Category: Business Ideas

There’s a specific empowerment entrepreneurs get from owning their own business; the pure, simple enjoyment of building something from the ground up and watching it flourish. While first-time business owners plot, plan, and polish their business plans, some forget important aspects that could eventually lead their company into a bottomless pit.

Some new business owners find themselves filing for bankruptcy or in court, with issues regarding finances simply because they didn’t have a firm grasp on the ropes of entrepreneurship. Taking the steps to secure your business and make yourself knowledgeable about what it takes to successful operate a business can prevent the pitfalls of starting up a new company.

Being a part of the 50% of small business that succeed is possible by becoming aware of the legal obligations and financial aspects of running a legitimate business. Here are a few business-savvy tips to sharpen your “entrepreneurial street smarts”:

·  Making Claims of Ownership– Determining the legal structure of your business will help you get it started. Choose what form of ownership is best for you; sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.

·  Licensing and Permits– All business typically need some type of licensing, and in some cases, permits. The type of licensing and permits you need depend on the industry of the business and state requirements. Check with your state’s laws to see what permits, licensing and certification your business must abide by.

·  The Security Blanket for Businesses– Because you can’t predict your business’ success, the only real security blank for businesses is insurance. Insuring your business is like giving your business a warranty, and all valuable assets need protection! Depending on the type of business you plan on owning, decide what type of insurance is most appropriate your company; for example, insurance for those “just-in-case moments” (fire, natural disasters, or theft). Research different insurance companies, get quotes and choose the top three that are the most suitable and affordable for you.

·  Making Your Business Official– One of the best ways to pick a name for your business is by asking yourself, “who do I want to do business as?” When you pick a name, conduct some research and make sure another business hasn’t already claimed it. After choosing a name, applying for an Employer Identification Number or an EIN. As soon as your company establishes an EIN, you are officially and legally in business! Keep in mind, you’ll need your EIN when filing for taxes, so keep it stored somewhere safe or even memorize it.

·  Money Talks– For some new business owners, the financial aspect of owning a business can be overwhelming, especially when one faulty move or mistake can wreak serious legal havoc. One effective way organize your business’ overall finances is by keeping tabs on them weekly, quarterly and annually. That way, if it’s necessary to “pay in” to IRS around tax season, you’ll be prepared and able to cover the funds, instead of leaving in a state of panic.

Another beneficial way to prevent an audit and avoidable mistakes is by hiring an accountant. Accountants are able to help you organize your assets and manage necessary expenditures, such as; payroll, equipment, and other bills to upkeep your aspiring business running smoothing. Most accountants specialize in maintaining money and income tax preparation. So, when it comes time for your business’ “end-of-the-year financial review from the IRS”, you can relax knowing a professional took care of the financial chaos that comes with owning a small business.

Article contributed by Jenna Smith

Article Contributed by Darren Fell

A constant capacity to disrupt is something that binds the most successful entrepreneurs together.

Apple, Amazon, IBM; all are examples of companies headed by minds that refuse to accept the status quo and challenge convention. As their success reflects, it’s the disruptors, not the disrupted who survive and thrive in business.

Eager to follow suit and establish yourself as a disruptor? Here’s five tips to get you started…

Examine and then innovate

The marketplace is ripe with outdated processes, products and professions ready for disruption. Working outside an industry you’re often more capable of seeing what can be improved, so examine the market and see what can be freshened up and made better for the customer.

Technology offers innumerable ways to do this, but if you intend to disrupt a service industry, be sure to offer a human element. Automation often improves efficiency, but don’t undervalue the importance of a human helping hand.

Assemble an experienced team

Once you’ve set your sights on your target, set about assembling a team with a wealth of experience. They should be established figures in your industry, carrying expertise that’ll help shape your strategy.

Ensure that this team is full of forward thinkers, combining intimate knowledge of their market with an ability to envisage its future. Assembling a team with these qualities, you’ll be well equipped to shake up your industry.

Build a brand that counters the bland

Disrupting, you’ll be going against convention, so you’ll need to reflect this in your marketing activities.

Cast an eye over your competitors and break ranks. Create a brand name that goes against cliché and make it memorable. Elsewhere, use the multitude of marketing mediums to reflect your personality and ensure you set yourself apart from competitors.

Be willing to take a smoke and mirrors approach

A ‘smoke and mirrors’ approach can be critical to disrupting, scepticism and inertia sometimes strong amongst potential customers.

To combat this, you’ll thus need to create a compelling vision of your product and illustrate how it’ll better the status quo. Of course I’m not proposing that you do anything unethical or illegal, just be willing to stretch the reality of your product or service’s capabilities and then add this when you have the resources to realise them.

