internationally. This will help save your time and money because you don’t have to deal with people with half-hearted motivation. This will also help you build trusted, safe international contacts you can use in the long run. 

Tips To Tackle Down Money Issues of Your Business

Money issues in business are common. However, it doesn’t mean that every entrepreneur know how to deal with them. The beginning of when you build your business can be considered as the hardest part. It’s even worse when you are inexperienced and young. Not only that, financial resource can be your biggest hurdle in starting your own business. There is not much you can do unless keep being proactive in maintaining and developing financial strategy. Financial life is hard to control but it is not impossible either. It is hard because you haven’t known yet how to do it. 

Overcoming financial issues when running your own business

Being young can be your weapon or poison. The best thing about being young entrepreneur is you have more energy to work harder and time to fix mistakes. However, it doesn’t make your financial issues any less difficult. Here are several tops to handle money issues for your entrepreneurs.

Tips To Tackle Down Money Issues of Your Business

Plan on Fund Raising

The average small business entrepreneurs need at least $10,000 to start up their capital. However, it is not the only concern regarding to your financial life. When you determine how much capital you need, you should start planning how to raise it. Therefore, you should cost everything twice as well as take everything twice. 

Watch Out Your Credit Score

You should be aware of your credit score because it is significant for your business finance. It is best to create business account so you won’t mix it with your personal expense. Your business financing options are affected by your credit score. The higher your credit score, the higher the eligibility for business loans. The amount of your loan can be larger as well. In addition, you have more chance to get lower interest rates. 

Details on Finance Management

Be more detailed in managing your finance. Always track down your expense. This way, you know how to stop yourself from excessive expense. And you will be able to look for little areas where you can save money consistently. You can even start little habit daily such as saving money to $1,000 at the end of the year. 

Read More: How to Save Your Struggling Small Business

Focus More on Business Growth than Competitors

Being young mean your competitiveness is still very much on fire. It is easy to get reckless just because you find your competitors make small progress. Instead of keep monitoring your competitors, you can focus more on your business. Create your own business goals and stay focused on them. This way, you will be able to make smart financial decision for your business. Spend your money wisely and make sure to only spend your money on things that can benefit your business.

Ask Help from Professional

It is highly advised to get an expert’s opinion so that you can make smart financial strategy. Experts have more knowledge and experience so their perspective does matter to take into consideration. You will know what to do to focus on what really matters in building your business. Working with a professional might be a little more costly but it’s worth it. It can help you avoid unnecessary mistakes as well. 

What To Prioritize When You Are Young Entrepreneur

Young entrepreneurs often face their own challenges especially regarding to their abilities and experiences. Lots of people are skeptical about the ability of young entrepreneurs. However, you don’t have to be old to be success and being young won’t prevent you from being successful. In fact, you can use your young age to your advantage. Keep in mind that young people have qualities to success such as more hunger, desire, and passion to prove themselves. 

Priorities for young entrepreneurs

What young entrepreneurs should do to be successful in growing their own business is to know what to prioritize. It is common for young entrepreneurs to feel overwhelmed of the situation. Here are things to prioritize for young entrepreneurs.

What To Prioritize When You Are Young Entrepreneur

Set Goals

Set a goal that cannot be downgraded by yourself and others. It doesn’t mean you should set a low expectation and objectives. It means you have to be rationale and realistic in setting your business goals. Besides, there is no need to run in a hurry. You can maintain a steady pace instead to reach your goal. Growing business doesn’t mean you have to be in the top as quickly as possible. Thus, set a realistic goal of every stage in your business. Then, you can scale it to the next level. 

Daily Habit

Daily habit is something you should also prioritize. Since you are still young, you have to start establishing good habits. Try to remove bad habits that can also put you in misery such as waking up late, skipping meals, or procrastinating. Simple good habits can be established daily such as waking up at 5 every day. Then, you can proceed to maintain your fitness by going for a run. You can also establish daily habit of reading books to fill your head with more knowledge. 

