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6 Steps to Start Your Home-Based Business

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For individuals who are currently unemployed, considering a leap into entrepreneurship by starting a home-based business is a great option. Low start-up costs, no commute, more control over your time, (and earning capacity) are a few of the many benefits of a home-based business. But, as an owner, the responsibility of finding clients, paying bills, and managing operations will all be on your shoulders. In this article, we explore six steps aspiring entrepreneurs should take to start a successful home-based business.

Create a Business Plan

A business plan is a detailed document covering all the important aspects of the business, such as:

  • Goals: These are time-bound objectives that you seek to achieve in the short and long term.
  • Financial Requirements: Specify the costs you’ll incur to launch the business and manage it monthly. Additionally, include a budget to cover these costs which can be done via bootstrapping or obtaining external funding, until the business becomes self-sufficient.
  • Market Analysis: As reported by Pestle Analysis, this includes conducting research to understand current market trends and the performance of competitors. Additionally, collect information on your target market, their wants, problems, expectations, and purchase behavior.

[Read more…] about 6 Steps to Start Your Home-Based Business

4 Ways to Keep Good Employees at Your Company for Longer

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Employee retention i.e. “Keeping good employees” is essential for any company to succeed. If you lose a good employee, finding and training a replacement can take a lot of time and money. Although this applies in any type of economic environment it is especially true in a tight labor market like we are experiencing now.

Employee Recognition = Employee Retention

  1. Monetarily: By giving a raise or bonus
  2. More Responsibility: By giving a  promotion
  3. Public recognition: By giving awards or certificates.

Employees who feel recognized are more likely to stay with the company.

Employee Engagement

Employee Engagement

Another way to keep your employees is to engage them from time to time. This means talking to them about their work, goals, and progress. It also means asking for their input on decisions that affect them. Constant employee engagement makes your employees feel like they are part of the company and are more likely to stay.

Employee engagement involves talking to employees about their work and goals. Employees whose opinion is valued are more likely to stay with the company. [Read more…] about 4 Ways to Keep Good Employees at Your Company for Longer

What Is Hot Shot Trucking?

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What Is Hot Shot Trucking?

Hotshot TruckingHotshot trucking is a new trend and, according to truckstop.com, “involves hauling smaller, more time-sensitive loads within a specific timeframe, and usually to a single customer or location. Hotshot loads are usually delivered using medium-duty trucks that pull flatbed trailers.”~Tim McMahon, editor

Truckers aren’t called “cowboys” for nothing. Trucking has been one of the stable modes of employment for freelance individuals that want to break free of a static life and earn a decent living wage on their own terms. These days, Heavy Goods Vehicle drivers need to be specially trained and licensed and tend to be at the mercy of shipping companies and freight brokers. They are increasingly surveilled at work and find their freedoms eroded by companies that want to save money. One field of trucking with none of these disadvantages is hotshot trucking.

The Trailer

The main expense for truck owners who want to start earning money by taking hotshot loads is the trailer. There are several kinds of hotshot trailers that a regular Ford F450 can pull. Popular types of hotshot trailers include lowboy, bumper, and gooseneck types. Some specialist trailers are available for unusually shaped loads like farm machinery. [Read more…] about What Is Hot Shot Trucking?

Simple Tips For Generating More Real Estate Clients

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The most important key to success as a real estate agent is generating potential clients. While finding your first client is difficult for some, there are things you can do to increase your odds of success. There are many ways to find clients as a new real estate agent, but these tips have proven most successful for rookie agents.

Get Face-to-Face With Potential Buyers and Sellers

A great way to begin the process of generating clients is by getting involved in the community through volunteer opportunities at local charities or mentoring programs. This will allow you to meet potential clients and create relationships with them.

Use Your Personal and Professional Networks

One of the best ways to find your first clients is by leveraging the people you know. Ask your family, friends, and colleagues if they know anyone looking to buy or sell a home. Word-of-mouth is a potent tool, so don’t be afraid to ask for help. [Read more…] about Simple Tips For Generating More Real Estate Clients

Tips for Starting a Successful Home-Based Business

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In the past, often people wouldn’t take home-based businesses seriously. If you had an office at home, you would do everything to hide the fact. However, this is no longer the case… These days home-based businesses are among the fastest-growing job segments.

