Five Lessons Small Businesses Can Learn From Casinos

Exciting games, extravagant lighting, loud sounds, multiple entertainment options and the desire to make big money real quick are some of the things that come to mind when we hear the term ‘Casino’. However, casinos are more than just this. The casino industry can also teach you valuable lessons in order to be more adept and successful as a professional.

Whether you’re running a large corporation, a small business or working at an individual level, vital business lessons can be learnt by studying businesses practices at casinos. You’d be amazed to know the sheer number of factors that are involved in making a casino run successfully. Every decision made is critical as it can mean the difference between making or losing money.

Modern day casinos are built like “cities within cities.” You can gamble, eat, sleep, shop, and get entertained, all without ever having to leave the casino complex. This phenomena is called ‘vertical integration’ for the sake of maximizing revenues.

It takes a keen and watchful eye to learn something and there are indeed plenty of important lessons to be learnt from casinos that can be applied to your own professional repertoire.

Let’s discuss what these important lessons are to help you get ahead as an individual professional or business.

1. Deadlines are Deadlines

In the casino industry, there are no ifs or buts; a deadline is a deadline and you have to meet them. Failure to meet deadlines can mean millions of dollars going down the drain, as casinos make money from the revenues generated using their patrons’ money.

Casinos are huge business corporations. They are often financially backed by hotshot investors and financiers. Any delay in meeting deadlines can lead to major losses in revenues, and investors and backers are often quick to severe ties with casino owners at a moment’s notice.

The same is the case with small and large businesses in general; you have to meet your deadlines. Moving forward and progressing in a business means proper planning, marketing, and production, which are all governed by deadlines. Failure to meet these deadlines will have dire consequences for the business.

In the casino industry particularly, when a date has been given, it must be adhered to. For example, right before the grand opening of a new casino, if developmental work is still not finished or the unit is not fully functional, the grand opening will still proceed as planned. And failure to complete development according to the proposed deadline could mean heavy losses in revenues on a daily basis, bad press and investors looking the other way without any hesitation.

On an individual level, we really should get in the habit of meeting deadlines. Be it at home or work. In professional life, however, failure to meet deadlines can have real-world consequences which can cost you your job, that bonus you’ve been chasing for months or a sought-after promotion.

2. Marketing is King

Marketing is a core business function as it generates and propels the business forward. Even though finance and human resource are important functions too, they are still regarded as ‘support functions’. And as such, casinos spend an astronomical amount in terms of marketing which helps them attract a lot of customers and new investors too.

Therefore, this serves as an important lesson: without marketing, a business’s profit margins and customer base will be limited. It’s time to stop living in the penny-pinching culture and take the lead from casinos. Allocating a higher budget to marketing will result in greater revenues and a highly engaged customer base.

Another important lesson to learn from casino marketing strategies is that they are always looking to market themselves in innovative ways. Look to market your business in evolving and creative new ways. Study what works in your industry and incorporate the latest means available of promoting your business.

Small businesses often fall in the trap of stopping their marketing efforts once they reach a certain success level. This is not a good strategy as customers need to be consistently reminded about your products and services, to make them repeat buyers and sustain loyalty. Casinos attract a lot of new customers, thanks to their aggressive marketing strategies.

However, you should also keep in mind that there are certain laws casinos have to keep in mind, as there are bodies governing them – just like your business.

3. A Buzzing Environment

Casinos flourish because they are good at creating a very happening environment with a positive vibe. It’s hard to be entertained in a dull and boring environment.

Casinos offer you a lot. If you are not interested in gambling, you can choose from a host of entertainment options. You can eat, drink and shop without ever having to leave the venue. This kind of entertainment access not only leads to higher revenues, but satisfied customers too, who do not mind putting down heavy loads of cash to take in the experience again and again.

By the way, did you know that you can also sleep at casinos if you are a loyal customer or high-stakes gambler? Some casinos include highly furnished rooms with exquisite views for their most valued customers.

Creating positivity is the key. A positive environment creates a feel- good factor which results in improved employee performance as they are better motivated to do their jobs.

4. Customer Service

Casinos make money every time people gamble and lose. However, if even the biggest casinos lack good customer service, people would not consider setting foot inside the premises, let alone lose their money on bad bets!

Casinos put an extra emphasis on customer satisfaction by training their staff, upgrading facilities from time to time, bringing in new games and expanding their entertainment offerings. Casinos are also very good at solving payout disputes since the entire casino cycle revolves around money and disputes are inevitable.

The points discussed above are of importance to any business, because without a stellar customer service, there can be no business at all. Strive to go the extra mile when it comes to pleasing and satisfying customers. A satisfied customer will always be willing to try out new products and services, irrespective of what it costs to experience them.

5. Innovation

One important lesson to learn from casinos is their willingness to adapt. Casinos are always looking to update their gambling software and entertainment facilities, be it for improved gambling services or a boost in overall security. The management staff at casinos see to it that the ambiance stays fresh, either by re-arranging or bringing in new stuff. It’s a constantly changing process that leans on the edge of innovation and creativity.

In this competitive world, businesses that are resistant to change will always fall behind. You need to build confidence to be able to do well. It is vital to foster creativity to satisfy both internal customers (employees) and external customers. It goes without saying, that highly satisfied customers will help you better achieve your targets and goals.

