Business & Property

Why You Should Not Be Afraid Of Failure When Running A Business

Running your own business can be tiring and daunting. It is easy to see other successful entrepreneurs and think that they seem to make it easy to success. However, every individual face their own challenges. Even if you run the same business, you may reach success differently because the obstacle you encounter are different. One of the most frightening things about running your own business is failure. It is like a nightmare and many entrepreneurs are paranoid when they hear the word ‘failure’. However, it is not something you should be afraid of. Why?

Failures in entrepreneurship

There are many types of failures made by entrepreneurs. Some of them failed in managing time. Others failed to keep their persistence to keep going. Or, there are also those who failed managing their financial resources. The point is, failure is not something you should focus on. In fact, it is important factor in business. Why?

It’s A Lesson

Failure is a lesson because you gain experience from it. When you fail doing something while running your business, it gives you experience to truly think and learn what you have missed that made you fail. It gives you chance to make you learn to not repeat the same mistake. Failure can help develop a deeper understanding of things. Remember that experience is invaluable. You can buy experience to have it unless you experience it first handedly. Failure is a tool that help you transform to be better. 

An Invaluable Knowledge

Failures are not to be afraid because they can be the sources of invaluable knowledge. The knowledge you gain from failure comes from your firsthand experience. Thus, you won’t get to know it from anywhere else. You may learn how to manage your team from book. When you failed in doing it, you may learn something that is not in the book because your team consists of various individual with different personality and all which doesn’t always mentioned in the book. 

Read more: Types of Business to Avoid Nowadays

Build Resilience

Failures are a great tool to help you build your resilience. Being resilient is important when it comes to running your own business. Success is out of your reach if you are easily giving up after first or second failures. When you build your resilience, you have more chance to succeed because you keep trying to improve yourself to do better and be better. Besides, success in business cannot be achieved overnight. You truly need positive trait like resilience to be able to reach it. 

From Where You’ll Grow

Failures are also a great source for your growth. Just like milk that help your body to grow tall, failures are similar in some ways. When you failed, you reach deeper meanings and understandings you won’t get from other things. Failures help you reflect and take things in various perspectives. Keep in mind that painful situation can lead you to developing meaning in life. Besides, you will create more value through failures. Value lies at the heart of success so failures are important factor because those what make you can think back of how much value you have brought.

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Business & Property

Most Common Business Traps to Know About

Financial freedom is what drives people to start a business. Through business, the opportunities to achieve the goal of financial freedom are higher. Of course, business is not something easy to deal with because there is a variety of homework you should do if you want everything to work smoothly. Aside from facing various types of risks, you also need to recognize business traps from the start. There are many traps in business you should be aware of. By knowing what they are, you can prevent from unfortunate things to happen in the future.

Some business traps to recognize

Business traps you should recognize

Starting and handling business is never easy. Even though there is information or tips of how to run it smoothly, personal touch does matter. One strategy cannot be used for everyone because every individual has their own way to run their business. Besides, every circumstance regarding to the business one handles can be varied. Here are business traps you should be aware of:

  1. No strategy prepared – As mentioned before that every individual may have different strategy to manage business because every strategy may work differently from one business to another. However, it is such a trap you need to avoid for having no strategy at all. It is like going into a battlefield without a weapon. You need to arm yourself with strategies you plan and fit your vision of the business.
  2. Poor cash flow – Cash flow is crucial for running business. Of course, cash flow can only be gained after you lunch your business. It may takes months to years before you can establish steady cash flow. Thus, you need to make sure that the cash flow run smoothly so your business can stay afloat in the long run.
  3. Poor marketing – Marketing is also important in business because it is the way to introduce and promote the products or services you want to offer to the customers. Lots of business owners being trapped in marketing issue because they cannot decide what kind of strategy that works the best. There are various marketing strategies you can apply to your business. The point is, be flexible in with the ever-changing market.
  4. Indecisiveness – This is one of the most common traps in business that many business owners fell for. It is great to be flexible in running your business so you can always find a way out if there is change regarding to your business’s circumstance. However, it doesn’t mean you should jump in too many ideas at the same time. Consider important factors before deciding what’s best for your business such as finance, efficiency, customer base, etc.
  5. Conventional thinking – We are living in digital era today. Every business owner should recognize online presence now because it is part of our society. Using conventional method is fine but optimizing your business using digital strategies and tools is even better. It makes you more relevant to the public and your customer base. Do not be afraid of online presence because it can be the most effective tools to grow your business.
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Business & Property

Tips to Maintain Your Business Financial Health

It is important for your business to stay on top of money management as well as to keep solid financial footing. However, they are pretty challenging because they are one of the most important aspects of business. It is not a secret that 50% of small business failed to survive within their first five years. One of the most crucial keys to grow your business successfully is to maintain its financial health. It is even better if you can improve your business financial health so you can make it big and successful.

