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How to Get Started With Your First Business

Posted April 24, 2022 By GuestSpot

Your first business is an exciting venture. You can be your own boss and bring your ideas to life. To get started with your business you need to craft a plan, register your business, and get financing.

Craft a Plan

Planning is the best first step to getting started with your business. Without a plan, starting your business will be less clear and may take longer to get off the ground. You need a business plan to show you are serious about starting the business. This will be important as you take on investors, partners, or employees. Your plan needs to include certain milestones that will be important for your business. Your business plan is essential to helping you get to know your competitors and your customers. You need to understand fully what market your company is in and whom you are trying to target. Your plan will help you understand if the business is likely to succeed.

Don’t always try to build a new wheel. Make a better one

When possible, look to see what tools and support is already in the industry are available to support. This can mean using tools and templates specifically geared to help you get started or checking out coaches who work with new business owners.

Register Your Business

Registering your business has benefits as well as making your business more official. If you want to grow your business, registration is essential. With a registered business you will be able to open a business bank account. This allows you to separate your finances. You will also be able to apply for business loans. Another thing to think about is taxes and liability. LLCs offer tax flexibility because they are taxed as pass-through entities. When your business is established and paying taxes, employees will be covered under insurance which will reduce your liability.

Get Financing

You will need financing to get your business started. There are many options for financing, and some may work better for you than others. An option for financing is to utilize your own savings. This form of financing means you won’t go into debt, but there is risk involved. Your own savings may not be enough to cover much of the startup expenses so you may still need to seek financing elsewhere. Other ways to finance your business include credit cards, loans from friends or family, crowdfunding, business loans, or factoring.

When starting a business, you want to make sure you take all the necessary steps. You start with your plan, registration, and financing and from there you can continue to grow and learn. Making sure you have a solid foundation first will allow you to go through the process more smoothly and ensure your success.

 

Check out this article on why being a business leader is especially hard right now!

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What Everyone Should Know About Pursuing an Education Later in Life

Posted April 20, 2022 By GuestSpot

It is never too late to go back to school, receive more education, learn from a new school, and emerge in a new mental place ready to take on the world. But pursuing an education in later life is also fraught with its own slew of challenges that few people know are waiting for them when they sign up to return to school. Going back to pursue an education later in life can be a big decision, and it is important you have an idea of the whole picture before dedicating time and money towards it. Here are three things everyone should know about pursuing an education later in life.

There Are Many Opportunities

The first thing that everyone should know about pursuing an education in later life is that there are many opportunities for later life education. Whether you wish to return to school for a master’s degree of doctorate, or if you want to receive trade schooling, or go to a craft school, you have hundreds of different choices. There is online schooling, flexible scheduling, private lessons and all sorts of other options that can be found to fit any lifestyle and any schedule.

It’s Never Too Late for College

Another thing to know about pursuing an education in later life is that it is never too late for college. If you haven’t received a college education, you may feel like you missed your chance, and that college just won’t fit into your life. But you can always go back to college, even if you didn’t finish high school. You can prove your readiness for college-level courses by taking the GED test. Passing the GED will give you equivalent status as any other high school graduate in the application process for college and can make university education a possibility.

Scholarships Are Available for Everyone

The final thing that every person should know about pursuing an education later in life is that you can and should apply for scholarships. Education is expensive and has only grown more costly with each passing year. But scholarships and grants are available both on a need basis and merit basis. You should apply for every scholarship and grant you can find that you are eligible for so that you can keep the cost of an education as low as possible.

Getting an education later in life is a major decision. It is important to know all the facts before signing up for more education. If you have considered these three things, then you are ready to decide if going back for more education is right for you.

Read this next: How to Protect Your Income from Life Events

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Benefits That Mature Startups Need to Offer

Posted April 17, 2022 By GuestSpot

If you’re working on improving your startup business, you need to consider the benefits that you offer (or will offer) or employees. The past few years have shown that floods of employees are leaving jobs that don’t provide them with sufficient benefits. Here are a few types of benefits that your mature startup needs to offer in order to gain and maintain excellent employees.

Comprehensive Health Coverage

First off, one of the most essential benefits that many employees search for is comprehensive health coverage. PeopleKeep lists a few of the types of insurance you could include like dental coverage, vision care, mental health coverage, and even disability insurance. Make sure that you consider the health needs of your employees before you decide on a health insurance plan for your business. Remember, if your employees are kept in good health, your business will flourish. If you skimp on your employee health coverage, you could end up with additional expenses, or even liabilities if they are injured at work.