Technology has been the key driver in this shift as many people are now able to handle their businesses from anywhere. You can start any business you are passionate about, and the benefits are staggering, including not having to worry about rent for the business when you start.

Write a Business Plan

The fact you’re starting the business at home does not mean you should discard all the professional recommendations of all other startups. A business plan is an essential document as it defines your business and provides recommendations for the direction you should take. This is a time-consuming step in setting up a home-based business, so do it well.

A good business plan should contain the information you need to run the business successfully. The document is also important when applying for funding or pitching for partnerships.

Register Your Business

Like any other business, you need to establish the legal status of your home-based business. If you choose to form an LLC, you must register with your state to run the business legally. This process varies by state, so check the local laws to know what you’re required to do.

Generally, you can consult your local County Office for information on how to go about your business registration. Also, you need an employer identification number, this is important as it offers several advantages, including making it possible to hire employees, filing business taxes, and opening a business bank account.

Important documents like your business plan and your formation papers quickly pile up as you start up your business, which is why it’s crucial to not misplace any of the paperwork. Be sure to keep it all organized and in the same location. The best way to maintain your documents and have them available for easy retrieval is by digitizing them by scanning them as PDFs, then merge PDF files and store them on your hard drive or in the cloud.

Getting Your First Customer

Getting the first customer is an experience that gives you hope. To make your business a success, you must begin with the first customer. This is possible if you engage the right marketing steps to make the business visible to as many people as possible. There are many options if you want to find customers, including looking for referrals, as Birdeye explains. Start with your friends and family and you can encourage them to share the information about your business with their friends.

Another option is to attend industry events, where you can showcase your goods and services. You could also team up with other businesses to see if they can accept partnerships. Don’t forget social media to spread the word about your business. This is one of the most effective marketing tools, especially for startups.

If you feel the need to beef up your business acumen, consider taking business classes to acquire the latest knowledge in areas like finance, management and marketing. Opting for an online college-level program makes sense, as you can work toward a degree while having the flexibility to complete assignments and take tests remotely and on your own schedule. Online programs can be completed in relatively quick fashion; it’s possible to earn an MBA through the University of Phoenix, for example, in just 16 months.

Separate Business and Personal Finances

After taking all the right steps to establish a home-based business, it can be tempting to mix your personal finances with money from your business. Forbes notes that managing business finances is important if you want to stay in business longer. While this is a one-person operation, you must separate business and personal finances, especially if your business is just starting out.

Keep your personal and business finances separate. This is the best way to protect your personal assets, and it’s a crucial idea as it makes it easy to handle tax filing, bookkeeping, and offers general organization.

Using your EIN, open a business account. This will make it easy to manage money in your business, and you can use the account for paying employees, suppliers, and other services. Because you’re running a home-based business, prioritize bank accounts that offer online banking.

Conclusion

Running a home-based business should not be different from running any other type of business. Except for the fact, the business is based in your home, you need to maintain all professional guidelines for a startup. Manage your finances separately, and ensure the business is registered and licensed.

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Starting a New Business? Tips to Find Capital to Begin

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One of the best ways to avoid unemployment is to start your own business. But… coming up with a new business idea that the community will receive well can be challenging. Even more challenging is getting the capital to get the business running. Of course, many successful businesses have been started on a shoestring. I once started a computer store using only my credit card. I would then build systems to order. As the business grew I was able to expand my inventory and begin stocking frequently used parts. One problem facing companies that raise a lot of capital before they start is that they waste too much money and grow too fast to properly implement good systems. But if you do need to raise capital to get started here are a few suggestions.

Crowdfunding Campaign

There are many success stories of people who have gained capital funds to start their business through crowdfunding campaigns. The amounts vary depending on the product, as it needs to attract like-minded individuals to buy into the cause. With crowdfunding, communication is vital to push the idea to people who usually would not raise funds. However, you might want to keep looking for buying and selling regulation CF shares as you do not want one party to own all shares and own the business.

Fundraise From Family and Friends

Fundraising through family and friends in the first stages of starting a business can help elevate the burden of where to source capital. Before approaching them, cut down the list to only a few who you deem reliable and can willingly support you in your goal of running a business. Clearly outline the risks they’ll be getting involved in when they invest in the business, also, a business plan is a must-have.

