There are over 32 million small businesses operating in the US.
That’s a lot of people working hard to sell their products/services and, hopefully, turn a profit!
Let’s face it, money is the lifeblood of any business. It’s a competitive world. With insufficient capital to hand, it won’t be operational for long.
For that reason, it’s vital that small businesses squeeze as much money as possible from operations.
Tax deductions constitute one essential method of doing exactly that.
After all, paying a hefty tax bill is rarely pleasant. For small businesses trying to maximize their profits, it can even mean the difference between success and failure. Are you looking for ways to save money on your business’ tax bill this financial year?
Keep reading to find out 8 must-know tax deductions for small businesses.
1. Business Supplies
Let’s start with the basics:
You can deduct from your tax bill all of the expenditure on essential business supplies.
It might not seem like much. However, any owner knows how much these necessary fees can stack up. For boot-strapping start-ups, every little bit counts!
Look around you. It’s possible to claim for almost anything you’ve bought for the purpose of doing business. Stationary (pens, pencils, paper, staples…), printers, cleaning materials, desks, chairs, sofas, whiteboards, projectors…The list goes on.
You can deduct any and all of them.
2. Travel Expenses
Business travel isn’t cheap.
It’s also essential for many companies. Business travel is commonly a vital aspect of creating leads, meeting with investors, attending conferences, generating interest, and so on.
There is all manner of opportunities to travel for business purposes.
Nicely, almost all of it can be claimed for. Often, entertainment costs can be claimed for too.
All of those flight tickets, bus tickets, train fares and so on are all deductible. Likewise, certain related expenses such as meal costs, room service, dry cleaning and so on can be claimed.
Of course, keeping a solid record of each transaction is important. Equally, certain limitations apply too. You can’t claim for absolutely everything! You must understand your tax obligations in full to be successful in any tax preparation.
3. Personal Vehicle Expenses
Many small business owners use their personal car for work purposes.
The money spent on this process is often tax-deductible. Note that only the business side of things can be claimed for! It’s crucial to separate the business from personal usage.
Granted that’s possible, then you can claim for everything from mileage to parking fees. It’s often tricky to ascertain true mileage for a trip. Be sure to record mileage by referring to the odometer, or a GPS system.
Don’t forget to deduct expenses for insurance and maintenance costs too. Owning a vehicle isn’t cheap. Using it for work can only exacerbate that. Be sure to leverage the tax deductions available!
4. Necessary Overheads
Look at what you fork out every month to keep your business operational:
Rental commitments, utility payments, internet costs, and phone usage are all crucial costs. They’re all unavoidable expenses. You couldn’t do business if you didn’t pay for them all.
For that reason, it’s possible to deduct it all from your tax bill! This can make a big difference at the end of the financial year. Again, accurate record-keeping throughout the year is essential.
5. Software & Equipment Costs
Almost every business has specific demands.
Industry-specific equipment and software is often a necessary expense. Likewise, updates and new installs are vital to staying up to speed.
These costs represent another worthwhile deduction on your tax bill. You can claim for each and every one of them, up to a certain amount of money. That means your actual computers, and all computer software can be claimed for.
Other essential equipment (such as equipment for manufacturing) can also be deducted under this bracket.
6. Your Home Office
Most people think of business and conjure images of swanky corporate offices in the city.
And, of course, that’s often accurate.
However, many small businesses are operated straight out of the family home. If that’s your set up, then you have the benefit of claiming for the costs of your home office.
That said, it must be wholly business-related. You can’t work from your kitchen and claim it’s your office! Instead, a designated space from which you operate is required.
Tick that box, and say hello to deductions for internet, insurance, rent, phone bills…and so on. Likewise, furniture and supplies can be claimed for too.
7. Outsourced Professional Services
It’s rare for someone to actually enjoy the tax process!
Consequently, many business owners opt to outsource the process. All bookkeeping and tax returns are completed by a professional.
Nicely, their fee can be deducted from your tax bill at the end of the year. Even better, it’ll be their job to work it out and complete the forms for you!
