How A Pilot’s Licence Can Help Your Business

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StrategyDriven Entrepreneurship Article |Pilot's Licence|How A Pilot's Licence Can Help Your BusinessMany of us, in our childhood years, will dream of becoming airline pilots as a career simply because of how captivating the idea of air travel is. We admittedly have these dreams before we’re fully aware of the technical and legal requirements placed on pilots, which wouldn’t be quite in line with childhood fantasy, but there is definitely something about aviation that captures the imagination. It’s also something that is a reality for more people than you’d ever imagine; there are quite a few celebrities who are qualified to fly planes, and do so for business and pleasure.

Since those childhood days, you may have ceased to imagine yourself in the cockpit of any kind of plane, but if the idea stirs anything in you, it might be worth looking into afresh. You might be surprised by how much the ability to fly a plane can benefit your business in both the long and short terms.

It’s surprisingly affordable

No, no-one’s going to try to convince you that you can learn to fly for the equivalent cost of a few nights out or even a week-long holiday somewhere sunny. However, the cost can be as low as a few thousand dollars, and spread over a duration of what will usually be at least a year. After that, you can buy a plane for as little as an amount in the low five figures. And yes, you might not have that money lying around, but you also don’t have to buy a plane – you can hire them whenever needed if that makes more financial sense for you.

It can really pay off

Once you’re able to fly, a lot of journeys become instantly so much simpler. You can eliminate traffic from your calculations. Trips which would take days by car can be navigated in less than a day, and you also have the not insignificant first impression of being a business that can make private flights. This can be a trump card in sealing a business deal, and allow you to move consignments that other businesses simply can’t. What’s more, you can regularly upgrade your skills and make your business all the more profitable. If you’re looking to scale up your business, qualifying as a pilot could be an invaluable step.

You can boost your philanthropic profile

A business owner who wants to leave a lasting legacy will find that philanthropic works help to cement you in people’s minds as one of the good ones. There are elements to the philanthropic approach that become a lot easier with a pilot’s licence in your possession. You may, for example, be able to move patients or essential personnel and items for a medical procedure that can only be done in a certain time and place. You may be able to rescue stranded people and animals, and assist in both search and rescue missions and aid drops.

It’s a great way to expand your business

One way in which you can know that your business is moving forward is to open a second location. If your business works well in your home city, you can be sure it will work well in others – and the ability to fly a plane will allow you to move from location to location much more easily. Relying on commercial flights means that you’re beholden to the schedules of major airlines, who will only fly routes that are commercially viable for them. The boost of freedom that comes with a pilot’s licence means that you don’t need to work within someone else’s rigid framework when you want to move from a meeting in Atlanta to an opening in New Orleans.

There’s an unmistakable sense of personal accomplishment

As humans, we’re all prone to moments of self-doubt, but you’d be surprised how that melts away when you’re able to pilot a plane. Let’s be real, being a pilot doesn’t make you a superhero. However, when you start to question your legitimacy in a business role, just stop and think that you decided to get your pilot’s licence and then went out and got it. If that doesn’t burnish your confidence, what will? No, it doesn’t mean that “you can do anything”, but it does mean that you can learn to do something remarkable and rise to a challenge.

It’s not essential to have a pilot’s licence to become a successful business owner. It certainly however has an effect on your ability to build your business into what you want it to be. If you’ve ever considered qualifying, it’s worth taking a close look and seeing how you can make it happen.

Is Taking a Small Business Loan Worth It?

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StrategyDriven Managing Your Finances Article |Small Business Financing| Is Taking a Small Business Loan Worth ItThe word ‘loan’ doesn’t have a nice ring to it in any sense. Whenever we talk and hear about loans, it usually points towards difficult times and thorny situations. However, business loans can’t be seen through a singular point of view. One has to apply context to commercial loans because oftentimes they are actually tied with business opportunities.

