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Is the best time to relocate your business before, during, or after the holidays?

(ENTREPRENEUR NEWS) If your business has outgrown its current space, it may feel like there’s never a good time to relocate. When can you pack everything up without disrupting operations, going offline, and sinking your sales?

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Got growing pains?

If your business has outgrown its current space, it may feel like there’s never a good time to relocate. When can you pack everything up without disrupting operations, going offline, and sinking your sales? The answer may be during that post-holiday slump.

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Though the holiday season is marked by increased shopping and general economic activity during the run-up, once the holiday season actually begins, we tend to see a slowdown that leads to low first quarter profits. Decreased profits during this period don’t mean we’re looking at an overall economic slump, but rather that everyone is recuperating from holiday spending sprees, while companies assess and prepare to launch their start-of-year marketing strategies. It’s a time of renewal and reconsideration, from an economic perspective.

If you’re thinking about staging a move for your business this holiday season, you’re on track for decreased business disruptions, but that doesn’t mean you have an easy road ahead of you. Here’s what you need to know to execute the move smoothly.

Have A loose timeline

One of the most challenging things about planning a business move is that it can be hard to predict how long it will take to properly execute your move. That means, even if you tell your customers you’re relocating, you shouldn’t expect to give them a hard re-opening date. Rather, the length of time it takes to move tends to hinge on a number of factors, including distance, size of your business, infrastructure issues, and regulatory concerns, not all of which are easily predictable.

You’ll also want to leave some buffer time when planning your move because you can’t predict problems that might arise with the moving company. Bad weather or a broken down truck can delay a move, especially if you’re working with a small company. Moving companies may also offer you a lower rate if you’re flexible with your move dates.

Consider your employees

Another question you’ll want to ask before moving is, “Where are my employees in all this?” Some companies firmly believe in giving employees holidays off, even if it means closing a profitable business like a restaurant during an otherwise profitable time. Other companies, however, typically assume employees will be in the office during or immediately after major holidays.

Regardless of your usual philosophy, you need to determine what role your employees will play in your move.

While they shouldn’t be responsible for the physical process of moving, do you expect them to participate in packing and setting up the new location? You should be clear about your expectations while recognizing that moving is outside the scope of typical job duties. You also will need to budget to pay your employees during this downtime while also financing the move, even though you won’t be bringing in a profit.

Mind the locals

If you’re primarily an online business, you may not have to worry about how your move will impact customers – other than some downtime, these individuals will be minimally affected. However, for businesses that run a brick and mortar storefront, changing locations can have implications for your community relationships.

If you move outside your original area, for example, you may lose customer goodwill or even sacrifice some of your customer base altogether. Depending on the service you provide, they may come back, or they may find another option closer to home.

The holidays are a busy time in general, but they’re an unusual time for businesses since economically it’s the pre-holiday period that’s actually the most hectic. Take advantage of this imbalance to move your business with the least fuss during the last few days of the year or at the start of the first quarter. You’ll be pleased to find how smoothly a company move goes when customers are otherwise occupied.

#HolidayMove

Larry Alton is an independent business consultant specializing in social media trends, business, and entrepreneurship. When he's not consulting, glued to a headset, he's working on one of his many business projects. Follow him on Twitter and LinkedIn.

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Business Entrepreneur

Business pro tip: when pricing your product, think like a photographer

(ENTREPRENEUR NEWS) On of the growing pains associated with starting your own business is knowing how much to charge for goods and services. Use these helpful tips one photographer uses for pricing a photo and get the ball rolling!

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More than a thousand words

A picture may say a thousand words, but a photo doesn’t just tell a story. A simple photo can be an excellent example on how to price your next business product.

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Photography blogger Sarah Petty wrote her method of pricing a simple 8×10 inch photograph for as advice for her fellow photography business owners. But her advice can actually be applied beyond the world of studios and darkrooms. Here’s how to think like a photographer whenever developing the cost of your next good or service.

Step One: Know thyself (and know thy client)

Your first step in knowing your next price for your next best selling item or service is knowing what type of business you run. This is solved by answering the simple question: are you a high volume seller with lower prices or lower volume seller with higher prices?

This question can be answered by looking at your sales for the past month. Are your trends indicating your customers prefer a more personalized, boutique approach to the things they purchase from you (with higher prices), or do you move a lot of product (with lower prices)?

When you understand what type of business sales trend you’re following, move onto step two.

Step Two: Understand your sunk costs.

A sunk, or fixed cost, is the price to manufacture or deliver a good that will not change (unless reacting to the market’s inflation). What is the basic core cost of manufacturing the product you intend to put in your store? That amount, your cost of goods sold (CGOS), is the baseline from which your ultimate price will come from. Now to step three.

Step Three: Look at your other overhead for producing your product.

So you know your CGOS, so all you do now is just add what money you want to make off that? Wrong. You’re forgetting that you’re not just making that product. You are maintaining a store or electronic storefront, you’ve got office space, human resource costs, and other things that may slip by whenever you’re trying to develop your price for your next big thing. This doesn’t mean you’re charging a customer a month’s rent for consultation fee, of course, but knowing that you’re going to need a comfortable cushion whenever figuring this product’s cost out. According to the federal Small Business Administration you should allocate a portion of the profit “to each service performed or product produced” and this cost should be calculated annually. Finished, now to step four.

