entrepreneur tips

How To Be Prepared For Business Expansion

The expansion of your business is something you should not only look forward to as a business owner, but also be well prepared for. Not being ready for expansion when it happens can lead to costly mistakes that can take a lot of time to fix. Here are a few simple and proven ways to be ready for the challenges of business growth.

Have Your Team Ready

As your business expands, you’ll want highly professional and effective people on your side. These people could include attorneys, accountants, consultants, new managers and more. Though you know your business inside and out, some of the issues that you’ll be facing will require a helping hand from experts you can trust to give you solid advice.

Use Systems

Any aspect of your current business model that can be automated through the use of technology is something you can use to help it grow. Using established systems to handle certain tasks will save you time and resources that you can then use to focus on the expansion of your business. More technological resources now exist for small business owners than ever before, so be sure to take full advantage of that fact.

Focus On Innovation

Innovate new products or new versions of your existing products that you know your current customer base will be interested in. With eager customers already being aware of your brand, this is a smart way to approach business growth, as catering to existing customers will be easier and cost less than trying to appeal to new ones. This sort of innovation will also help you stand out among your competitors thanks to a constant flow of new and exciting ideas.

Learn From Experience

Seek out the advice of other business owners who have gone through similar periods of business expansion. There’s no better way to learn than with the help of someone who has already been where you intend to go. Reaching out to other business owners and operators will also make your more well connected in your local marketplace, which is always good for business.

These are just a few of the proven ways that you can be ready when your small business starts to grow. By having a trusted team of experts on your side, using innovation to bring on growth and utilizing technology to establish time and money saving systems, your business will be well prepared for the future.

What is a trick you use when expanding your business?

What I Learned From Being Fired From 20+ Jobs

I have been working since before I could drive, like most entrepreneurs, we start early. 10 years later and 20+ jobs worth of experience has served me well. Because I now understand that most companies are run by managers and bosses. The majority of businesses, from my experience fail in the leadership department.

Many of my experiences being employed by “the man” have involved some sort of discrimination, implying, I, the employee was “doing something wrong”. The essence of empathy is lacking majorly in most every business I’ve ever worked for.

The ability to retain and take care of your people who make up your business should be a number one concern when it comes to business owners. Yet, the lack of fidelity between managers and employees seems to widen the gap of empathy.

And if we look at the most thriving companies of our time, like Apple, Virgin, Amazon and Zappos, we find a company culture that welcomes failure. We find organizations who have opted to put their employees first, knowing that their employees will go above and beyond for their customers. I believe it was Richard Branson who is famous for saying “Take care of your employees, and your employees will take care of your customers”.

As we become a more connected world, our personal world’s are also becoming ever so closely connected. Our home life does affect our production levels. Our emotional well-being and ability to feel comfortable enough to articulate how we feel to our superiors in a work environment contributes to our ability to produce great work. The little things count, yet are overlooked by sales quotas and “company policies”. Large companies do more firing of loyal, hard-working employees, than they do learning to train, retain and nurture them.

Trust yourself enough to delegate tasks. Or, I should say, trust others enough to get the job done. Many first-time managers and bosses get so caught up in their titles they want to do it all. They lose sight of the large machine at work and want to “control” everything that is going on to ensure operations are running smoothly. The problem with this is there isn’t enough time. You can read how to better manage your time for maximum efficiency in HERE. If a manager hires a new employee, I would like to assume they used tact and foresight to deem that person capable of the position. Managers and bosses tend to micro-manage. They hire people to do jobs, but prevent them from doing it great.

It is no wonder that the organizations that seem to grow and attract quality people are the same organizations who put their employees first.

What do you believe is the difference between being a boss and being a leader?

How Entrepreneurs Can Learn to Deal with Criticism and Use it To Their Advantage

No matter how phenomenal your product, as an entrepreneur you’re going to encounter criticism. From competitors unhappy with your success to friends and family who don’t understand your vision, critiques are a part of entrepreneurship. Your ability to handle criticism will not only help you build a better company, it will strengthen you as an entrepreneur. If you’re determined to improve your ability to handle criticism, following are a few crucial tips you should bear in mind:

– Understand the motivation of the individual offering the critique. Are they a product user hoping to better understand your offering? Are they an online troll just looking to push your buttons? Knowing the difference between an honest critique and a “haters-gonna-hate” troll is essential to how you handle less-than-positive feedback.