Read More: How to Show Your Business Integrity

Set your own pace and know your limit

You can set your own daily routine and follow it on your own clock. You also don’t have to follow other’s habits that don’t fit your fitness and capacity. Just because the others can work 10 hours per day doesn’t mean you have to follow the same path especially when you don’t have capacity to do the same. Make the most of your time as productive as possible. If you can spend only 4 hours a day for working without distraction and the result is more significant then it’s not a problem.

Stay positive and be honest

Running your own business at young age must be challenging. Thus, don’t pile up your frustration or stress. You are your own person and you have your own limit. Sometimes, you may not have time to hang out with friends like usual. You can tell them honestly that you have to focus on your work at the moment. Don’t force yourself to be on everyone’s presence all the time. There must be times when you fail or feeling business blues. In those times, try to stay motivated by surrounding yourself with positive people. You can also try to freshen your mind by taking a day off. 

Exercises and Approaches To Help You Sharpen Your Entrepreneurial Creativity

There’s still a lot of people who thought that entrepreneur doesn’t have to be creative because creativity is a skill required in team creative. Entrepreneurs just need to have leadership quality and financial knowledge. However, that’s not true at all. In fact, creativity and entrepreneurship should come hand-in-hand. Creativity is one of the most powerful tools for entrepreneur to gain success. It powers innovation, creates new perspectives, as well as finds solutions to every problems. It also allows you to transcend any boundaries so you will be able to face any challenge. 

Sharpening your entrepreneurial creativity 

Creativity is not a finite resource. It is something you should enhance because the more you use it, the more you have. It is not born either. It is almost similar to how muscle works. If you work your muscles regularly and properly, they will become stronger and productive. Thus, you need to do something to enhance your creativity to prevent it from becoming dull. Here are several exercises and approaches you can try to sharpen your creativity:

enterpreneur-creative

Try intense hand-eye coordination exercise

It is said to help your neurological networks stretch as well as re-energize. Use your hands to work in something. Don’t feel discouraged just because you think you are not good at at. You can try drawing, painting, or sculpting. Let your hand exercise in a way it can help help you create neural connection. Your creative leaps will be triggered gradually. It will lead you to regain power to innovate better.

Try meditation

This is a good way for you to empty your mind and free from all the fogs blocking your way of thinking. Meditation allows you to brainstorm, think, as well as dream. Those where you will find something. Remember that creativity often comes out of relaxing environment. Thus, meditation is worth to try. However, keep in mind that there are many types of meditation. Choose the one that fits you the most. 

Go analog and unplug yourself from modern devices once in a while

Modern devices make everything easier which in result require you to deliver minimum function. However, it only makes you think simply and limits your creativity. Thus, you can try doing mundane household chores such as washing clothes by hands, ironing, doing dishes, etc. Those are simple exercises but impactful. Even if it’s for an hour a day, it will help free your mind to wander. As the result, it will help increase creative thoughts. 

Enjoy and appreciate the other’s creativity

You can go see a movie, visit a museum, read a novel, attend music concert, etc. During the process of enjoying and appreciating the other’s works, your mind will be able to analyze things deeply. You will also see things in different perspectives. It is also good to make a point of the other’s creativity in decision-making. You can also take notes on everything comes in mind. Journal will help you settle your mind so you can sort through ideas and options for your business. 

How to Show Your Business Integrity

In business, integrity is important quality you need to possess. Of course it is also important to have for those who are not involved in business because integrity is a good quality that can help you become a better person. It is also a quality you need to achieve long lasting success in life. Integrity means you don’t allow yourself to take a shortcut to achieve your goal. You will remain in your honesty and principles. That’s why it is quite challenging to build this kind of character within. There are many distractions and temptation to compromise your integrity such as needs and greed.

Showing business integrity the right way

In running business, integrity is important element to possess because it what can help you to grow successful business in the long run. There are many shortcuts here and there you can take but those only offer temporary success. Meanwhile, integrity is not something to compromise. It is strongly related to honesty. Remain honest when running a business is challenging because you have various obstacles including money, competitors, market, and many more. So how to show entrepreneurial integrity in you:

Stay true to your commitment

When running a business, you make your own business plan, promise your customers to deliver the  best products/services, and many more. You show your integrity by meeting the commitments without fail. When you compromise the commitments, you lose integrity. When your customers feel you that you didn’t meet your commitment in delivering quality product/service, you will lose them automatically regardless of the excuse you made.

