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10 Top Tips For Starting Your Own Business At Home

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StrategyDriven Starting Your Business Article | 10 Top Tips For Starting Your Own Business At Home

If you’re thinking of starting your own business at home but you don’t know where to begin then don’t worry, you have definitely come to the right place. Whether you’re starting a business as a result of COVID-19 or you’ve had a business idea in mind for years, you need to be sure you’re doing all you can to make your first year a success. Whilst it may be overwhelming at first, there are lots of tips and tricks you can pick up to ensure you’re doing your best. From determining your target audience to creating a routine that you easily can work to each day, the more you’re doing to help your business succeed the better. With that in mind, here are 10 top tips for starting your own business at home:

Consider What Your Business Is Going To Do And How You’re Going To Make Money

One of the first things you need to do when it comes to starting your own business is to think about what your business is going to be doing and how you’re going to be making a profit from it. Although it may seem obvious, people often forget about this stage of their business plan.

If you’re unsure, the best thing to do is write down all of the products and services you’re thinking of offering, focussing on the value each of them will bring to the customer. Once you have done that, you will be able to think about a price point. If it helps, you may want to consider looking at your competitors and what they’re doing. When it comes to doing your first competitor analysis, you may want to do a little bit of research first.

Write A Detailed Description Of Your Target Audience

In order to create a business that is going to succeed, you need to think about who your target audience is. Whilst it may take some time, you need to ask yourself as many different questions as you can in order to create the perfect customer avatar.

Questions you may want to consider asking yourself include:

  • How old are they
  • Are they male or female?
  • Where do they live?
  • What do they do for a living?
  • What do they like to watch on TV?
  • Where do they like to shop?
  • Do they have any children?
  • What hobbies do they have?
  • What social media platforms do they use the most?
  • How often do they get paid?
  • What are their pain points?

Once you have asked as many different questions as you possibly can, you will be able to create an image of what your ideal customer should look like. This will make it much easier to market your product in the future.

Create A Comfortable Space For You To Work That Is Free Of Distractions

Working from home is incredibly difficult as you associate your home with being able to relax. Whilst you’re allowed to relax in your own home, you also need to ensure you have a specific space that is dedicated to working. Whether that’s a home office or a desk in your living room, knowing that you have a comfortable space that is free of distractions will help keep you motivated when you’re struggling to concentrate. For tips and tricks when it comes to creating a working space that motivates you, you can visit this site here.

Make Sure You’re Working To A Routine

Similar to the point above, you need to ensure you’re sticking to a working routine. Whether that means starting at the same time every day or ensuring you have an hour-long lunch break, you’re going to find you get much more done if you have a routine.

Do As Much Research As You Can When It Comes To Running A Business

If you have never run your own business before, you need to be sure you’re doing as much research as you possibly can in advance. From following successful entrepreneurs on social media to reading as much information as possible, the more you know about running your own business the better. If you’re struggling, you may want to consider taking a course to help improve your knowledge.

Set Up An Email And Caller System To Deal With Enquiries

Although you may not get many enquiries, to begin with, you need to ensure you have a way in which people can contact you if they’re interested in your products or services. The best way to do this, of course, is to give them ways to email or call you.

When it comes to setting up a phone number, you may want to consider using an auto dialer at first. This means that you will be able to continue using your personal number whilst you make outbound calls. This makes you seem like a much bigger business, which certainly helps when it comes to professionalism. For more information, you can visit Call Cowboy here.

Put As Much As You Can Into Your Marketing Efforts To Begin With

One of the best things you can do for your new business is to ensure you’re putting as much as you can into your marketing efforts for the first few months. If you’re starting a business where no one knows your name, you need to do as much as you can to increase your brand visibility. A great way to do this is to use paid ads on social media. Not only will this help build a customer base, but it will also help when it comes to growing your social media following.

Consider Outsourcing To Professionals For Certain Roles Within Your Business

One of the best ways to ensure you’re able to focus on the important aspects of running your business is to outsource work to professionals. Whether that means you’re outsourcing a role that you have no experience of or you’re simply freeing up your time to work on business development, bringing external people into your business is something you should look to do as soon as you possibly can. Although it can be expensive, they will more than pay for themselves when you’re able to grow your business exponentially.

