February 23, 2012

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Guide to starting your own cosmetics business

January 29, 2012 By Kai Mistry

If you are considering starting up your own cosmetics business then there are several factors that you need to take into consideration first. One of the first things you should consider is where you will base your business and what type of cosmetics business it will be. Will it be a shop or a factory, for example? Will it be somewhere people can come and buy cosmetics or will it be somewhere you will ship cosmetics out from?

You will next need to consider whether you will rent or buy the premises, or if you will have to have the premises built from scratch. If you are renting or buying existing premises, consider whether the location is right and how much business the previous company had if it is relevant. If you are buying an already existing cosmetics business then you could benefit from an existing customer base and existing relationships with suppliers and so on, providing the previous business was successful and reputable of course.

Once a premises and location has been decided upon, you will need to think about the types of cosmetics that you will stock. Will you focus on make-up, toiletries or specialist products such as hair loss solutions? If you are planning to stock and sell hair loss products, it is important that you make sure you use reputable brands such as www.viviscal.co.uk if you wish to build up a good reputation and a loyal customer base.

Finally, to ensure a successful business, you need to make sure you promote your business effectively. This can involve a number of different promotional techniques such as TV and magazine advertisements, social media marketing and of course, good old word of mouth. If you treat your customers well and provide quality products then word will soon spread and you will find yourself with a loyal and growing customer base.

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How to pay less tax when self-employed

January 20, 2012 By Kai Mistry

There are many benefits to being self-employed: being your own boss, deciding on your own work load, working in your pyjamas if you want to! There are unfortunately a few downsides too: no holiday or sick pay, dry periods when the work’s just not coming in and, of course, the dreaded tax returns.

Because the amount you earn from month to month probably varies, sorting out your tax can be a real pain, and it can often feel like you’re losing out big time. However, there are many ways in which you can pay less tax, so it is important to take your time and do it all right. If you can afford it, it could be worth employing the services of an accountant in order to help you.

If you work from home, you are able to claim for the cost of energy bills created by the extra light and heating you have to use, as well as other electric or gas (for example when cooking meals at home). You are also able to claim for things that you have to use in order to do your job effectively, such as laptops or whatever your particular tools of the trade may be.

There are also a few things you should check to make sure you’re not paying above the odds when it comes to your tax. Make sure you are on the correct tax code and investigate whether you are due any tax rebates. You can also take advantage of things like ISAs, in which you are able to invest a certain amount per year, tax free.

Save money in general by purchasing on credit if necessary. For example, you can find a whole range of beds on credit from http://bensonsforbeds.co.uk, allowing you to spread out the cost of large items that you simply can’t manage without.

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Stairlifts Improve Business

December 17, 2011 By Kai Mistry

I live in an old spa town where a lot of the buildings on the high street are tall, narrow Georgian or Victorian houses which have been converted into shops. This means that if you are trying to negotiate the busy pavements with a pushchair you are likely to run into difficulties fitting through the shop door ways and you can more or less forget it if you want to browse the items which are upstairs. Older people struggle as well because of the greater strain placed on joints and legs from climbing up and down stairs.

On a recent shopping trip I did however notice that one shop had made a huge effort to improve accessibility to their business by installing a stairlift. Stair lifts are not typically found in shops but this one had taken the decision to meet their customer’s needs in an unusual way and it certainly gave me a really positive impression of the company as well – even though I don’t need the services of the stair lift just yet. It got me to thinking that other businesses should take note and that as well as in shops there are probably other practical uses for stairlifts such as in offices.

Stairlifts are not something which immediately spring to mind unless you personally have mobility issues, but for many people they can make a world of difference. A reputable company who install stairlifts such as Homelifestairlifts.co.uk should always be consulted before making any purchasing decisions. They will always survey your property and advise on the options available to you in order to help you to arrive at the right decision. See stairlifts in a different light, they are not just for domestic use, and consider how you might improve your workplace today – it could make a real difference.

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Biggest internet security threats for your business

December 16, 2011 By Kai Mistry

Running a business of any kind requires decent protection from cyberspace criminals.  If your company doesn’t have a good internet security suite, you are exposed to all kinds of malicious code that could infiltrate your computers and cause havoc to the data you have on there.

The main threats for a small business are;

Malicious code – otherwise known as viruses, Trojans and worms. These can get onto your computers via email attachments, you opening up a bogus website link, through people hacking in… the list goes on. In order to protect your computers at work and the information they contain, then it’s vital to install good antivirus programmes, anti-spyware and firewalls on all the computers in the office.  Don’t forget to include laptops and smartphones that can connect to the internet.  Once installed make sure the programmes are regularly updated, and that you run the scans often. There are free antivirus downloads that you can use; however, these are usually basic versions of the pay-for software and have fewer features.

Stolen laptop or mobile device. Having a device stolen that contains work information can be devastating for a business.  All the data contained on it about your business and customers should  be protected through encryption. Encryption programmes make data unreadable to outsiders who do not have the encryption key or password.

