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3 Professionals Every Business Owner Should Hire

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StrategyDriven Managing Your Business Article |Hire Professionals|3 Professionals Every Business Owner Should HireA key to success as the owner of a business is in knowing your limitations. Being a smart owner means that you know when it’s time to call upon experts rather than wasting time trying to figure out how to accomplish something on your own. You may eventually figure it out, but the knowledge, skills and training that a professional has to offer generally surpasses whatever you manage to accomplish on your own.

Three general areas where the advice and assistance of a professional will help your business to thrive are legal, financial and insurance. Here are three professionals every business owner should hire.

Business attorney

A business attorney should be one of the first, if not the first, professionals you hire. A lawyer helps you choose and set up the best business structure available under the laws of your state to protect you and your personal assets from being held liable for legal and financial obligations of the business. Some of the other services a business attorney performs include:

  • Drafting and reviewing contract: A lawyer ensures that agreements with vendors, customers, and employees accurately reflect the terms agreed upon and satisfy legal requirements to be enforceable in court.
  • Negotiate and review leases: Leases for real estate and equipment can be complex documents, but a lawyer helps you understand your rights and obligations by reviewing the terms with you.
  • Protecting intellectual property: The name, logo, and proprietary property are valuable business assets that a lawyer will protect through copyrights, patents and trademarks.

It is better to hire a business attorney to anticipate and avoid problems than waiting until there is a lawsuit or regulatory action against your business.


Accountant

A certified public account provides many services to the owner of a business, including:

  • Assist with obtaining an employer identification number from the IRS.
  • Tax compliance and preparation of tax returns.
  • Help setting a system for maintaining financial records of the business.
  • Help a business raise capital and obtain financing.
  • Assist with succession planning for when an owner dies or leaves the business.

An accountant can play a significant role in helping business owners develop and execute growth and expansion strategies for the future prosperity of a business venture.

Commercial insurance broker

The type of goods or services that a business offers to its customers along with other factors will determine its insurance needs. An experienced commercial insurance broker or agent offers advice about the insurance coverage your business needs and helps you acquire the best policy at a reasonable cost.

Whether you need insurance coverage for a building, equipment, automobiles or specialized policies, such as workers’ compensation or health insurance, an insurance broker has the ability to get you the coverage that you need. A commercial insurance broker analyzes your business and recommends the types of insurance that you need to protect it and remain in compliance with state laws.

Conclusion

Business owners face many challenges in starting and operating a successful enterprise. Relying on a business attorney, accountant and commercial insurance broker for expert advice and assistance to meet those challenges lets a business owner concentrate on being an owner and manager.

Three Methods To Help You Keep track of Business Finances

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StrategyDriven Managing Your Finances Article |Keep track of business finances|Three Methods To Help You Keep track of Business FinancesIn business, it’s easy to make mistakes with money. Even if you try your best to avoid risk and make up for mistakes you’ve made in the past, you can still get caught in money traps from time to time. And that’s why it’s important to make a real business budget that can be changed.

Many businesses don’t make this choice, but it can make a huge difference in how they handle their money. But this post is here to help you with that! The more you know now about how your cash flow can change and how to deal with that, the better your business will do in the future.

Look At Fixed Costs And Changing Ones

Every business has fixed costs and variable costs. That’s just how the world works. The important thing is to separate the two groups. What will cost you the same amount every time? And what costs will only happen once in a while? Sit down and think about these differences right now, and write down any costs you can think of.

Most of the time, these costs can overlap in some places. For example, the cost of hiring a new employee is a variable cost, but the cost of running payroll is a fixed cost. You still need to make sure you know which is which, because you need to set aside money each month for them. You need to make sure you make considerations for investments too, such as investing in Affordacool Swamp Coolers.


Write Down Your Goals

What do you want to be able to do with your business? Because if you know what you want your company or product line to do, you can make your budget more flexible. You can use your money and resources much more effectively and check off goals as you go.

So write down everything you want your business to do, because you’ll need money to make it happen. Include both short-term and long-term goals here, like things you might be able to do in a month and things you want to work up to over a few years. Write down these goals as clearly as you can, because they need to be specific for the budget to be as clear as possible.