Here are a number of different jobs you can outsource if you need to:

  • Your monthly or yearly accounts and tax return
  • The management of your social media channels
  • Content writing for your blog and your website
  • Public relations to help your business be seen
  • Virtual assistance to help with the running of your business

Although it can be hard to let go of certain aspects of your business, outsourcing is a great opportunity for business owners. For more benefits to outsourcing as an entrepreneur, you can visit this site here.

Set Yourself Goals And Targets That Are SMART

Setting yourself goals is another great way to ensure your first year is a success as it gives you something to work towards. When setting these goals, you need to ensure that they’re SMART. This means setting goals that are specific, measurable, achievable, realistic and time-based.

Make Sure You Have A Back-Up Plan In Place

Finally, you always need to be sure you have a backup plan in place. After all, you never know what could happen.

Although it can be hard to set up your own business, the tips and tricks above will help you have the best possible start. What will you be doing first? Do you think we missed anything off of the list? Let us know your thoughts and ideas in the comments section below.

7 Things Tax-Savvy Business Owners Should Do Before Year-End

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StrategyDriven Managing Your Finances ArticleIt’s not too late for you to take steps to minimize your 2018 business taxes!

At the end of the year, many small business owners start looking for ways to lower their business taxes using a TFSA calculator. Although the best tax plans are usually implemented year-round, it’s not too late for you to save in 2018 while you begin to plan for next year.

Here are just a few of the many tax-saving strategies we recommend to our business clients at year-end:

1. Time your income and expenses

Although it is difficult to predict how your business will fare next year, we can review your books and business plan to see whether receipt of income and payment of expenses would benefit you more this year or next. If you have had a great year, you may wish to decrease your revenue by delaying some of your December billings until early January. If you have the cash available, you can also increase your deductions this year by (1) purchasing equipment that you were planning to buy in the near future; (2) stocking up on office supplies and other items that you utilize on a regular basis; and (3) pre-paying your business mortgage, rent, insurance and/or professional subscriptions.

2. Depreciate your new equipment

The Section 179 deduction has been expanded – business are now permitted to take a first year deduction of up to $1 million on purchases of qualified equipment. Above this amount, the deduction is reduced dollar for dollar until it completely phases out at $2.5 million. For equipment expenditures that either don’t qualify under or exceed the limits of Section 179, you can take an immediate first-year deduction of 100% of the adjusted basis of the property under the new bonus depreciation rules. The new law also allows you to take this depreciation allowance for equipment that you purchased second hand – just make sure to put it in service before the end of the year. (Well, if you want to estimate how fast the value of an asset decreases over time, then simple try this smart depreciation calculator that helps to calculate depreciation by using four different methods. This depreciation rate calculator allows you to determine simple, auto, and property depreciation instantly.)

3. Set up a 401(k) plan

You are entitled to a tax credit of up to $500 per year towards the setup and the first three years of administering a company 401(k) plan. You also receive a deduction for all amounts put into the plan, which are tax-deferred until you or your employees withdraw funds.

4. Give bonuses to your staff

You can lower your business taxes and make your employees happy with gifts or bonuses at year-end. Keep in mind that while S Corporations can deduct the full amount, C Corporations can only deduct bonuses to shareholders with a 50% or greater interest in the company. These deductions are not available at all to LCCs, partnerships and sole proprietors.

5. Take all available deductions and write-offs

Remember that pass-through entities such as S Corporations and Partnerships are now able to take a 20% off qualified purchases under Section 199A of the new tax code. Also, don’t forget to take a deduction for business loan interest and to write off bad debts and obsolete equipment!

6. Buy energy-efficient business property

Be good to the environment and yourself (through tax deductions and credits) by purchasing energy-efficient business property, vehicles and equipment.

7. Meet with your tax professional now!

“It is vital that you plan your taxes before the end of the year in order to utilize as many new benefits of the new tax law as you can,” says Moskowitz, “otherwise, you may regret missing a tremendous benefit because you only found out about it after December 31st.”

So before you go any further, check out Simplex Group and find all the tax permits and services that could benefit your business.

