Commercial Confidence – 5 Secrets for Successful Commercial Real Estate Investment

commercial real estatePhoto by Drew Beamer on Unsplash

So, you’ve decided to take the plunge and start your commercial real estate portfolio. If you’re new to this sort of investment, don’t go in blinded by ideals and ambition. Even those who’ve been in the residential property game for years will want to regularly brush up their knowledge and understanding of this exciting, yet challenging field. Commercial real estate is often viewed as a safer investment than its residential counterpart. While this may be true, any sort of investment is a balance between risk and reward. Generally, people get into this side of the game because there’s more security with tenancy and larger returns to be earned. However, these won’t help you if you fail to do your homework and manage the associated risks. Luckily, there are certain steps you can take to further minimise your exposure and keep your portfolio strong:

Do Your Research

It doesn’t matter where you’re looking, there will always be commercial property for sale. Just because it’s there doesn’t mean you should just jump in and buy it without performing your due diligence. Do some research on the area in which you’re looking to buy, and compare the property you’re considering against those around it. This is what your prospective tenants will be doing, so it pays to know the market well. If you have your eye on a specific property, it’s crucial to have a comprehensive history of the property, so that you know what kind of maintenance it will require.

Have a Plan

You’ll want to sit down and work out exactly where the money for this venture will be coming from, and have contingencies in place should tenancy arrangement not go as planned. You’ll also need a solid plan for how you intend to execute your ideas. This is good practice with any investment but real estate tends to require a larger initial outlay, so it’s vital to be prepared should the market throw you a curve ball or two.

Speak to a Professional

Now you’ve got the basic groundwork done, it’s time to bring in some specialized help. We’re not talking about chump change here, so it always pays to have at least a financial advisor and real estate agent on your side. Set up a meeting with your trusted advisors and start crunching numbers, while you may think you’ve covered every angle, two heads are better than one, and three is even better. Your A Team will also be able to help you go through your buying, funding and maintenance plans to ensure you’ve covered everything, and advise you as to any permits you may need.

Have a Purpose

Speaking of permits, if you’re going to want to change anything in your building, you’ll probably need one. Head into your new purchase with a solid idea of what you want to do with the property and if you plan on making any alterations, make sure you’ve factored in the cost of renovations, surveying, permits and lost income from the time where your new building probably won’t be habitable.

The critical mistake that people make when entering the commercial real estate market is thinking that they’ll be fine without planning and investigating all possible variables, because it’s established itself as a “safe” investment. If you can avoid this pitfall, you’re halfway to having a successful property, which can help provide for you for years to come. Make sure that all of your ducks are in a row before you put any money down, follow your plan and watch your bank balance, and portfolio, grow.

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What Would Happen In Case Of A Trucking Transportation Failure

trucking transportationPhoto by Matthew T Rader on Unsplash

Trucking transportation is one of the competitive forces in business and a major player in the domestic and global economy. It is the physical act of linking industries to supply chain partners like suppliers and consumers, thus playing a key role in influencing consumers’ satisfaction with the company. What most people do not realize is that almost 1/3 of all the freights moved in the US is made by trucking transportation. This covers everything from manufacturing, waste removal, food, and medicine.

If the trucking industry is put to a halt, the nation will temporarily halt. What most people fail to realize is that if th trucking transportation stops, multiple critical industries will begin to feel the consequences within the next 24 hours. In this article, we look into the importance of the trucking transportation sector and what it is all about. We discuss the consequences that follow after the trucking transportation sector fails.

What Is Trucking Transportation?

Trucks or trucking transportation begin their economic contribution by moving raw materials to the manufacturers. This includes raw materials for local businesses like quarries, farms, mines, and logging locations, to factories and processing plants that need the materials to create products. After that, finished products are again moved by trucks to retailers and wholesalers or to other transportation linkages to be shipped by air, airplane, rail, or ship. Products are then delivered to their points of destination around the area, region, country, or world.

Most trucking companies see to it that their trucks are in good running condition to be able to deliver what they promise. In case of a truck break down on the road, most truck drivers find trailer repair near me services to get an immediate solution. Here are the possible consequences that could happen if the trucking transportation fails.

Inaccessibility To Essential Products

Trucking transportation is one of the most important economic activities for a business. By delivering goods from the source to their designated locations where they are needed and on demand, transportation serves as the crucial factor connecting the company to its customers and suppliers. It is a significant activity in the functions of logistics backing the economic utilities of time and place. Time utility refers to the access of the customers when they demand the product.

