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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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Network Event Do’s and Don’ts

May 16, 2017 No Comments

Some people have an innate ability to walk into a room full of strangers and start connecting and uncovering business contacts galore. They seem to glide through the room, smiling, freely introducing themselves, while holding conversation. These people know how to read a room and individuals naturally. Then, there are people who move through events quickly, collecting an astounding number of business cards while shaking hand after hand. The difference between the two personalities couldn’t be more stark. One is making new contacts, the other is doing little more than trying to bag new clients. It’s obvious which one will benefit and which one won’t. The purpose of networking events is to do just that: meet new people and have conversations. It’s how you go about it that makes all the difference. Connecting with people is an art form, and, is learned over time. Before there’s any real connection, though, you’ve got to be prepared to meet new people. Network Event Do’s and Don’ts There’s a huge difference between meeting new people and connecting with them. Meeting a group of new people is even more of a challenge than meeting a single person or a very small group. Attending a networking event is something that stirs excitement and anxiety. These events tend to be noisy, where it’s not easy to hold a conversation. What’s more, you’re expected to participate and interact with several people. We network because we don’t work and live in a silo. Due to human nature, we tend to trust doing business with people we know or who are referred to us. People often think of the need to network whenever their jobs are in jeopardy, or whenever they’re in search of new business. —Career Builder When you go to a networking event, you do so to open new doors. There won’t be time to establish a relationship and connect with others, but there will be plenty of opportunity to introduce yourself and hold brief, casual conversations. To accomplish this simple, yet challenging feat, you ought to know the do’s and don’ts of event networking. Network Event Do’s Go prepared. You ought to have a brief list of topics to discuss and/or experiences to share. It’s okay to go over these out loud and practice introducing yourself. Just don’t practice too much, or, it will sound rehearsed and artificial. Keep one hand free at all times. Keep your dominant hand free of snacks, drinks, and other objects. You’ll be able to freely shake hands without having an awkward moment to find a place to temporarily set something down. Know who to approach. Just because someone is standing alone doesn’t mean you ought to rush over to approach. Take a moment to read his or her face and body language. When you do make eye contact, confidently approach and introduce yourself. Look for opportunities to offer help. One of the most powerful and likable gestures is to ask questions and offer your assistance. Only offer to help when it’s realistic and be sure to follow-up. Don’t make the mistake of over-promising or over-extending. Network Event Don’ts Believe collecting business cards is a measure of success. Remember, the purpose of attending these events is to meet people — not just to collect business cards. If that’s all you accomplish, the whole exercise is for naught. Be on the lookout for someone else while speaking with another. If you do have the misfortune of getting into a boring conversation, find a gracious and courteous way to excuse yourself. What you should avoid is awkwardly scanning the room for someone else to speak with to break away. Try to impress others with jargon or facts. Using big words, insider jargon, or trying to impress with a barrage of facts is a turn off. It’s pretentious and tells others you lack self confidence. What’s more, it keeps you from having a genuine conversation. Speak over or interrupt others. This sounds obvious, but, it’s something that can be unintentional when you’re nervous. When you do approach someone else and introduce yourself, be courteous, ask polite questions, and listen. Yes, the purpose of attending Network Events is ultimately to acquire new business. However, do not go to a Network Event if that is your initial purpose. Your priority for attending a Network Event is to develop Relationships which you can foster over time into a business opportunity with that connection or with someone they introduce to you. Minimize your agenda, and spend time listening and asking the other person questions about themselves and their business. Show them genuine interest and watch how your relationship moves to trust even during the Network Event. Isn’t it more rewarding to leave a Network Event with 3 or 4 really good, meaningful connections where both of you developed a relationship and can follow up after the event to further explore opportunities together? When is the last time you attended a Network Event and made some meaningful connections that turned into real business? [shareaholic app=”follow_buttons” id=”26833294″]