Treat everyone with respect

People with integrity will always treat others with respect regardless of the position or differences. Nobody likes to be the receiver of disrespectful acts. It is important to treat people without discrimination. When you can respect others unconditionally, you will receive the same respect. You need to learn how to be courteous as well as considerate. For example, you manage a group of people in your team, they must come from different background, culture, discipline, and personality. You have to treat them with respect if you want the team to work successfully and effectively. Differences are not something to argue for. Instead, differences in skills and qualities can help complimenting one another in the team.

Persistent and consistent in maintaining moral code

You set morale code since the beginning so your customers expect you to remain consistent on it. If you fail to maintain your morale code, your customers won’t hesitate to run into your competitors that they think is better than you.

Maintain trust and honesty

It is challenging to maintain trust and honesty in working environment especially when everyone has different agenda. That’s why it is important that you have integrity to build trust in your relationship with your teammates as well as customers. Trust is not something you can build overnight. It is built gradually and surely. Honesty is as important as trust. You don’t have to be afraid to remain honest to your teammate, business partners, and customers.

It is challenging to maintain trust and honesty in working environment especially when everyone has different agenda. That’s why it is important that you have integrity to build trust in your relationship with your teammates as well as customers. Trust is not something you can build overnight. It is built gradually and surely. Honesty is as important as trust. You don’t have to be afraid to remain honest to your teammate, business partners, and customers.

Creating Positive Work Environment When Running Your Own Business

When you run your own business, you are required to create and manage a solid, reliable team to help you reach your goals. It is not easy to manage different people with different personalities, skills, and tendencies. However, you can do it smoothly when you can create positive work environment. When your team feel happier and more comfortable, the more productive they can be. Their motivation will soar instead of deflating. Therefore, creating and maintaining positivity in work environment is one of the most essentials to build successful team for your business in the long run.

Tips to create positive work environment

There are many ways you can do to encourage a positive working environment. You don’t have to start with expensive ways. Instead, start with something simple but effective. Here are some ways you can do.

Creating Positive Work Environment When Running Your Own Business

Create positive and effective communication practice

This sounds simple but one of the most issues in the team is often related to communication. Misunderstanding and miscommunication are the most cause of dispute. Thus, it is such a great way to foster positive and effective communication practices so the team can understand each other better. When the communication is positive and clear, it is easier to manage.

Be more appreciative to your team

Your employees need to feel motivated and appreciated for what they have done. You don’t have to give your employees expensive gift to show your appreciation for their achievement. A simple thank you or nice job is enough to make them feel valued and appreciated. This simple gesture is even more meaningful when you do it sincerely.

Be more willing to listen

You are the owner of your business but that doesn’t mean you can control everything to your liking. What you believe is not always good for your business. Sometimes, you need your teammate’s opinion to make better judgment or ideas. Encourage your teammates to open up and speak up more ideas. This is also one of the ways to show appreciation.

Spread positive mood in work environment

You can create positive work environment by simply spread positive mood. For example, you can smile more, greeting your team happily in the morning and say farewell when the work hours end. This can make you look approachable. Thus, your teammates will be more eager to engage with you.

Do not criticize your teammates in public

Nobody likes to feel humiliated in front of many people. Thus, it is highly advised to criticize or correct your employees in private. Not only does it save them from embarrassment, but it can keep the respect they have for you.

Do not hesitate to have fun

Running business is already stressful. It will even be more stressful when you keep on serious face all the time. It can affect the mood of your other teammates. Therefore, try to crack some jokes during a break so you can cheer up your employees. Do not hesitate to laugh and be the happy you as long as it doesn’t break professional work ethic.

Handling Conflicts With Business Partner Effectively

Partnering in business can be advantageous for your business because it means you get more support to grow it successfully. When you have partner in business, you get extra hand so you can achieve the goal more efficiently. However, partnering will only work if you can find the right person.

That’s why it is important to be thorough before choosing someone to partner with. Keep in mind that there are some red flags you need to be aware of when looking for business partners.

Handling business conflicts

Make sure you choose based on expertise, skills, and personality. Your business relationship won’t work if you are partner up with someone who have issue with emotional management.