It doesn’t stop there. You might work with lawyers and consultants as well. It’s possible to claim for the money you’ve paid them too.
8. The Interest Payments on Debt
If you’ve gone into business, then chances are you’ve taken on debt to fund it.
Leverage, in the form of bank loans, is often an essential means of getting it up and running. After all, almost every business needs upfront investment to become a success. This start-up capital is used for all sorts of reasons. It can amount to a significant sum.
The burden of debt is rarely fun. However, it’s possible to claim for some of it.
Unfortunately, the loan itself is off-limits. But the interest payments are entirely tax-deductible.
Final Thoughts on Tax Deductions for Small Businesses
There you have it: 8 essential tax deductions for small businesses to know about.
Millions of small businesses are currently operational in the US. It’s guaranteed that profit maximization is a priority for every single one of them.
Indeed, the ability to cut expenses and turn a profit is vital to remain in business. Cutting costs wherever possible often comes into it. Tax deductions are an easy and essential method of doing exactly that.
Hopefully, this post has highlighted the main sources of tax deduction out there.
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It is tempting to think that more manpower equates to more productivity at work. After all, jobs tend to get done right away when many working pieces are involved, right? That is not always the case.
In fact, studies now show that a smaller number of members in a team is linked to more engagement and accountability. At work, small teams tend to be more productive because leads can focus their time and attention to fewer members.
However, spearheading a small team is still no easy feat. Just like any organization, small teams also have their fair share of challenges. And it is in everyone’s best interest to keep even a small boat floating.
Here are five strategies on how you can bring in the best out of a small yet effective team:
Use time tracking tools
You can use a free time clock software to set deadlines and objectives to manage project time more effectively. Time management tools can assist you to keep track of your team’s work and any project advancement.
It provides you monitoring tools that can be used to record the time that is spent on assignments and projects, such as timesheets and project trackers. You no longer have to wonder where time is wasted and which projects are receiving a disproportionate amount of attention. This time, you now have objective evidence.
For first-time managers, this might be easier said than done. To start with, you must create a welcoming atmosphere where your team knows that their feedback and opinions are all valued. Encourage them to open up. In that way, no one can feel as though they do not have a chance to express.
Staff meetings are a good way to build an open communication line in your team. During assemblies, convey the messages that you want to impart with confidence. Your audience will not only hear what you are saying, they will also see and feel your enthusiasm.
Having a proactive behavior in every discussion will help your teammates retain the discussion better. And with better retention, you possibly get more valuable inputs from them.
After you have established good communication in your team, the process of setting expectations and goals in your tasks will most likely go by smoothly.
Encourage teamwork and collaboration
Teamwork or collaboration has a dramatic effect on organizational performance.
Just like establishing good communication, teamwork is not something that just appears out of thin air. It is hard work and dedication that create a culture of teamwork in the workplace. When there is collaboration, the tasks at hand become more fun and uncomplicated.
Effective collaboration does not mean delegating an equal amount of work among the team. It is about knowing and sorting out tasks properly according to the skills, interest, and availability of the members.
Here are a few things to keep in mind about teamwork:
Be informed about the team’s common goal and objective.
Learn when to ask for help, especially when you are in need of an inspiration or support.
Let your team know about the progress you are making.
Encourage the team to question things from all angles.
Appreciate the efforts of the team and celebrate achievements together.
Set realistic deadlines
It is easy to postpone work when you think you have all the time in the world to finish it. Without a sense of urgency, you can always switch to things that are more enjoyable than the work you are avoiding to get done.
To stop the team from postponing and avoiding work, set a realistic deadline that is near to the present. If you firmly believe that a task can be done in a week, direct the team to get it done in a week’s time. This will keep the team stay driven throughout the process.
Before you set deadlines, it is necessary that the team knows what is expected from them. Explain the objectives and goals in mind clearly so that you are on the same page with everyone in the team. Make sure that the team agrees to the deadlines that you set so that they would have a sense of accountability in everything they do.
