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Learn this Uber London Quebec Business Lesson Right Now

Uber just lost its operating license in London. Then, Quebec passed tough new regulations. That caused Uber to announce a cessation of operations starting next month. There are many cities, municipalities, and unions suing Uber. Their claim is the ride-share company isn’t restricted by the same rules as taxis and like services. However, Uber remains popular with the public. It provides a different experience and often for a lower cost. But, it is definitely learning taking on government regulations is no easy task.

4 Helpful Tips for Entering a Regulated Business Industry

You might want to start a business to help people. And, that’s what many others do successfully. Although, if it’s in a heavily or even a moderately regulated industry, you’ll face several extra obstacles than entrepreneurs in different fields. The truth of the matter is, starting a business in any industry presents inherent risks. But, this certainly doesn’t mean it’s impossible.

If you’re building a new social network, creating a tech-enabled food delivery business, or developing an artificial-intelligence translation tool, there aren’t many demanding rules to adhere to. But if your startup deals with issues such as health care, finance, or education, things can be rather more difficult. —MIT Technology Review

It’s actually far from impossible. You just have to be realistic and pragmatic. In fact, you need to take many things into account before you jump into a regulated industry. After all, you’re chances of stumbling or outright failing are undoubtedly higher. That’s okay, if you take it as a challenge, you’ll probably get some worthwhile lessons along the way. Here are four helpful tips for entering a regulated business industry:

Conduct extensive research. This should go without stating but sometimes the obvious really needs emphasis. You need to conduct a lot of research before you take step one. Knowledge is power and there’s nothing more damaging than ignorance. As the saying goes, “You don’t know what you don’t know.” And, that’s not a place to start. So, do all the research you can.
Talk to people already thriving. Chances are excellent there’s already somebody, somewhere succeeding in that particular industry. Find him or her and personally reach out. Be upfront and honest about your ambitions. If you are respectful and open, they’ll be far more generous with important information.
Start very small and scale up slowly. One bit of advice that works quite well in every industry is to start small and scale up incrementally. It’s very risky to jump right in, front-loaded with debt, and hope everything works out. So, start small, test the market, get to know it, and grow little by little.
Keep abreast of all pertinent regulations. Regulations don’t necessarily stay the same. The rules can change at any time. Understanding and accepting this is key. Do yourself a huge favor and keep up with those changes so you aren’t taken by surprise.

Have you built a business in a heavily regulated industry? What other advice do you have? Please share your thoughts and experiences by commenting!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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New to Hiring, Here’s How to Spot Resume Red Flags