 

How to Set Up a Legitimate Home Based Business

Of the various home based business ideas you’ve come up with, you were able to make your choice and now you’re raring to get started. If so, start right by establishing a legitimate home based business and applying for the necessary permits and licenses.What You Need for StartersThe first thing you need is a permit to do business, and you’ll get this from both your local and state government. You will also need a permit for all signage ads you intend to use, in the event that you’d want to establish your own store at home. Keep in mind that you’ll be paying a fee for every signage so try not to go overboard. A Fire Department permit is always necessary, and it usually entails having your own fire extinguisher – even a small one would do – at home.Choose a FormAre you alone in your plans of establishing a home based business or do you have other people contributing capital or skills to the business? What are your future plans for the business? Both questions are important to answer immediately as they can help you determine the ideal form for your home based business to take.Sole proprietorship is the quickest to set up and enjoys the most number of tax benefits. But of course, sole proprietorship also makes you and only you personally liable for losses incurred and violations committed by your business.Partnership is the next form in the organization ladder. It’s relatively easy to set up and has its own advantages to offer as long as the partners can work in harmony and without violating their partnership agreement. Keep in mind, however, that any home based business owned by a partnership will immediately dissolves if any of the partners dies or leaves the business.Home based businesses can be owned by corporations, too. The incorporation process make take a lot of money, time, and paperwork to accomplish, but it also provides the greatest amount of protection from liabilities for its directors and stockholders.Pick Out NamesMost home based businesses use sole proprietorship as the form of their business. Assuming that you’ll do the same and you intend to use your own name for your business, there won’t be any need for registration then.If, however, you intend to operate your business under another name then that’s something you’ll have to register as required by the Trade Name Registration Act. To avoid making repeated trips for registering your business name, try having several alternatives ready in case your first choice isn’t accepted.Legitimacy is occasionally judged on the mere basis of a business’s name so take care when picking out a name for your home based business. Choosing one that sounds too much like a competitor’s could make people think you’re not averse to using illegal tactics to do business.Choose a name that best represents your business and one that can easily catch people’s attention. Try not to make it too difficult to spell as your business name, in ideal cases, would also be your website’s domain name. Generic names might sound cute at times, but the law generally doesn’t approve its use as a business name.Pay Your TaxesLegitimacy may be established earlier on, but it’s also something you have to consistently prove. One way of doing so is by paying your taxes properly and on time. Customers in general have greater respect for home based businesses managed by diligent taxpayers and they’re quicker to trust such businesses, too.Be meticulous in keeping your books. A home based business is entitled to certain home office benefits as specified by the law but you’ll have to submit documentary proof before your deductions can be approved.Get AccreditedLast but not the least, work hard to obtain a positive rating from the Better Business Bureau; a commendation from the said agency is the best proof you can obtain that yours is indeed a legitimate home based business. You will not be evaluated by the BBB if you don’t ask for it. You also have to pay a small fee for the accreditation and yes, you have to pay even if you don’t like the end result. Aim to have the BBB OnLine Reliability seal on your website and don’t worry, your customers can guarantee that it’s not a fake because they can click on the confirmation link redirecting them to the BBB site.

Considerations for Baby Boomers Starting a Home-Based Business

About ten thousand Baby Boomers are reaching retirement age every day in the United States. At least two-thirds of these Boomers must generate funds in order to financially survive. Many more simply wish to continue working, even if it is part-time. Many are planning to start a home-based business and are asking themselves, “What type of home-based business should I pursue?” An important aspect of this decision should be a feasible exit strategy that allows transition to full retirement at some point.The obvious way to launch a home-based business is to leverage one’s work experience, contacts and expertise to create an enterprise that can be run from a home office. In most cases, this is the fastest path to success. If you enjoy what you did career-wise, this approach is an easy extension of your prior job. Planning ahead, one can even establish consulting contracts with an employer or his clients. The result can be a smooth transition with minimal cash flow impact.Many Boomers, however, wish to launch a second career in a new arena, such as opening a bed and breakfast or becoming a teacher. This takes more investigation and planning, ideally accomplished well in advance of retirement. There are ample resources on the Internet (much of it free!) to assist with this process.For older Boomers who have found themselves suddenly unemployed, time is usually of the essence. Typically, they are seeking a source of income with little start-up time. Unfortunately, finding another job is difficult for 50-plus Boomers.Many laid-off Boomers compensate by putting up a quick website and trying to leverage their experience into a consultancy business, but soon realize that this road too has a start-up period while clients are procured. Others seek “instant businesses” in the form of established multi-level marketing operations or franchises, only to discover that these too are not “slam dunks.”There is rarely an easy road to riches. Moreover, launching a home-based business is a process that is usually accompanied by anxiety and mounting credit card debt.For those who make a successful transition to operating a home-based business, there is one more important consideration. At some point, they will want to really retire or at least cut back on their involvement in the business. Then, it would be nice to have something that provides ongoing residual or passive income. This goal should be part of the upfront planning in establishing a home-based business. Otherwise, it can be a costly and often devastating afterthought.If a home-based business or franchise establishes a profitable, verifiable revenue stream from contented customers, it can usually be sold. The profits can then be invested for passive income during retirement. Again, the business plan must include this as an ultimate objective and be implemented accordingly. If the business does not generate satisfied return customers, its “good will” value is minimal and finding a buyer or achieving a good sales price will prove difficult.There are other ways to generate passive income from home-based businesses. Membership and subscription-type businesses are good ongoing revenue generators. So are royalties from self-published eBooks. And carefully-screened MLM opportunities can yield continuing income streams as well. So achieving “retirement” may be as simple as transitioning the daily operation to a buyer or someone who is hired to manage it.The lesson is clear. If you create or purchase a business, do so with the objective of creating intrinsic value that makes it possible to sell – or step back from – the operation at some point. An “exit strategy” is an important consideration for any home-based business, and older Baby Boomers should plan for this.