Evaluate your team regularly
Most of the time, it’s pretty easy to identify whether or not a team is successful. But how do you repeat those successes?
Giving room for feedback can help you measure the effectiveness of your style of leadership. It will also give you the privilege of knowing if this specific leadership is well accepted by everyone in your team.
For personal and career development, it is important to regularly know each of your member’s strengths and weaknesses. An age-old aphorism goes, “a team is only as strong as its weakest link.” The team can either be brought down by the actions of an individual or be brought up by a particularly strong contributor.
Take the time to determine if a person is raising up or bringing down a team. Once you have identified the individuals, see if you can coach the other members of the team to take some of the same attitudes and practices.
Lastly, establish a baseline and clarify your definition of success so you can better judge and provide feedback on how successful your team is. Conducting regular evaluations significantly determines how great a team will be moving forward.
Final thoughts
The fundamentals of succeeding in managing small teams lie in the knowledge that managing these teams is just as hard as managing mid-sized or even bigger teams. People often believe that managing a small team is easier, but that is hardly ever the case.
At the end of the day, the success of a team is only just a reflection of the combined efforts of each individual in a team.
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Whether you currently have a stable job or you are still in the process of finding a job, the idea of running a business and being the boss looks very appealing. With the unemployment rate that the economy is experiencing, it means that many companies are still struggling to survive. The idea of starting a small business can be quite a scary idea because the success rate is low. If you feel that you are up for the challenge and you are ready to take risks, then you must make the necessary preparations. To increase your chances of being successful here are some tips on how to prepare you for business.
Define your goals
It is easy to say that you want to have a business, but you need to be very specific with your goals and wishes. Ask yourself what kind of business would you like to have? Are you planning to sell services or goods? How long are you giving your self before you start hitting your business goals? Your intentions of running a business should be genuine, or else there is a big possibility that it will fail in the long run because you lack passion and commitment.
What are the costs?
It does not matter whether you want to start small or big, but the bottom line is that you need money to make your investment sustainable. Do you need to figure out how much capital you need to start the business? Do you have enough savings to cover all the costs? If not, are you willing to apply for several loans to increase your revolving funds? You need to have a clear vision of whether you can continue supporting your business in a few months or you will end up closing down because things are not going according to your plan.
You need experience
Before deciding to open up a business, you need to have some first-hand experience of handling people with different personalities. It would help if you also learn the ropes in the industry that you are about to be part of. It is a good idea to get several months or years of experience in companies in the same industry, so you will have the confidence to manage your business.
Find ways to save money
Most start-ups struggle with finances. That is why you need to be thrifty and wise when it comes to your expenditure so that you can survive the competition. Think about your monthly overheads like rental, utilities and staffing. These will be your top three expenses. Try to look for a place with lower rent or do it from your home. You can work on your workforce by hiring a sufficient number of people only.
Lastly, you need to look for a trusted Utility Bidder before moving to a new office space or setting up a physical store. It would help if you found an electricity and gas provider that is affordable and offers excellent service.
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Although many people underestimate the importance of acquiring strong writing skills, they can come in handy in many life situations. Having these skills can play a positive role in your career, enhance your academic performance, and bring a whole bunch of other benefits.
For those who are looking for career advancement, developing good writing skills can become a good step forward to obtaining a stable and well-paid freelance job. Today, freelance specialists are in high demand, and a writer is among the top most popular and well-paid jobs. There are plenty of brilliant opportunities for writers – you can write blog posts, press releases, e-books, or any other kind of web content. Finally, if you are a college graduate with decent expertise in one or several subjects, becoming an academic writer at pro essay writing service is your best bet! Such a job will allow you to be your own boss, define your working hours and scope of work, and earn money from any place in the world! Sounds like a great opportunity, right? Without a doubt, but first, you need to develop those essential writing skills, and in this article, we are going to give you a few handy tips for better results!
Top Ways To Enhance Your Writing Talent
Regardless of your reasons, the tips and tricks given below will help you take your writing abilities to a completely new level!