Step Four: Profit!

Finally, after factoring your CGOS and your overhead, now you can decide what you want to make by selling. Petty personally uses the approximation of making 4 or 5 times her CGOS plus her overhead per item. Whatever the ultimate cost is, it has to be able to lend you the ability to live comfortably in order for you to be able to manufacture more in the future.

The next time you have to develop a price for a new product, don’t forget to step into the world of photography for awhile. You’ll be saying cheese all the way to the bank.

#KnowYourPrice

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Business Entrepreneur

The pros and cons of listing hobbies and interests on your resume

(BUSINESS ENTREPRENEUR) All resumes are not created equal but they should all follow the same rule of thumb when it comes to listing hobbies and interests.

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Relevancy matters

An “Interests or Hobbies” section of a resume is often a question of debate for job seekers. In general the consensus is clear: interests and hobbies are okay – if they are relevant.

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An interest or hobby section can help round you out as a candidate, and can help you standout, but it can also come with some costs. Let’s weigh some of those pro/cons.

Advantages

  • They help distinguish you from other applicants. Especially in applicant pools where the qualifications are similar – this can help you standout and make you unique in the applicant pool.
  • They create talking points for interviewers – and can help humanize you. They give places to start up conversation and generate positive “buzz” about you with the hiring manager.
  • They show-well roundedness and versatility – often hobbies or interests can indicate skills that are transferrable or represent growth potential.
  • Can give indications of fit and alignment with company culture – and can indicate how you will mesh with a team.
  • Express desirable traits like dedication, persistence, and passion.

Disadvantages

  • They pigeonhole you – they may cause an employer to limit how they think you will fit in with the team.
  • They could indicate things that are distracting – so for example, if you list “traveling”, your employer may worry that you plan on vacationing a lot or may be unavailable.
  • Expressing too much interests may trigger to employers that you don’t have enough balance, or that you have priorities that may conflict with work.
  • Expressing involvement with organizations that run counter to the organization you are applying for may eliminate you as a candidate.

Think before you list

Although weighing the pros and cons are important, there are a couple of things to ask yourself BEFORE you list an interest. Consider going through the following questions:

1. Is it relevant? While it is ok to list one or two side hobbies or interests, most of what you list should be relevant to the job you are applying for – blogging for tech if you are applying for IT, or leading a volunteer team if you are applying for a manager position. Don’t throw around random information in an attempt to fill space.

2. Is it controversial? In general, be wary about listing political associations, or membership in controversial issue groups – gun rights, abortion, immigration, etc. (Of course, if you are applying for a position that is political in nature, be careful about listing involvement in organizations that are politically to what you are doing!)

3. Is it dangerous? Probably best to not mention you engage in UFC fighting, real sword play, live action jousting, base jumping, etc. You don’t want employers to think you are expensive to insure, or worse, may not come to work alive one day.

Least important goes at the end

When including this material in your resume, be sure to consider how you present this information. Be brief – and do not list more than 2-3 interests that you can clearly connect to the job. Place them at the end of the resume – so you don’t fight with more important content like experience or education that hiring manager MUST see. Label the section correctly – consider “activities and interests”, “areas of interest”, or “other” depending on all the information you are listing. Key point – keep it brief, avoid irrelevant fluff, and indicate interests to stand out, not push yourself out.

#HobbiesNInterests

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Business Entrepreneur

How to determine your freelance rates based on data, not your gut

(ENTREPRENEUR NEWS) Setting freelancer rates can be quite the tricky business. This tool does arms you with the data you need to grow your business

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The bulk of my professional career has been spent as a freelancer. The designation of “freelancer” has taken me on an interesting path that allowed for projects and opportunities I didn’t even know existed.

While I’m grateful for each and every opportunity, I now look back on some of these experiences and realize that I was vastly underpaid. For the most part, this is my fault as someone paying for a service is looking for the lowest possible rate and I never bothered to bargain out of fear of losing the role.

It was even at a point where I dreaded being asked my hourly rate because I didn’t know what the norm was. There was always a fear of charging too much and getting dropped for someone cheaper, or charging too little and looking inexperienced.

We recently talked about knowing your worth and how we freelancers often under charge for our services. Luckily, as this career path becomes more and more popular, there are now more resources devoted to helping us know what to charge.

Such a resource comes in the form of Freelance Rates Explorer. Created by Bonsai, this online tool gives users the ability explore rates from 40,000 freelancers worldwide.

“There are many sites like Glassdoor that offer salary data comparisons for full time employees,” said the tool’s developers. “However, there isn’t a site like this dedicated to provide insights on freelancers rates. We had this data, so we built the Rate Explorer to make it easy for freelancers to compare their rates in the largest publicly available rates database on the Internet.”

In order to find the standard rate for their field, users will input their role (either development or design), their skills (full stack, front-end, back-end, DevOps, iOS, and Android), experience (in years), and location. The Rate Explorer then generates a bar graph based on the answers and will show the most common hourly rates based on the number of freelancers and the rates range.

Bonsai also offers proposals, contracts, time tracking, invoicing and payments, and reporting. All of this is designed for freelancers.

As for the Rates Explorer, seeing the numbers calculated right in front of you may make you realize that you’re vastly underselling yourself.

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