Unsecured wireless networks. A global retail chain was attacked by hackers via their unsecured wireless network and 47 million customers’ financial information was stolen as it had such a basic encryption programme on it. If you have a wireless network at work, it is imperative that it is encrypted by WPA (Wi-Fi Protected Access) and that you change the default password.

Disgruntled employees. There have been cases of dismissed or disgruntled employees taking revenge on their companies and causing havoc on the computer systems. To avoid this possibility, make sure critical functions and responsibilities are divided among different employees, so limiting how much damage an individual could cause.

Filed Under: Business Hints & Tips, Starting A Business Tagged With: , , ,

Tidy Desk, Tidy Mind

December 6, 2011 By Kai Mistry

To the casual observer one office desk looks much like another, but take a closer look and you can tell a lot about the occupant of the workspace by the way they keep their belongings. If you are looking for a promotion, some positive attention from your boss or simply trying to keep on top of your workload then it might be worth paying attention to the messages you could be giving out and making sure your office is tidy at work.

An abundance of family photographs for example could say one of two things: they are the reason you are here and working hard, or perhaps that your mind is elsewhere and you would rather be with your family than at work. A pile of soft toys peeping at you around your computer screen will probably give the impression that you are not taking your work seriously and are on the immature side. Distracting desk toys might say that you are bored and a complete mess hiding the desk itself just simply says I am not in control and cannot cope with my job! If one of these negative vibes sounds familiar then set your office shredder to the shredder confetti cut setting and deal with that backlog of unwanted paperwork double quick. A tidy desk reflects a tidy mind so concentrate on regaining control as soon as you can.

UK shredders are some of the best models in the world so put yours to good use by destroying sensitive documents and outdated files. Filing is a tedious but important way to keep track of your business dealings so catch up over the festive season whilst the phones are not ringing and start the New Year with an empty in-tray. Give a great impression by tidying your workspace up and feel better about being there too – everybody wins!

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Diversify or die

November 23, 2011 By Kai Mistry

You’ll often hear it said in investment circles that you need to “diversify or die”. It isn’t always true, but it’s a sound strategy for any business. Let me explain…

If you’re hell-bent on trying to get rich quick, then diversification probably isn’t your best strategy.

It’s like betting on horses in a race. If you really want to gamble, you pick one that you think has a great outside chance and you gamble everything you can afford to – and the beast either wins and you’re living in clover or (far more likely…) it doesn’t and you’ve slid down the snake back to square one!

If you really want solid, continued success, though – you need to diversify. One trick ponies can go out of business all too quickly, whereas businesses with more than one string to their bow that are constantly adapting to change – can survive for the long term. It’s rather like a car; it runs best when all four cylinders are firing well, but it can limp along quite happily on two in a pinch.

There are examples when this may not be the case. If you’re in the business of supplying an absolute staple that simply can’t go out of demand, then it’s perfectly legitimate to concentrate on supplying it as well and as cost effectively as possible. If you’re running a supermarket or a water supply company or something similar, you may not need diversification. But even then you may face a complete “Black Swan” event that wipes you out overnight – or comes close to it.

But for most of us, diversification is sound business practice. As David Lichtenstein’s Lightstone Group has proved in its diversified approach to real estate – it works well over time. The company is unique in the industry, seeking superior risk-adjusted returns through careful portfolio diversification. In fact, it owns one of the most diversified real estate portfolios in the entire industry.

Diversification is a proven strategy for success. It also helps you sleep well at night!

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Never Mix Business with Pleasure

November 11, 2011 By Kai Mistry

It is an age-old saying but nevertheless it is still pertinent in today’s business environment. Blurring the lines between professional and personal relationships is always a tricky thing to do, and where possible it should often be avoided. One of the decisions to take very seriously is whether or not to go into business with a friend or family member in the first place, as this can sometimes lead to difficult outcomes.

If this is a situation which sounds familiar then don’t run screaming from the scenario until you have thought it through from every angle. Some of the most successful companies out there are run by husband and wife teams, best friends or extended family groups. Who hasn’t heard of a company called ‘So-and-so & Sons’? A family business can be an amazing way to keep generations close.

The best way to ensure that all parties are entering into an agreement with their eyes open is to make sure you have general agreement on all the fundamentals of the venture. I am not talking about lengthy arguments around which brand of confetti cut shredder to purchase for the office, but vital discussions on the overall vision for the business. One of the key points to discuss is always the exit strategy, and many people forget to do this: when are you planning on retiring/selling or winding up? Everyone needs to be on the same page with this one or there could be trouble ahead.

Paper shredders will be the least of your worries if that happens so make sure the parameters within which you are operating are fully defined before you embark on the adventure of running your own company. As with many things in life, preparation is key so get it right and you can all reap the rewards for years to come

Filed Under: Starting A Business Tagged With: , , ,

Exiting a business successfully

November 9, 2011 By Kai Mistry

There’s a surfeit of advice out here for anyone thinking about starting up a small business – and the types of financial help that are available.