1. Write about your experiences
One of the most certain ways to find inspiration is to start writing about something you have personally experienced. An even better result can be reached writing about something you experienced for the first time. For example, tell about your first trip abroad, first day at college, etc. Such an exercise can give a powerful boost to your talent.
2. Have a diary
As we already said earlier, writing about personal experiences is one of the most powerful sources of inspiration. Therefore, writing a diary can be a useful way to grow your talent. Since a diary is a very personal thing, it doesn’t require you to follow any rules or requirements. Thus, it gives plenty of space for creativity and experimenting.
3. Write using random prompts
Another great way to enhance creativity and skills is to find random prompts. This is a very useful technique that will help to uncover your potential. For example, you can look for prompts right on your bookshelf – pick a random book, open it at a random page, and pick a random line. Then, write a short text that starts with that line.
4. Create a blog
Blogging is not only a great way to keep your writing on track, but also an opportunity to earn some extra money! Pick the topic you are interested in and give it a try!
5. Write about people you know or yourself
One more trick used by many writers is writing texts describing a person, for example, a friend, family member, or even yourself.
6. Use words of the day
Struggling with finding a topic for your next text? Then use this fun technique! Different online dictionaries like dictionary.com post a word of the day – look it up and write a text with them every day. This is another simple way to boost creativity!
7. Attend workshops, classes, and lectures
Apart from regular practice, it is important to find a way to learn from the experience of already established writers. Thus, attending different kinds of workshops or classes is never a bad idea!
8. Practice every day
This is probably the best tip we can give to aspiring writers! Just like any other skill, it requires lots of practice to become a good writer. Spending a few hours each day writing is the best way to develop strong skills and disclose your potential.
Final Words
Whether you are a student, who has to deal with lots of written assignments each semester, a specialist in any way engaged in creating any type of content, or someone who is looking to start a new career in writing – one thing you should take decent care of is the level of your skills! Without a doubt, writing excellent content requires talent and experience, but these skills can be easily enhanced with the help of our tips. Thus, be sure to apply those tips in practice, and you will reach the top!
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Planning on launching your first business? This is an exciting time, and you will be keen to get started, but running a company is no easy task, and there are a lot of areas that need careful consideration. You hear of many businesses going belly up before they’ve even had a chance to succeed, so it is understandable if you have some anxiety about launching your company. Read on for a few tips which should help you to avoid common mistakes, hit the ground running, and build a platform for you to go on and find success with your first business venture.
Carry Out Thorough Market Research
Before you get the ball rolling, you need to make sure that it is a viable business option. It might be an idea that you are interested in, but it needs to be something that is in-demand which you can find out with market research. Look at the current state of the market, who your competitors are, who your target customer is, if there are any gaps in the market, and if there is the potential for success.
Create A Plan & Get Sufficient Funding
You can then use your market research to create a detailed business plan which will detail your understanding of the market, your USP, a business model, and financial projections. The business plan can act as a guideline for your company, but it can also be used to secure funding. You need to make sure that you acquire sufficient funding so that you can get the operation running up to a high standard. There are many options for acquiring funds, including venture capitalists, loans, angel investors, and crowdfunding.
Build A Brand
Your brand is how you differentiate yourself from the competition, and it should always be eye-catching, stylish, and relevant to your industry and target customer. It should also be a reflection of your brand personality and values. This will include a company name, logo, and slogan but also your approach to business. You will then need to register the business and secure a domain name for the website.
Online Presence
Leading on from this, you then need to create a strong online presence as this is vital in today’s day and age. This will include an attractive, functional, and valuable company website and being active across social media channels.
Legal Support
It can be daunting when you start a company for the first time as you will want to make sure that everything is legal and above board. It is a good idea to find a lawyer that specializes in business law, such as charlestonlaw.net. In addition to helping you to get up and running from a legal standpoint, they will also be able to help with any legal difficulties that you encounter at any time.
Starting your first company is an exhilarating experience, and you are sure to enjoy many aspects of the process, but it can also be stressful, and many new entrepreneurs make the same mistakes. The above tips should help you to avoid common pitfalls and provide you with a solid foundation to go on and find success.
