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Four Steps To Get You Started When Self Employed

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StrategyDriven Starting Your Business Article |become self-employed|Four Steps To Get You Started When Self EmployedMaking the decision to work for yourself is a significant one. Covid-19 has also influenced a few additional folks to make or rethink this decision. There are a lot of things to think about if you want to improve your chances of success.

Below, we’ll go through some of the most crucial points:

Do You Have An Idea For A Business?

Many developments that would have occurred regardless have been expedited by Covid-19, such as more individuals working from home, people choosing to support small enterprises over chains, buying locally, and so on. Of course, inventing anything new isn’t required to become self-employed, though it can be beneficial in some situations. Covid-19 has shown how ready people are to help small businesses in difficulty, and it appears that this pattern will likely. When choosing a self-employment career, think about the existing markets and any unique brand qualities you may offer.

Choosing A Company Name

Use of your own name may be appropriate if you intend to operate as a self-employed lawyer or electrical engineer, for example. A unique name that distinguishes your business from the competition is essential if you’re starting a new online patisserie or baby store. Double-check that the company name isn’t already in use before proceeding. You may also want to consider purchasing a domain name that corresponds to your company’s name so that you aren’t disappointed when it comes time to establish an online presence and the name you want isn’t readily accessible. When deciding on a business name, take into consideration whether you’ll be a sole trader or a private organization, among other things. Once you’ve decided on a business name, you’ll need to work with a website construction company to get your website online and running.

Begin Your Business Plan

A business strategy is necessary for even the tiniest self-employed enterprises. Consider your SWOT, (strengths, weaknesses, opportunities, and threats) (strengths, weaknesses, opportunities, and threats). Think about the equipment you’ll need to run your business. What revenue targets do you have in mind? You must be able to submit your business plan if you want to apply for a bank loan or a company grant. Will you provide OnPay Solutions? Will you offer rapid delivery?

Examine Your Financial Situation

You’ll need to start accepting payments for work you’ve completed or making payments for your business after you’ve started accepting payments. After a while, you’ll realize how difficult it is to keep track of both your business money and your personal income. A company bank account is not essential for a sole proprietorship, but having one is beneficial, particularly when it comes to tax filing and record-keeping.

When you start working as a self-employed individual or when you start a new business, you must mark out the following four categories from your list. Have you ever considered going into business for yourself? What have you been thinking about? Do you already have a plan in place? Please share some of your thoughts in the comments below.

Signs You’re Ready To Open A Business

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StrategyDriven Entrepreneurship Article |Ready to open a business|Signs You're Ready To Open A BusinessIt’s not always easy to see when you have a talent for something. Right now, you could be holding off on showing the world what you’re made of but there really is no need to do that if you are sure that you know you can get what you want. If you are one of the many people out there looking at ways that you can start and maintain your own business, you wouldn’t be alone.

You might love your job. You might not be brave enough to dip a toe in the idea that you could be the boss one day. You might not even be ready to understand how to plan an IT strategy and learn how to accelerate your digital marketing, either. You might love your job right now but if you have the talent and the chance to be your boss and call the shots, why not go for it. With this in mind, here are some clear signs that you should start your own business.

  1. You have a ton of ideas. If your brain is constantly moving and shaking, then maybe it’s about time you paid attention to it. The chances are that at least one of those ideas is going to be good enough to earn money from. If you feel like you are bursting with all of these new ideas, then it’s time to look at them a little closer and decide if any of them are right for your business.
  2. You feel like your talents are wasted. Most people are in their careers because they feel challenged and want to learn even more about the industry that they’re in. Whether it’s a physical or a mental one, you need to feel like you are good at what you do. If you’re not challenged enough, you could create the opportunities that will make you feel better and give you an income.
  3. You’ve hit the ceiling. There is only so far that you can go for some jobs, and if you hit that glass ceiling with nowhere to go beyond it, you need more. A business could be that ‘more’ that you’re looking for and it’s a great place to go. You can step out on your own and show off a little of what you know and what you can do. It’s the most exhilarating fun!
  4. You’re spending time outside the office. If you aren’t doing the job you initially signed up for, then you need to create your own opportunities. You should think about how you can make the job you’re doing the one that you want and not the one that you have to do to get by. Opening your own business is one of the best things that you can do here as you’re the one to call the shots and really get it out there what you want to do.
  5. Others will see what you can do. One of the biggest reasons that people open their own businesses is to showcase what they can do to others. You want others to see what you are capable of, and being your own business leader can help you to do this.