Whenever any entrepreneur starts mulling over the idea of taking a small business loan, he/she has to deal with a wide range of different opinions and suggestions. Some people strongly advocate against loans. By sharing gloomy and sometimes scary anecdotes, they try their best to deter a person from taking business loans.

Then there are people who act as the cheerleaders of loan companies. They only know the benefits of business loans and how they have turned around the fate of many ventures. Lastly, there is a group that takes a cautionary approach. They give an objective overview of taking business loans.

We will recommend you to listen to the last group. It is important to get a precautious take when you are thinking about getting a small business loan i.e. factor in all the upsides and downsides before making the final decision.
Here, we are going to discuss the instances when business loans can be beneficial or detrimental. Go through them and make a decision that suits best your unique business needs.

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Instances When It’s Profitable to Take a Business Loan

There are certainly many valid reasons where getting a loan actually helps in growing the business further. Let’s look at all such instances.

Physical Expansion Becomes Imminent

When you don’t have any further space to set up any new cubicle or when you have don’t enough area to accommodate all your customers— these instances actually indicate two things:

  • Your business is booming
  • You need more physical space

However, experiencing business growth doesn’t mean you have enough capital to take on physical expansion. We all know that the commercial real estate market always remains bullish and it’s not easy to get the required space at the desired location with your existing purchasing power.

In such cases, where a business is growing and requires more physical space for streamlined commercials operations, it is better to go for business loans. Persisting with the same congested business premises amid continuous business growth can prove to be counterproductive. You will certainly pay back the loaned money in a few months or years. However, the business growth that you are going to accommodate through physical expansion will pay you dividends for decades.

For Better Credit Prospects

If you have the vision to turn your SME into a large-scale commercial operation, then you are definitely aware of the line of credits and how important they are for the sustenance of big companies. However, it should be kept in mind that financial institutions don’t just dole out lines of credit to everyone.

A business with no lending and credit history can’t apply for a line of credit. There should be an impressive credit record to your business’s name. This can be built by taking smaller business loans and then making on-time regular payments. Besides building a good credit profile, taking small business loans on a regular basis also ensures that you don’t find yourself in a capital drought at any given moment.

Lastly, constantly working through smaller loans also results in building a good affiliation with any specific lender or lending company. This again helps when you apply for bigger loans and line of credits.

For Buying Equipment and Inventory

It’s a no brainer to file for a small business loan when you have to get any equipment or any other business inventory. These tangible items run your business and you can’t ignore them just because you don’t have the required capital at the moment. Let’s try to understand the profitability of a business loan in this context through an example.

Let’s suppose that you need two workstations worth $2,000 for a project that can bring in $3,000 in profits. But at the moment, you don’t have enough money to allocate $2,000 for this purchase. So, what you should do? Pass on the opportunity or take a small business loan to get the required equipment? We would recommend you to go to the latter option.

In the above-mentioned example, even securing a loan on a high interest rate (e.g. 25%) will generate a profit of $500. Moreover, the addition of two workstations to your business assets is a permanent gain that you are going to get. In short, it’s a win-win situation. This is the reason why taking loans for primary equipment and inventory rarely go wrong.

Instances When It’s Risky to Take a Business Loan

There are some instances where you should give a second thought on taking business loans.

If Cash Inflow Is Already Really Thin

Going in debt when your cash inflow is already flickering might not be a good option. Making debt repayments is not easy when you have very limited cash to play with. Any aggravated scenario can also lead to collateral, which is the worst possible thing that can happen to your business. In any tricky situation, it is better to first consult business loan experts. The advice of experts working at this company can come in really handy when you are in two minds regarding applying for a loan amid receding cash inflow.

With a Low Credit Score

For whatever reason, if your business now stands with low credit score, this it might not be a good idea to make things by acquiring a high-interest loan. Low credit score makes it less lucrative for lenders to offer loan offers. So, they compensate for it by increasing the interest rate. Before applying for a small business loan, it would be better if you first work on your business reputation and credit score.

The above discussion makes it clear that applying for small business loans for the right reasons pay dividends. Moreover, it is important to have good business reputations if you are going to incorporate borrowing in your business model.