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“Can I Deduct That?” 8 Must-Know Tax Deductions for Small Businesses
/in Managing Your Finances/by StrategyDrivenThat’s a lot of people working hard to sell their products/services and, hopefully, turn a profit!
Let’s face it, money is the lifeblood of any business. It’s a competitive world. With insufficient capital to hand, it won’t be operational for long.
For that reason, it’s vital that small businesses squeeze as much money as possible from operations.
Tax deductions constitute one essential method of doing exactly that.
After all, paying a hefty tax bill is rarely pleasant. For small businesses trying to maximize their profits, it can even mean the difference between success and failure. Are you looking for ways to save money on your business’ tax bill this financial year?
Keep reading to find out 8 must-know tax deductions for small businesses.
1. Business Supplies
Let’s start with the basics:
You can deduct from your tax bill all of the expenditure on essential business supplies.
It might not seem like much. However, any owner knows how much these necessary fees can stack up. For boot-strapping start-ups, every little bit counts!
Look around you. It’s possible to claim for almost anything you’ve bought for the purpose of doing business. Stationary (pens, pencils, paper, staples…), printers, cleaning materials, desks, chairs, sofas, whiteboards, projectors…The list goes on.
You can deduct any and all of them.
2. Travel Expenses
Business travel isn’t cheap.
It’s also essential for many companies. Business travel is commonly a vital aspect of creating leads, meeting with investors, attending conferences, generating interest, and so on.
There is all manner of opportunities to travel for business purposes.
Nicely, almost all of it can be claimed for. Often, entertainment costs can be claimed for too.
All of those flight tickets, bus tickets, train fares and so on are all deductible. Likewise, certain related expenses such as meal costs, room service, dry cleaning and so on can be claimed.
Of course, keeping a solid record of each transaction is important. Equally, certain limitations apply too. You can’t claim for absolutely everything! You must understand your tax obligations in full to be successful in any tax preparation.
3. Personal Vehicle Expenses
Many small business owners use their personal car for work purposes.
The money spent on this process is often tax-deductible. Note that only the business side of things can be claimed for! It’s crucial to separate the business from personal usage.
Granted that’s possible, then you can claim for everything from mileage to parking fees. It’s often tricky to ascertain true mileage for a trip. Be sure to record mileage by referring to the odometer, or a GPS system.
Don’t forget to deduct expenses for insurance and maintenance costs too. Owning a vehicle isn’t cheap. Using it for work can only exacerbate that. Be sure to leverage the tax deductions available!
4. Necessary Overheads
Look at what you fork out every month to keep your business operational:
Rental commitments, utility payments, internet costs, and phone usage are all crucial costs. They’re all unavoidable expenses. You couldn’t do business if you didn’t pay for them all.
For that reason, it’s possible to deduct it all from your tax bill! This can make a big difference at the end of the financial year. Again, accurate record-keeping throughout the year is essential.
5. Software & Equipment Costs
Almost every business has specific demands.
Industry-specific equipment and software is often a necessary expense. Likewise, updates and new installs are vital to staying up to speed.
These costs represent another worthwhile deduction on your tax bill. You can claim for each and every one of them, up to a certain amount of money. That means your actual computers, and all computer software can be claimed for.
Other essential equipment (such as equipment for manufacturing) can also be deducted under this bracket.
6. Your Home Office
Most people think of business and conjure images of swanky corporate offices in the city.
And, of course, that’s often accurate.
However, many small businesses are operated straight out of the family home. If that’s your set up, then you have the benefit of claiming for the costs of your home office.
That said, it must be wholly business-related. You can’t work from your kitchen and claim it’s your office! Instead, a designated space from which you operate is required.
Tick that box, and say hello to deductions for internet, insurance, rent, phone bills…and so on. Likewise, furniture and supplies can be claimed for too.
7. Outsourced Professional Services
It’s rare for someone to actually enjoy the tax process!
Consequently, many business owners opt to outsource the process. All bookkeeping and tax returns are completed by a professional.