Have You Outgrown Your Web Hosting? Here’s how to Know

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StrategyDriven Online Marketing and Website Development Article |Web hosting|Have You Outgrown Your Web Hosting? Here’s how to KnowA business website is a necessity these days because most people expect to find information about you through a single online search. Web hosting is a crucial component of your website as it determines the experience people have when they get on your website. Choosing a web host can be complicated and when you find one that works for you, you never want to think about going through that process again. However, needs change, and businesses outgrow their web hosting. Here are five things to think about to know whether your web hosting still works for you or whether you have outgrown it.

Cheap Hosting

It is perfectly OK to get cheaper hosting if you have a smaller website. The option available is often shared hosting where you have more than one customer on a single server. The problem with shared hosting is that someone else on the server could be using all the resources sending out emails or running scripts. These actions lead to slowdowns on your end and your visitor will have an unfavourable experience.

The good news is that there are a lot of dedicated server and Virtual Private Server options available where other users will not be an issue. There are also web hosts that concentrate on specific types of websites such as blogs for e-commerce websites. To help you find the right web host, head to this link to learn more. There you will find everything you need to know about web hosting. You will also find additional information and resources on how to start and run a successful blog, from how to do SEO properly to monetizing your blog.

Load Speeds

The load speed is related to your load times (the time it takes for the website to fully load). A faster load speed means low load times and a slow load speed means high load times. Faster load speeds offer a better user experience and reduce the chances that visitors leave your website without interacting with it.

Second, your load speeds affect your ranking on search engines. A low load speed and thus longer load times could lead to your website being ranked lower, reducing the number of people who see and visit your website.
Lastly, load speeds are crucial for mobile visitors. These are the people most likely to swipe away if the load times are too long. There are numerous factors that impact website load speeds, with your web host being a crucial one.

If you find that your website’s load times have been increasing or are no longer acceptable, you may have outgrown your web host.

Performance During Peak Hours

Apart from additional users on your server, your allocated resources can also cause a degraded performance during peak times. This happens a lot with e-commerce websites that require a lot of RAM. If you find your website running slow or your shopping cart acting sluggish, the server resources available are not enough for your needs, and you need to find a new web hosting provider.
Your web hosting has a huge impact on your website or blog and thus your business. It is important to continuously assess whether the hosting is enough for your needs and to consider seeking alternatives if it is not.

How can surety bonds benefit small businesses

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StrategyDriven Managing Your Finances Article |Surety Bonds|How can surety bonds benefit small businessesIf you are a small business owner who is competing for contracts, you will need to demonstrate that you are qualified to perform the work that will be required under the contracts. Depending on your type of business, you might also be required by the state to obtain a license to legally operate. A common state requirement for licenses to operate different types of businesses is a surety bond. These are state-specific, so if you live in Florida, you’ll be required to get a Florida surety bond. Even if your business is not required to get a license, purchasing a surety bond is a good way to demonstrate that you are capable of performing work and can be trusted to meet your contractual obligations.

What Are Business Bonds?

Business bonds or commercial bonds are types of surety bonds that might be required for licensing or for entering into a contract. They are legally enforceable agreements between the following three parties:

  • Principal – The business that is required to purchase the bond
  • Obligee – The party requiring the principal to purchase a bond, which can be the government or a private party
  • Surety – The company that issues the surety bond and guarantees the principal’s performance and legal compliance

Surety bonds are required for many different types of businesses to obtain licenses and legally operate. If the small business that purchases a surety bond fails to complete the work or violates the law, a claim can be filed against the surety bond. The surety company will then pay any valid claim, but the principal will ultimately be responsible for the costs and will be required to reimburse the surety company.

