Author: Pamela Swift

Categories
Technology

Professional AV Control Solutions Are a Wise Investment for Entrepreneurs

If there is one thing entrepreneurs’ value more than a good idea, it is time. With only 24 hours in each day, we know that we cannot be spending most of it dealing with small technical issues. That is why professional AV control solutions like neets.io is an incredibly prudent investment for those who conduct meetings with clients, freelancers, or employees. Neets takes away most of the technical issues from switching between physical and virtual meetings to save you time.

Neets Makes the Conference Room Much Smarter

If you have a conference room of any size, it can be a time waster to get it set up whenever you need to use it. This does not even factor in any issues that may arise that could prevent the meeting from happening at all. And, what if you want to use that workspace for virtual meetings? Is it equipped to be effective for what you need?

For those unsure, Neets can provide exactly what you need. For in person meetings, it will act as the brains for the conferencing room. It can turn on the lights the second you walk in, have your projector activated when you open your laptop, and share your display at the click of a button. It completely removes the need for cables and remotes and allows you to be more efficient with your time.

Moreover, Neets is also an expert in video conferencing. One of their signature products is Solvo. This product will allow you to connect to your favorite video conferencing application (Zoom or Skype), and be able to use all your AV equipment (projectors, lights, etc.), just by connecting a USB cord to your laptop. With this product, you can turn any small room into a video conference room in seconds.

Categories
Finance & Capital

Can an Entrepreneur have “Good Debt”?

Debt is something that weighs heavily on the minds of most entrepreneurs. Some debt may be necessary to launch your enterprise, but taking on too much debt can ultimately sink your business. The important thing to remember is that when you use debt responsibly and strategically to advance your business goals, it can be an effective way to enhance growth and opportunity.

Debt 101: The Basics

Chances are, you’ve had loans and debt. A car loan, student loans for college, a mortgage, and credit card debt that you have not paid off in full all count. The annual percentage rate (APR) charged against the principal amount you borrowed is considered the “cost” of the loan. The APR is what the bank or lender charges every month for letting you borrow funds. Some APRs are very low and have a lesser impact on your repayment amount. Other APRs can be very high —upwards of 20%—and add significant time to a loan repayment schedule.

Good debt is generally considered a worthy investment. Federal student loans for college or job training that can help you launch a career are considered “good debt” because of their tax-deductible low-interest rates. 

While auto loans may have a higher interest rate, if you purchase a budget-friendly car (not a BMW or Mercedes) that helps you grow your business, it can be a good debt despite the depreciating value.

Using Good Debt to Your Advantage

Here are two way to look at good debt:

  1. If your car loan is 6%, will having that asset help you earn at least 6% more than if you didn’t have the car? If you’re confident that the cost of the debt can easily be exceeded by the income you’ll earn, it may be a debt worth having.
  2. If you look at debt from an accounting perspective, you are “in debt” when what you owe is more than what you have (cash and material assets). When deciding if taking on a business loan is right for your business, look at the total amount you would owe on the loan and compare it to what you already own or have saved.

Successful entrepreneurship means making sure you are only incurring liabilities that will benefit your productivity and your business’s value. Don’t be afraid of increasing your liabilities – just make sure you do your homework to ensure the debt will increase your profitability. This is especially true when determining if it’s the right time to hire employees. Payroll is a debt or liability you’ll have to pay, but in return, you’ll have employees to help you increase business and cash flow.

Examples of Bad Debt

Bad debt is something that is working against growing your business. It’s money you spend every month that isn’t productive. Here are three examples of where bad debt can make an appearance.

  1. Perhaps your business is seasonal. In the off-season, cash flow dips, and incoming funds are reduced. It’s tempting to rely on credit cards to offer stability and balance during times like this. You assume the balance can be paid off in a few months once business picks up again, so you take on bad debt (with an outrageously high APR) rather than tightening the budget and slashing expenses.   
  2. Are you trying to keep a business model afloat that is no longer competitive in your market? Taking on more debt may seem like a more comfortable solution, but it’s a financial hole you may not recover from. Better to take a hard look at your business plan and do some market research to see if you can reposition for success.
  3. If you’re encountering early success with your business, it’s tempting to upgrade your lifestyle (trade in the budget-friendly car for a luxury model!) and reap the rewards of success. But remember, a business needs time to mature and develop a consistent cash flow. Give the business breathing room and time. Don’t let overconfidence put you in a position where an economic downturn or industry change will put you in a tough spot.

How to Avoid Bad Debt

The best way to avoid bad debt is to practice sound business practices to help your business grow and thrive. Here are a few:

  • Avoid wasteful spending and always look to minimize expenses.
  • Hire with a clear purpose and only when you can afford it.
  • Never overextend the business – even with “good debt.”
  • Have ample cash reserves and back-up plans to weather downtowns.