What Can You Do To Move Your Career Forward?

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StrategyDriven Professional Development Article |Move your career forward|What Can You Do To Move Your Career Forward?Are you looking for ways to move your career forward and achieve more in 2022? If so, you are not alone! There are a lot of people today who feel like they want to move their career up a notch. They may feel like they are in a dead-end job. Or, they may feel like they have served their time, and now is the perfect chance for them to have more responsibility and more of a meaningful job role. No matter what your situation may be, if you are looking for different ways to move your career forward, we have got you covered. Read on for some great ideas and suggestions.

Consider moving to enhance your career prospects

It could be that you will have better career prospects in a different location, and so this is something that you may want to look into in further detail. Do your research online to find out more about different job opportunities for your industry and whether or not another state would make a lot more sense for you. Of course, moving to another location is something that you need to consider very seriously. It is not a case of simply packing your bags and leaving, as a lot of people have commitments in their current location. You can find a helpful moving guide for medical professionals, finance experts, and much more online, so you should be able to find all of the tips and advice you need for moving within your chosen profession.

Invest in a training course to enhance your qualifications

Investing in yourself is important if you want to move your career forward. The great thing about the digital age is that it is easier to retrain and advance your skill set than it ever has been before. There are some great online training courses that you can make the most of, and you will be able to attain qualifications that are recognized around the world. Therefore, it makes sense to really think about what sort of certification will help you advance your career the most. Look for any gaps that you have in your current skill set at the moment so that you can make the improvements that are necessary to give yourself the best chance of moving forward in your career. Of course, your employer may offer some training opportunities, so it is worth looking into this. However, if they do not, take matters into your own hands and invest in yourself.

Give yourself small milestones to achieve

Aside from the advice that we have provided so far, we also recommend that you set up some small milestones for yourself to achieve. We are sure you have an ultimate overall goal of where you want to get to in your career. This could be an ideal job position or a set amount of earnings that you would like to make. While it is good to have goals like these, they can also seem too far away and this can end up being quite frustrating. You lose motivation because you feel like you have a mountain to climb. This is why we recommend that you split your big overall goal into a lot of little milestones and goals.

This will ensure that you are always working toward goals and you are constantly feeling motivated whenever you achieve something. This will also help you to ultimately get to where you want to be because you will keep ticking off steps on your to-do list, meaning you are being productive and you are one step closer to your ultimate goal. You may also want to consider keeping a work journal. You can write in this every evening. You can write down your thoughts, any goals you have, anything you have achieved, and anything you would like to improve on. This will help to keep you focused and ensure that you keep making progress in your career.

Talk with your boss about a promotion

Don’t be afraid to talk with your boss about promotion and to find out what you have got to do to move up in the workplace. A lot of the time people end up being frustrated because they want to move up the career ladder within their current place of work, yet they feel like they are always overlooked for promotions. If this applies to you, it is not something you should simply accept. Instead, ask your boss if you can speak with him or her. You can tell them about your desire to be promoted and have a higher position within the business. Ask them what they feel is missing and preventing you from taking that step. In some cases, bosses can simply overlook people for promotions because they assume that they are happy with the job role they have. Therefore, simply letting your employer know that you want more and that you are ambitious can make all of the difference. Aside from this, you can learn about what your employer feels like is missing at the moment. This will help you to focus on the areas that need to be improved so that you can give yourself the best chance of progressing your career and moving forward. We know it can be quite nerve-wracking to have this conversation with your boss, but there is really nothing to worry about. Your boss certainly will not be disappointed to see that you are showing ambition.

Final words on moving your career forward

So there you have it: some of the different ways that you can move your career forward this year. We hope that the ideas and suggestions that we have mentioned above will help you to achieve more from your career this year. Of course, you can adapt some of the suggestions that we have mentioned above based on the career that you have at the moment but we hope that they will help you to get to where you want to be.