But what happens if someone wants to do the exact opposite? How do you free yourself from a business that isn’t going well or that you’ve simply had enough of for one reason or another?

For some people, exiting a business is simply part of the overall business cycle. It’s important to remember that the process of winding up a business up is just as important as starting it in the first place. Any company director failing to act in a timely and proper manner when a business is in financial trouble could face prosecution and/or the need to make unwelcome and unexpected personal financial contribution to a company’s losses.

The Department for Business, Innovation and Skills provides further advice on how to correctly wind up a business, as does Business Link, the government’s online resource for businesses of all sizes.

The reasons for deciding to exit a business are, of course, the main starting point. If the company is financially sound, but you’ve simply decided to call it a day, then your accountant will provide the best advice. The company’s creditors will have to be paid and any other outstanding debt, plus any income tax, capital gains tax and corporation tax due. The rest then goes to the owners of course.

But if the business is to be terminated due to financial difficulty, then there are a number of options and your solicitor and accountancy firm are the logical first ports of call.

Winding up happens to a company (not an individual). In this process, a company is dissolved and ceases to exist. If the business is insolvent, then not all its creditors will be paid in full. A winding up is carried out by a liquidator.

Bankruptcy, on the other hand, can happen to an individual or a partnership (in the latter case – all partners are made bankrupt).

Receivership occurs when an administrative receiver is put into a company to secure its assets (and often to continue trading). Creditors then petition the court for receivership and the receiver is appointed by the courts.

Administration occurs when an administrator is put into a company in difficulty – to run it and to try to save it if possible and, if not, to try and achieve the best possible result for the company’s creditors.

Only a licensed insolvency practitioner can be appointed as a liquidator, administrative receiver or administrator.

Written by David, who enjoys imparting his financial advice on others. You’ll often find him blogging about everything from quick payday loans to high-interest savings accounts.

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The basics of starting a business

October 6, 2011 By Kai Mistry

With the effects of the recession continuing to rear their ugly heads, more and more people are looking for new ways to make money and starting their own business is just one option.

If you’re keen to start afresh, perhaps after being made redundant during the economic downturn, there are a number of things you need to consider when you get started.

First of all, you’ll obviously need to decide what you’d like your business to be, then you’ll need a name and to choose the structure it’ll have – will you be in charge? How many employees will you have?

Another important issue is funding. Banks are far less reluctant to lend money nowadays, so you’ll need to have a watertight business plan to make them feel your company is worth investing in.

There’s a fair amount of risk involved in starting your own business and you really do need to bear this in mind when you decide to take the plunge.

Once you’re up and running, you’ll need to think about how to market your services. Increasingly, people are trying to market their business online – using PPC and SEO techniques, as well as email marketing and social media channels.

When you’ve decided on what’s best for you – it could be a combination of various different ones – you’re in the right position to advertise your services and hopefully get a sales boost as a result.

Data protection is an important issue for you to bear in mind when you’re starting a new business.

The best way to ensure you adhere to all of the rules and regulations in place is to have a shredder in your workplace. Office shredders can be really helpful, because they allow you to dispose of all your important data and information in a safe and easy manner. You’ll even be able to recycle it – a great thing if you’re trying to keep down the carbon footprint of your new enterprise.

Filed Under: Starting A Business Tagged With: ,

Online Business For a Techno Dummy

September 27, 2011 By Kai Mistry

Does this sound like something you might say: I am really good at my job, I know I am! But I have absolutely no idea what to do if my PC stops working – for that matter if my printer stops working. My phone is a fancy model but I only use the basics and I can just about record my favourite shows on TV but get stuck if the DVD player won’t play properly. Familiar story? You are officially a techno dummy! Now you may not care, I know I don’t, but sooner or later if you want to run an online business you are going to have to face your fears.

If you are great in business as long as you have an IT desk to call and a technical support at your disposal then that is a good start for working for yourself, however once you strike out on your own then that support network disappears. The key area where this could affect your potential earnings is of course your email and web set up as continuous and professional communication with your customers is vital. It’s also essential that you have good antivirus software installed because you will need to send files back and forth between and not following good security practices can harm your business and your reputation. Many vendors, such as Kaspersky antivirus, offer free trials, so read some reviews and try different versions to make sure you get the best deal before you spend a fortune.

Once that is taken care of, a professional website is the next step. Before you panic about setting up a website you need to do your homework: read hosting reviews and research which providers are out there and what they can do for you.

Webhosting reviews are a great source of information about the kind of website you do and don’t want. If it feels like there is too much information to digest then focus on who your competitors are using and look at the reviews of those services first. Alternatively, pick a website which you think looks similar to the set up you require and if you are happy with the functionality then research their provider. If all else fails find a techno whiz who knows what they are looking at and ask for some help – and don’t feel bad, you will have skills they don’t have and maybe you can return the favour one day.

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