April 8, 2021 No Comments

It’s often said the first hire is the hardest, and that’s inescapably true for several reasons. Foremost, it’s because when you hire an employee, you’re hiring someone to represent your business. Which is to say, you’re entrusting them with your company’s entire reputation. Then, there’s the matter of consistency, even if that person has the competence. In other words, being able to do the job well over and over again. But, that’s not all, your first hire must be cost effective, helping your business to earn more than it did before. So, it’s no wonder business owners procrastinate as long as they can, putting off their first hire. What Resumes Are (and Aren’t) Of course, there’s the conundrum of where to begin and finding a good fit. This is where the resume comes into play, although you may not be very familiar with qualifying a person’s capabilities from a sheet or couple of sheets of paper. On average, hiring professionals spend just 7 seconds looking over each resume. That’s not a lot of time, and especially seems short if you’re doing it for the first time. Do you know who you are hiring? You need to review each resume, cover letter and job application that you receive with care. You want to ensure that the candidates you consider hiring are who they say they are and that their credentials are valid and match your needs. —The Balance Careers The good news is, you can get a lot out of just about any resume, if you know what to look for. Obviously, you have to start with an understanding of what a resume is and what it isn’t. A resume is simply a summary of a person’s qualifications and their competencies, along with their work history. That’s about it, what a resume isn’t, is a tell-all that will reveal all a person’s strengths and weaknesses. How to Spot Resume Red Flags The simple fact of the matter is that a resume only provides the information the applicant furnishes. Meaning, it will only tell you what the applicant wants you to know. However, this doesn’t mean it can’t give you some very key clues that you can use to your advantage. Here are the biggest red flags resumes can reveal: Inexplicable or unexplained gaps. A resume with big gaps, particularly between positions, is one that tells you a whole lot. Someone who has large gaps between jobs is likely an applicant you’d probably be better off without. Rock star qualifications. Conversely, if an applicant’s resume is packed with too much good news, it’s probably too good to be true. A resume with a cornucopia of qualifications is likely full of exaggerations, embellishments, half-truths, and more misleading information. tOO mAny TyPoes. Poor spelling, bad grammar, sloppy punctuation spell b-a-d n-e-w-s. If someone doesn’t pay close attention to the way they present his or her self on paper, he or she isn’t really interested impressing potential employers. Of course, these aren’t the only red flags you might find on a resume. Applicants who send their resumes from current employers’ email systems are telegraphing they’re not respectful of others’ time and resources. Unusual employment histories are also a red flag. People who hop from one industry to another do so for reasons that should concern you. What other red flags do you look for on resumes? Please take a quick moment to share your experiences and thoughts. After all, your perspective just might help someone else out! Interested in learning more about business? Then just visit Waters Business Consulting Group.

7 Challenges Every Bootstrap Entrepreneur Faces

May 16, 2017 No Comments

The entrepreneurial experience is one of duality, a paradox, that’s both exciting, full of hope, and, anxious, stymied by fear. Two very different states of mind and emotion, however, in the majority of instances, one set is preceded by the other. It comes with that spark of the proverbial, “ah ha!” moment–excitement and genuine, heartfelt belief that whatever it is, it will work. Often, this elation is short lived and it’s little wonder why. We grow-up with expectations and more than enough are not fulfilled. So, we learn skepticism, caution, and to examine our actions before blindly leaping. This is precisely why extreme success stories remain so unfathomable–often accompanied by the phraseology, “against all odds.” These sets of circumstances cause us to look at those odds and be honest about the entrepreneurial journey, which more often than not, requires a lot of work, much dedication, and, the ability to see and believe what others don’t. 7 Challenges Every Bootstrap Entrepreneur Faces When you start your own business, it might be a side gig, something that only takes a few hours out of your week and is intended to grow incrementally. It could also be the resort of finding yourself suddenly unemployed and the opportunity to take control of your own future provides all the drive necessary to start and never look back. Others partner together and use old fashioned sweat equity to get their businesses off the ground. Whatever the case might be, there will be obstacles. Regardless of size, most businesses face many of the same challenges every day. Maximizing profits, minimizing expenses and finding talented staff to keep things moving seem to be top challenges for both SMBs and large corporations. —Entrepreneur.com It might come as a surprise, but new companies fail for two primary reasons: too little business, and, too much business. In the former instance, there’s obviously a lack of revenue; but, the latter seems counterintuitive, perplexing, though perfectly explainable–overwhelming demand. These dynamics are usually out of the company’s control but there are others, and, just one of these can be enough to cause failure: Stability. While you might have a marketable and sellable idea, possess the talent to sell it, and have enough resources to get it out there, you don’t control the economy. Being employed provides a sense of security, though arguably, it’s a false one. There is no guarantee your vision will come to fruition in the way you now imagine it, or, at all. Income. It’s a fact that many entrepreneurs don’t take any salary for the first several months, even for a year or more, because the money’s better spent rolled back into the business. Having to forego a steady income, even temporarily, can be too much to bear for some, it’s looking to the future and taking stock of gains that provides the remedy. Sustainability. The marketplace changes and some businesses become near or completely obsolete. In the wake, new opportunities emerge, but that doesn’t undo the damage suffered by those caught on the wrong side. Pivoting when times begin to change is a necessity to embrace. Comfort. One thing that seems strange is what’s obvious by its absence–being the boss. Sure, it will be you who’ll be in charge, which means you will be making the tough decisions, you will be the one responsible for company mistakes, and you who must put your foot down. Schedule. Your work and personal lives will intersect many times during your startup period and here again, it’s because you’re the boss. While you’ll have set boundaries, you’ll have to do so smartly and be flexible. Sleep. Lying awake, brainstorming, putting in a lot of extra hours to get something done, having to meet this deadline or be present for a meeting, all of these are common. Try to find a schedule that largely works and take advantage of downtime. Seventh on the list is confidence, and, it’s among the most powerful of influencers. Your confidence will be challenged many times, but this just comes with the territory. You will have doubts, falter, and make miscalculations, but these are only as hurtful as you allow. Finally, if you have a viable business model with a demand for a product or service, then much of your success falls on you ability to persevere. Many businesses fail or fall “three feet from gold” because the entrepreneur quit. In the toughest of times, I encourage my clients, as I did for myself, to take Action every day on something that will help to grow your business. Sitting, worrying or praying does no benefit without Action. And, Action helps to resolve anxieties and fear. So, go out and pursue our dream today, and take Action every day to building your business! [shareaholic app=”follow_buttons” id=”26833294″]