Nicely, their fee can be deducted from your tax bill at the end of the year. Even better, it’ll be their job to work it out and complete the forms for you!
It doesn’t stop there. You might work with lawyers and consultants as well. It’s possible to claim for the money you’ve paid them too.
8. The Interest Payments on Debt
If you’ve gone into business, then chances are you’ve taken on debt to fund it.
Leverage, in the form of bank loans, is often an essential means of getting it up and running. After all, almost every business needs upfront investment to become a success. This start-up capital is used for all sorts of reasons. It can amount to a significant sum.
The burden of debt is rarely fun. However, it’s possible to claim for some of it.
Unfortunately, the loan itself is off-limits. But the interest payments are entirely tax-deductible.
Final Thoughts on Tax Deductions for Small Businesses
There you have it: 8 essential tax deductions for small businesses to know about.
Millions of small businesses are currently operational in the US. It’s guaranteed that profit maximization is a priority for every single one of them.
Indeed, the ability to cut expenses and turn a profit is vital to remain in business. Cutting costs wherever possible often comes into it. Tax deductions are an easy and essential method of doing exactly that.
Hopefully, this post has highlighted the main sources of tax deduction out there.
Five Tips for Small Team Management
/in Management & Leadership/by StrategyDrivenIn fact, studies now show that a smaller number of members in a team is linked to more engagement and accountability. At work, small teams tend to be more productive because leads can focus their time and attention to fewer members.
However, spearheading a small team is still no easy feat. Just like any organization, small teams also have their fair share of challenges. And it is in everyone’s best interest to keep even a small boat floating.
Here are five strategies on how you can bring in the best out of a small yet effective team:
Use time tracking tools
You can use a free time clock software to set deadlines and objectives to manage project time more effectively. Time management tools can assist you to keep track of your team’s work and any project advancement.
It provides you monitoring tools that can be used to record the time that is spent on assignments and projects, such as timesheets and project trackers. You no longer have to wonder where time is wasted and which projects are receiving a disproportionate amount of attention. This time, you now have objective evidence.
Communicate with the team effectively
Having effective communication skills is one of the key ingredients of a team with good governance. When you communicate well with your teammates, you minimize misunderstandings and encourage the exchange of ideas that can propel your team to success.
For first-time managers, this might be easier said than done. To start with, you must create a welcoming atmosphere where your team knows that their feedback and opinions are all valued. Encourage them to open up. In that way, no one can feel as though they do not have a chance to express.
Staff meetings are a good way to build an open communication line in your team. During assemblies, convey the messages that you want to impart with confidence. Your audience will not only hear what you are saying, they will also see and feel your enthusiasm.
Having a proactive behavior in every discussion will help your teammates retain the discussion better. And with better retention, you possibly get more valuable inputs from them.
After you have established good communication in your team, the process of setting expectations and goals in your tasks will most likely go by smoothly.
Encourage teamwork and collaboration
Teamwork or collaboration has a dramatic effect on organizational performance.
Just like establishing good communication, teamwork is not something that just appears out of thin air. It is hard work and dedication that create a culture of teamwork in the workplace. When there is collaboration, the tasks at hand become more fun and uncomplicated.
Effective collaboration does not mean delegating an equal amount of work among the team. It is about knowing and sorting out tasks properly according to the skills, interest, and availability of the members.
Here are a few things to keep in mind about teamwork:
Set realistic deadlines
It is easy to postpone work when you think you have all the time in the world to finish it. Without a sense of urgency, you can always switch to things that are more enjoyable than the work you are avoiding to get done.
To stop the team from postponing and avoiding work, set a realistic deadline that is near to the present. If you firmly believe that a task can be done in a week, direct the team to get it done in a week’s time. This will keep the team stay driven throughout the process.
Before you set deadlines, it is necessary that the team knows what is expected from them. Explain the objectives and goals in mind clearly so that you are on the same page with everyone in the team. Make sure that the team agrees to the deadlines that you set so that they would have a sense of accountability in everything they do.