A Retirement Plan

Next, you should have a retirement plan as one of your business benefits for employees. Putting a retirement plan in place can help your employees to prepare financially for their futures. One great additional benefit of providing retirement plans for your employees is that it could be a future financial help for you and your business. According to Franchise Gator, 401(k) plans can be used to self-fund another business.

Paid Time Off

Finally, make sure that you include paid time off as a benefit at your business. You might think that paid time off will make your employees less productive or encourage them to check out while at work. However, it will do the exact opposite. Paid time off can help your employees to have a good balance in their life and can improve their mental health. If you don’t offer your employees specific vacation day amounts and paid time off, the lines between personal life and work life become blurred. Employees start overworking themselves and can become burnt out much more quickly.

After reading this article, make sure that you figure out how your business can offer comprehensive health coverage, a retirement plan, and paid time off. Remember, if your employees feel like they are taken care of by the benefits and environment that your business offers, they’ll be persuaded to keep working for you. There is no better way to build loyalty among your employees than to give them the benefits that they expect and need.

Be sure to look out for your own health as well! Click here to learn how to handle stress and anxiety in your career!

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What Many Entrepreneurs Don’t Think About When Starting a Business

Posted April 15, 2022 By GuestSpot

Starting your own business is the path that many Americans take to achieve their financial freedom and grow their wealth to a level previously unthinkable. But there are a lot of moving pieces when starting a business that are difficult to deal with and harder to stay on top of and manage. There are so many things that many entrepreneurs let important things fly under the radar until they run into a big problem later down the line. Here are three things many entrepreneurs don’t think about when starting a business.

Have A Solid But Agile Bussiness Plan

A strong well-devleoped plan, while not the most fun for some to draft, does serve as the best way to explore and clearly identify what sets your business about from your competition. It also allows you to look towards the future by laying out a clear fiscal plan. Read this post from Nov 2021 in Forbes Mag online “Two Business Planning Approaches For 2022: Which Is Right For You?” for additional thoughts on developing your plan.

How to Hire Employees

The first thing that many entrepreneurs don’t think about when starting a business is how to hire employees. When you first start a business, you may be doing it entirely on your own. But sooner or later, your business is going to require some extra employees to accommodate the workload. In order to hire employees at your business, you have to have certain things in place, like an EIN, or an Employer Identification Number. This number is registered with the IRS for tax purposes. Make sure that you have gone through all the necessary steps to be able to hire employees.

Following Safety Regulations

Many entrepreneurs are also guilty of overlooking the importance of following safety regulations when starting a new business. There are tons of safety rules and regulations that businesses have to follow, but those are the last thing on your mind when you are trying to launch a business. Make sure that you take basic precautions to keep things safe. Signs can help remind employees of various workplace hazards. Place signage around the workplace to label hazards, restricted areas, and dangers. You need to keep your employees and customers safe as a business owner.

Taxes

The final thing that many entrepreneurs don’t think about when starting a business is how they are going to manage their taxes. When you’re running a business, your tax situation looks different than when you are simply filing W-2s. As a business, you will likely owe quarterly taxes instead of having taxes withdrawn from a paycheck. If you have registered your business as a business structure that is not a pass-through entity, for instance an S-corp, then your business will owe business taxes, separate from your income taxes. Make sure you are planning accordingly.

Running a business involves a lot of moving pieces and starting a business includes even more. There are a lot of things you need to think about when starting a business. Make sure that you are aware of these commonly forgotten items when starting a business.

Read this next: Why Being a Business Leader is Especially Hard Right Now

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Essential Self-Care You Need to Be Doing as a Business Owner

Posted April 9, 2022 By GuestSpot

Before you own your own business, you probably don’t realize how much time and energy it will take to make sure that your business is flourishing. But once you get your business started, you hardly have time to think about yourself and what you can do to improve your life. It’s important to implement self-care as a business owner because your life is taking a lot of your time and your energy. When you take the time to care for yourself, you will be able to do better in every aspect of your life.

Eat Nutritious Meals Every Day

When you are doing the work of running your own business, you need to have high energy levels to get you through. The nutrition you eat as a part of your diet will help you to keep your energy up and feel better. But many entrepreneurs get so caught up in their work that they only eat fast food or they forget to eat completely. It’s important to make sure that you are eating nutritious meals every day. Try meal planning ahead of time so you always have healthy food available to eat.

