Two small restaurant businesses started up, one after each other, in the same premises. After 18 months, the first business went to the wall and had to shut its doors. The second business took over the same premises also with a restaurant but business is strong and growing.
What made the difference between these two small businesses? What made one unprofitable and the other profitable?
If you are looking to open a new business, what key fundamentals will you look for when it comes to profitability? Even if you are presently running a small business it’s worth looking at these key fundamentals because you may be missing out on profit opportunities. Without running your business profitably you are unfortunately not going to make it over the medium-to long-term. As a start-up or any individual who is starting any income-generation opportunity, you need to carefully consider how profitable your business is going to be. Continue reading “What makes one small business more profitable than another?”
I saw some interesting news from the UK where small business owners are under pressure to cut their energy use. Some of the issues that small businesses have is trying to make old buildings more energy efficient, finding the cheapest and most sustainable ways of heating and lighting buildings, dealing with the many separate sources of energy advice for small businesses from central and local government, lack of transparency from energy suppliers about the most appropriate tariffs, problems with direct debits that over- or under-charge leaving them with huge bills or rebates and a poor idea about support from energy efficiency schemes. Continue reading “Is the cost of energy hurting your small business?”
I was with an entrepreneur recently discussing ways in which he could improve his business in 2015. One of the ideas that I had suggested for 2014 had worked well for him. It involved a method to help reduce his inexperienced staff from making errors. This one idea alone has helped save him time, money and frustration.
If you believe in overnight success, perhaps you are one of the people standing at the Lotto queue on a Saturday/Saturday afternoon.
Movies like “The Wolf of Wall Street” give the impression that money can be made quickly. Perhaps it’s the truncated form of the movie, portraying a life and business that took many years to develop, that gives the impression that overnight successes possible. I’m only talking about Jordan Belfort and the time it took for him to get his boiler room penny stock operation going rather than the ethics of the type of business idea he came up with. Fleecing people from their hard earned money and pension savings is the work of a crook and con artist rather than what we believe to be a honest business person. Continue reading “How long will it take before your idea becomes profitable?”
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