Setting Yourself Up For Success as a Freelancer

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StrategyDriven Entrepreneurship Article | Freelancer
 
Many people crave the freedom that comes from working for yourself, be this as a freelance individual or a small business owner.

The reality is that many people today, and particularly in the new year are making the transition from being employed to being self employed, but the two worlds are so disparate it can be useful to learn some of the freelancing core principles in order to set yourself up for success.

In this article, we’re going to take a look at some of the differences between employment and self-employment with a view to helping you set yourself up for success as a freelancer.

The Safety Net of Employment

The majority of people have financial commitments and a lifestyle to maintain, perhaps even a family to provide for, so starting up as a freelancer is something that should be considered carefully because whilst there are many benefits to being a freelancer, one of the greatest concerns is that you will be trading the financial security of a job that pays you regularly with the uncertainty associated with working for yourself.

Of course, with a decent plan and fantastic execution, you can secure your own future and there’s no reason why you cannot replace your full time income as an employee with freelance work; but it’s important not to “bite your nose off to spite your face” which is why many people set up a freelance business whilst remaining employed.

This way, as the freelance side of things picks up and grows over time, you can start to reduce your hours at work or even quite altogether – but it allows you the safety net of keeping a basic income whilst setting up your freelance business. In the alternative, you could consider an insurance policy that pays out if you are unable to work due to ill health – something many employees take for granted, in terms of statutory sick pay in addition to company specific policies.

With that said, freelancing can be a great way to earn money as you are more able to have your work fit around your life, rather than having to fit your life around your work – or rather, your boss’s demands!

Feast or Famine

The freelance lifestyle tends to be associated with much more freedom and flexibility, however, many freelancers work seven days a week, as there’s a touch of “feast or famine” when it comes to freelance work.

There will be periods of feast where you are overwhelmed with work and can barely keep up with demand, whilst at other times, there will be very slow periods where there’s barely any work.

There’s a saying about making hay that is appropriate for the freelance lifestyle, as akin to how a squirrel works very hard to gather nuts in autumn, you need to gather as much money as you can, when the demand is high.

The challenge, however, is that you can find yourself running into periods of exhaustion due to responding to high demand. You therefore need to focus on pacing yourself, and considering ways to maintain a steady flow of work. This can be challenging as most people want their project to be completed almost instantly.

Keeping Costs Down

When it comes to making money, revenue should be a secondary aim to profit – and one of the best ways to maximise your profit is to keep your costs down.

Interestingly, as a freelancer, one of the most expensive costs associated with business is the cost of marketing your services. Whilst word of mouth is one of the most effective forms of marketing, it takes some time before word of mouth starts to reach a level which can sustain your business – meaning, at some point, particularly in the early days you are going to have to pay for advertising of some description.

This is where platforms such as Freelancer and Fiverr come in. Admittedly, they charge a fee in terms of a percentage of the revenue derived from the project – but as they only charge you when you are making money, it’s cashflow positive, meaning you don’t have to shed out lots of money with a risk of getting nothing back in return.

Staying Compliant

There’s something about being a freelancer that feels a lot less formal than having a business in the conventional sense, it feels a lot more “free” in the sense of it’s free from regulations associated with having a limited company where you must publish accounts and annual return documents.

However, freelancers are still subject to stringent rules around paying tax, and laws such as contract, negligence, and misrepresentation.

If you’re used to being an employee then you won’t have had to deal with tax matters before, as this tends to be done by your company’s HR department. Yet, as a freelancer, this responsibility falls on you – and if you fail to comply with tax law, it can have very serious consequences.

That said, the benefit of being a freelancer is that it means a lot of your expenses are tax deductible which means you are likely to be paying much less tax on your income. For instance, when you consider that driving to a meeting is a tax deductible expense, but the cost of your daily commute as an employee isn’t – shows how much of a better deal freelancers tend to get.

