YHP http://yhponline.com Be Inspired - Entrepreneurs In Depth | Your Hidden Potential Thu, 17 Apr 2014 13:39:49 +0000 en-US hourly 1 5 Useful Tips for Steadily Expanding Your Home Business http://yhponline.com/2014/04/17/expanding-your-home-business/?utm_source=rss&utm_medium=rss&utm_campaign=expanding-your-home-business http://yhponline.com/2014/04/17/expanding-your-home-business/#comments Thu, 17 Apr 2014 13:39:49 +0000 Guest Post http://yhponline.com/?p=36082 Accelerating the growth of your small business is no mean feat. There are plenty of windows of opportunity to expand and increase revenue. Although there is no one-size-fits-all solution, here are some useful tips which may be a good place … Continue reading

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Expanding home business

Accelerating the growth of your small business is no mean feat. There are plenty of windows of opportunity to expand and increase revenue. Although there is no one-size-fits-all solution, here are some useful tips which may be a good place to start:

Sort Out the Basics

In order to thrive you need to be sure that you’ve ‘ticked all the boxes’ with basic admin. Make sure you’re up to scratch on the relevant tax laws, have planned out cash flow, and have home business insurance cover which is suited to your needs as you expand.

Diversify Your Offerings

Big name competitors working in the same industry generally diversify their products or services to target particular customers. Ask yourself, instead of challenging major competitors directly, can you diversify your product or service offering?

Collaborate and Share Knowledge

You don’t need to go through the adventure of running a small business alone. Join up to local networking organisations, use MeetUp or get involved in localised LinkedIn groups to be kept in the loop. Surrounding yourself with intelligent people is the fastest route to business inspiration. As a take-away, ask yourself what the other person brings to the table in terms of clients, industry contacts, knowledge and skills.

Investigate new markets

This could involve new customers, a change of scenery by opening up a new office! This is in every sense a big move and so make sure that you conduct rigorous research first. Market research is critical in this type of expansion scenario.

Licence your products

Got a great idea but don’t have the time or the resources? Then consider licensing arrangements. This means that another organisation takes over the responsibility of producing and distributing the product. They get the majority of profit however still need to pay you a royalty fee for the privilege of using your patent. In recent years licensing has become huge in the software and gaming industries.

Consider the Public Sector

It’s a myth that the UK government only awards public tenders to big corporates. Government targets now stipulate that 25% of public tenders need to be awarded to SME’s. Now has never been a better time to explore public procurement as an option for your business.

Remember that nothing is guaranteed when it comes to small business expansion, but with some intensive planning, business insurance and a well-thought out strategy, you will be on your way!


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A guide to scaling startups – Infographic http://yhponline.com/2014/04/13/scaling-startups/?utm_source=rss&utm_medium=rss&utm_campaign=scaling-startups http://yhponline.com/2014/04/13/scaling-startups/#comments Sun, 13 Apr 2014 23:17:52 +0000 Guest Post http://yhponline.com/?p=36073 Over the years, it’€™s been proven that business willing to scale and adapt to their market earn more money, experience more growth, and are generally more successful than businesses that fail to adapt to their environment. Once startup businesses achieve … Continue reading

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Over the years, it’€™s been proven that business willing to scale and adapt to their market earn more money, experience more growth, and are generally more successful than businesses that fail to adapt to their environment.

Once startup businesses achieve initial success, they cannot stray from the business plan that got them to where they are. What does that mean? It means don’t mess with success; the business plan has proven successful so far, and a great degree of research and planning had gone into it to get the startup on its feet.

Adaptation, however, is crucial. Markets fluctuate; that’€™s a given. The startups grow to become the established companies–the hunted–and new startups take aim at their business model. Adapting to different challenges business face by established or new competing businesses is crucial to the ultimate success of that business.

It also means figuring out what consumers are looking for, and evolving to fit their needs. Today’s consumers are looking to patronize businesses which give them immediate support and assistance, but they are also more willing to recommend a business that can provide them with effective service.