Place utility, on the other hand, is the ability of the customers to have the product available at the location where they demand it. Truck transportation companies always make sure that their trucks are well maintained and well serviced to prevent problems on the road. They also ensure that they keep their end of getting the products available to customers and businesses. When an unexpected truck malfunction occurs, some drivers find trailer repair services handy when out of range of their service department.

Massive Job Loss

If the truck transportation industry fails, there will be a massive loss of jobs. There are approximately 7 million people working in the trucking sector, 50 percent of whom are drivers. In the US alone, there are over 800,000 truck drivers bringing home around $30 billion of annual earnings. In the US, 80 percent of the communities are dependent on the trucking sector in bringing to them the goods they need for their day to day activities.

Inability to Properly Serve Customers

Failure of trucking transportation is often the reason for businesses’ inability to meet the needs of its customers. Late deliveries could cause complaints and service issues. Additionally, it could damage products while in the move. OS&D, or over, short, and damaged deliveries could frustrate consumers that could result in customer dissatisfaction and a tendency to purchase their products from competitors.

Economic Implications

In a matter of 24 hours after the trucking industry shuts down due to a terrorist attack or to a natural disaster, the delivery of pharmaceutical and medical supplies will stop and hospitals will soon run out of supplies. Gas stations will start running out of fuel and long lines will start at fuel pumps. Delivery of packages and mail will stop within 24 hours if no trucking service. If all the trucks are pulled off the road, perishable goods will run short within three days, drinking water would be lost in two weeks to one month, food supplies in the hospitals would run out in 24 hours, and ATMs would run out of cash in three days.

Trucking transportation is indeed crucial in our everyday survival and in our economy. Truck owners and drivers know this role. To be able to play their part, they always make sure that their vehicles are properly serviced and well-maintained.

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Remotely Interested – 6 Reasons Why Telecommuting is Good for Business

telecommutingPhotos by Free-Photos on Pixabay

Many business owners might grumble at the thought of letting their staff work from home. After all, doesn’t that increase the risk of them lounging around in their pajamas and not doing their work? In reality, telecommuting is becoming a broadly accepted business model, and one that appears to work for a significant number of industries. Are you on the fence? Here’s what might convince you to change your mind:

Maintain Your Professional Image

In your mind, working from home means answering your home phone with children crying in the background, or having your important business letters sent to a residential address. However, if you consider virtual offices, those are not valid concerns. Having a virtual office means you get a professional phone answering service, mail forwarding to a prestigious corporate address, and the façade of a legitimate business in a desirable part of town. You may work from your living room at home, but your clients are none the wiser.

Cut Down Operational Costs

Did you know that office rent in the East Bay Area in California has risen by 53 percent since 2012? The figures are not all that dissimilar in other areas too. If you’d rather not pay close to $60 per square foot of space every month, then telecommuting could be the next best thing. All you need to pay for is your home’s rent or mortgage – something you would already be paying anyway. Say goodbye to office rent, utilities, and more.

Broaden Your Talent Pool

If you have a niche industry, you may face the constant battle of trying to fill vacant positions. Not everyone who is right for the job lives in your town or city. By working remotely, you immediately expand your staffing opportunities. All of a sudden, you can tap into the expertise of people all around the world. More than five percent of people now work from home, so it’s clear to see business owners see the value in it.

Work-Life Balance

Imagine never having to miss your child’s football game again, or being able to attend their sports day or see them off to school camp? For many people, that would be a dream come true. Telecommuting offers that work-life balance of which many parents can only dream. The benefit of providing telecommunication in your workplace is that you also enjoy better staff retention. Workers with more flexible working hours are going to be appreciative of what you offer them and will be less likely to want to give it up.

Fewer Days Off

Lost productivity in the workplace due to absenteeism costs, on average, $84 billion every year. You can go a long way to reducing this figure by offering the option of telecommuting. Those parents who take time off due to sick children or a lack of childcare will be able to keep working, and closed roads due to accidents or natural disasters are no longer a barrier to working either. The list of valid excuses for not showing up for work is now far shorter.

Improved Communication

Office chatter can take up a lot of time and valuable resources – with a reduced likelihood of a paper trail for relevant information. If everyone is telecommuting – using cloud-based unified communications systems, team networks and other online tools, there’s less chatter and more critical communication.

Telecommuting might not seem like a good idea at first – especially if you’re picturing all your workers slacking off at home. However, the results speak for themselves. You can cut costs, retain staff, and still keep your professional image. It’s a win-win situation.