– The ability to welcome open feedback is imperative for entrepreneurs who want to build a successful company. Founders who systematically tune out negative feedback are destined to end up on the failed startup pile. Welcoming critiques of your business opens you up to product development opportunities you might not otherwise have considered. Instead of looking at criticism in a negative light, adjust your thinking and welcome criticism as free product-development insights.

– How you respond to criticism is just as important as your willingness to accept critiques of your business. Founders who respond with anger or retaliatory accusations expose themselves to a whole heap of online trolling. Respond from a place of honesty, willingness to do better, and sharing of knowledge; it could be that criticisms stem from a lack of understanding of how your business works and misreading your product development roadmap.

– Learn to discern between helpful criticisms and distractions. Not every critique needs to impact how you grow your company. While some criticisms can lead to product or service tweaks, others are just distractions for you and your team. Are criticisms coming from paying users or drive-by know-it-alls? Will implementing a suggested change lead to increased revenues or happier customers? An entrepreneur’s ability to understand the difference between a helpful critique from a customer and a nuisance suggestion from a troublemaker is essential for long-term success.

Developing a thick skin and an open heart will stand you in good stead as an entrepreneur. You need to remain focused on your business goals and not let detractors steer you off course. While some criticisms can be light bulb moments for you and your team, others are nothing more than jealousy, misunderstandings, and spite. The faster you learn to understand the motivations of those offering criticisms, the better off you’ll be as an entrepreneur.

What are you thoughts on criticism?

How Entrepreneurs Can Maximize Their Time for Greater Efficiency

Whether you are a startup founder or a small business owner, task management skills are crucial to your success. Business builders who pay attention to how they spend their time are much likelier to be successful than those who have no regard for the value of their time. If you want to maximize your time, consider the following tips for entrepreneurs.

Be Specific with Your Goals

If you want to get the most out of each day, it is imperative you be judicious with your time. Be specific with your daily goals and have a clear way of measuring success.

Avoid Meetings If a Short Conference Call Will Do

Not every business decision requires a team meeting. Instead of attending meetings, opt for a Skype call or Google Hangout. Ascertain the reason for a meeting prior to committing your time; chances are good the matter can be resolved via video conferencing.

Delegate According to Team Strengths

One of the best ways to manage your time as an entrepreneur is to ensure each task at your company is being handled by the most appropriate person. Delegate tasks to the team member with the strongest skill set appropriate to the job. Wasting time bringing a staff member up-to-date on a project can cut into valuable business building time.

Becoming a successful entrepreneur requires attention to detail and stellar time management skills. The tips listed can help you make the most of your time so you can become a more efficient entrepreneur.

Brain Hacks to Conquer Fear

Fear is a common emotion and one entrepreneurs learn early on to become OK with. The most successful entrepreneurs have been able to hack their brains instinct to run away at the first sign of failure or hardship. The good news is, you can too.

GET REAL

The idea here is to gain perspective of your situation. If you work in sales, the fear of talking to people, cold calling, advertising – these actions you dread, or have fear of are no longer things that have the capacity to kill us. Your brain is tricking you into believing the threat you perceive as a cell phone is really a lion.

FEELING FEAR IS WHAT YOU FEAR

This brain hack explains the feeling of being afraid is really what you are scared of. It isn’t the action or the business move, it’s the feeling of uncertainty. People don’t want to feel uncertain about a decision they make, they want to feel secure. They want to know everything is going to work out. And the truth is, being an entrepreneur, you never know if it’s going to work out. But you have a hand in making the chances higher for yourself by taking action. At least by taking action you have a fighting chance.

5 SECONDS OF COURAGE

Recent research on this theory suggests that humans have a five second window between when our brain’s make a decision and when fear creeps in to stop that decision. These 5 seconds between when your brain makes a decision and when instinctive fear creeps in to stop you is your springboard to act, fast and now. The courage to act immediately when you think of something you should do that is vital to your business, separates thriving entrepreneurs from mediocre ones.