Get a Loan

If investing with family and friends is not an option, getting a loan from a bank is a viable option. In many financial institutions, small business loans are available for startups seeking capital and are often offered at lower interest rates. However, it’s good to note that many financing institutions will require the business to be up and running before giving the loan. A good credit score will also help in securing a loan. If both are lacking, bring collateral for approval.

Angel Investor

An angel investor is a person who has the money to invest in numerous business ventures. With the right pitch, they would be willing to pay for your start-up. First, start by having a solid business plan and a pitch ready. The data should have future growth of business and why they need to invest.

Venture Capitalists

A venture capitalist is a more mature brand or company that will also make decisions for the business after offering capital. They often work with cash flow-positive companies that show an upward trajectory. However, your pitch should show why the business idea is a worthwhile investment in less than 5 minutes to secure the capital.

When starting a business, remember that researching the competition, location, and old-fashioned hard work is vital to predicting profit.  Remember that not all market gaps seen in a community can turn profitable.

Protect Your Business Against Lawsuits

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At home, you probably keep an emergency kit on hand, perhaps a fire extinguisher, and a smoke detector… just in case. In the same way, business owners should also have preventative strategies in place. This might be a disaster plan for natural disasters, off-site computer back-ups, fire drills, hiring policies, and a variety of other precautions to prevent massive financial losses.

How Legal Assistance Can Keep Your New Business Protected

Even if you do everything right and plan carefully, you can still be subject to a lawsuit. Someone can fall on your property, someone can claim you unfairly discriminated against them, or your product could cause an injury.

Experts in the field of business law can help you avoid legal issues. This prevention means you should anticipate any legal conflicts that could arise and prevent them before they happen. This is a less expensive approach and minimizes expensive legal issues needing litigation, arbitration, or mediation.

When you hire an attorney to [Read more…] about Protect Your Business Against Lawsuits

Accountant vs Bookkeeper: What Do They Do for a Small Business?

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We tend to consider bookkeeping and accounting as the same thing if we are unfamiliar with the intricacies of both functions. But as a business owner, you need to realize that bookkeeping and accounting are two entirely different functions. To decide which professional is suitable for your business, you must first understand the primary difference between an accountant and a bookkeeper.

What is a Bookkeeper?

A bookkeeper is responsible for keeping the books of the business by handling the day-to-day paperwork. This includes recording income and expenses, and reconciling bank accounts.

Some bookkeepers can also help the business with managing the payroll functions and filing VAT returns. Often the owner will handle minimal transactions during the early stages of the business, but as the business grows and becomes more complex, hiring a bookkeeper becomes more important. [Read more…] about Accountant vs Bookkeeper: What Do They Do for a Small Business?

4 Types of Business You Can Easily Start on Your Own

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If you’ve ever thought of starting a business, you may have run into difficulties finding a business model that could make you good money without requiring a giant up-front investment. The good news is, there are a variety of business ideas that will allow you to make good money on a small scale. Here are four businesses you can easily start on your own.

Social Media Marketing Agency

If you love social media and are always up on the latest trends, you may have what it takes to provide social media marketing services to businesses. Small companies are always looking for new ways to promote themselves, and the ability to get them noticed on social media platforms is an immensely valuable skill. To be successful, you’ll need to be able to use a wide variety of different platforms well. Facebook, Instagram and LinkedIn, though, are the main sites that your clients will expect you to use.

Plumbing Business

Few businesses can be as profitable as a small plumbing company for people who are handy and don’t mind getting a bit dirty at work. Plumbing is hard work, but the pay is extremely good. While you will need to [Read more…] about 4 Types of Business You Can Easily Start on Your Own

Breathing Easier: How to Increase Safety in a Building With Asbestos

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Everyone’s heard of the infamous mineral known as asbestos and the health concerns it can cause. The workers of nearly four million American buildings work in environments with asbestos and don’t even realize that they are at risk. The thing is, working in a building with this mineral doesn’t automatically mean your health is at risk. The key is to ensure those nasty fibers are not able to enter your lungs.

Ensure That Your Work Building is Tested

One of the first things you should do is assess the risk with [Read more…] about Breathing Easier: How to Increase Safety in a Building With Asbestos