Staying Motivated

As an employee, it can be easy to stay motivated, in the sense of staying on track – because you have someone breathing down your neck to make sure you reach targets and are accountable for your performance.

As a freelancer, however, you have more freedom, meaning you don’t have this burden… yet, in some ways with more freedom comes more responsibility – and in this context, you have the responsibility to keep yourself motivated and on top of your workload.

This is where goals, and goal planning comes into play, as this will keep you on track to perform at your optimum.

In summary, starting out as a freelancer has many benefits from time freedom to tax advantages, yet, it is a completely different world to employment and lacks some of the security and structural advantages.

How To Narrow Down Your Recruitment Search To Find The Best Talent

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StrategyDriven Talent Management Article | Recruiting Employees
 
When embarking on the hiring process, there are all the typical ways to find new employees for your business. You might post on job boards online, for example, or you might advertise your vacancies at a job fair. This is all well and good, and such methods may prove fruitful. However, you may face a huge number of applicants, and picking out the best of the bunch can be a time-consuming task. But what if there was a way to cut through all of that? What if you could gain access to the best employees in a more efficient way? Well… you can!

The next time you need to find employees for your business, consider how you might narrow down your search to find the best talent. We have some ideas here that will not only help you find employees for your business, but that should also help you get the best possible candidates for the job you have to offer. Interested? Sure you are! After all, you have positions to fill, and you want the very best people for the job.

#1: Use social media

You probably use social media for both your personal and business life, but did you know it could be useful within the hiring process? You might want to join certain Facebook groups connected within your industry, for example, as you will then have the means to both advertise jobs and network with other employers who may know of people who would be a good fit within your business. You might also use LinkedIn for the same purposes, as again, you can both post your vacancy and network with other business professionals. Social media also gives you access to HR tech influencers, the influencers and leaders in talent acquisition who may be able to give you some specific advice on your recruitment process. And you can also use social media to attract possible candidates, posting images of your hopefully happy workforce online, alongside comments from past and current employees as to why they enjoy(ed) working for you.

#2: Engage your current employees

As suggested above, you might ask your employees to post something on social media to attract the attention of job seekers. You might also offer your employees a cash bonus to refer candidates to you. They might know of people who would be a perfect fit for your business, be they friends, ex-colleagues, or people they studied with at college or university. You do need to be careful – you don’t want your employees referring people to you who aren’t a good fit, just to get that cash bonus – so you still need to be diligent within the hiring process, only interviewing those people who match your job description, and giving out the cash bonus only when a referred candidate successfully fills a position.

#3: Reach out to colleges and universities

Reach out to soon-to be college graduates, catching them early by arranging a time to visit colleges and universities to promote your business and talk about the benefits of working for you. This is your opportunity to find the freshest young minds about to embark on a possible career within your industry, so you might be able to snap them up before your competitors do. You might also post your vacancies on student job boards, publications, and social media groups. Consider running an internship programme too, giving college students the opportunity to get valuable work experience with you. Not only is this useful to them, but if you have interns that prove invaluable to you, you will have the opportunity to directly approach them with a job offer. Check out our previous article for more advice on hiring college graduates.

#4: Break down geographical barriers

Do you need to employ employees within your locale? If you are able to hire remote workers, then do so. Modern technology allows you to communicate and collaborate with people all over the world, so if you can’t find the top talent in your town or city, consider reaching out to people elsewhere in the world. Okay, so we are talking about narrowing down your search and not expanding it, but you can still channel your efforts through job ads on social media, or you might advertise and search for applicants on websites such as We Work Remotely. The world, as they say, is your oyster!

#5: Use your website

StrategyDriven Talent Management Article | Recruiting Employees
 
Your website will primarily be used by customers and clients, but it might also attract the attention of potential candidates. They will be Googling specific job roles, so they might stumble upon your business within their search. Therefore, create a ‘We Are Hiring’ page on your website, where people can scour the positions you have available. And even you are not hiring, or when your positions have been filled, you might still accept resumés from those looking for a job, in the event a vacancy will be opened up in the future. To ensure the right candidates find your website, use these SEO tips to optimise your job adverts, and link your website to the social media groups that pertain to your business.