Things to Look For Before Starting a Construction Company in Texas

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StrategyDriven Starting Your Business Article |Start a construction company|Things to Look For Before Starting a Construction Company in TexasThe construction business plays an important role in the economy of a region or a country. Currently, the construction sector is booming in Texas, and over the years, it has been pushing Texas forward. The Federal Reserve Bank stated that construction accounted for 4.3 percent of US GDP in the previous year’s first quarter. Moreover, the Associated General Contractors of America in Texas stated that construction’s share was 5.3 percent of the states’ total GDP. It equals $100.9 billion out of $1.9 trillion of Texas’s GDP in money terms. These figures prove that investment in construction and infrastructure can stimulate the economic performance of a place. Also, the numbers paint a positive picture for anyone considering starting a construction business in the state. Anyone considering a career in construction has a number of lucrative opportunities.

Impacts of a construction business on the area

A growing construction business also attracts other businesses to the state. If construction is based on residential projects, it will attract people to invest in community goods such as schools, hospitals, shopping malls, and much more. The result is an evident increase in new jobs and the overall uplift of society. Workers and laborers move from the other parts of the country, searching for jobs and staying near the construction location.

When in Texas, it is very easy to find a lodging facility according to the construction site’s location. Workers can easily locate several temporary housing near their worksites, including the motels in Big Lake TX, which are cheap and near several domestic amenities.

Starting a construction company in Texas

Starting a construction company in Texas is less complicated than in other states. But you must understand the regulations and legal bindings lest you make a grave mistake. Here is a list of the important factors you must consider when starting a construction company.

Research the construction industry

Whenever you want to start a business, start by doing market research. The purpose of market research is to understand the customers’ demand, liking, and preferences. It helps you find your target market and their ability to pay.

Know how much money people are willing to spend on a construction project and how many companies are already in the market. You also need to know your competitors’ various pricing, advertising, and branding strategies and find their loopholes.

These gaps or loopholes will help you position your offerings the right way. You can use different approaches such as surveys, interviews, or questionnaires for market research. A much-preferred option is to take a market research company; they have more tools to make the market research process rigorous.

Outline a concrete business plan

You must have a detailed business plan for your project that outlines every aspect of your business. It will include the market trends, analysis of the competitors, growth opportunities in the market, and an appraisal of your target audience. You will also outline how you will structure and manage your business, the hierarchy personnel, and who will hold which position.

The business plan also details the number of employees you will have, how you will pay their salaries, what services you will offer to your clients. Also, this is when you decide on your marketing strategy, which campaigns you will use to target your customers, and the estimated cost of starting and running a business until it becomes self-sufficient. The more detailed your business plan is, the better it is for your company. It will also help you pitch in front of investors if you seek outside financial help. You can clearly show your investors what you intend to get out of your business in the first year and what you predict about the future of your business.

Decide the structure of your business

Are you trying to run the business on your own? If not, how many partners are you planning to include? Determining the structure of your business is another essential consideration. Other options for business structure include Limited Liability Company, limited partnership, corporations, and limited liability partnership. You can take the help of a corporate lawyer before you finalize the structure of your company as there are tax, management, the formality of operations, and liability matters involved in each structure.

Name of your business

Another consideration is the name of your business and its registration. Find a unique business name that reflects your company’s values, the services you are offering, or the standards you want to adhere to. Make sure any other company does not share the name as it can create complicated legal issues.

Conclusion

The construction industry in Texas is thriving. But starting a new company in Texas still needs care and adhering to legal and regulatory requirements. It might not be easy to meet the licensing requirements, but it is always rewarding for sure.
You can safeguard your business from complicated legal matters. Plan your business carefully, discuss every aspect of your company in the business plan, and name and register your business. Depending on your business offerings, you will also need to obtain the necessary licenses and permits.

It is always recommended to have an online presence when you start a company making it easier for customers to find you. Understanding your customers goes without saying, and knowing your competition is a must. Your company can make a unique place in the mind and hearts of your target customers if you successfully fill the gaps left by your competitors.

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