FOCUS ON TASKS, NOT OUTCOMES

Our brains are quiet the magnifiers, they tend of exaggerate things to the extreme. Making the road down entrepreneurship seem daunting and understandably less traveled. But if we remember what we learned about discovering our individual Success Vitals. If we make those Vitals our focus, we can train our brains to focus at the task at hand. Understanding the task (Your Success Vitals) will move the engine (your business) forward, and create the outcome your after.

GET USED TO FEAR

The military is one example of an organization’s ability to eliminate a person’s innate response to fear. Conquer it by facing it everyday until it is no longer feared. Make your greatest weakness your strength by exposing yourself to your fear over and over again. Identify a fear you’ve been harboring, something you wished to rid yourself of and find a way to face it everyday. The process of reprogramming your brain to face your fear will ultimately eliminate it.

Hacking your brain is no easy task, some days will be harder than others and it’s ok. We’re all battling the same animal brain it’s no wonder we haven’t gotten very far. (joking). Being an entrepreneur is a funny thing you know, and facing your fears is part of your longer-term joy. I encourage you to really try and implement tricks to help you get ahead of the curve.

How do you conquer fear?

Why Your Social Media Channel Should Read Like a Story

Social media is all the rage right now, and it will be for many years to come. It’s not enough to just be present in one or more social networking sites. You have to interact with your followers, tag people and companies, take responsibility for what you post and how to influence the people who follow you. To create the most use out of your social media it’s best to document your journey as a story. Create a linear story where readers can identify your tipping point, your up moments and your down moments, involve emotion and photos of the places you’ve gone and the events you’ve attended. The most profound leaders, professionals, filmmakers and media personalities who have earned the respect and trust of the people are those who have managed to use storytelling to build their personal brand and profession.

Here are some tips to help your social media story stick:

Create a story board

Your social media posts should be a reflection of the new insight you receive, the new places you go and the events you attend. Think like a scrapbook. Your posts are the fun little stickers you put around your photos and the pictures are your memories.

People connect best through storytelling

Often times when trying to explain an idea or explain the way something works people use stories to convey their points. Storytelling is what defines and binds our humanity. Knowledge has been passed down through story telling from generation to generation. Before human’s even learned to write, all knowledge relied upon memory to learn anything. A good storyteller was always respected, it’s no wonder that almost all of the media we consume is based on storytelling., it’s what makes us connect, it’s apart of who we are.

Don’t “share” but “tell” content.

You want to narrate your content, you want to build a brand and create influence around your name. Social media is a conversation channel and should be handled as such. You are not on social media to just distribute content, but your purpose should be to share insight and offers advice and opinions of others. Create thought provoking posts to initiate a conversation between your followers and watch your social media grow.

Combine an idea with an emotion

People don’t make decisions with the rational part of their brain. An idea that evokes emotion and a story people can relate to are attention grabbers. Humans instinctively navigate toward stories they empathize with. Stories that empower, outrage and shock are all the more fascinating. The idea of your social media story should be coupled with an emotion, a starting point of where you’ve been and idea, a picture painted through social media of where your going.

What story is your social media telling?

Start Earning Money Today in the Growing Freelance Economy

With around 50% of the working populace living paycheck to paycheck, the idea of making money part-time has likely been on your mind at times. The good news is that you can create an income stream in your spare time. The great news is that you have some talent, topic knowledge, or skill that is in demand in today’s freelance economy.

Currently, freelancers make up about 34% of the workforce, and this is expected to increase to 43% by the year 2020. There is some confusion about whether someone is working in the “gig” or the “freelance” market. Gigs are more on-demand services like Uber and Lyft. The company sets the rates and rules, and your income depends on the time you have to work. Most gig workers make between $300 and $500 per month.

Freelancers set their rates and rules for how they want to work, though gigs and freelancing are mixed if you get your jobs from one of the freelance sites like Upwork or Guru. Freelancers, depending on their skills and areas of knowledge as well as time available, are generating incomes in the high five figures. So, what work can you get through these sites to get started and build a solid income in your spare time?