Get Enough Sleep

Sleep is such an important part of running a business because as an entrepreneur, you need to be able to make tough decisions all the time. Sleep will ensure that your brain is sharp and that you are in a good place to make decisions and communicate with your team. If you are struggling to sleep, it may be your mattress, especially if you are traveling for work. An air mattress can improve your blood circulation and relieves bed sores. So make sure you are choosing a mattress that gives you the best possible sleep.

Delegation

As a business owner, sometimes you might feel like you need to do every task yourself. However, learning to delegate will be better for your health and increase the chances of your business’s success. There are some tasks you have to do yourself, but for other tasks, you can enlist the help of your amazing team.

Running your business is an important part of your life, but it shouldn’t be your whole life. Take time to be kind to yourself and care for the needs you have on a regular basis. This will protect you and your business as you move forward.

Check out this article on how to make new hires feel comfortable at your business!

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Why Every Entrepreneur Should Attend Therapy

Posted April 5, 2022 By GuestSpot

Therapy was once taboo but is now a tool that more people are utilizing to become the best version of themselves. Therapy is helpful for life, business, and relationships. Every entrepreneur should attend therapy to learn to prioritize yourself, work out mental health issues, and have healthier relationships.

Learn to Prioritize Yourself

Prioritizing yourself is essential to your success as an entrepreneur.  Ignoring your needs will lead to decreased productivity, creativity, and logical thinking. Your mental health and physical health are vital. Going to therapy is an act of prioritizing yourself, and while there you can learn further ways to accomplish this. Therapy can help you become more self-aware and in tune with what your needs are. You can learn how to say no and delegate more effective strategies for coping with your stressors. Your happiness is as important, if not more important, than your business.

Work Out Mental Health Issues

Mental health issues, if not addressed, can decrease your productivity and lead to the decline of your business. Your mental health issues can contribute to you feeling stuck. While mental health is not uncommon, it is very important to have the help of a professional to start to heal. Anxiety affects 30% of the population and can cause serious problems in your life. Anxiety can lead to trouble sleeping, stress, and decline of your physical health. Getting help with your mental health doesn’t make you weak, it can help you become strong. You can learn effective ways of coping and utilizing your unique skills to rise above your mental health issues.

Healthier Relationships

Relationships are important, even for entrepreneurs. While it may not seem like you have the time to be busy, these are important for not only work connections, but for employee relationships as well as relationships in your personal life. Therapy can help you heal traumas that can lead to poor relationships. These traumas may cause you to have less emotional intelligence and not see people as people. Therapy can help you have healthier relationships with people, increase your kindness for people, prevent you from getting taken advantage of, and will allow you to seek feedback from others.

Utilizing therapy makes you a strong person, and a strong businessperson. Therapy can help you to become your best self. Every entrepreneur should attend therapy to learn to prioritize yourself, workout mental health issues, and have healthier relationships.

Check out this article on how to make new hires feel comfortable at your business!

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How to Ensure Job Security Over the Long Term

Posted April 1, 2022 By GuestSpot

In the workforce, one concern that many people face is how to ensure job security. The world can often be unpredictable and lead to circumstances that threaten people’s employment. Fortunately, there are things you can do to help you maintain job security.

Build Relationships

You’ve probably heard it plenty of times before, but networking is an essential skill that will make a big difference in your career. Connections and relationships can provide you with more of a safety net and with opportunities. Your connections can put in a good word for you when you apply to a new job. They can also direct you to new positions or better job prospects. It’s difficult to do well in the workforce if you are completely isolated. You need to network in order to help you find new jobs and/or move up in your current job. Networking also has many other benefits beyond job security, so it’s worth it to make an effort.

Advance Your Education

Employers are always looking for the people who are the most qualified. The more experience and education you have, the more eligible you are for certain jobs. If you want to stand out to employers and qualify yourself for better job opportunities, you need to advance your education. Go to college and get a degree. Go back and finish your degree if you didn’t before. Take courses that will give you new skills. Education is always a great way to improve job prospects and it isn’t difficult to gain more education. Online courses give you the flexibility you need to balance work and school. You can learn at your own pace and without disrupting your current lifestyle.

Take Advantage of Opportunities

Promotions and advancements are often offered to the people who are more willing to take them. If your job offers classes, workshops, or seminars that will provide you with new skills then you should take advantage of these. Learn as much as you can and develop new talents that will be useful moving forward. If you keep doing the same thing, then others will come along who are more qualified and they can take your place. Instead, take every opportunity to innovate that comes your way.