Effective strategies to maintain your business financial health

You need to have personal financial health so you will be able to start, run, and grow your business smoothly. Your personal and business financial health are just as important. To maintain healthy finance of your business, you may follow these strategies:

  • Try to live by your numbers. It includes your revenue, payroll, expense, etc. To know your numbers, you need to learn how to read spreadsheet and balance sheets. You also should learn how to create financial models and forecast sales. Keep tracking of your expenses so you know where your money goes and you can control your business expenses to minimum.
  • Manage your billing properly by sending out invoices immediately. Procrastination in billing will only make your business financial health suffer in the future. To make it easier, you can try automating your invoices by setting up recurring billing. You can also set recurring bill payments so you can avoid late payments which can be costly.
  • Running your own business means you have financial obligations to meet. Neglecting them will only harm the future of your business. One of your financial obligations is paying your employees on time. If you fail meeting financial obligation, you may face legal issues in the future such as getting sued by for waged owed, etc.
  • Next thing you can do to maintain your financial health is to build up your business credit. The greater your business credit score is, the bigger chances you have to maintain financial health of your business. It also means you won’t have to rely on personal credit to secure funding. Good credit score will also allow you to get larger loans from the banks if you ever need it to expand your business.
  • To maintain and improve your business financial health, you should try minimizing your overhead costs. Try finding something free with the same effective result to minimize your overhead costs. Take advantage of free tools you can use to manage your business.
  • Last but not least, you need to optimize your workforce. To grow business successfully means you should not only work harder but work smarter. Makes sure that you and your employees can reach the business goals efficiently without wasting too much energy. Try to plan the schedules and tasks thoroughly. Optimizing workforce means you make the best use of resources including the people you work with, the strategies, and the tools you use to deliver maximum result.
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Business & Property

How to Value Your Team in Your Company

Running your own business is definitely thrilling because you have full control of what to do and what direction you are head to. However, starting your own business doesn’t mean you run it on your own. You need to build solid team so your goals and objectives can be reached efficiently and successfully. You need to be reliable to build your own empire of business. However, you also need to remember that you need the others to grow the business. Managing a company no matter how small it is can be stressing because you have many things to decide on. And every decision can affect the future of your busin ess.

Value your team to boost your business

Your team is also your asset so you need to know how to treat them. Building a team can be easy. You just need to recruit people with the skills you think will benefit your business. However, it is more than that. You need to build solid team you can rely on and trust so you can reach the goals together. You need to have a team that share the same value and objective. It is also important to keep your team motivated because there are many hurdles and obstacles you and your team will face throughout your journey to build your business. One of the most obvious things to do to keep them motivated is to value them. When you feel valued, you will have more desire to do better. This is a trait that can help you reach long-term success.

How to Value Your Team in Your Company

The first thing you can do to value your team is to show them that you care. You need to acknowledge them as human being and not as tools to reach your goal. They have their own personal life you need to respect. Thus, you need to let them know that you care of them and you respect their personal lives and needs.

Another thing you can do is to enhance your team’s skills-sets and management skills. Every individual has their own career goal. Thus, find out your team’s career goals and help them to get there by working in your company.

Next important thing to value your teams is to make sure they work in healthy environment. You need to give them supports and tools they need to grow and improve as they do the same to you and your company. There are many things you can do such as providing healthy working environment, proper technical equipment, etc.

Stay positive and don’t let your emotion takeover of how you lead the team. It is true you need to show your care and respect. However, emotional feeling has negative sides too such as when you lose temper and let the emotion get the best of you. Therefore, try to stay positive and be positive. When you lose your control, it is easier for you to leave negative impressive and it will affect the morale of the team. Try to spread positive energy within a team and solve problems together.

 

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Business & Property

Managing Small Business Part II

Management is important when it comes to growing business even though you start it small. Good management is the right foundation so your business will be in the long run. Obstacles and challenges are also part of business you need to deal with.

Manage your small business

However, you can deal with them better through proper business management. It can save you from various types of headache. Management also involves certain methods and approaches you use to handle your business more efficiently.