Using Upwork as an example, here are the high-level categories of work available:

Web, Mobile & Software Development

Design & Creative

Admin Support

Customer Service

IT & Networking

Writing

Sales & Marketing

Data Science & Analytics

Translation

Accounting & Consulting

Legal

Engineering & Architectural

Within those top-level categories are 100 sub-categories. Unless you’ve been living in a bubble off a trust fund, something you’ve done or learned in your life should be an income generator for you. From a job as a virtual assistant to taking customer service requests online, there is going to be someone using this site to hire you for your skills and knowledge.

If you have grammar and spelling skills, writing is one of the largest categories with the most work on sites like these. With the many millions of business websites, all looking for content, writing about what you know can make you a lot of money.

Are you into health foods and supplements? There is a buyer on the site for an article about the top health benefits of ghee! Another buyer is looking for a blogger about arts & crafts, and one of the sample titles is “Top 10 knitting patterns of 2018.” There is more, but you’re getting the idea. If you have a skill, specialized area of knowledge, or even a hobby, someone is looking for website content about it.

If grammar or spelling challenge you, get help with software and services, but you will need to do a great job of editing, as you will not keep clients if you sell them sub-standard work.

If you’re not into the writing thing and you aren’t a technology whiz or programmer, no problem. In the customer service category are a great many jobs for work-from-home email, online chat, or phone support. Amazon has even run ads for customer support people for permanent positions.

It’s your schedule and your income plan. There is lots of opportunity in the freelance economy for you to build a sideline business on your terms. All you have to do is get started!

How do you make money online?

Steps for Setting up an Accounting Department for Your Start-up

Deciding to officially register your start-up as a legal entity is a step toward commitment in itself. Making sure to stay on top of the obligations that come with it is another. You and your team will need to define the company’s financial plan and how the tasks will be delegated. Check out these steps to set up your companies accounting department for success.

Open a Business Banking Account

Presuming that you have already registered your company as an LLC, partnership or corporation and have an EIN number, you are legally required to open a separate bank account for your business. Shop around to find the best bank for your business, open both a checking a savings account and apply for a business credit card to start building your company credit. The importance of keeping your business expenses separate from your personal could save you lots of headaches from the IRS in the future.

You will want to track your spending as accurately as possible. A solid track record is the foundation for success. from the beginning you should establish an organized way of organizing receipts and important records. We recommend using Shoeboxed as an alternative to old-fashion plastic organizers. Keeping all receipts regardless of amount is recommend and the effects could compound to be well worth it. Legally, the United States does not require receipts for expenses under $75.00

Criteria for business receipts:

– Meals and Entertainment: Different types of outings, including meals can be constituted as business meetings and in effect provide your business with a hefty margin return. Always document the number of people that were in attendance.

– Travel: Keep track of all receipts while traveling, this is the surest way to provide sufficient evidence to the IRS. Your paper trail of receipts will indeed back up your vacation as business travel.

– Vehicle related expenses: You can apply the expense of your vehicle including milage, gas and wear and tear. Just remember to document the where, when and why you used vehicle for and how it relates to your business.

– Home office receipts: Calculate what percent of your home is allocated to your business. Apply that percent to your home related expenses.

– Receipts for gifts: Client gifts are all suitable as tax write offs. just remember to document for whom and what the purchase was for.

Set up a Chart of Accounts (COA)

A chart of accounts are subdivisions that the bookkeeping company will split your expenses, income, and liabilities into. If you sell a product you will have an inventory account that might account for all of the incoming and outgoing expenses pertained to your inventory. Likewise, if you sell a service you will have no use for an inventory account.

The typical chart of accounts includes the owners assets, liabilities, owner’s equity, revenue and expenses. As your business grows you will need to add accounts. Look towards the future in the hopes that your business will expand. feel free to adjust as you feel fit, adding and deleting accounts to meet your businesses financial plan.

Separate Personal and Business Expenses
To ensure the process of recording business transactions and keeping up with a building financial statement it is probably best to develop a bookkeeping system in order to keep your personal and businesses expenses separate.