Even though life can be unpredictable, there are still steps you can take to maintain some control. Do everything you can to improve your job security and make yourself a qualified and needed worker.

Check out this article on how to protect your income from life events!

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Life Events That Can Disrupt Your Career Goals

Posted March 28, 2022 By GuestSpot

One of the elements of life that we all have to deal with is uncertainty. There are a lot of challenges that you might have that will bring feelings of frustration and uncertainty, especially if they interrupt future plans of yours in regards to a job. In particular, these are a few life events some people experience that can disrupt your career goals.

Disability and Illness

First off, one of the most challenging life events to overcome can be disabilities and illnesses. It always seems like illness or disabilities strike in the most unexpected and inconvenient moments, particularly when it comes to your future plans. Some disabilities or illnesses can even prevent you from working for the rest of your life, particularly if you had a career with physical requirements. Luckily, you can get financial help like disability insurance, but it can still be extremely disappointing when your career has come to an unexpected close.

Divorce

Next, another frustrating life event that can disrupt your career is divorce. Divorces are not only time consuming to work through, but they’re also messy mentally and emotionally, especially if you have children. Family law cases can be traumatic to children and are highly emotional events. While you’re trying to sort through all of these elements, it can be difficult to maintain a regular work schedule. Your divorce might even require you to move and change jobs. So, there are a lot of career disruptions that can happen when you’re going through a divorce.

Children and Infertility

Finally, infertility and having children are additional life events that can alter your career goals. Having children is simultaneously a huge blessing and a huge challenge, especially if you have to put your career on pause. Of course, any time that you’re preparing to have a child, that can transform your future plans and current career schedule. But when you’re dealing with infertility, you’ll also have a lot of financial burdens and time constraints that you’ll be balancing, not to mention the emotional and physical toll that infertility can have on you.

Remember, disabilities, illnesses, divorce, infertility, and having children aren’t the only challenges that you’ll face in your life. But now that you’re aware of some of the different life events that can interrupt your career plans, remember that learning to be flexible in your life plans will help you to find lasting happiness. Your life and goals might not always go according to plan, but if you continue to prioritize your passions, you’ll be able to find happiness despite the challenges that you face.

Read this next: How to Transition Careers Without Quitting Your Job

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Major Trends Entrepreneurs Should Keep Their Eyes On

Posted March 24, 2022 By GuestSpot

When you are an entrepreneur, you can never take your eyes off the ball. The crux of successful entrepreneurship is constantly being on the lookout for the next great idea and having the confidence to act on your perceptions whenever they arise. This means that great entrepreneurs are always keeping their eyes on trends, whether they are in the world of popular culture, business, economics, or manufacturing. If you need a catch up on some promising trends, this is the article for you. Here are three major trends that all entrepreneurs should keep their eyes on to stay ahead of the curve.

Increased Automation

The first trend that entrepreneurs everywhere need to keep their eyes on is the increased utilization of automation in manufacturing. With the advancements in robotics that have been taking place for decades, we are now quickly approaching a future where most if not all manufacturing is done by machines and is completely automated. This will lead to several changes in the entrepreneurial world. According to American Express, increased automation will affect the cost of goods from manufacturing hubs, as well as the speed with which work can get done. Leveraging machine work to your advantage will be key to growing your entrepreneurial endeavors for the future.

Private Equity Buyouts

The next major trend that entrepreneurs should keep their eyes on moving forward is the growing popularity of private equity buyouts of startup businesses. Private equity firms are investment firms that compile wealthy investors and use their funds to invest in or purchase new and existing businesses with the goal of significantly increasing that money over the course of a handful of years. Franchise Gator reminds us that private equity firms like the reliable profits of franchise businesses. Trying to focus your future business endeavors towards franchises can lead to major buyout opportunities from private equity firms.

The Importance of Sustainability

The final major trend that entrepreneurs need to keep their eyes on is sustainability in business processes. Never has environmental sustainability been such a focus for business around the globe as the current climate crisis worsens. Finding ways to run your businesses in the most sustainable and environmentally positive way possible is sure to bring benefits, from finding investors to gaining the trust of your customers and even avoiding potential government taxes and penalties that could be coming up soon for businesses that do not operate sustainably.

Entrepreneurship is and always has been about keeping an eye towards the future and making it a reality. With the pace of change in today’s world, knowing the trends to focus on has never been more important. Keep your eye on these three trends for the most entrepreneurial success possible this year.