Startup businesses need to stay one step ahead of changing customer needs, while keeping one eye pointed in the direction of their competitors. The following infographic can provide you with more information about why businesses need to have the ability to scale, and provides an interesting set of statistics about what consumers are looking for.

Infographic courtesy of GlobalTollFreeNumber.com


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Dear Government, it’s not about how many new startups there are, but how many survive http://yhponline.com/2014/04/09/dear-government-youre-doing-it-wrong/?utm_source=rss&utm_medium=rss&utm_campaign=dear-government-youre-doing-it-wrong http://yhponline.com/2014/04/09/dear-government-youre-doing-it-wrong/#comments Wed, 09 Apr 2014 14:29:34 +0000 Rishi Chowdhury http://yhponline.com/?p=36062 Dear Government, Thank you for your support of young entrepreneurs and development of the Startup loan scheme. With banks less readily looking to invest in new business the government stepped up and provided £151 million to the Startup loan scheme, aimed … Continue reading

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Startup loan scheme

Dear Government,

Thank you for your support of young entrepreneurs and development of the Startup loan scheme. With banks less readily looking to invest in new business the government stepped up and provided £151 million to the Startup loan scheme, aimed at helping start 30,000 new businesses. So far 15,777 Startup loans have been dished out, totaling £80million+.

But, you’re doing it wrong…

This is all very nice but I’ve noticed the ease that startups have been getting loans and to be honest I think we’re masking the real issue here. It’s not how many new startups that are created that’s the important statistic.

It’s how many new startups survive! Past the 1st year, 2nd year, 3rd, 4th, 5th etc…

It seems more and more of a marketing exercise to show how many new businesses the government is reasonable for creating as if that’s what is important. When really it’s all about the support they get to ensure they survive and thrive.

With the Startup loans scheme lowering the barrier to entry for new startups it can also mean that some just take the opportunity to start a business because it’s seems easier than getting a job in the current climate. It does not necessarily mean entrepreneurship is for them, it really isn’t for everyone.

These entrepreneurs need personal development support as well as advice and training around the business and product/service side of their business. Top mentors, access to networks and practical workshops are some of the most valuable assets for a new business. Passionate entrepreneurs that can lead, inspire and manage a team is also very important for growth.

I’m starting a startup incubator for 18-25 year olds to offer the added value that will help develop young entrepreneurs and London’s next high growth startups. There needs to be a greater focus on this. If you want to learn more and even own a part of my company you can find out more here: https://www.seedrs.com/startups/incubusldn

We will be offering our teams the chance to take out a startup loan, but we’ll be offering a 3 month programme including mentorship, workshops and training sessions, resources and access to a large network. we even offer an optional 3 month work placement in a local startup.

Remember these aren’t grants or equity based finance, these are loans. The startup loans need to be paid back. I wonder how many of these loans will be written off as bad debt if they can’t be paid back by the entrepreneurs with businesses that are failing or failed.


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Startups! Amplify your message with the power of the crowd http://yhponline.com/2014/03/25/thunderclap-campaign/?utm_source=rss&utm_medium=rss&utm_campaign=thunderclap-campaign http://yhponline.com/2014/03/25/thunderclap-campaign/#comments Tue, 25 Mar 2014 23:16:18 +0000 Rishi Chowdhury http://yhponline.com/?p=36031 As a startup you know that one of the big problems you face is getting your message out to the wider world. Whether it’s a new product/service, some exciting news or another cause, getting your message seen by a larger audience … Continue reading

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Thunderclap campaign

As a startup you know that one of the big problems you face is getting your message out to the wider world.

Whether it’s a new product/service, some exciting news or another cause, getting your message seen by a larger audience can help increase signups and supporters. Getting your family and friends to share on Twitter and Facebook is great. I’m sure they be happy to help and it will broaden your message to your second and potentially third connections.