Look At Your Finances Once A Month

So, once the first plan is done, put it to the test. Use it for a month to see how it affects your cash flow, then come back after a month. What did work? What didn’t work so well? What seemed like a good idea at the time, but is now obvious to need more work? Here is your chance to answer these and other questions.

What does it mean for next month if your bills were higher than you expected or you didn’t get as much business as you thought you would? Every 30 days or so, take the time to tweak your budget, and it will be much easier to reach the financial goals you set.

Making a budget for a small business is going to be hard, but it doesn’t have to be as hard as you think. In fact, many small business owners don’t do it because they think it’s too hard, which can only cause them more problems. So, before you really start your business, make sure you have this financial plan written down.

6 Simple Ways to Earn Extra Money from Home

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StrategyDriven Entrepreneurship Article |Earn Money From Home|6 Simple Ways to Earn Extra Money from HomeDo you want to make some extra money but don’t want to leave the comfort of your home? Or maybe you’re looking for a way to make a little bit more money on the side so you can save up for a vacation or pay down some debt. Either way, this blog post has you covered. Down below, you’ll find six simple ways that you can start earning extra money today from the comfort of your own home!

1) Start a blog

Starting a blog can be a great way to make some extra money from home. You can set up your blog for free on a platform like WordPress or Blogger and then start writing content on a topic that you’re interested in. Once you have a few posts published, you can start monetizing your blog by placing ads or affiliate links on your page. You could also consider offering paid subscriptions or creating products to sell on your blog.

In addition, many companies are now looking for bloggers to write sponsored posts about their products or services. So if you have a blog with a decent following, this can be a great way to earn some extra money from home.

2) Do some freelance work

If you have some skills that others need, you can start doing some freelance work from home. There are many sites where you can find Work From Home Jobs. You can sign up for these sites and start offering your services to businesses and individuals who need them.

There is a wide range of freelance work that you can do from home, including writing, graphic design, web development, and more. So whatever skills you have, there’s likely a freelancing opportunity for you.

3) Participate in online surveys

Another easy way to make some extra money from home is to participate in online surveys. There are many companies that need market research and are willing to pay people for their time and opinions.

You can sign up for a site like Survey Junkie or Opinion Outpost and start earning money by taking surveys. The amount of money you can make will vary depending on the length and complexity of the survey, but it’s an easy way to make some extra cash in your spare time.


4) Sell items online

Do you have some unwanted items around your house that you no longer use? If so, why not sell them online and make some extra money? There are many different ways to sell items online, including through platforms like eBay, Amazon, or Craigslist. You can also start your own online store if you have a lot of items to sell.

To get started, simply take some pictures of the items you want to sell, write a description, and list them for sale. Once someone buys an item from you, you can ship it out and receive payment. However, keep in mind that you may have to pay fees when selling items online, so be sure to factor that into your prices.

5) Provide pet-sitting services

Do you love animals? If so, why not start a pet-sitting business from home? There are many people who are looking for someone to watch their pets while they’re away on vacation or business trips. And if you’re reliable and trustworthy, this can be a great way to earn some extra money.

To get started, you can create a profile on a site like Rover or Care.com. Then, start reaching out to people in your area who need pet-sitting services. Once you build up a clientele, you’ll be able to start charging for your services.

6) Be a virtual assistant

Another great way to make money from home is to be a virtual assistant. Many businesses and entrepreneurs are looking for someone to help them with tasks like customer service, bookkeeping, social media management, and more. And if you have the right skills, you can be an excellent fit for this type of work.

To get started, simply create a profile on a site like Upwork or Fiverr. Then, start applying for jobs that interest you. Once you land a gig, you’ll be able to start working and earning money right away.

In conclusion, there are many different ways that you can earn extra money from home. So if you’re looking to make some extra cash, consider one of the options above. With a little effort and creativity, you can start earning money in no time.

Top Advantages of an Esports Business

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StrategyDriven Starting Your Business Article |Esports Business|Top Advantages of an Esports BusinessThe modern world has opened all sorts of different business opportunities that are worth exploring and discovering more about. Esports is a field that has been taking off in a big way over the past few months and years. So, if you are considering getting started in this sector and would like to know more about it, here are just a few of the main advantages that are all worth bearing firmly in mind.