Evaluate your team regularly
Most of the time, it’s pretty easy to identify whether or not a team is successful. But how do you repeat those successes?
Giving room for feedback can help you measure the effectiveness of your style of leadership. It will also give you the privilege of knowing if this specific leadership is well accepted by everyone in your team.
For personal and career development, it is important to regularly know each of your member’s strengths and weaknesses. An age-old aphorism goes, “a team is only as strong as its weakest link.” The team can either be brought down by the actions of an individual or be brought up by a particularly strong contributor.
Take the time to determine if a person is raising up or bringing down a team. Once you have identified the individuals, see if you can coach the other members of the team to take some of the same attitudes and practices.
Lastly, establish a baseline and clarify your definition of success so you can better judge and provide feedback on how successful your team is. Conducting regular evaluations significantly determines how great a team will be moving forward.
Final thoughts
The fundamentals of succeeding in managing small teams lie in the knowledge that managing these teams is just as hard as managing mid-sized or even bigger teams. People often believe that managing a small team is easier, but that is hardly ever the case.
At the end of the day, the success of a team is only just a reflection of the combined efforts of each individual in a team.
Are You Prepared to Be the Boss and Run Your Business?
/in Starting Your Business/by StrategyDrivenWhether you currently have a stable job or you are still in the process of finding a job, the idea of running a business and being the boss looks very appealing. With the unemployment rate that the economy is experiencing, it means that many companies are still struggling to survive. The idea of starting a small business can be quite a scary idea because the success rate is low. If you feel that you are up for the challenge and you are ready to take risks, then you must make the necessary preparations. To increase your chances of being successful here are some tips on how to prepare you for business.
Define your goals
It is easy to say that you want to have a business, but you need to be very specific with your goals and wishes. Ask yourself what kind of business would you like to have? Are you planning to sell services or goods? How long are you giving your self before you start hitting your business goals? Your intentions of running a business should be genuine, or else there is a big possibility that it will fail in the long run because you lack passion and commitment.
What are the costs?
It does not matter whether you want to start small or big, but the bottom line is that you need money to make your investment sustainable. Do you need to figure out how much capital you need to start the business? Do you have enough savings to cover all the costs? If not, are you willing to apply for several loans to increase your revolving funds? You need to have a clear vision of whether you can continue supporting your business in a few months or you will end up closing down because things are not going according to your plan.
You need experience
Before deciding to open up a business, you need to have some first-hand experience of handling people with different personalities. It would help if you also learn the ropes in the industry that you are about to be part of. It is a good idea to get several months or years of experience in companies in the same industry, so you will have the confidence to manage your business.
Find ways to save money
Most start-ups struggle with finances. That is why you need to be thrifty and wise when it comes to your expenditure so that you can survive the competition. Think about your monthly overheads like rental, utilities and staffing. These will be your top three expenses. Try to look for a place with lower rent or do it from your home. You can work on your workforce by hiring a sufficient number of people only.
Lastly, you need to look for a trusted Utility Bidder before moving to a new office space or setting up a physical store. It would help if you found an electricity and gas provider that is affordable and offers excellent service.
8 Most Useful Tips For Developing Your Writing Talent
/in Professional Development/by StrategyDrivenAlthough many people underestimate the importance of acquiring strong writing skills, they can come in handy in many life situations. Having these skills can play a positive role in your career, enhance your academic performance, and bring a whole bunch of other benefits.
For those who are looking for career advancement, developing good writing skills can become a good step forward to obtaining a stable and well-paid freelance job. Today, freelance specialists are in high demand, and a writer is among the top most popular and well-paid jobs. There are plenty of brilliant opportunities for writers – you can write blog posts, press releases, e-books, or any other kind of web content. Finally, if you are a college graduate with decent expertise in one or several subjects, becoming an academic writer at pro essay writing service is your best bet! Such a job will allow you to be your own boss, define your working hours and scope of work, and earn money from any place in the world! Sounds like a great opportunity, right? Without a doubt, but first, you need to develop those essential writing skills, and in this article, we are going to give you a few handy tips for better results!