Staying aware of the difference between good debt and bad debt and how liabilities impact your business shouldn’t cause alarm. If anything, debt should be included in your business’ operating plan and funding options, and you should review it regularly to make sure it’s working productively. When you make wise choices about business loans and debt, you’ll be able to take your entrepreneurial ideas and turn them into a thriving, successful business enterprise.

About the Author | Katie Tejada is a writer, editor and former HR professional. She often covers developments in HR, business, recruiting, real estate, finance and law, but also enjoys writing about travel, interiors and events.

 

Categories
Branding

How to Develop a Memorable and Unique Brand People Will Love

Running a successful business is no walk in the park. Getting a company off the ground and spreading brand awareness takes hard work, dedication, and determination. No matter what field of business you’re in, your brand needs to stand out from competitors, resonate with your target audience, and be appealing to the eye. To help you on your journey, here are some tactics that will help you design and develop a brand that consumers will love.

Find Your Purpose

For your brand to stand out for all the right reasons, you need to establish your niche and show how you’re not like competitors. You need to determine what kinds of products or services your business offers to consumers and why you should be the go-to over rivals. If you start off without a solid plan in place, you’re more likely to fail within the first year. And with half of all startups losing momentum within the first twelve months, having a solid business plan behind you is key for success. 

Create a Striking Logo

Your brand’s logo will say a lot about your business. When consumers research your brand, your logo should be a combination of imagery and text that lets people know who you are, what you sell, and how you differentiate from everyone else. An eye-catching logo also fosters brand loyalty, helping to build a strong following. The packing is just as important as the product, which is why your logo needs to be clearly displayed to build recognition and trust among your customers. 

Know Your Target Audience

If you don’t know who your target audience is, you will have difficulty building a memorable and trustworthy brand. Whether you want Gen Z to take notice of you, or you’re after millennials, your products or services need to correlate well with your audience. Conducting market research, checking your website’s performance and using Google Analytics are just a few tactics you can perform to establish who is interested in your brand. 

Use Social Media Channels

As each year passes, the number of social media users increases. All new startups and established companies use social media as a way to build their brand and connect with their customers. Creating social media business pages on Facebook, Instagram, and Twitter should be your first step in building brand awareness. If used correctly, social media can be a great way to boost revenue and turn potential customers into long-term followers. 

Have Patience

Success rarely happens overnight for entrepreneurs, so you need to have patience and drive to see the results you want. Developing a brand takes time and hard work, which is why you must stay motivated and try out different approaches until you create a brand that catches your audience’s eye.

All the recognizable brands we see online and in day-to-day life had to start out somewhere. If you’re launching a startup, the sole goal will be to drive as many consumers as possible to your business. All the tips above can help you create a memorable brand that will keep your operation on top.

Categories
Finance & Capital

What Can You Include in a Debt Consolidation?

According to Merriam-Webster, the definition of the verb consolidate is to “join together into one whole” or to unite. In the debt world this means bringing multiple miscellaneous debts under the same umbrella, so to speak. The goal is to make it easier to keep track of debts and pay them off, shorten the repayment timeline on said debts and reduce the amount of interest you ultimately pay when doing so.

Using a debt consolidation loan to streamline other numerous debts is perhaps the most popular method here. Most, if not all, consumers would admit that being responsible for one monthly loan payment is simpler than trying to juggle various other debts — and that it’s preferable to pay less interest than more, of course.

But not every debt under the sun is eligible for the consolidation process, nor would it make a whole lot of sense to consolidate certain types of debts based on their interest rates. Keep reading to learn more about what it’s often possible to include in a debt consolidation as well as what types of balances are typically excluded from this process.

Types of Debt You Can Consolidate

The types of debts most eligible for consolidation are unsecured — or not tied to physical assets that the lender could repossess in the event of default.

This makes the following debt types solid candidates for consolidation in many cases:

  • Credit cards: It often makes sense to consolidate high-interest, revolving credit card accounts because they tend to be one of the most expensive types of debts to carry over time. This is particularly true for cardholders paying the minimum amount due each month, as doing so usually extends the lifespan of the credit card balance by years and tacks hundreds if not thousands of extra dollars onto the price tag.
  • Private student loans: Whether or not it makes sense to consolidate student loans usually depends on the type — federal vs. private — as well as their interest rate.
  • High-interest personal loans: Say you took out a personal loan in the past when you had worse credit, but you’re now able to qualify for a more competitive interest rate. It could make sense in cases like these to take on new debt to pay off the old debt for less. Similarly, if you took out a payday loan in the past and now are able to secure a loan at a lower interest rate, it almost certainly makes sense to include this in the bundle.
  • Medical bills: If your medical bills have gone to collections and there’s no way to negotiate with your provider, it may make sense to seek out a more reasonable interest rate via consolidation.

