Bizzalley's Business Q&A

Q) How do I get people to trust the products I offer?

Bizzalley's Answer-Building trust is an important element of business success. If your business offers certain products and services and you want people to trust them, here a few things you can do:

• Allow people to have firsthand experience with the product by either offering a try before you buy option or creating a free or low-cost experience of your services.
• Create case studies and success stories; as a good track record helps influence
• potential customers’ opinion.
• Always ask questions and request for feedback from customers. Answer queries too.
• Be visible and consistent. Familiarity breeds trust.

Q) How do I set wage levels for my staff?

Bizzalley's Answer-Wage levels for staff is usually determined by position hierarchy and skill requirements. The more skilled staff are usually paid more as their expertise is important to the business. With the help of an accountant, learn about cost ratios and profit margins related to your business and make sure your wages are competitive. By federal law, there is always a minimum wage, so always be mindful of that when calculating the wage of your staff.

Q)How do I generate referrals for my business?

Bizzalley's Answer-Generating referrals for your business in today’s world can be easy, organized and profitable as long as a process is in place for it to work. A few ways to do so are as follows:

•  Feature success stories in your marketing.
• Hold customer appreciation events regularly. This helps in making the customers feel wanted and induces them to refer other people to your business.
• Include things like gift certificates or raffle draws in your business. This builds
• customer satisfaction and generates good word of mouth for your business.

Q)A competitor has opened opposite my business, how do I keep my customers from

switching?

Bizzalley's Answer-There are a few ways to prevent this from happening in your business:

• Strive to be the best: This is the best way to prevent your customers from switching to
• the competition. Ensure you’re the best option between the two of you at all times and you’ll keep your customers for life.
• Use Contracts: Another way to do this is to offer your customers long-term contracts. This prevents your competition from stealing away your clients. You should offer discounts or bonuses in order to convince your customers to enter a contract with you.
• Build a good relationship with your customers and throw customers appreciation events so that they feel appreciated and loved by you. This is a way of convincing them to stay.

Q)As a small business owner, at what point do I think of expansion for my business?

Bizzalley's Answer-Taking your business to the next level usually involves expansion. An expansion isn’t always so straightforward though. Expanding at the wrong time can affect your business negatively. If you’re thinking of expanding, here’s a checklist to determine if you’re ready:

•  You have a strong team: A strong team that is passionate and reliable is a must. Your staff must be able to handle the rigors that come with expansion.
• Customer base: Is your customer base large enough to support an expansion? Do they love your business? A good sign to know whether you should expand is if your customers themselves are telling you to expand.
•  Money: You need to have enough money to carry you through an expansion. This is very important.
• If your answer is yes to the questions asked in the checklist, then your business is ready for expansion.

Q)How do I determine the level of liability my business has?

Bizzalley's Answer-Every business will incur some level of liability has time passes. However, you must note that every business has different levels of risk. A liability could be medical costs if someone

gets injured in your business place or damages to property caused by you or staff. Consult an accountant and lawyer to determine the perceived risks your business has associated with it and the best ways to minimize your liability risks. Also important after determining your liability risks is to have a General Liability Insurance just in case.

Q)As a small business owner, what security measures can I take to secure my business?

Bizzalley's Answer-Security breaches can affect businesses, in terms of profit and branding. As a small business owner, it is wise to invest in a good physical security system i.e. a security camera system or a security guard, an alarm system. Go for seminars that teach on how to spot and deter shoplifters. Invest in a good computer security program to safeguard electronic records and prevent electronic theft. Create and establish policies that ensure honesty among your staff. On a final note, have a thorough screening when hiring staff. This is the best way to prevent crime in your business.

Q)My competition is doing better than me, can I copy their strategy

Bizzalley's Answer-Unless you’re the leader in your business field, you’ll surely have a few of your competition doing better than you. You can study your competition’s strategy and find out what is

working for them. Why should you do this? A few reasons are below:

•  Your competition has surely made a few mistakes on the way to executing their business strategy. By studying them, you can learn from their mistakes and prevent it when executing it yourself.
•  You can learn new and more information about your target market by watching their strategy. With such information, you can then apply this to your own strategy for the better.
•  A Proven formula works. Studying and copying a strategy that works for your complexion isn’t unethical. It’s just good business sense.

Q) What Legal requirements do I have to meet before starting my business?

Bizzalley's Answer-There are hundreds of laws guiding business practices on local, state and federal level. Before setting up your business, you need to consult a lawyer and your local/municipal government to determine all the rules and regulations associated with your future business. You may need

to obtain a license or pay a fee to operate said business. Always check regularly on changes to the rules and regulations guiding your business as they are always subject to review and change. Always comply with the laws as ignorance is no defense.

Q)How important is a feasibility study before starting up my business?

Bizzalley's Answer-A good first step to determine if a business is going to be successful is to do a venture feasibility study. This study analyzes your business idea from several angles: market potential, availability of resources, competition, technological needs and so on. Basically, it looks at the strengths, weaknesses, opportunities, and threats (A SWOT analysis) of the potential business venture and helps you determine if venturing into the business is a good idea or not. When writing a business plan for your business idea, this should always be the first thing; its importance should not be underrated.