How to handle conflicts with your business partners

Conflict are sometime inevitable in business relationship because you are different individual after all. However, conflict can be resolved using the right way.

To prevent conflict, you have to make clear clause from the beginning because formal agreement can be a guide of how to make the relationship work. And if you are interesting to know more of the tips to handle conflict that happens in your business relationship, read along the full explanation below.

Establish good communication by being open and honest to each other. When you keep something crucial behind your partner, it can aggravate conflict.

If it’s already happen, you need to communicate it the right way. When conflict happens, it is easy to have the urge to keep talking without the need to listen to the other. However, it is important to keep your emotion in check during conflict and be more willing to listen.

Listen to each other will create deeper understanding of what is actually happening. You will be able to find the root of the problem and find the solution together.

When there is problem arise, solve it as quickly as possible. Do not delay until it explodes. You need to address minor problems that arise in your business relationship. Immediate action can prevent from severe damage for the business.

This needs to be communicated in the beginning of your partnership. Thus, your business partner also have the same understanding that any issue will need to be addressed immediately.

It is also highly recommended to solve the conflict without the involvement of personal and emotional attachments.

Those will only make conflict appear bigger than actually is. If you feel like your head is still clouded with intense emotional turbulence due to the conflict, cool yourself down first before addressing the issue.

You can take a breather to calm yourself so you will be able to think rationally. This way, your emotional feeling won’t cloud your judgment.

If the conflict is too hard to be solved by you and your partner, you can ask for the third-part for help. This doesn’t make the both of you to appear weak. This is necessary if you want to avoid severe damage especially to the business.

The third-party should be neutral so they can contribute honest, fair opinion about the problems causing the conflict. Other’s perspective can be helpful because there is no particular emotion or motive behind.

Why You Need Professional Website for Your Business

We are living in digital era where everything can be handled using digital devices, tools, and whatnot. It gives advantage for us because it makes life easier. It also benefits business owners as marketing can use digital approaches. If you are running a business and still ignorant of the advantage of digital marketing, you will lose more opportunities to grow successfully with your business. One of the most digital approaches for marketing strategy is to create professional website for your business. It is one of the most effective marketing strategy as well as branding. 

Benefits of creating professional website for your business

Everyone from various background and discipline can run their own business. You can use your own strategy to achieve your goals. However, you need to keep up with the dynamic of the market. Online presence is one of the factors that can help your business to grow faster and being recognized effectively by larger audience. Here are reasons why you need professional website for your business.

Map Geographical Location of Your Customers

In order to reach out your customers, you need to know where they spend their times. Most people spend their time online. They search information online and like engaging within online community. You can take advantage of this by creating your own website so you reach out larger audience effectively and engage with them. Your professional website will also help your customer to reach you more efficiently.

Get Recognised Easily

You need your business to be recognized by audience so you can introduce your products and services effectively. One of the best place to let them know your presence is online platform. It has unlimited audiences from local and international. Granted, your business will have better visibility. By having professional website, you need to make the most of the visibility by using SEO strategy. This way, your website will end up being the top ranks in the search engine. This means your website receive more exposure and your potential customers can reach you easier.

Nurture Existing Customers

Professional website is not only to attract new potential customers. Remember that you also need to nurture your existing customer so they stay satisfied with your products and services. Your professional website can be the great place and bridge to nurture relationship between you and your existing customers. You can always ask their feedbacks so you know the dynamic of their needs change. You can conduct a live chat or survey polls to know what’s on your existing customers’ mind. 

Read More: Maintaining Good Relationship with Your Tenants for Smooth Property Business

Build Credibility and Reputation

Professional website is also like a tool you can use to build your credibility and reputation. Those are quality needed to make your business grow successfully. When you create professional website and it is well managed then you gain trust from you customers. It also shows how dedicated you are to your business and customers. With well-built professional website, you can also create positive user experience, making your customers happy anytime they click on your website. Besides, you will generate more leads and customers through professional website that is well-built.