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How To Move Forward As An Entreprenuer

entrepeneurPhoto by Rawpixels on Pexels

Starting a business is no easy task. You have to be dedicated to your entrepreneurship, have ample financial banking, and know how to run a business. The Small Business Administration suggests using all the resources that you have available to make your business a success. Your business is going to have to come with a well thought out plan to be successful. For example, will you have employees or be working completely on your own? This will play a major role in the amount of taxes you pay or if you’ll need bookkeeping software to help you keep up with your financial records.

The Basics Of Starting A Business

If you’re starting a business, it’s important to know the different types of companies with the most opportunity to be successful. The businesses you choose should also be something that you’re passionate about. For example, if you have a hobby, you can turn your hobby into a business. In fact, there are opportunities for brick and mortar business opportunities, and an opportunity to start an e-commerce business. Today is a great time to start an online business with many business opportunities to choose from. You can use business startup websites like WooCommerce and Shopify.

A business plan is essential to the starting of a business. You can look at your written business plan to determine the possibilities of your prospective business. A professional business plan will give you a step-by-step written guide on the outlook of your business. During the idea phase of your company, you can draw up your own plan, but as it becomes an actual business, it’s best to hire a professional. Your business plan should also include your marketing tools, business, and financial strategy. The cost will be worth the value to your corporation in the long run.

How will you finance your company? Every business has some degree of start-up costs. Your business funding might be more or less than a similar business. A financial advisor can help you determine the amount of money your business needs to get started. As a financial advisor, they will take a look into all of your financial resources. The right company plan focuses on the development of your business. Your business goals should be tailored to your expressed needs. If you’re working with a business planner, discuss your goals with them and have them drafted in your plan.

You have to get your business in front of an audience to brand and market your products. There are several ways to get your business in front of new visitors and generate loyal customers. A lot of people are using social media as an inexpensive way to introduce new products, services, and features to thousands of potential clients. A good marketing strategy can increase your revenue and seed money. Your business is dependent on the amount of money you bring in from your sells. Your revenue will allow you to put money back into the business for overhead, inventory, and other expenses.

Start a website for your business by hiring a SEO professional. They have the marketing tools to help you get your business within the top web searches. They can use keywords to get your website among the leading competitors. You can drive more people to your brand with a stunning website. You should be able to customize your website to make it readily accessible to users with Internet access. In fact, your website should create a mobile-friendly website that’s accessible from a smartphone or tablet. An international website can also attract new customers to your business or brand.

Remember, significant cash flow will keep your business going. Who will be working for you? You should be willing to do significant research on anyone that’s going to be working for your business to avoid liability later on. Business software will also keep your business running smoothly. However, not everyone should have access to your company files. Choose a few designated employees that will know how to operate your business technology. You should also pay close attention to who runs your business finances. Business risk management is like a second set of eyes for your company.

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4 Tips For Keeping Seafood Safe for Retailers

keeping seafood safePhoto by James Wei on Unsplash

When handling various types of seafood in a market environment, it is the responsibility of the retailer to sell safe, quality fish products to customers. From ready-made sushi to fresh fish, business owners, management, chefs, and handlers alike need to have basic knowledge on how seafood becomes bad. Follow these four tips for help ensuring all the seafood sold in your market is fit for consumption.

Always Observe Fish Before Selling

When the day starts, all fish should be observed for signs they are losing their freshness. A few signs of bad seafood to look out for include:

  • Discoloration
  • A foul, fishy smell
  • Flesh sinks if touched
  • Slime
  • Cloudy and sunken eyes

If you notice any of these signs, think about the health of your customers and make the decision to get rid of the fish.

Use a Seafood Merchandiser

When displaying seafood, it is important you are using equipment designed to keep seafood from spoiling. A good seafood merchandiser will include ice pans, refrigeration, temperature control options, an easy to read thermometer, and other useful features for keeping fish cold and moist.

Separate Seafood Correctly

It is extremely important that cooked fish is always separated from raw fish by using dividers or a separate merchandiser to avoid cross-contamination. Also, make sure to use different utensils and cutting boards for raw and cooked fish. Always wash and sanitize countertops and anything else that comes into contact with raw fish.

You should also separate food based on its likelihood to cause allergies. High allergy food like shellfish and crustaceans should have its own section. Similarly, low allergy bivalves should be segregated. Everything else that doesn’t fit into these categories can remain together.

Provide Labels

It is important you know regulations required for labeling seafood. Indicate whether the product is fresh or once frozen, the type of fish, the country of origin, and whether the fish was farm raised or wild caught.

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