Many people opt to hire a part-time bookkeeper or try to stay abreast of the spreadsheet themselves. The standard software for bookkeeping is typically Excel spreadsheets, Quickbooks or Wave. I recommend outsourcing this piece of your business to ensure your focus doesn’t stray. Trying to tackle bookkeeping and be the driving force of your start-up ship can be a bit exhausting.

For the tech savy entrepreneurs of the 21st century I would recommend a company like Bench Accounting. Their affordable pricing makes them an ideal accounting firm for a start-up.

Keep all of your receipts & invoices

Keeping receipts and invoices for an average of 3 years if not more is not only important for the sake of your business and tax purposes. It is also how far back the IRS can issue audits.

Stay on top of tax obligations

For this step it is extremely important that you hire someone who can remind you of when you need to pay your business taxes. The first year your business is registered with the United States you could reap the reward of only having to pay a yearly tax. For the ensuing years you will be obligated to pay quarterly taxes, and this can be hard to keep track of. Hiring a tax professional is your best bet.

Depending on what state your business is registered will also present different tax fees and registered agent fees. I recommend staying on top of these payments to ensure success in the tax department.

Create a payments system

In other words you will want to create a payroll system. Establish a way that you can pay yourself and pay the people you either employ or for your future employees. The set-up shouldn’t take more than 20 – 30 minutes and the administration side takes several days to complete. The payroll system you choose should be easy to use and you should be able to process on any computer or mobile device.

The cost for payroll should be affordable. Hidden prices are a common practice of old school payroll systems, so do your due diligence and find a company that is transparent.

A few solid companies that I have had the pleasure of working with are Gusto, which offers a payroll plan of $51.00 per month for two people and Paychex. Extremely affordable if you’ve started a business out of your home. Both of which are transparent and offer discounted and competitive prices.

Whether you intend to grow your business immediately or in the future, establishing yourself as an accountable and organized company from the beginning can set you up for seamless success. Making sure your ready to receive investments and pay out employees, all while staying organized for next years tax season can mean the difference between seeing your vision through and filing papers to dissolve.

What are some accounting tips you rely on?

5 Signs That Co-working is Right for You

Although you love the camaraderie of Starbucks and Coffee Bean, you have to admit that it gets old after a while. Could it be that you are ready to take the plunge into the world of co-working?

Here are three tell-tale signs that a coworking space is right for you:

1. You have tried every drink on the menu. The chai tea latte is your favorite. You should probably consider a change in scenery if the employees know your name and where you sit every day.

2. Your Starbucks budget is equal to the price of office space. Paying $7 per day for five days per week equals $35. There are cities where monthly membership for co-working space costs less and comes with free coffee.

3. Your productivity levels are falling. Boredom has a way of bringing out the worst in all of us. If you find that motivation, and the lack thereof, is preventing you from reaching your full potential throughout the day, then you may need to look into an atmospheric chance. Co-working spaces are creative hubs because of the many entrepreneurs who pass along good vibes and great ideas.

4. You need structure. Everyone cannot work from home and complete all tasks needed to grow their business. Some entrepreneurs require structure, which is what co-working space offers. You have an office to check in and out of every day, which mirrors your days as a corporate employee.

5. The business is growing, and you have in-person meetings with clients. There is little more embarrassing than presenting yourself as a reputable company right before asking a potential client to meet you at the neighborhood Starbucks for a meeting. Coworking spaces provide the professional appeal that high-paying customers want to see.

Being stuck in a rut is not an option for a business professional such as yourself. Coworking is the best way to step outside of the norm.

What are your thoughts on co-working?

How To Be Insanely Productive Every Day

If you want to be more productive, you have to change you habits. From the moment you wake up it’s important to make good decisions about how you spend your time. Here are four ways that you can start to be insanely productive every day.

Use to-do lists

Before you sleep each night make a list of what you want to accomplish the next day. If you start each day not having a plan, you’re more likely to less done. Don’t add only big items to your list because that will overwhelm you. If you have a couple of big items along with a handful of smaller items, you’re more likely to get them all done. Small items might seem meaningless, but think about how you feel after you clean off the coffee table of all the clutter. It might only take five minutes, but finishing that task will help you build momentum to do the rest. Start each day by crossing one or two things off your list right away. By doing this you’ll motivate yourself for the entire day.