I can’t Afford to give My Employees Christmas Bonuses this Year, What can I Do Instead?

December 10, 2021 No Comments

This year, a good number of businesses will continue to face the very unenviable position of not being able to afford employees’ holiday bonuses. For a sizable percentage of companies, it became an inescapable reality last year, obviously, due to the large-scale shutdowns across the country and overseas. While many businesses have recovered and regained a sense of normalcy, a significant portion still struggle. This means having to make hard choices when it comes to expenses that are not part of the business’s day-to-day operations. Fortunately, there are some alternatives to giving employees cash. Turn a Negative Situation into a Positive One When the economy or an industry takes a downturn, most entrepreneurs will take a good hard look at their books to determine exactly where they stand. Some make the mistake of cutting back too deeply, becoming too lean to fully operate, and only prolonging a bad set of circumstances. However, others embrace it as an opportunity to eliminate redundancies, reduce extra expenses, and put their resources where they most matter. A holiday bonus is a traditional gift given to employees by employers each year as a big ‘thank you.’ Many managers and business owners want to give their hard-working employees a bonus at the end of the year. The unfortunate truth is that many cannot afford it in today’s economy. As a result, many companies have had to get creative by offering their employees something enticing that is not a cash bonus. —Optimum Employer Solutions The latter strategy is obviously more effective because it makes the company more efficient. This type of audit should be done regularly since it’s so very easy to become blissfully ignorant of what’s actually happening with the business’ finances. Company owners who enjoy a nice regular profit line are typically the ones blindsided most when things change and go in the wrong direction. Regardless, if you really can’t afford holiday bonuses this year, be honest and upfront with your team members. This way, they will understand the gravity of the situation and be grateful for whatever you decide on as a substitute. Employee Bonus Alternatives Before you panic, be sure to know the exact numbers. The situation might not be as dire as you think. Although, if it isn’t truly feasible to give your employees holiday bonuses this year, here are some great alternatives: Extra paid time off. What’s wonderful about this alternative is that employees will appreciate this just as much as bonuses. People like extra time off when they don’t have to forfeit anything and this will not cost the business anything directly out of pocket. Incremental pay raises. Another option is to schedule incremental pay raises for every quarter over the next year. If possible, start this in the immediate future and your employees will feel appreciated and valued. Better benefit packages. Yet another alternative to giving out bonuses is to give your employees better benefits which they can always use. Look into better health insurance, dental insurance, and other benefits What other employee bonus alternatives would you suggest? Please take a moment to share your thoughts and experiences so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.