How to Save Your Struggling Small Business

Running your own business means you should be ready to face the risk. One of them is your business to be struggling during a crisis. There are various reasons on why your small business ended up struggling. Financial crisis is one of the most common factors. However, it doesn’t mean that you have failed already. You still have chance to get it back in line with some efforts and strategies. Besides, experiencing ups and downs in business is common for business owners. Business is not for the weak anyway.

Getting your struggling small business back in line

There are many forms of how your business is struggling. What you need to do is stay calm and find the right solution to get it back in line. Of course, it is easier said than done because many business owners failed to do so. Remember that your finance is one of the most crucial factors in getting back your struggling business. Here are some tips you can consider:

How to Save Your Struggling Small Business

Finding the Root of Problem

The first thing you need to do when your small business is struggling is to find the root of the problem. Even if you are struggling to find one, there must be one when you search enough. Most of the problems is rooted from financial plan. Thus, you can start digging the problems from there.

Never overestimate

One of the most common mistakes in financial plan is that when business owners overestimate the income of the business they run, be it net income, profit, etc. at the same time, they underestimate the expense. Both are not supposed to do when running business because they can lead to disaster in your financial setting. Remember that business is about game of number. It is important to calculate everything thoroughly and carefully so at least you get estimation the closest to reality.

Control Spending

The money that you earn from running your own business is meant to be spent. You should spend it and that’s the how the cash flow works. However, do not spend all of it or do not spend it too much.  Instead of making random decision on how you spend the money, it is much better to make budgeting of business expense. Thus, you will know what your priority is and you know where to spend your money. Budget management is important because the unexpected is possible to come so you always need to be prepared with the cash in your business account.

Keep Track on Financial Life

Manage your writing business financial life. This way, you can keep track of your business expense. You will be able to see where the problem lies that cause your business to struggle much. While finding out the cause of the problem, you can start arranging and managing your finance to the better. Remember that you need to make positive cash flow so your business will stay afloat in the long run. From the beginning of running your business, make sure that you don’t mix business and personal finance because it can cause so much troubles than you expected.

Mortgage Default in Property Investment

Mortgage is common in property investment business and it is related to financial circumstances. You see, not all investor can afford an investment property. Thus, they turn to lenders such as banks to borrow money so they can purchase property they want to invest.

It sounds simple but lots of investors are a little scared of mortgage due to its interest rates. However, mortgage can be really helpful if you choose the right one. Thus, it is highly advised to not being rush in choosing the right lenders that offer the best loan contract and credit policies.

About mortgage default in property investment business

Lots of people only focus on the rates when it comes to mortgage. However, there is more than that you should focus on. Before signing loan contract, you need to make sure that you understand every term and condition so you know what you are committed to.

Of course, the possibility of rising interest rates in the future is terrifying for investors and that is one the most common reasons why they are so stressed about it.

Things to know about mortgage default in property investment business

It is also important for you to understand about mortgage default just in case something bad happens to your property investment business. You see, sometimes bad things are inevitable. Before it even happens, you need to have exit strategy so you won’t suffer from severe loss. There are various reasons of mortgage default.

The most common reasons is a death in the family. This is unpredictable and inevitable at the same time. Another impact of this situation is financial burden that is carried by the remaining families such as funeral service, burial, cremation, etc. If the person who passed away has partner, the remaining one should move to a single home which cost as well.

Next common reasons of mortgage default is separation or divorce. When a property is owned by couple or spouse, it can cause mortgage default. Finding the right solution for this matter can be tricky. This reason also takes the longest to deal with especially when the separation is on bad term.

The financial burden is hard to decide because both parties usually have their own arguments. Another common reason is unemployment and sickness. When you stop working, it means you don’t have income. It means you won’t be able to fulfil loan repayment.

These situation are also unexpected so that’s why you need to do your best choosing the right loan contract from the start.

There is bad situation in property investment business regarding to mortgage. It is when investor spend their 30% or more of their pre-tax income on property loan repayments. This situation is not good for investors. However, lots of investors apparently have experienced this type of stress. Of course, it doesn’t mean all investors will experience it.

However, investors that borrowed too much to start off are likely to experience this. They tend to be in more unfortunate situation when there is even small rate rise. Mortgage stress is different from cash flow downturn. The situations and the impacts of both are different in various sense.