Top Ways To Enhance Your Writing Talent
Regardless of your reasons, the tips and tricks given below will help you take your writing abilities to a completely new level!
1. Write about your experiences
One of the most certain ways to find inspiration is to start writing about something you have personally experienced. An even better result can be reached writing about something you experienced for the first time. For example, tell about your first trip abroad, first day at college, etc. Such an exercise can give a powerful boost to your talent.
2. Have a diary
As we already said earlier, writing about personal experiences is one of the most powerful sources of inspiration. Therefore, writing a diary can be a useful way to grow your talent. Since a diary is a very personal thing, it doesn’t require you to follow any rules or requirements. Thus, it gives plenty of space for creativity and experimenting.
3. Write using random prompts
Another great way to enhance creativity and skills is to find random prompts. This is a very useful technique that will help to uncover your potential. For example, you can look for prompts right on your bookshelf – pick a random book, open it at a random page, and pick a random line. Then, write a short text that starts with that line.
Blogging is not only a great way to keep your writing on track, but also an opportunity to earn some extra money! Pick the topic you are interested in and give it a try!
5. Write about people you know or yourself
One more trick used by many writers is writing texts describing a person, for example, a friend, family member, or even yourself.
6. Use words of the day
Struggling with finding a topic for your next text? Then use this fun technique! Different online dictionaries like dictionary.com post a word of the day – look it up and write a text with them every day. This is another simple way to boost creativity!
7. Attend workshops, classes, and lectures
Apart from regular practice, it is important to find a way to learn from the experience of already established writers. Thus, attending different kinds of workshops or classes is never a bad idea!
This is probably the best tip we can give to aspiring writers! Just like any other skill, it requires lots of practice to become a good writer. Spending a few hours each day writing is the best way to develop strong skills and disclose your potential.
Final Words
Whether you are a student, who has to deal with lots of written assignments each semester, a specialist in any way engaged in creating any type of content, or someone who is looking to start a new career in writing – one thing you should take decent care of is the level of your skills! Without a doubt, writing excellent content requires talent and experience, but these skills can be easily enhanced with the help of our tips. Thus, be sure to apply those tips in practice, and you will reach the top!
Advice For Launching Your First Business
/in Starting Your Business/by StrategyDrivenCarry Out Thorough Market Research
Before you get the ball rolling, you need to make sure that it is a viable business option. It might be an idea that you are interested in, but it needs to be something that is in-demand which you can find out with market research. Look at the current state of the market, who your competitors are, who your target customer is, if there are any gaps in the market, and if there is the potential for success.
Create A Plan & Get Sufficient Funding
You can then use your market research to create a detailed business plan which will detail your understanding of the market, your USP, a business model, and financial projections. The business plan can act as a guideline for your company, but it can also be used to secure funding. You need to make sure that you acquire sufficient funding so that you can get the operation running up to a high standard. There are many options for acquiring funds, including venture capitalists, loans, angel investors, and crowdfunding.
Build A Brand
Your brand is how you differentiate yourself from the competition, and it should always be eye-catching, stylish, and relevant to your industry and target customer. It should also be a reflection of your brand personality and values. This will include a company name, logo, and slogan but also your approach to business. You will then need to register the business and secure a domain name for the website.
Online Presence
Leading on from this, you then need to create a strong online presence as this is vital in today’s day and age. This will include an attractive, functional, and valuable company website and being active across social media channels.
Legal Support
It can be daunting when you start a company for the first time as you will want to make sure that everything is legal and above board. It is a good idea to find a lawyer that specializes in business law, such as charlestonlaw.net. In addition to helping you to get up and running from a legal standpoint, they will also be able to help with any legal difficulties that you encounter at any time.
Starting your first company is an exhilarating experience, and you are sure to enjoy many aspects of the process, but it can also be stressful, and many new entrepreneurs make the same mistakes. The above tips should help you to avoid common pitfalls and provide you with a solid foundation to go on and find success.