About the Author

StrategyDriven Managing Your Finances ArticleSteve Moskowitz founded the full-service tax law firm of Moskowitz, LLP with the firm belief that everyone with the drive and commitment to start and operate a profitable business should not be held back by fear or ignorance of the tax code. In fact, one of the core principles of our firm is that individuals and businesses should learn how to benefit from it.

About Moskwitz, LLP

The tax lawyers and other financial professionals at Moskowitz, LLP offer comprehensive assistance to businesses large and small, including year-end business tax planning services. Located in the heart of the financial district of San Francisco, Moskowitz LLP works with businesses of all sizes. To learn more about Moskowitz, LLP and how we can help you legally save taxes, visit our website at: https://moskowitzllp.com/ or call toll-free at: (888) 829-3325.

Now is The Time to Monetize Yourself with a Vlog!

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StrategyDriven Online Marketing and Website Development Article, Now is The Time to Monetize Yourself with a Vlog!

Don’t sit around waiting to be told by the TV when the covid lockdown ends so you can return to your nine-to-five grind or that horrendous night shift job you’ve wanted to leave for years. Now is your chance to capitalize on yourself – your talents, whatever they are, by building an online presence on video platforms and monetizing your web traffic.

Where to start?

Start with your passion!

If you’re not doing what you love to make a living, I’m sorry but you’re doing it all wrong.

Whatever your passion in life, you have gained knowledge and experience which could have immense value to others.

To monetize that passion, all you have to do is let other like-minded people know you exist. One of the easiest ways to do that is by making and uploading videos. Here are some strategic ideas to build an online audience and turn visitors into cash.

Monetizing Video Content

You can monetize your passion with vlogs. Photo by Alexander Mils from Pexels.

Video platforms offer a variety of monetization options. The highest paid YouTubers in 2019 were worth between US$11 and 26 million, according to Forbes. Their videos go viral for various reasons and they become sought after influencers, for a while.

Nevertheless, tens of thousands of individuals earn a regular income from YouTube and other monetized video platforms simply for sharing their experiences, ideas, beliefs and projects in video logs or video blogs (vlogs).

With a few thousand subscribers, you can regularly earn a few hundred dollars just for speaking your mind.

Youtubers generally monetize their content in these four ways:

  1. Revenue earned from ads displayed before, during or after their videos through Google Adsense.
  2. Product placement or recommendations in videos for affiliate marketing partners
  3. Directly advertising your own product or services
  4. Accepting donations such as superchat during live streams and support from Patrons through Patreon or a similar account.

There are many alternative platforms to YouTube, where you can create your own channel, post videos free of charge and monetize your content. Here are just a few of them:

  • Patreon – a membership platform that makes it easy for artists and creators to get paid
  • Vimeo – grow your business with video creation, hosting, and marketing tools
  • Dailymotion – News, entertainment, music and sports
  • Instagram TV (IGTV) – Videos for Instagram
  • Twitch – Live streaming platform for gamers

Clearly define your niche and target market

Do this first! It’s really important to narrow down the definition of the one single thing you do really well, or the one single “product” you have to sell.

Selling your product(s) isn’t always a straight forward transaction. There are tangible and intangible products. Your particular product can be anything of value to others such as knowledge, advice, a video, a piece of music, how-to instructions, a whiteboard presentation… Anything which gives your online audience something to take away after watching one of your videos.

Even your personality can be a product. Maybe there’s a million-dollar YouTuber in you bursting to get out. You might have a unique and engaging presentation style that appeals to a particular demographic.

That demographic sliver of the world’s web traffic is your target market. You must aim your marketing directly at them; just as a sniper uses a rifle, not a shotgun.

When you are on target, your audience grows organically and you see improvements in the ratio of conversions in your visitor numbers.

How to Encourage your visitors to perform an action (convert)

A conversion can be anything that has engaged your visitor and prompted them to do something. It could be one of the following:

  • Watch a video
  • Download a file
  • Click on an affiliate link
  • Subscribing for news and updates
  • Make a comment
  • Buy something
  • Click through your web pages
  • Read through a blog post or two

All these actions or conversions can be monetized. The direct sale of a tangible product is obviously a simple financial transaction which directly translates into money.

Downloadable digital products such as books, manuals and music are more profitable, because you only have to make one but can sell it over and over again.