Notice we said “in many cases.” This is because there’s no one-size-fits-all rule determining if it’s a smart idea to consolidate certain debts. Much of the outcome rests on whether or not you can qualify for a debt consolidation loan at an interest rate lower than your current debts.

Types of Debt You Cannot Consolidate

On the flip side, secured debts that are backed by collateral are usually ineligible for consolidation, with the two biggest examples being mortgages and auto loans. However, it also doesn’t make much sense to consider consolidating these as they tend to carry low interest rates as is. For instance, it wouldn’t make sense to consolidate an auto loan on a used car at 9 percent APR if you’d only be able to qualify for a consolidation loan at 12 percent APR.

A good rule of thumb to remember: You can usually include unsecured debts with high interest rates in the debt consolidation process.

Categories
Communication Skills

Do NOT Unleash a Digital Campaign Before Checking These Things

The world of online advertising is very dynamic. Just as fast as the internet and social media change, so do the dos and don’ts of campaigning on them. However, there are some basic guidelines that will stay as long as the internet exists – and that’s quite a long time. We got the chance to have a chat with the owner of Viking Media, Orel Asformas – and if you haven’t heard the name by now, we’re talking about a marketing solution whiz – to learn more about his take on the matter. He gave us four good tips for dazzling online marketing. Ready? Here goes.

Orel Asformas, the man behind Viking Media.

  • Is it unordinary?

Orel: “The first rule of digital marketing is that there are no rules. This may sound like a cliché, but it basically means that nothing should be ruled out automatically. Don’t do what everyone does, and don’t reject an idea just because nobody else has done it yet. Very few things are taboo in the world of online advertising. Quite the contrary: A lot of advertisements are not good enough, just because they don’t bring anything new to the table. 

“If you want to be remembered, your modus operandi needs to be completely different from what everyone else is doing. A successful digital campaign is first and foremost one that entices the viewer to be exposed to it. As opposed to radio, TV or newspapers, in the online world you can just skip an ad if you don’t want to see it. This means that you need to present the viewer with something very unorthodox that will make them stay on your ad, even though they can easily move on to something else.”

  • Is it daring?

Orel: “It’s very easy to wave off an idea just because it may seem forbidden or unacceptable in the online marketing industry. However, in reality there’s very little that’s not allowed in this virtual playground. Gone are the days when advertising needed to be conformative in order to be successful. Today you need to surprise and raise an eyebrow (or two) in order to stand out, so find that very thin line between ‘this is groundbreaking’ and ‘this is too much’ and put one foot on each side of it.

“Remember that even if you cross the line, this isn’t necessarily bad for you. Your digital campaign might draw negative feedback, but in today’s high-speed reality, that feedback will be forgotten faster than you think. What will remain in the minds of consumers is your product, because of that buzz around it.”

  • Is it unforgettable?

Orel: “In direct continuation with the last tip, your goal is not to make people think good things about your product. Don’t get me wrong, it’s a nice bonus, but it’s not your aim here. Your aim should be to stick in people’s mind. Everyone campaigns by making their product seem positive. You need to make it something that stays in someone’s head – and that pops up at exactly the right moment (during a visit to the grocery store, for example).

“One good tactic is to entice emotions, but not necessarily positive ones. If your ad is, let’s say, disturbing or spooky, you can be sure it won’t be easy for the viewer to brush it off their mind. It’s also important, however, to make sure that the product or service you’re trying to sell sticks inside the mind as well – and that’s done by linking between it and the ‘emotion enticer’. For example, footage of two customers fighting over a shampoo bottle at a grocery store is certainly not something the viewer will forget, and the linkage to the product here is really strong.”

  • Is it extreme?

Orel: “It’s time to meet my ‘est’ rule: When you choose a theme for your online campaign, make sure it’s the best projection possible of that theme. Don’t just make a funny ad, make it the funniest you can. Don’t settle for spooky, go for the spookiest. Being lovely doesn’t suffice, the ad has to be the loveliest thing the viewer has seen lately. Before you publish anything, watch it again, just to see if you can tighten some screws and go even more extreme than you already have.

“That’s not enough, however. When you show your results to other people around you, check out their reaction. Think if you can make them laugh/cry/gasp/flinch even more than they had, and how you can do it. Only when you can say with complete confidence that you put your best effort into the ‘est’ rule, it’s time to unleash the beast.”