What Is The Best Way To Research A Potential Business Partner?

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StrategyDriven Entrepreneurship Article |Business Partner|What Is The Best Way To Research A Potential Business Partner?There are a lot of great benefits to business partnerships. You can find somebody else to take on some of the risks and having a fresh set of ideas can help you take things to the next level. Your business partner can also fill in gaps in your own skill set and help you manage the workload, so the business is more successful.

However, partnerships only work when you choose the right person and if you get into business with somebody that isn’t a good fit, it can be disastrous. That’s why you should always do your research before entering into any partnership, but a lot of people don’t know how to do that. These are the best ways to research a potential business partner to see if they are a good fit.

Check Their Social Media

Social media is always a good place to start when you are trying to get a measure of somebody. Their posts give a good insight into what their priorities in life are and what kind of person they are. You can also see what their network looks like and what business events they attend etc, so you can decide if you are on the same page. You need to find a like-minded business partner that you work well with, so general information that you find on social media can be very useful when making your decision.

Run A Background Check

You need to know if your new partner has any skeletons in their closet because, as soon as you enter into a partnership with them, their actions reflect directly on you and your business. So, call in a private investigator company and get them to look into the person for you. They can help you do your due diligence and find out all about their past in the business world, as well as their history, in general. Anything concerning will be raised now and you can decide whether it’s a deal-breaker or not. You don’t want any nasty surprises further down the road, so this is an important step.

During the background check, you should also conduct a credit check on them to see how financially responsible they are. If you are trusting them with your business interests, you need to know that they can handle their money well.

Have A Conversation With Them

Once you have done your due diligence and you think that you want to enter into a partnership with somebody, you need to sit down and have a conversation with them. Ask about how they will handle conflict in the business and how they like to work day-to-day. It’s important that you get a good sense of how compatible you are and how you will overcome problems in the partnership.

There’s no reason why you can’t have a few discussions and even present a few example scenarios to them to see how they would deal with them. You can’t afford to make mistakes here, so don’t rush into anything.

As long as you take your time and do your research, you can find the perfect business partner to work with.

10 Things to Watch Out for When Acquiring A Business

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StrategyDriven Entrepreneurship Article |Acquiring a business|10 Things to Watch Out for When Acquiring A BusinessInvestors must evaluate all elements of a business purchase. Acquisitions help investors and existing business owners purchase another company and merge the two businesses. However, there are factors they must watch out for when examining the new acquisition.

1. Do You Have a Clear Transition Plan?

The buyer must have a clear transition plan that indicates when the existing business owner passes the torch to the new owner. It is easier to transition a staff to a new owner when there is a transition phase. However, the plan must enforce the transition in ownership, too. Investors can learn more about the plan by reviewing business ownership transition services now.

2. Are the Financial Records Accurate?

It is recommended that a buyer hire a certified and licensed accountant to examine the company’s current financial records. During a business acquisition, the business owner must present accurate financial records to the buyer. If the accountant finds any inconsistencies, the buyer shouldn’t acquire the company.

3. Acquiring Products and Companies That Coincide With Your Brand

The investor must acquire companies that have products that coincide with their brand. For example, if the investor’s company manufacturers vegan products, the acquisition of a company that uses animal products in their products could not coincide with the brand or its mission.

4. Avoid Non-Compete Provisions

When acquiring a competing company, the buyer must be careful not to sign a strict non-compete contract with limited provisions. This could allow the competing company to prosper and decrease the profits of the company that is acquiring the business. Each product line must perform at the same rate.

5. The Realistic Costs of Operating the Business

The seller must present realistic costs of operating the business. If they present low-ball overhead costs, the buyer doesn’t have the correct information, and this could lead to excessive costs for the buyer for which they are not prepared when taking over the company.

6. Does the Company’s Culture Fit Your Ideals?

The business must operate in the same manner as the buyer’s own business. For example, if the buyer’s company is all-inclusive and diverse, it is not wise to acquire a business that isn’t. They do not want to acquire a company where the workers cannot work well with other workers who are different from them.

7. Background Checks for the Company and Its Key Workers

Background checks for the company, its owner, and key workers give the buyer information about potential criminal activities. If there are records that show key workers who present serious risks to the investor, the company may not be the right choice for the buyer.

8. The Market Conditions When You’re Buying

The current condition of the market defines the cost of businesses in all industries. It is best to consider the state of the market and if the price of the business will increase when marketing conditions improve. They shouldn’t buy if the price reflects a company that is not profitable and could present a financial loss for the buyer.