But as these go out in drips and drabs, here and there, the message can be missed by many. Another way is to have your tailored message sent out from the social networks of your first connections, all at the same time. Creating a much bigger impact.

It’s less likely it will be missed and if people see the message shared by multiple people then they’d be much more inclined to find out more. That’s the power of the crowd. It’s the fear of missing out.

Thunderclap.it campaign

But how do you do that? Thunderclap.it It’s a great platform that I recently came across which allows you to create a message and then have your friends, family, colleagues etc back their support with a tweet, FB post or even Tumblr.

But it will wait until your pre arranged date and time to release the message across your supporters networks. In the mean time you can see the aggregated social reach of your connections.

Do bear in mind however that you must hit a certain number of backers for it to work. You can choose 100, 250 or 500. Pick wisely though. Don’t pick 500 if you don’t think you’ll be able to get any more than 300 at a stretch as the campaign won’t go out.

But if you pick 250. You’ll still have 300 supporters but your campaign will go out on your given date. It’s actually great marketing from Thunderclap as you’re continually pushing more people to the site, increasing awareness about what they do. If you want to see the platform in action then you can help me at the same time and back my campaign to support young entrepreneurs here:

As you can tell it has a very simple UI with a clear call to action for users to support the message (in the blue box) via the Twitter, Facebook or Tumblr buttons below it.

It also shows campaign live date and how many supporters have backed it so far and what the target is. The added bonus is that if you gain enough momentum you can be featured in the front page and then you’ll have access to supporters from the wider public.

How do you see yourself using the platform?


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Sponsored: The winners announced for Virgin Media Business, Three New Things 2014 http://yhponline.com/2014/03/21/three-new-things-2014-winners/?utm_source=rss&utm_medium=rss&utm_campaign=three-new-things-2014-winners http://yhponline.com/2014/03/21/three-new-things-2014-winners/#comments Fri, 21 Mar 2014 11:49:28 +0000 Rishi Chowdhury http://yhponline.com/?p=36020 The Three New Things competition set up by Virgin Media Business and previously spoken about on YHP here. The competition set  out to showcase and discover innovative talent sitting right here in the UK. Virgin Media Business wanted to help … Continue reading

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Three new things winners

The Three New Things competition set up by Virgin Media Business and previously spoken about on YHP here.

The competition set  out to showcase and discover innovative talent sitting right here in the UK. Virgin Media Business wanted to help support innovation in the UK by offering the winner £25,000 worth of prizes and the opportunity to discuss their business with Richard Branson. The chance to speak to Richard is a great prize on it’s own. He is a real pioneer for British business and his contacts and possible backing could be as useful as the £25,000  worth free business telecoms on offer.

Virgin are no strangers to support of the UK entrepreneurial scene with their Virgin Media Pioneers programme making a huge impact on young entrepreneurs across the UK.

March 12th 2014 saw 10 innovative ideas come to the table at the Virgin Media Business’ 2014 annual event with the hope of being one of Virgin Media Business Three New Things for 2014.

The three winners were:

Buffalo Grid – A company providing large solar powered charging units for mobile phones to African entrepreneurs in deprived off the grid areas. Locals can then come and use the local charging units which they wouldn’t be able to do at home.

CubeSat – A company looking to make space exploration cheaper by developing a casing for small satellites. The new space resistant material created by CubeSat offers savings of up to 75% on costs and can be 3D printed by another structure that is already in space.

Three Over Seven – A company that creates custom shoes that are a perfect fit for your feet. This is done by using a mobile app that scans the exact dimensions of your feet to craft a pair of shoes, via 3D printing, that  provide a perfect fit for your unique feet.

Out of these three, the idea with the most votes was…. (Drumroll) Three Over Seven!

You can see the exact breakdown of votes and the presentations for each of the three winners on the Three New Things website: http://unr.ly/1fVBvhu

Here’s a little video to give you a flavour of the event:

 

This post has been sponsored by Virgin media business, but all thoughts are our own.


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