Offering cheap digital products gives you a better chance of improving your conversion rate.

Buy Web Traffic to Boost Video Views

Once you have your video channel up and running, you need views and subscribers to monetize your content.

Most video hosting platforms provide built-in marketing tools to help you increase the size of your audience but you need to bring viewers in from outside too.

If you don’t have one already, get a website to direct web traffic to your videos and centralize your marketing efforts.

Embedding your videos in your website’s landing page is an effective way to boost video views and subscribers. A website visitor watching one of your videos on your web page counts as a conversion.

Gaining popularity organically through search results alone takes a long time. You could be pounding away on social media for years before benefitting from any serious monetization

One of the quickest and cheapest marketing strategies to kick-start video monetization is to buy targeted traffic directly to the web page featuring your video content.

When you buy targeted web traffic from a reputable vendor you can reach real people interested in your niche or based in a specified geographic location. If visitors find your videos interesting and watch them all the way through, you have converted those visitors and will benefit from the video monetization methods mentioned earlier.

The cost of web traffic varies, depending on the number of visitors you want in a specified time period, as well as the variety of niches available to you. Web traffic vendor MaxVisits has a cheap traffic wizard which gives you a variety of transparent options, letting you tweak and fine-tune your web traffic plan to suit your budget and niche audience.

Free & Cheap Video Production Tools

Almost anyone can make and upload videos with a few basic essentials. A standalone video camera is worth investing in if you want to make solid productions with different angles, zoom and other handy features not available on phones and webcams. Most smartphones and webcams will suffice though, if your face or the screen is always the focus of attention.

Free Video Recording & Editing Software

You can produce professional videos without paying a penny by downloading free recording and editing tools. OBS Studio is popular among gamers for live streaming on YouTube and Twitch while playing the latest shoot-em-up. As you can record and stream your own screen with OBS, it’s also handy if you want to make a slideshow or Powerpoint presentation.

Shotcut is a free open source cross-platform specifically for video editing available for FreeBSD, Linux, macOS and Windows. You can use it to convert your OBS recordings to Mp4 format to upload to video hosting platforms such as YouTube. You won’t need any more than that, unless you are doing advanced special effects.

Cheap Audio & Video Hardware

If you have a good PC, laptop or mobile phone, you should already have enough internal hardware power to produce videos that are good enough to view on mobile devices. However, to make sure you can produce high quality videos with good sound it’s worth investing in a few essential pieces of hardware.

Good Audio is Essential

The audio quality of a video makes the difference between and a mature and professional production. Bad quality audio with wind, hiss, pops and crackles or low volume is an instant turn off. If there’s one thing you should invest in for your vlogs, it’s a good microphone. Webcam mics just don’t cut the mustard.

There’s a good selection of professional Rode and Cannon brand microphones available at discount rates this April and May with a Media Markt voucher.

Make sure you get a mic with a foam sock to cover it to prevent popping sounds from bursts of wind when you speak or are filming outdoors in the wind. This is one investment you’ll be pleased you made when your voice comes over like a news presenter.

It’ll Be Alright on The Night!

It’s perfectly normal to be nervous for your first vlog. Some prefer to pre-record and edit everything before uploading. Others just throw all caution to the wind and go live, warts and all.

See what works best for you. Interacting with your audience during a live stream can really help make your broadcast entertaining and engaging.

Don’t procrastinate. Get proactive and start earning a living just being you!

Is It Time to Upgrade Your Office Setup?

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StrategyDriven Managing Your Business Article | Is It Time to Upgrade Your Office Setup?

Whether it’s a home office or the top floor of the tallest building downtown, upgrading your office space can transform your business’ productivity more than you might expect. While you might have a sleek and stylish office already, it can always be better. Upgrading your office could spark increased creativity, satisfaction, and a feeling that you and your employees can get this done, whatever this might be.

But where do you fall behind when trying to upgrade your office? There are so many things to consider, from the equipment you use to your surroundings. Here are some tips on what to consider upgrading your office setup and reaping the benefits.