A Growing Industry

To begin with, it is clear to see that esports is a growing sector and one that seems to be always moving in a single direction. Revenue continues to increase, thanks to the number of people who have discovered it, as well as the range of businesses that have opened up off the back of it, from management agencies to a platform for betting on lol. At the same time, the number of players and teams is also on the increase, as well as the advertising dollars that continue to flood in. Of course, this opens the additional disadvantage of meaning that you are going to be up against a whole heap of stiff competition, but if you are prepared with a clear strategy on how you are going to deal with all of this successfully, you can certainly put yourself in a strong position.


A Large Increase in Viewing Figures

All of the statistics seem to point towards viewing figures being on the rise in the world of esports. Essentially, this means that if you are looking to launch a business that deals in the area in one way or another, it is going to be more than likely that you will be reaching a larger and larger audience. A big part of this comes down to the fact that esports is becoming more and more sophisticated. At the same time, there is also a growing number of people around the world that can access and enjoy esports from wherever they are located. Many people who have always been put off traditional sporting endeavours do not find that the problems are the same in the world of esports.

Lower Start-Up Costs

While many traditional sporting businesses are going to require a significant cost investment for them to achieve the level of success that they are looking for, this is simply not the case in the world of esports. Of course, this does not necessarily mean that everything is going to come with no price tag attached at all, but online businesses tend to be cheaper to start that their real-life counterparts.

So, if you are thinking of getting involved in the world of business and esports, these are just a few of the main advantages that you can expect to receive. Ultimately, this is a sector that seems to be moving in a very clear direction now – and it is on the up. It’s a great time to get involved with this exciting industry that’s going to continue to grow.

Inventory Management Options for E-Commerce Businesses

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StrategyDriven Managing Your Business Article |Inventory Management|Inventory Management Options for E-Commerce BusinessesInventory management is central to business success; you need to get the balance right to future-proof the business and ensure that you stay profitable. If you are new to inventory management or you need a refresh, read about the fundamentals of inventory management.

Safety Stock

E-commerce businesses across the board need safety stock to cover any unexpected occurrences, In recent times, panic buying has led to issues with stock and revenue streams, so it’s important to understand the threats to your business and improve overall resilience.

There are various ways to manage your safety stock. If you work with wholesale products, you can negotiate terms with your manufacturer to ensure you have enough products to cover over or under-buying. Learn more about How to Inspect Your Inventory for your future success.

Balanced Inventory

So much of business success comes down to balance, and a balanced inventory is central to any success. A balanced inventory is simply having enough stock in reserves to serve customers but not having so much of it that you will have to liquidate the company short term.

Again, having a balanced inventory is all about knowing your target audience inside out; you have to understand the dynamics of the business to make smart choices about your inventory management. The more data you have, the easier it is to cover demands and future proof.

Kitting Technique

The kitting technique is a common way to manage stock online and offline. If you have too much stock in reserve, you can put two items together and offer them as a deal. These are typically buy-one-get-one-free offers that allow you to trim back your inventory and offer deals.


The kitting technique is a win-win situation that can be used to boost your brand and trim your stock; it is often used after busing seasons, such as Christmas when businesses need to offload a lot of unsold stock. That said, the kitting technique can be used at any time for a sales surge.

Future Stock

Stock management is a key component of e-commerce businesses, especially ones that manage their own stock. Get this process wrong, and it can cost the business substantially, get it right, and you strike the right balance that grows the business in a controlled kind of way.

In order to predict future stock, you need to understand what you are selling and when. Tracking sales is the best way to gather this data and make future predictions about what you need in your inventory. As you can imagine, it is better to overstock and sell items in a kitting sale.

Smart Storage

Smart storage solutions also need to be considered for the business inventory. The stock needs to be located in a place that is easy to reach and safe to keep valuable items. Make sure your storage space is clean and dry to protect your stock; many small businesses use self-storage facilities for their stock because they are secure, dry, accessible, and can be reasonably priced.