Is Your Business Really Ready to Expand in the Coming New Year

January 7, 2020 No Comments

Is your business really ready to expand in the coming new year? Although the question seems complicated, it’s not too difficult to answer. Just four key factors can quickly help you determine if you’re ready to expand your business. And, perhaps more importantly, if your company is ready to expand. What it Really Means to Expand a Business Business owners often think about two elements when it comes to expansion — output and sales. Of course, it’s not that simple. However, these are two very important parts of the overall equation. Nonetheless, what it really means to expand a business is to take on a whole new level of responsibility. Even thinking about growing your business is exciting. Expansion means more products or services, customers, sales, and income for you. And, for businesses with physical locations, expansion might mean opening a bigger or second location. Before you rush into expanding your small business, you need to make sure your company is actually ready for growth. Your recent business success isn’t the only thing you should look at. —Forbes.com It also means the business having to respond to a new level of production while not losing it’s nimbleness or its personalized customer service. After all, if it can’t do the latter two — stay agile and maintain customer care quality — it will hurt the company greatly. 4 Signs It’s Time to Expand Your Business So, just what are the signs that it’s time to expand a business? Well, it comes down to only a select group of factors, which include the following: You have too much business. Time and again, you’re falling behind because you simply lack the resources to get all the work done. You’ve streamlined every single solitary step along the way and still, you’re not able to adequately keep up. Worse yet, it’s starting to show itself to customers. Too much work and too few resources to get it done in a timely manner. You have a strong team in-place. Your team members are your secret sauce. Without them, you’d really be in big trouble. Fortunately, they’re able to pull off magnificent feats over and over again. Well, that’s not only good news for the present, but really good for a future expansion. You have the money to expand. Expanding usually means incurring significant expenses. But, if you have some retained earnings saved and a strong forecast for the next several months, you probably can afford to expand your operation. You have a plan to upscale your operation. While the first three elements are absolutely critical, this is perhaps the most important of all because it will define your way forward. (It’s also where winging it just won’t cut it.) So, take the time to consult an experienced business consultant and coach. Someone who has helped companies grow before. Work together to formulate an actionable expansion plan. What other advice would you give business owners who want to know if it’s time to expand? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Alex Jones, InfoWars, Facebook, Twitter, and YouTube — Why it’s All Gone So Bad

October 10, 2018 No Comments

Alex Jones is all over the news. His controversial content sparked a national conversation about free speech. And, social media corporations have received public pressure to remove the conspiracy theorist’s presence. They’ve mostly complied. Regardless of what you think about the man, it not only brings up the issue of free speech but also puts another dynamic at the forefront. That is the age-old saying, “One bad apple can ruin the bunch.” Or, in this case, how these various social networks put themselves in an untenable condition. How One Bad Employee can Damage a Company The real crux of the matter comes down to the fact that social sites do police and prohibit certain types of content. (Violent images, pornography, and more.) But, we’ve seen that just one user can easily tarnish the reputation of the entire platform. The same holds true for business. A bad employee can utterly damage a company. Once the damage is done, it becomes an even larger issue. There’s that one person on your team — the bad apple who has nothing positive to say, riles up other team members, and makes work life miserable. If you can’t fire him, how do you respond to his behavior? What feedback do you give? How do you mitigate the damage he inflicts? —Harvard Business Review.org All it takes is a single instance of an egregious behavior. Or, a pattern of bad practices that go without correction. This is why Disney parks enforce so many employee behavior rules. The theme parks are selling experiences. And, all it takes is one bad encounter to absolutely ruin a whole family’s trip. Because, that’s what they’ll most remember — the bad stuff. If you don’t believe this, just look at the statistics about how many people an unhappy customer will tell their friends about a bad experience. It’s double, even triple, the number of people a happy customer will tell others about a good experience. 3 Ways to Prevent Employees from Ruining Your Business If you sense or have already encountered a situation where an employee is damaging your company, you must take action immediately. Here are some effective ways to prevent employees from ruining your business: Privately deal with the bad behavior. Once it’s happened, you can’t ignore it. Bring the employee in for a private chat. Have an honest talk about the circumstances and give positive guidance. Then, follow up periodically to ensure things are going well. Regularly monitor everyone for toxic behavior. Yes, one bad apple will ruin the bunch. And, this goes for employees. Bad attitude easily spreads throughout a business’ culture. So, keep your eyes open and listen for any negativity. Encourage team members to openly recognize one another. It’s not just on you as the leader. Encourage employees to praise each other and encourage one another when appropriate. The more positive the environment, the better. How do you deal with bad employees? What methods are the most effective? Please comment and share your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.