The Equipment

Whether it’s your computer, office chair, desk, printer, or even desk toys, upgrading the equipment in your office can make everything run smoothly. If you’re looking for increased comfort, investing in better ergonomic chairs for you and your employees will prevent the back stains and complaints. Likewise, company-provided laptops will make it easier for everyone to complete work from home.

When upgrading your office chairs, you have many options available. For instance, many modern office chairs are popular because they have ergonomic, aesthetic designs. They’re usually made of metal and leather for durability and longevity. For instance, Steelcase office chairs and other ergonomic chairs have either aluminum or platinum base with steel adjustable armrests, leather backing, and seating. They deliver full support for different body sizes and shapes, providing a perfect fit.

As mentioned, you may also want to upgrade your office desks. Office desks come in different designs. You might want to install standing desks, like adjustable height desks, to promote your employees’ comfort. This type of desk is adjustable to prevent unhealthy, prolonged sitting. Furthermore, you can install corner desks to use office space efficiently.

In addition, a vital factor to consider when upgrading your office desk is the surface material. Whether you prefer one with some storage drawers below or a desk to securely hold your desktop computer, the material reflects how the desk feels and looks in the office.

There are too many businesses that rely on old equipment because they don’t feel it’s worth upgrading it. But outdated equipment can ruin productivity and lead to nothing but frustration for your staff. If you’re looking for a happy office with top morale, the best place to start by investing in shiny new toys for them to play with.

The Systems

Network systems are something you must keep up to date, as this ensures that you can keep your data and information safe from hackers and similar security threats. Investing in robust Network Cabling Services will make this a reality and also mean that you have a system you can rely on.

It might also be worth thinking about upgrading the operating systems that your company uses. While most people will use Windows 10 or macOS 10.15, company computers seem, curiously, stuck in the past, with some machines still running Vista. While this could be considered more secure than others, it also cannot handle the programs that could be beneficial for your business, so even jumping up to the next generation would make a huge difference.

The Energy

Being energy efficient is a significant thing in the modern business world, and it doesn’t matter if you work from home or run a large office, you want to do everything you can to save money on your energy bills.

Upgrading from your existing, migraine-inducing fluorescent lights for something more comfortable on the eyes is the first step. Still, you can also consider looking for a way to bring more natural light into the office. It is, however, unlikely that you’ll be able to replace windows outright. Even so, you can think about rearranging the office layout to make the most of the light and space available.

The Surroundings

No one wants to sit in a dull and study office, but while you don’t want to fill it with too many distractions, such as a ping pong table or something similar, it doesn’t mean you can’t still have fun with the overall design of the office.

Everything from employee artwork to house plants dotted around will create an atmosphere that you and your employees will be glad to work in. It will provide a sense of personality to the office’s overall style and design, and make it a place where you and your staff will feel comfortable, relaxed, and ready to get on with the day.

The Policies

If you’ve not already noticed, the professional world is changing. Companies are embracing the opportunities of working remotely, allowing flexible hours, as well as outsourcing tasks that will help others free up their time so they can perform better.

It could be that it’s time for your office to update its policies and see the benefits that doing so can bring. Studies show that flexible working can increase employee productivity, despite some believing the contrary. This will only prove beneficial to your business and the morale of everyone in the office.

Space to Breathe

Not every office needs to be a painfully minimalist adventure in subtlety. You can use it to reflect your company and your employees. The days of the stuffy office are long, long gone, now it’s all about personality and oomph to motivate and drive employees, even if the only employee is yourself. Whether you are upgrading your office systems or its surroundings, there is always something that you can explore to boost your satisfaction, security, and quality of service.

Here’s How Your Business Can Benefit From A Business Grad

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StrategyDriven Managing Your People Article | Here's How Your Business Can Benefit From A Business Grad

Have you ever heard the phrase ‘’be your own boss’’? Yes, I think everyone does. Do you take risks? If you don’t take risks, you will always work for someone who does and will be fulfilling their dreams instead of your own. You are never too young to start an empire and never too old to start a new dream. If you are thinking to pursue your passion as a career you will do anything you can to grow your business, but sometimes you wonder, are you taking your business in the right direction? Is your approach correct? Are you making effective strategies because you want to gain that competitive edge against your competitors?