#6: Consider your current employees

You might not need to start the hiring process if you have employees that are suited to the positions you have to offer. Talk to your employees about any potential vacancies coming up, and encourage them to approach you if they are interested. Or, having had a read through of their resumés you already have on file, directly approach them with the opportunity to do something different. Not only will this save you time and money on the hiring process, but you might a) find the very best person from within your team, and b) give one of your employees greater job satisfaction by giving them something more closely linked to their abilities.

Over to you

We hope these tips have been useful to you, but what do you think? Have you utilised ways to narrow down the recruitment search when you have had job vacancies within your business? Let us know if so, and give us all the opportunity to both find the best employees, and spend less time in trying to do so. Thanks for reading.

Investment for Small Business Owners

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StrategyDriven Entrepreneurship Article | Investment
 
Running a small business in the current financial climate can be tough. There are a plethora of challenges to be faced on a daily basis. If you’re a small business owner that is tired of the financial uncertainty that can happen, and would like a little more security to help flatten out the lows, then starting to learn how to invest small amounts of your money to provide a different source of income could be the answer you’ve been looking for.

While investing can become a great safety net for your business, there are many considerations to ensure your success. It can be a great tool for building your wealth, but it’s a common misconception that it’s only for the wealthy.

What is investing?

Investing, in its most essential form, is the act of committing money in the hope you’ll make a financial gain or profit. A portfolio of investments built up over time can allow your money to work smarter, rather than you working harder.

Investing can also be a great way to take financial responsibility for your future. It often means committing an amount of money, we would have used for something else, such as purchasing new clothes or going to a fancy restaurant. Swapping the instant gratification of consumerism for an investment in your future requires discipline and an acknowledgment of your responsibility to your future self.

Investing can take many different forms. Most of us are aware of the stock market, but stocks are from the only way to invest. There are also mutual funds, commodities, Forex, bonds, ETFs, or real estate.

Any act that involves staking an amount of money for future returns is technically investing.

Technology and investing

Over recent decades, technology has made investing more accessible to everyone. This has helped to drive down fees. Many of the functions of a traditional trader can either be performed by investors themselves, or by using a subscription-based platform.

Now we can jump on the Internet to compare brokerage fees. We can look at online reviews and often play with a free sample of their software. This has empowered investors and investment advisors by providing a range of new tools that can perform real-time research and analysis, and even warn you when certain pre-set conditions are met.

StrategyDriven Entrepreneurship Article | Investment
 
Start small

When you first start out investing the sheer volume of information can be confusing. Everyone knows what’s best or has a foolproof strategy to sell you. The best way to get started is to jump in at the deep end but in a very small way. You can start trading penny stocks, or only invest a very small amount, just while you get a feel for how the system works.

This will allow you to experiment with no real meaningful consequences. You can familiarize yourself with how the different systems work, what information and resources help you, and discover your own preferences. There are numerous approaches out there, and this is partly because there is no one system that fits all. As you progress you will gradually define your own parameters and discover what levels of risk you’re happy with.

Only using money you can afford to lose will prevent you from taking needed money away from your business. While you want your investments to enhance your income, it’s important not to be carried away if you enjoy some success.

Learn as much as you can

While there is an overwhelming amount of information out there, being selective can reap rewards. Join respectable forums and ask for advice on the best reading material, discover the best commentators to follow and learn from, search for helpful free resources, such as e-books, videos, free commodity charting, industry and investment news resources etc.. The more you know, the better you are likely to do.

Some investments require much more in-depth knowledge to take advantage of, while others require much less maintenance. If you’re managing your own investments, then the time commitment required should be a serious consideration.