How to manage your small business

This is the continuation of managing small business Part I we have discussed before. So here are some tips to build business management properly:

Be decisive. Running a business is about taking decision. Every decision you make has its own risk and weigh you need to calculate beforehand. Therefore, you can always prepare for the best and the worst. You need to schedule meeting with yourself. You are the one responsible for the business and everyone working for you. During every meeting with yourself, you need to acknowledge every goal you have.

Then, you need to review what you have been doing so far, how your performance was, and is there is problem you need to solve. This can help you making better decision for your business.

Pay your taxes on time. To run your business properly, you need to know your responsibility. One of them is paying the taxes. This can save you from many problems regarding to your finance. Dealing with your money can be stressing. Thus, paying tax on time can help preventing from unnecessary problem. This way, your business management will run smoothly as well.

Avoid multitasking and take one step at a time. Of course, there are people who can multitask without a problem. However, every individual has their own way in finishing task. For better business management, it is highly recommended to do one thing at a time rather than multitasking.

It is safe that way.

You and your employees should make sure one task is finished before jumping into another one. This will result in higher quality work. It can also prevent your brain from going haywire due to multiple tasks.

Manage your money by hiring reliable accountant. Invest your money in accountant is worth it. When you start your small business, your knowledge and experience of managing your finance is limited. Thus, trusting professional to do the job will be much more efficient for your business. It can save your time.

Professional accountant can help you with the cash flow. Thus, you can avoid getting into risky economic situation.

Spare yourself some time to breathe. Working 24 hours in a week won’t make you successful in running your business. It is not a form of good business management either.

By overworking, you lose your own potential to be more productive and efficient. Therefore, leave at least 20% of your work to do things outside of work. You can use the time to take a breath and think of relaxing things instead of the workload.

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Business & Property

Managing Small Business Properly Part I

Running a business no matter how small it is can be challenging. Being successful in a business you run cannot be done overnight. It is something to achieve with hard work.

Managing small business part I

Basically, there is no such thing as shortcut when it comes to successful business because everything needs to go through the right steps. Getting started in small business is a good start for you to build wealth. The real challenge is you being lack of knowledge and experience.

However, with the right management method, you can achieve your goal through your small business.

How to manage your small business

Business management can be formed by various strategies and approaches. You can choose which one of those you think will work perfectly with your business. The point is to make your business run in order and systematically well. Here are some tips for business management you can start considering:

Treat your business like one. It means, you need to set up an LLC to save you from troubles in the future especially the one related to law. Running legal business is essential. Besides, it is possible that you or your business get into troubles such as using a name that was copyrighted elsewhere. It can ruin your reputation and credibility if you involve in this type of trouble. It saves you from getting sued.

Distinguish your personal and business matter. It includes your financial setting. You need to separate personal and business finance to save you from unnecessary troubles. Separating both as different entities is a wise thing to do because even the banks require official business paperwork if you want to open up something in your business’s name.

Keep tracking your money is important. Therefore, it is great investment to pay for accounting software. There are lots of software you can use to manage your expense and finance in general. This way, you prevent yourself from losing receipts, forgetting major expense, etc.

Educate yourself. It is important to have better and deeper understanding of what you are getting into. Investing your money in education so you can avoid costly trials and errors is a wise thing to do. You can pay for courses to educate yourself about the business you run. Or, you can also pay to have someone who’s been there done that. In other words, you pay for consultation with the experts or someone who have more experience in the same business.

Trust your team. Your small business needs the right management done by the right people. You cannot just rely on yourself to run your business. Therefore, it is important to recruit the right people and train them well. Thus, they know the ins and outs of business you run. When you have competent people working for you, running business will be easier.

Pay attention on the marketing. It is one of the most important factors in business. Do your own research of the market so you can figure out what they need. You can use market to your benefit by building trust, hype, loyalty, as well as anticipation.

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Business & Property

What Makes Bali Villas Better Than Other Accommodations

Choosing accommodation is a matter of personal preference. Every individual has their own preferences to state their ideal place to stay during a vacation. However, Bali villas are most preferable amongst visitors. Of course, Bali has other accommodation including hostels, resorts, hostels, guest houses, etc. however, the number of villas in Bali are incredible. There are various types of villas as well that you can realize every of your fantasy for a perfect holiday. You can stay at villa overlooking the magnificent ocean while feeling so close to the clouds. Everything is possible when it comes to villas in Bali.