You want to be a strong entrepreneur; firstly, you need to understand the market. The foremost step in building a business is to bring your attention to the customer. Another major step is the need to identify your competitors. In any business, you will have to face three kinds of competitors. The one is direct (same product), the other is indirect (same product and services with different end goals) and the third one is the replacement (substitute product). Every business needs an organizational structure along with the passion and the skills that are needed to grow upon a business. An important factor while dealing with the business market is the efficiency of human resources. Having the right employee raises the bar of profitability and benefits in finding a balance between the organization.

As a system needs to be updated, the business affiliated employees also need to update themselves. This means taking a step further in the right direction. Employers need to consider employees with an MBA online degree which will take the company in the right direction and bring expertise and generate profit for the company. Here’s how your business can benefit from an MBA grad.

1. What is MBA?

Master in business administration is a degree that helps in developing the managerial skills of business affiliates. This degree also helps in making strategies for an organization that helps in generating profits along with helping in building effective skillsets for the company. This degree is practical for business affiliates but is not limited to government, private sectors, and other areas. This degree is considered to be one of the most popular degrees across the globe. Hence, there are a lot of alternative methods for achieving this degree.

2. Time Management

Studying management helps in building patience and bring out time management skills. It helps to understand the need to complete a task in a limited time which is not easy. Getting an MBA degree itself prepares a person to handle multiple projects at once and manage time efficiently. This helps a business affiliate to sharpen the skills which further help in meeting deadlines. Furthermore, it helps avoid procrastination.

3. Identifying the Weaknesses

It is not easy to identify and understand the weaknesses and sometimes you just keep on stalling a task to avoid it. For business grads, stalling is never an option. They understand the need to overcome a hurdle and the effect it would have on an organization if they did not. These weaknesses can easily be addressed by having conversations and delegating on the after-effects and working on the options. This understanding helps the organization more than anything else.

4. Network Building

Socializing is very important in aspects to run an effective organization. The material they learn in the classroom can be valuable in developing business strategies but it’s the people whom they meet during the process are even more valuable in terms of social investments. During an MBA degree, there are several people they connect with who can help you further and can bring great value to a business. They can be classmates, teachers and might be the people who are linked with them, so a social circle is generated which helps in bringing outcomes for the organization.

5. Quick Reflexes and Thinking

When it comes to decision making, business grads make it easier for you. As working in an organization, a lot of decisions are needed to be made in day to day operations. They help in making effective marketing decisions. Since the MBA grads know every possible thing the business needs due to their broad exposure, this helps them in making quick and reliable decisions. It helps in not only the day to day operations but also helps in making trustworthy decisions at strategic and managerial levels.

6. Develop an Efficient Process

There are a lot of processes and programs that are running in an organization. There are underlying math and logistics behind every operation that is happening. MBA grads, due to their broad exposure and horizon understand the initials of a process thus it helps them in building a strong base for the organization. They analyse the process analytically and try to resolve the issues effectively which helps them in generating more profit for the company.

7. Effective Writing and Communication Skills

Since there is a lot of writing and generating material in a business degree, this helps in building creative and interesting content for the organization. Your emails and ways of communication reflect on the professionalism of an organization. With a lot of writing and knowledge, a message could easily be conveyed adequately. These skills help in building a suitable image for the organization in front of the clients and within the industry.

8. Holistic Approach

It is very important to expand your horizons and view business in a bigger picture. There are a lot of aspects in an organization, a lot of tasks some minor and some major. MBA grads can understand the importance of what needs to be taken care of and when. This approach, in general, helps the organization and brings in revenue for sure.

9. Leadership Qualities

MBA degree provides a lot of exposure and knowledge. This knowledge helps the employee in making effective marketing and taking strategic measures for the company. They can think analytically and strategize accordingly. All these skills make them great leaders who can actively run the organization building a strong base.

Conclusion

There are a lot of factors that are to be considered while working in an organization. It is very important to understand the process and steps that help in the building of an organization. The skillsets and qualities that an MBA grad brings in an organization help the company to move in the right direction. They are the ticket to bringing greater projects with their expanded social circle and their extreme knowledge about the pros and cons of a project. These effective employees bring great revenue and provide amazing assistance to the organization with their critical thinking, so it never too late to hire an MBA grad.