Know yourself

As well as understanding the levels of risk you are comfortable with, it can be good to formulate a longer-term plan of what you intend to do with your investments. What are your personal objectives and goals? The goals for your business? Are you simply trying to accumulate wealth for the sake of it, or are you trying to ensure your retirement is comfortable?

Understanding these different factors can also help you to better understand your risk tolerance, and help you select investments that mature within a suitable timeframe for you to achieve your goals.

Variety is the spice of life

Diversify your investments. Having all your eggs in one basket increases your exposure to risk if something goes wrong. By spreading your money around, whether it’s different commodities, companies, or types of investment, you’ll help to mitigate this risk and ensure you never suffer any catastrophic losses.

This will mean learning about different types of investment, but you don’t always need to understand every minutia of a system in order to invest in it.

StrategyDriven Entrepreneurship Article | Investment
 
Always maintain a cool head

It’s not wise to go into investing expecting to get rich very quickly. Try to keep emotion out of your trading, instead relying on proven techniques and hard data to drive your decisions. Markets will always fluctuate, and a knee-jerk reaction can sometimes be worse than taking no action.

Shop around for a good deal

Whether you are speaking to a broker over the phone or using an app, there are always fees and charges. Sometimes it’s a set fee; other times it’s a percentage of your profit. Shop around and compare the different deals available, not just for the cheapest, but for the one that offers the most value to you.

Align your investing with your personal beliefs

If you’re new to investing it can be hard to know where to invest. However, where investors put their money can make a powerful statement. If you believe in sustainability or protecting the environment, then search for investments where the company acts ethically and with responsibility.

Taking Your High-Tech Business to the Next Level

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StrategyDriven Entrepreneurship Article | High Tech BusinessBusinesses that tap into the innovative power of new and advanced technologies can be challenging to scale. Often, such companies sit inside a niche of some sort, whether that’s sup-plying specialist machines to the medical industry, or producing a high-tech software solution for financial services. In this article, you’ll learn how to plan the scaling of such a company, with advice for planning a more profitable future within your chosen niche. If you’re running a high-tech business that relies on top quality technological breakthroughs, this article should help you drive towards further success.

Keeping up-to-date

One of the fundamental components of successful high-tech businesses is that they’re rigorously up-to-date. They’ll have a finger on the pulse of their industry, always positioning them-selves at the cutting edge of any given tech development. Your company should do the same, with researchers and specialists regularly reviewing recent literature and the products of competitors to discover ways in which you’ll be able to deliver the most attractive product to your customers.

Remember that you’ll win the competition in the market if you offer the very latest products or services to your customers. This, in turn, will generate higher profits and will establish your brand as a global leader in your high-tech sector.

New methods for production

As the world naturally bends towards the automation of jobs and the machination of much of the production process, it’s time for all companies to take stock of this phenomenon. Positioning yourself as a company on the vanguard of this movement will mean you’re more than ready to attract the business of those clients and customers who’re looking for automation products – or, who’re looking for the most competitive prices, achieved through your own company’s automation.

While automating some processes in your business may seem daunting, there’s no reason why you won’t be able to find a way to make things work. For instance, if you’re offering a very specific product that you believe will be difficult to automate, you should visit experts in new product design & development. They will be able to guide your requirements and ideas through from concept to final prototype, working closely with your team to produce a machine that’ll truly take you to the next level in your business.

Brand presentation

High-tech businesses should be received as such. If a business isn’t presented as high-tech, then it’s unlikely to be trusted as an industry leader. You need to show all parts of your business in a sleek, ultra-modern way in order to be regarded as a brand to trust in the high-tech industries.

It means everything from excellent web design to smart, well-thought-out logos and branding. It also means the savvy and professional use of marketing campaigns and the intelligent planning of business partnerships to help your business get seen more. Remember that your brand tells the story of your product and your company, so make sure it’s compelling and reflective of your high-tech wizardry.

