Vocabulary | Business

Definitions

• to balance the books: to not spend more money than you are earning
• to be self-employed: to work for yourself/to not work for an employer
• to cold call: to make a sales call to someone without asking them for permission first
• cut throat competition: when one company lowers its prices, forcing other companies to do the same, sometimes to a point where business becomes unprofitable
• to do market research: to do research into what potential customers would or wouldn’t buy
• to draw up a business plan: to write a plan for a new business
• to drum up business: to try to get customers
• to earn a living: to earn money
• to go bust: when a business is forced to close because it is unsuccessful
• cash flow: the money coming in and going out of a business
• to go into business with: to join another person to start or expand a business
• to go it alone: to start your own business
• to go under: (see ‘to go bust’)
• to have a web presence: to have a website or social  media profile that showcases your business
• to launch a product: to start selling and promoting a new product
• to lay someone off: when a company ends an employee’s contract of employment
• lifestyle business: a business that is set up to bring in a sufficient income and no more
• to make a profit: to earn more money than it costs to run the business
• niche business: a business that serves a small, particular market
• to raise a company profile: to make more people aware of a business
• to run your own business: to have a business of your own
• sales figures: a report of the income a company generates through sales of products or services
• to set up a business: to start a business
• stiff competition: strong competition from other companies in the same area of work
• to take on employees: to employ people
• to take out a loan: to borrow money
• to win a contract: when a business gets legally-binding work with an individual or company
• to work for yourself: (see ‘to be self-employed’)

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