Put your phone on silent

Turn off sound notifications on your phone unless you are expecting something urgent. It’s also a good idea to keep your phone out of your reach so that you’re not grabbing at it every few minutes. By doing this you will improve your focus ad be able to finish what you are working on quicker than you would being distracted by your phone. If you work on the computer, keep tabs closed unless you need something for work. Avoid distractions by staying off social media websites and even your email if you are tempted to check it. The quicker you’re able to accomplish each task you need to do, the more you’ll be able to fit into a day.

Create a schedule

If you routinely forget to do things that need to be done on a regular basis, create a schedule for these items. If you clean the bathrooms on the same day every week, it will become part of your routine. You will no longer stress about when you’re going to get it done. Create a schedule for your home and family so that things get done without extra stress. If you work from home, creating a schedule is especially important for getting things done. You need to be clear about your work hours and stick to them. If you get distracted and procrastinate, you’ll get less done and end up stressed by the end of each day. By knowing what you will do and when you’ll do it, you will increase your productivity.

Exercise often

Exercise will provide your body and mind with the energy you need to be productive. If you live a sedentary lifestyle or sit for work a lot, your body needs to move more. Working out will release feel good hormones that will boost your mood. If you currently live a sedentary lifestyle, you may find that you’re lacking energy to do anything but relax. Unfortunately this won’t help your productivity. The only way to gain energy is to be more active. This will greatly contribute to your productivity.

In order to be insanely productive you may have to do things differently. Once you gain momentum and realize how much you can actually accomplish, you will be more motivated to continue.

What habits help you to be productive?

Do You Have a Case? The 4 Elements of a Breach of Contract

Before you starting writing a demand letter of preparing to sue someone, you need to make sure you have a strong case. To win a contract dispute, you’ll need to establish four separate facts: Formation, performance, breach and damages. Below is a definition of each element and how to legally prove them.

Formation

Do you have an actual contract with the defendant? If not, you can’t successfully sue them. Some litigants overlook this crucial first step in building their breach of contract case. You might feel that your opponent made you a promise or wish that their statements were a contract, but yours feelings aren’t legal precedents
Your contract doesn’t have to be written, although that will help your case. If you have an oral contract, that’s enforceable for more legal situations. A lawyer can help you determine If your state’s jurisdiction will recognize your verbal agreement. If you got to court, the judge will ask you to explain what you and your defendant verbally promised each other. Your opponent will also be questioned; many defendants have accidentally admitted to a binding contract in court.

If you have a written contract, you should consider the “four corners” doctrine. This means that the corners of your written contract are the only binding parts. If the defendant promised out loud to give you an extra $500 after signing the contract, the judge might not even let you testify. You have amended the written contract instead of replying on your opponent.

Performance

Did you fulfill the terms of the contract? If you had a contract to deliver written software code in exchange for payment and you only brought half of the code, you didn’t life up to your part of the bargain. You won’t have a very successful law suit. If your case makes it to court, bring any proof you have that you fulfilled your obligations.

Breach

Did the defendant fail to uphold their end of the contract? You wouldn’t be suing them if they hadn’t, But you must prove their failure in court. In some situations, the responsibility lies on them to prove they met the contract. If you purchased 800 bags of candy from someone and claim they only delivered 500, they should bring a signed receipt showing you accepted the 800 bags from them. You could bring the person who accepted the delivery to testify that the order was lost.

Damages

How did the defendant’s actions hurt you> Many contract dispute lawsuits fail at this stage. Someone can inconvenience or frustrate you without giving you grounds to sue them. If you received your missing 300 bags of candy a day later, did that hurt you? Maybe if you had sold out of the 500 bags and needed additional inventory, but that probably didn’t happen. If you promised to pay the delivery company $1,000 and only gave them $400 because they were a day late, they could have grounds to sue you over $600.00USD in damages.

A Licensed attorney can help you determine if your case meets all four of the requirements. You can also consult a law firm for helping gather evidence, filing a case, and presenting your argument in court. With a legal advisor and these four elements, you’ll have a good shot at winning your breach of contract case.