With these tips, you should be able to bring your company to the next level of performance, driving your brand to the next level regarding trust and respectability.

The Process Required For Trademark Renewals

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StrategyDriven Marketing and Sales Article | TrademarkA trademark is used to establish ownership of the products you sell and distinguish it from the goods of other manufacturers. It can be a word, name, logo, or any device. While marks that pertain to a service is called a service mark, the term trademark has generally been used for both products and services.

You gain exclusive right to use the mark for any purpose relevant to your business such as on promotional materials. Another significant advantage of a trademark is to prevent others from using the same name or logo since this can confuse your customers and, if it is misused, destroy the reputation of your brand.

Forms for Trademark Renewal

The process does not end with registering your business’ trademark. To allow continuous use of trademark, you need to process a renewal so that the U.S. Patent and Trademark Office (USPTO) won’t cancel your registration after a certain period of time. This guide found online can help you know more about the renewal process.

To protect your brand and uphold your trademark registration, there are two forms that you have to be familiar with:

  • Declaration of Use – This section 8 document requires you to present proof to the Trademark Office that your trademark is still being used for your business. The process enables the office to filter out unused or abandoned marks. To file for this form, you should submit evidence of use such as product labels or packaging materials that feature the trademark.
  • Application for Renewal – This section 9 form is a formal, written request to the USPTO to renew your registration for your products and services. The Declaration of Use accompanies this form during filing. The renewal is good for ten years.

Fees for Trademark Renewal

The USPTO has posted trademark fees on its official website. It includes the cost of filing an application, requests for dividing an application, and other miscellaneous expenses.

For renewal, here are the costs that you need to be aware of:

  • Filing of the Application for Renewal of a Registration – $500
  • Grace Period Additional Fee for Filing a Renewal Application – $200
  • Correct a Deficiency in a Renewal Application – $200
  • Filing for an Affidavit (Section 8) – $225
  • Additional Fee for Filing for an Affidavit (Section 8) – $200
  • Correcting a Deficiency in an Affidavit (Section 8) – $200

Timeline for Trademark Renewal

It is imperative that you know when your trademark registration expires so that you can file for renewal before it happens. Failure to do so can invalidate your listing and will allow others to misuse your brand name or logo.

  • Deadline for First Filing – Submit the Declaration of Use to the USPTO between the fifth and sixth years after you initially registered your trademark. The government allows for a six-month grace period in case you miss the deadline with a penalty fee of $100 per class.
  • Deadline for Second Filing – Use the forms for Declaration of Use and Application for Renewal before the tenth year after the registration date. There’s still a six-month grace period for business owners who miss the second filing of their trademarks with additional fees.
  • Deadline for Third and Successive Filing – After the second filing, you have ten years until you need to renew your trademark. You still use the Declaration of Use and Application for Renewal documents.

For example, you registered your trademark on August 1, 2016, you can file for renewal as early as August 1, 2021 or as late as August 1, 2022, since the former is the start of the fifth year after the registration date and the latter is the beginning of the sixth year since registration. The second renewal should be before August 1, 2026, while the next filing should be before August 1, 2036.

Excusable Non-Use

The USPTO provides an exemption for the non-use of the trademark under special circumstances. This can happen when the business is sold to another party thus the mark is temporarily unused. Issues in manufacturing and emergencies like illnesses or natural calamities are also subject for consideration by the Trademark Office.

Filing for excusable non-use must include the trademark registration number, the current owner’s name and address, declaration filing fee, and a list of the products or services associated to the mark that is unused as well as the reason for non-use. Moreover, the document must include the estimated date when commerce will resume and the specific actions taken to continue using the mark.

Conclusion

Registering your trademark adds more value to your brand as well as your products and services. Going through the process increases your credibility since you went through the lengths of legitimizing your business. This demonstrates to your customers that they can trust you and that you carry out ethical business practices.