Cut customer costs whilst increasing quality

Price tends to be paramount in the customer’s mind and unless you’re offering state of the art innovation, then you’ll need to cut costs in some regard.

A good way to do this is by targeting the service industries, particularly those that bill by time. Look to offer greater efficiency – perhaps through the use of technology – and ensure that you cut costs for the consumer. Cutting costs whilst delivering greater efficiency, you’ll naturally disrupt!

About the Author

Darren Fell is Managing Director at Crunch, UK based accountants for contractors and Go Limited, online company formation agents.

It’s no surprise that the home owner’s market hasn’t just stabilized since the recent crash, but is actually beginning to grow once again.  The long term realtors who stuck through the market downturn are back on their game and new realtors are beginning to open new enterprises.

With the increase in competitive realty it’s important to be prepared.  Gaining attention, reputation, and conversion for properties are always front line; which means being prepared in all 4 areas of your real estate business.

Office:

It’s important to keep your office, whether it’s at home or in a rented space, geared for everything you’ll face on a daily basis.  Everything here is standard for most offices, methods for keeping records and contacts, desk and workspaces, printing, and scheduling.  Beyond that it’s a good idea to keep some additional tools handy to carry out with you.  When showing clients a new home bringing a measuring tape along isn’t ever a bad idea so keep one on hand!

Offsite Marketing:

Your far reaching market needs to know where to go to find you.  If you limit yourself to the houses where you’re selling you’ll miss out on a larger clientele!  Share your information freely everywhere you go.  Keep plenty of print media on hand to share and exchange like business cards for yourself and your business, postcards, and brochures for the services you offer.

On Street Marketing:

For Sale, Sold, and Sold By signs are a hallmark of the real estate industry.  Everything from real estate signs and riders to take one boxes with your information show street foot traffic who you are and where to go.  Just like offsite marketing, you shouldn’t ignore this crowd.

On Site:

You’ve attracted attention and opened doors to some of your houses.  Even at this stage it’s helpful to have materials ready.  Welcome signs, banners, even balloons to show off which house or houses you’re showing for the day.  Keep hospitalities and refreshments on hand.  Nothing is as welcoming as a plate of cookies and a bowl of punch or coffee by the door!

There is something about the ocean that has been calling to people for centuries. The mystery of what is out there in a completely different world. There is the feeling of freedom that comes with hopping on a boat to go off into the ocean, possibly discovering something new. Whatever it is, some people desire to have the sea be so much a part of their lives that they find ways to make a living from maritime ventures 

Along the coast lines you may find small boats with a few men on them hauling in lobster crates. In a single year the US produced 75 million lbs. of lobsters for retail sales. And though many people think of running a lobster boat as something for people who live in the northern territories, you can find lobster in warmer regions too. The differences being clawed lobsters tend to be northern creatures, and spiny lobster that are found in warmer waters.

Bubba Gump did it and so can you. Running a shrimp boat is a great option for people who like to be out on the waters. There are roughly 3 million tons of shrimp brought in every year. And the typical salary for a shrimp boat captain is around $70,000 but can get as high as $117,000. 

If catching crustaceans isn’t quite your thing then dredging might be. Dredging is where a crane sitting on a ship above the surface water uses a bucket excavator to gather sand and sentiment from below, and transports it to other areas. Reasons for dredging include:

·         Rebuilding coast lines that have been eroded due to weather or other events

·         Building water ways to make them passable for ships and boats

·         In some cases it is used for catching clams and crabs 

Boat towing can make a comfortable living as well. This is a fairly uncomplicated business because it simply involves towing boats that have had trouble in the water or been abandoned. It can be something you start with a little money towing smaller boats and build up to towing bigger boats as you can afford to grow your business. You will have to have the right permits and carry liability insurance, but you can make as little as $50 for small boats close to shore or even charge as much as $1,300 for 24 foot boat within 15 miles of shore. It just depends on how you want to set you rates. 

If you would rather stay dockside there are plenty of business opportunities there as well. With shipping freight and fishing still being big business there is a need for smart, professional dock workers, processors, and businesses. And with a dock management system playing such a crucial role, cutting edge technological services like TerminalSmart can make your job more efficient and productive. 

Working in the maritime industry really offers a lot of choices. You’re not limited to the brutal jobs depicted in The Deadliest Catch and other reality shows. Everything from rugged, physically laborious jobs to smart business solutions is needed. If you like the ocean it can well be worth your while to check out some of these industries to see if there is one for you.

Article contributed by Jenna Smith