Bali Villas

Choosing Bali villas over other accommodations

Villas in Bali are varied in sizes, prices, and locations. The features are also varied from one villa to another. You can choose the one that fits you. For example, you can book a villa located in more secluded area if you are having honeymoon. Or, you can book a villa with high-end facilities if you are having luxury vacation. The choice should reflect what you need for your dream retreat. Here are some reasons why most Bali visitors choose villas over other type of accommodations:

  • The perk of staying at villa during your holiday in Bali is that you don’t get stuck in a long line just to have breakfast. You don’t have to wait in line just to enjoy your leisure time in a daybed because the others are using it. Or, you don’t have to share the pool with other guests. Villas give you more privacy. Even if the villa is not entirely private, at least you don’t have to deal with the crowds. The number of the guests you will encounter with are only a few.
  • Friendly, experienced staffs. When you stay at villa in Bali, you don’t have to lift your finger to do mundane things. Cleaning, laundry, or cooking are not included into your itinerary. All those jobs belong to the friendly, exclusive staffs. Villas in Bali have already had in-house staffs ready at your service. They are well-mannered, experienced, and can speak basic English at least.
  • Staying in villa means you can save money. It is even better when you travel in group because you can split the rent. You see, some resort charge up to $300 per night. If you need two room, the price is doubled. However, you can find villas with 2-3 bedrooms for less than 3300 per night. Who says villas in Bali are expensive? You can find the one that is more cost-efficient if you search enough.
  • Another reason why staying at villa is better than at other accommodations is modern facilities. Some people are worried that facilities and appliances in villas are less modern. However, Bali villas are well equipped with modern facilities. Entertainment system, kitchen appliances, and cable TV are usually included in the package. You also will be able to enjoy en-suite bathrooms and infinity pools. Those just make your holiday in Bali more perfect that you could ask for.
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Business & Property

How to Choose the Right Location for Starting Out a Business

Before you decide the space for starting out your business, you should already have a clear image of how much you can invest for space and what you should have in the location. Additionally, you should also think about things that will add the value of the place, and things that you won’t be able to tolerate.

How to choose the right location for starting out a business

You should take enough time when determining these criteria and give a deeper thought. You can repair and fix some mistakes that usually made when starting up a business. But, it is almost impossible to be corrected if you have wrongly chosen the business location.

Choose a location that fits your business style

First, you need to keep in mind what style you will run the business. Get a firm understanding of what type of business operation you are going to run. Whether it is a casual or formal type, the business location you pick should be in line with your specific image and style.

If the business you are starting up is retailing, would you like a conventional store or rather operating a booth or kiosk in a certain mall. You can also consider making a cart that will allow you to move to different locations.

Learn about demographic in the area

In order to choose a perfect place for your business location, you should learn about your target market. Afterward, you should also consider how important the customers’ proximity to your business location. For some types of business, the proximity might don’t give significant effect but retailing and some types of service providers, the location is really vital.

Besides the demographic profile, you should also observe the community. If you aim for local customers, you should make sure that the percentage of the population in the area is sufficient enough to support your business. If the community in this area have stable economic, it will create a healthy environment for your business.

Pay attention to the foot traffic

Foot traffic is a particularly important key for most retail business. Being tucked away in the corner will be very bad since shoppers will likely bypass your merchant. On the other hand, if your business needs some confidentiality, then high traffic location would only give pain to you.

If you already have a potential business location, you need to monitor the traffic at different times in a day and on different days in a week. This way, you can make sure that the pedestrian volume will meet your needs.

Consider the accessibility

You need to think about the accessibility of your business location to not only customers but also suppliers and employees as well. If you want an area on a busy street, you should if cars can get in easily or not. Also, make sure that your suppliers will be able to efficiently deliver all the materials you need.

Take your competition into account

Depend on your business type, being near your competing companies sometimes can be profitable. You may already know about comparison shopping. Located nearby to the existing businesses will give you a chance to catch the overflow. This will work out especially if you run a restaurant or other kind of entertainment facility. However, if being near with competitor will only make marketing job harder, then, it’s better to look for other location.

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Business & Property Travel & Leisure

How Many of Luxury Bali Villas In the Centre of Seminyak?

Renting the luxury Bali villas in Seminyak are still affordable for many travellers. It is because, there are so many existing villas at Seminyak so there are pretty much special offers we can get. But to be honest, have you been known the exact numbers of how many of them?