Common Types of Businesses for Which Surety Bonds Are Required

Many different types of businesses are required to purchase surety bonds to obtain licenses. Some of the common types of businesses for which surety bonds might be required include the following:

  • Auctioneers
  • Notary public services
  • Auto dealers and dealerships
  • Travel agents
  • Construction contractors
  • Mortgage brokers

According to the U.S. Bureau of Labor Statistics, 21.8% of adults employed in the U.S. had licenses from their respective states in 2018. Since bonds are a licensing requirement for many different types of businesses, this demonstrates how common bonding requirements may be.

Construction bonds are particularly common. Congress passed the Miller Act in 1935. This law requires contractors who want to perform work on construction projects on federal buildings to have surety bonds for any project worth more than $100,000. At a minimum, contractors that want to perform work on federal buildings must have performance and payment bonds. States also have laws that are similar to the Miller Act and establish different state thresholds for public projects.

Common Types of Bonds for Small Businesses

Some of the common types of bonds small businesses might need include the following:

  • License bond – Bond required by the state for licensure
  • Permit bond – Bond required by a municipality to obtain a permit
  • Bid bond – Bond required by the government in order for contractors to submit bids on projects
  • Performance bond – Bond required by public or private project owners to guarantee a contractor will perform its contractual duties
  • Fidelity bond – Bond a small business owner might purchase to protect the business from losses caused by employee theft or fraud
  • Auto dealer bond – Bond required for auto dealers that intend to sell more than a minimal number of vehicles per year
  • Business service bond – Bond that protects a small business’s customers from employee theft or fraud

How Surety Bonds Work

Business owners who are required to purchase surety bonds can apply through a surety company. The business will be required to submit multiple documents with the bond application to allow the surety company to evaluate the business and its risk.

Surety bonds are not insurance and instead function as a form of credit. This means that you will need to go through an underwriting process before the surety company will issue a bond to you. The surety company will review information about your financials, including your business’s audited financial statements, profit and loss schedules, the resumes of key stakeholders, your business’s organizational chart, and your business and personal assets and liabilities. It will also look at your credit score and compare the size and value of past projects to the one that your business wants to bid on.

If the surety company believes that your business poses too great a risk because of problematic credit, poor performance in the past, or evidence of poor character, it will likely deny your bond application. This makes it important for you to operate your business in an above-board manner and keep your credit in good standing.

The surety company will provide you with a free quote if you pass the underwriting process. The quote is for the bond premium, which is the amount you will have to pay to purchase the bond. The bond premium is typically a percentage of the total bond amount and can range from 1% for experienced business owners with excellent credit to 15% for businesses with little experience or problematic credit.

If you accept the free quote and pay the bond premium, you will also have to sign an indemnity agreement. This means you agree to indemnify the surety company for any valid claims that might be filed against your bond.

Benefits of a Surety Bond for a Small Business

Surety bonds offer several benefits for small businesses. When you are approved for a bond, it functions as a prequalification and demonstrates that your business is stable and able to perform the work as promised and in compliance with the law. Having a surety bond might demonstrate that your business is trustworthy and encourage others to contract with you.

Surety bonds also protect other parties beyond the obligee. For example, if you own a construction business, your bond will also protect the suppliers and subcontractors that you contract with, so it might be easier for you to find subcontractors and suppliers that are willing to work with you. Surety bonds also provide you with access to more valuable projects.

Many businesses are required to purchase surety bonds by the state to get licenses to legally operate. Others may be required to purchase bonds to perform work on specific types of projects. While purchasing a surety bond is another expense for small businesses, doing so can help you to demonstrate that your company can be trusted to perform its work ethically and legally.