9. Does the Company Share Your Values?

All business owners have their own set of morals, values, and even political affiliation. If the owner’s morals and values do not line up with the investor’s own belief systems. It could create damage for the investor. They must be consistent in what they believe and what views they share.

10. Can You Make the Company More Profitable?

A company that is failing may present the buyer with a chance to turn the tables for the company, but the company must have products that could generate profits.

Investors want a sound investment when considering a business purchase. However, there are factors that could affect the acquisition and present shortcomings. A complete assessment of the opportunity helps the buyer make a sound choice.

Simple Online Money Making Ideas In 2021

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StrategyDriven Entrepreneurship Article |Make Money Online|Simple Online Money Making Ideas In 2021If you are still stuck largely at home during the pandemic; there are a lot of different ways you can spend your time. From organising your pantry to investing in your own professional development through courses – we all have had to find ways to use our time as productively as we can.

One thing you may not have considered though is how to make money from home using the online world. Working from home is commonplace these days and there are so many amazing methods to make some extra income from your own living room this year.

Today we want to take a look at some of the different ways you can make money online to help you gain some extra income for yourself and your family this year.

Start a blog

It seems that since 2012, every man and his dog has started a blog – and when you realise the opportunities it brings with it you can start to really see why. Blogging is not only a great way to share your thoughts and feelings and the things you love but it is also a simple way to make money. You can earn money through blogging by hosting advertisements on your website, buy posting affiliate links through programmes such as Amazon Partners, and working with brands. It can be a great way to make money doing something creative but you will also be able to go to exclusive events, get access to new products, and meet a lot of people.

Manage a YouTube Channel

YouTube is one of those careers that has taken off incredibly over the last decade and you can create a whole empire at home by sharing your skills and interests on this platform. There are a lot of elements that can go into a YouTube channel such as social media channels and a supporting website – and you can always contact an IT Support Company to help you with the set up and maintenance of these aspects. YouTube allows you to be super creative and you can talk about anything you want.

Create a podcast

Podcasts have become super popular in the last few years and they are on the rise. If you have a story to tell or a passion to share, a podcast is a great way to do this and you can reach a wide audience with your creation. Whether it be cooking tips, wellness, or true crime stories -there are endless ways to make money through a podcast and recording one every week will allow you to start making some passive income in a fun way.

Share your skills

One more way to make money online if you have a professional skill to share is to create online courses on Skillshare. You can create your own course on a subject you are expert in and teach other people about it. It will be a simple way to make some passive income and can really be a useful tool for you this year.

Women Leading Women: The Future of Entrepreneurship

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StrategyDriven Entrepreneurship Article |Future of Entrepreneurship|Women Leading Women: The Future of EntrepreneurshipThere’s a lot of talk in corporate circles about inclusivity and empowering women in business. But why is it that so much of this talk is coming from male business leaders?

Not that there’s anything wrong with that. We need people from all walks of life leading the charge towards equal opportunities for women. But wouldn’t it be amazing if women were paving the way for more females to succeed in competitive markets?

My service-based business is women owned, women centric, and women powered. From the beginning, I have made lifting females up part of my mission and our company culture. After just a year in business, we are thriving in ways none of us thought possible. I attribute a lot of that to being surrounded by incredible women with unique ideas and perspectives, and I know that other organizations can benefit from a similar model.

I want to see more women seeking out ways to bring their fellow females along with them in their entrepreneurial journey. Instead of pushing others aside to get to the top, what if we helped each other along? I’m not talking about simply offering encouragement or mentoring, I’m talking about creating the opportunities we want to see for other women by becoming entrepreneurs who hire and give real power to other women.

Here are three ways I’ve accomplished this in my business:

1. Focus on talent.

Women tend to be hard on themselves. They don’t always believe what they are capable of, even after achieving results. It’s up to women in leadership positions to actively identify talented women and make space for them to shine.

As a young professional, I had a friend reach out and invite me to attend a prestigious aesthetician program. I was in a different industry and happy to just coast, but she saw something in me that I didn’t see in myself. This changed the trajectory of my life and directly led to me opening my own business and giving other women jobs.

My business director is a former client of mine who I saw amazing leadership skills in. She wasn’t looking for work, but seemed a little lost in the direction her life should go. I created an opportunity for her and we’re both beyond glad we took the leap.

There’s a ripple effect when women show other women their value.