Check out this article on how to make new hires feel comfortable at your company!

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Consequences That Hiring Legal Counsel Can Help You Avoid

Posted March 22, 2022 By GuestSpot

No one wants to think about the pain and frustration that can come from going to court, but sometimes the unexpected happens and you are faced with a difficult choice. Many people are hesitant to hire legal counsel in these situations because they aren’t sure what they need, how much they will have to pay, or whether or not their counsel will actually help them. However, if you find yourself in a legal predicament, having legal counsel can help you to avoid major consequences and keep your reputation intact.

Fines

There are many situations where you might be faced with fines if you are in the legal system. With the help of a lawyer, you can often decrease or even remove those fines from your plate so you don’t have to pay out money from your own pocket. In most cases this will totally offset the costs of your lawyer and make it easier for you to continue your life with limited disruption. No one wants to have to pay a fine for the things they do in life, and having a lawyer can help you to navigate situations in a way that leaves you safe from the pain of fines. This can help you in any court situation, whether you have gotten a ticket or faced legal trouble with your business.

Criminal Charges

If you are facing a criminal charge, it is especially important that you have legal counsel. They will help you to navigate the legal system and make sure that you are being treated appropriately in court. A defense attorney is crucial to guide you through the process of the criminal justice system. Some people choose to represent themselves, but the success rate for that choice is very low. It is in your best interests to get a lawyer as soon as possible if you find yourself facing criminal charges. The sooner you have a lawyer the better your chances will be for getting a positive result in your court case.

A Bad Business Situation

If your business was mistreated by another business or had a negative experience, legal counsel can advise you as to whether you have a strong court case. Some people feel that they have no recourse against a larger company or more affluent individual, but with the help of a lawyer you can often achieve a good result. If you were injured or discriminated against, it is important to seek justice. And, a good lawyer can help you to go about that in the most effective way. Choose your lawyer carefully so you know you have someone you trust.

Legal counsel is a tool you can use to make sure that you are treated properly and that you have a fair chance if you are ever in court. It is important to do your research and find a lawyer who specializes in the help you need. That way you know that you have a solid team behind you to help you through your time in court.

Check out this article on how to protect your income from life events!

But what if I am afraid of contacting an Attorney?

Reaching out to an attorney or legal counsel can be a scary thing. But when you do find the right firm and person – part of the initial discussion will be to put you at ease and help you sort out the issues.
I reached out to my colleague and Bay Area Attorney, Stephan Ferris of https://stephanferrislaw.com and asked him to offer a few suggestions on overcoming the fear of seeking legal support before it gets too late as well as ways to identify a quality firm
Frank: Stephan, tell me what you think about when folks are afraid of reaching out?
Stephan: I think people fear the unknown and if you’ve never worked with an attorney before, you might not know what it entails. People also may be afraid that they ae going to be charged a fee, just to ask if they have a case.  Most attorneys actually offer free consultations to determine whether a case or client is a right fit for them.  Don’t be afraid to ask for a free consultation.

Frank: Do you think this is part of the stigma that “attorneys are just in it for the money”?

Stephan: At the end of the day, legal fees are not going to be cheap and you get what you pay for.  I recommend finding an attorney that you can build a rapport with and that you can trust.  There are going to be moments when the attorney will weigh cost options and it’s better when you can feel that the person is in your corner.

Frank: What does the average person, or small business person need to know when looking for legal counsel?

Stephan:  I would recommend finding someone that is familiar with the business.  Having a JD and a bar license are very general qualifications and sometimes specific industry expereince is needed.  For example, as an entertainers and content creator, I am better positioned to counsel clients in the entetainment induystry than an attorney who has no media experience.  On the flip side, I would have no idea how to handle business matters concerning patents.

Frank: I know on your website you also have a great podcast. Want to tell folks about this latest adventure for you?

Stephan:  My co-host Dextra and I created the Reading is Fundamental podcast that breaks down contracts and issues in entertainment law.  We just released our first youtube hybrid video where we discuss adult fan subscription websites.  You can find us at StephanFerrisLaw.com/ReadingIsFundamental.

Frank: Thanks for Sharing these valuable ideas. Any other takeaways you want to share?

Stephan: I’m also working on finishing a book titled Blue Movie, which is set to be released by Unbound Edition Press in September 2022.

Frank: How can folks find out more?

Stephan: they can visit my website and sign up for my newsletter to get details and announcements.

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