All The Right Reasons to Get an MBA

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StrategyDriven Professional Development Article |Get an MBA|All The Right Reasons to Get an MBAOpting for an MBA (Master of Business Administration) degree is one of the important decisions for aspiring entrepreneurs. It is one of the initial steps to start your entrepreneurial journey on a high note. It plays a key role in nurturing your management skills and helps you build the right business sense. To establish a successful business, you have to manage everything efficiently. From marketing to dealing with clients, investment to sales, you have to streamline everything. You have to ensure that your business operations keep working smoothly. So, earning a high-level business degree like an MBA also positively impacts your decision-making and helps you make progressive decisions.

Achieving business success is not only about managing everything properly. You also have to expand your business at some point, so earning high-level business qualifications makes you aware of how to build a strong network. Once you start networking, it opens the gates of new business opportunities for you. Eventually, it allows you to increase your brand recognition, leads to business growth and ROI-driven results. Let’s find out why you need to earn an MBA degree.

1. To Earn Specialization as per Your Goals

There is a wide range of MBA programs that you can consider according to your interest or goals. For example, if you want to build a career in the accounting field, then you can opt for an accounting degree in MBA. It will give you insights into the latest accounting practices that significantly impact your career growth. To know more, check out these three ways to boost your career with an MBA in accounting degree to get a better idea that will help you make the right career decision.

On the other hand, you can also consider disciplines of general management, strategic management, marketing, human resources, and many more. There are plenty of branches of business, so earning MBA as per your preference can help you advance in your career. You should understand that you cannot do well in all aspects of the business. Therefore, you need to identify your area of interest and make the decision accordingly. Judge your personal capabilities and understand the demand of every business role. Going for the right MBA discipline is important not only for your career success but also for the success of the company where you will serve in the future.

2. To Nurture Advanced Management Skills

Management is one of the critical components of any business, so earning an MBA degree allows you to develop management skills. The curriculum of different MBA programs can be different, but every program will help you take care of the various business management aspects. You have to keep an eye on different things, from keeping track of financial health to monitoring projects. So, an MBA degree allows you to come out of your comfort zone and to do justice to all responsibilities.

In today’s rapidly changing business environment, you have to stay on top of the latest advancements. While completing an MBA degree, you get exposure to the advanced business practices that make you aware of the latest management techniques. Once you start challenging yourself, you can also develop collaboration skills that play a key role in the management and working with the team.

3. To Avail Better Career Opportunities

One of the major benefits of an MBA is that it provides you with an excellent career-changing opportunity. Almost every business student opts for an MBA degree to improve career prospects. Before applying for the MBA program, you should try to get a job to work in the industry. It will give you hands-on experience in your relevant discipline, so it will be easier for you to decide which career path is the best fit for you. Also, you will be able to set clear future goals and pursue your passion.

MBA graduates have higher chances of securing top managerial level positions with a higher pay scale. It increases their worth in the industry and allows them to work in multinational organizations.

4. To Build Business Network

Being an MBA student, you get great opportunities to expand your business network. You get the chance to interact with professors, fellow students, and different influential people who can help you in setting up your business. It is that time when you get the chance to learn the dos and don’ts of business from the people who have been in your situation earlier. So, it gives you great learning lessons that go a long way with you in your business journey.

You can gain valuable business insights when you access a great alumni network of different MBA programs. It makes you aware of different business ideas and how you can target your potential customers to become a top brand. You should understand that your connections are a great source to keep you one step ahead of your competitors. Because establishing a successful business takes years, and if you already have a good PR, then it means you do not have to put much effort.

5. To Start Your Business

The main purpose of pursuing the MBA degree is to prepare yourself to start your own company. It makes you aware of all the technical aspects of business and helps you take growth-driven steps. You get to know about the possible traps in which any rookie businessman can fall easily. So, it allows you to form your business vision and hire the right individuals who can become a part of your success journey.

Acquiring a high-level degree like MBA is one of the initial steps you take to build your business from scratch. From marketing, investment, and communication to management, it makes you aware of different business traits that you need to become successful at the top level. Also, having a successful business can give you plenty of perks, but it also puts a huge responsibility on you to look after your team. You have to treat your team like a family because eventually, they are the ones who will help you achieve your goals. It is not possible to manage everything on your own, so earning an MBA degree also enlightens you about such aspects.