You don’t need to count the whole villas in Bali, just simply think about the luxury villas in Seminyak.

And have you been found out the answer is? If you are using search engines and looking for the answer of how many the luxury villas in Seminyak are, based on my experience, there won’t be an answer for that. You will keep on getting the villa offers rather than the exact answer for the question.

Maps preview of how many luxury villas bali in the centre of Seminyak

This can be caused by the government itself has not been collecting the data very well or they didn’t do that at all? Seminyak itself is so much popular as the location where the villa’s accommodations are almost any corners of the village. You can easily find the luxury villa at the beach, nearby it, from any design styles and number of bedrooms. But seriously, how can even the Seminyak environment itself can be well preserved if there won’t be data for that?

Why it is important to know how many luxury Bali villas in the centre of Seminyak?

I have just said that if we could identify the numbers of the villas, later we can also measure about the negative impacts for the environment. But, we can also use the data to know how many possible travellers can be invited and stay in luxury villas in Seminyak. It is as simple as tourism forecasting thing where you can forecast how many travellers the area can get in a year or even less than that.

It is great when Seminyak is so much popular for its beaches as well as its new image as the “land of thousands villas” (I made up this term myself) for the past recent years, but if there won’t be a single man knowing the numbers of the villas, then how the businesses are paying taxes?

Knowing the numbers of the luxury Bali villas in Seminyak can also be helpful for the tourists. They will notice that if they will need to stay in a beachfront villa in Bali, then they will need to go to Seminyak area, not else. Tourists will also identify that there are so many accommodation offers for the villas alone ever since that kind of rental property is dominating the area.

Anything can be the clue for travellers and anyone else to know more about the development of tourism in Bali. Knowing the number of the luxury villas can also contribute in identifying new discoveries in tourism. But until this moment when I published this post, it is very unfortunate that even though the tourism in Bali has been very well-known in the world, there still no chance for me to know how many of luxury villas Bali in the centre of Seminyak.

Did I looking for the data the wrong way?

So far, if this post will be delivered to you, then simply kindly enjoy your travelling in Bali and think about to rent the luxury villas at Seminyak no matter if we are all don’t know how many there are.

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Business & Property

Types of Business to Avoid Nowadays

When talking about business, there are good businesses and there are types of business to avoid as well. Actually, it is fine to establish the types of business mentioned in this article, but you must be prepared for the worst since they are simply no longer profitable enough nowadays due to the saturated markets. Well, here are the types of business you should not bother to start!

 

  • Restaurants

Restaurant as one of the business types to avoid nowadays

While most people argue that restaurant business would never fade away since people constantly need food to eat, establishing a strong restaurant on your own is actually an extremely tough task. Most people who understand about economy and business would never want to start a restaurant business since it has an extremely high rate of failure. Besides, establishing a base of loyal customers is very demanding and requires special effort that is simply not worth your time since you also need to spend more on marketing. Indeed, there are many successful new restaurants out there, but most of them are actually owned by the people who already have a vast experience in dealing with this kind of business or simply has large connections.

  • Taxi services

The old days where the taxi is the most reliable transportation choice have been long gone due to the presence of online transportations such as Uber or Grab. These online-based transportation services manage to revolutionise how a transportation business should work and we are grateful for it. Unfortunately, such a revolution costs heavily and some people need to pay the price. Because of the advanced level of simplicity offered by online transportations, taxi services struggle to find their customers and they have become the types of business to avoid since they are no longer profitable- it is no longer easy to convince a person to take a cab instead of booking an online pickup service.

  • Electronics repair

There is time when you don't need to do business in electronic repairs

For developing countries where less advanced electronics are still omnipresent, having this kind of business is actually not too terrible. However, for developed countries where high-tech electronics are heavily utilised, working as an electronics repairer is actually not a wise idea. The reason why being an electronics repairer is no longer a thing is that most appliances nowadays are deliberately designed to have a service life of fewer than ten years. Also, when one of them gets broken, repairing is pretty difficult and expensive since the components inside are ridiculously advanced and buying a new one is cheaper than having to repair a broken one.

  • Retail business

Well, while most people adore this kind of business since it is relatively simple to establish, having a retail business is actually not profitable anymore. Operating a retail business is getting tougher and tougher every day since there are too many large department stores which offer insane discounts such as Walmart. The thing gets worse since most people tend to favour online shopping even more. A retail business is simply not an option for you if you wish to make a living. Therefore, a retail business is one of the types of business to avoid!

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