2. Hire moms.

Motherhood is near and dear to my heart. I built my little business empire from a rocking chair, holding my twin babies. So I know firsthand what can be accomplished.

Not all women choose motherhood as their path, but those who do deserve options. While it is true that sometimes accommodations must be made for working parents, there are so many solutions that don’t put out the organization in any significant way, particularly as work is becoming more modular.

For me, the strongest statement in favor of moms in the workplace is simply to hire them. Use your actions to prove that you have confidence in their ability to navigate the work/life balance. Millions of women with real talent are being left behind, and both moms and corporations will benefit from a new way of thinking about work.

3. Be the example.

Women need to model leadership behavior for their younger counterparts. Young girls need to see women who own businesses, women as CEOs, women holding patents, women innovating, and women teaching and training others.

But that’s not enough.

Women need to see other women creating a work environment that invites female perspectives on their own terms. The workforce was created with men in mind, and it’s time to change that.

If women band together to make the kind of future we’d all like to see for girls everywhere, we’ll get there in no time. Focusing on women’s strengths and giving them tailored opportunities, hiring parents, and leading through example are great ways to start. As women lead other women through the corporate landscape, they will slowly begin to hear more female voices chime into the conversation. What better way to learn how to truly empower women?

About the Author

StrategyDriven Expert Contributor | Gia CarterGia Carter is an entrepreneur and the owner of The Brazilianaire Studio, a full-service luxury medical spa in Spanish Fork, UT. As a licensed master esthetician, Gia has developed a proprietary method of Brazilian waxing that minimizes discomfort, along with her own private-label wax line. She has used her talents to expand her clientele and become one of the most sought-after waxing professionals in Utah County. Beyond her professional success, Gia has dedicated her life to empowering women to love their bodies and believe in themselves. When she isn’t changing the world, Gia loves to spend time with her husband, four year old and twin toddlers.

Important Steps For A Successful Sole Proprietorship

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StrategyDriven Entrepreneurship Article |Sole Proprietorship|Important Steps For A Successful Sole ProprietorshipIf you have an entrepreneurial spirit and are the sole proprietor of a business, you know that it is just as important to offer an excellent product or service as it is to understand the business side of your chosen pursuit.

A sole proprietorship automatically forms when you begin offering any services or goods. At this point, there is no differentiation between you and your business from a legal standpoint. To take it a step beyond that point, if you choose to incorporate or register your business then you are no longer operating in a sole proprietorship. While there are pros and cons to initiating a sole proprietorship, it is essential to know what you are getting into.

Liability

When you are in a company of one, it is vital to understand that sole proprietorships have unlimited liability and how this will affect the way you conduct your business. Unlimited liability blurs the lines between your company and personal assets. If you are interested in taking the next steps to becoming a sole proprietor, ensure that you engage with professionals to understand what you are embarking upon. Follow this legal guidance when considering whether to become an entrepreneur.

Business Plan

One of the first steps beyond having a marketable product or service is to create a business plan. This plan is not limited in scope. You can add to the plan or modify it as needed. After all, this is your business. You are at the helm of your future, and your decisions are the driving force for your success. To have a productive business plan, begin by asking yourself why you are creating your product or service? What is your end goal or mission? How do you intend to sell and market items? Will you outsource? There are a multitude of templates available online to get you started on creating an effective business plan.

Outsourcing Options

Staying on top of everything by yourself can be difficult. On a good day, all of the business aspects will pull you in a few different directions. On a bad day, you will not be part of your actual product at all. Too much time spent on managing your business will leave you without the energy to focus on the reason you began your business in the first place. Consider alternatives to doing it all yourself. Outsourcing options will afford you more time and creative energy to give your business your full attention. Common outsourcing options for sole proprietors may include marketing and advertising, social media and blog posting, accounting and payroll (if you have other employees), transportation of goods (mail and packages), legal guidance, and customer service.

Ask For Help And Guidance

Whether you are a longtime business owner or just starting, it is beneficial to seek the counsel of others. They may be within your industry or someone that you identify as successful. Consulting with a variety of people will offer you invaluable insight into both your company as well as theirs. You will have the opportunity to ask questions, see what they are doing that works, and even learn from the value of their mistakes. Having another person or group to bounce ideas off and ask for referrals will help you on your path to growth and success.

As they say, knowledge is power. Always do your due diligence and understand what you are getting into when starting your own business. It will be a wonderful opportunity to showcase your talents.