Category: Entrepreneurship

The decision to leave behind a permanent and familiar job in favour of self-employment is not one that you’ll take lightly. Yes, it will take a lot of hard work and determination, but ultimately there are many advantages to making the leap. Here’s a look at some of the benefits you can enjoy when you’re self-employed.

Increased potential earnings

One of the main advantages of self-employment is that your earning potential will be much higher and on average, you can earn 45% more than if you are traditionally employed, giving you the opportunity to invest your profits. You’ll be able to directly reap the benefits of your hard work, which is a more rewarding lifestyle than if you work within a company.

Look into the financial benefits and incentives available to you, as you may be entitled to tax deductions and the opportunity to claim expenses if you use your phone, internet and travel for business. Don’t be afraid to ask for advice when it comes to your finances. Many banks and building societies offer specialised services for those who are self-employed.

Flexibility and reduced costs

Another major pro is the flexibility that you will enjoy if you are self-employed. Gone are the days of paying expensive childcare fees and for school breakfast clubs; working from home means that you can skip the stress of the daily commute and set you own schedule, whilst also saving money on your petrol or train fare.

Plus, you will have more freedom when it comes to taking holidays rather than having to consult the office calendar and waiting for your manager’s approval. This means that you can plan a break during a time that’s most suitable for you and your company, and also find better deals.

Increased control

When you’re self-employed, the only people you have to answer to is yourself and your clients. You can avoid the office politics and receive the credit for your efforts personally. Feeling like a valued individual is a very rewarding benefit that you may not experience in traditional employment.

You can also pick your own customers, which means that your work is more likely to be varied, enjoyable and matched to your skills and interests. No two days will be the same and it will lead to a more creative and diverse lifestyle.

Do you like the sound of making the transition into self-employment? Make sure you seek further advice on how to get your business set up correctly, going through the government’s SME checklist research everything you need to know in the journey to becoming your own boss.

Starting a business can be a long and stressful road to take, it can also be incredibly lonely. That is why so many people opt to go into business with their best buddies. On paper, it’s a great idea, but we have all heard the horror stories, so what is the best option?

Below, you will see four pros and four cons on starting a business with your BFF. By the time you reach the end of this article you will know if it’s right for you.

 

Pros 

Instant trust

In business trusting anyone that you work with is essential, yet that trust often takes some time to build. This can be very uncomfortable for you due to the fact that regularly (especially at the beginning) your livelihood is stake and you are gambling on a stranger to safeguard your dream. With a friend, on the other hand, there is already a strong bond. Having someone on your side that you trust is a very valuable asset.

Brainstorming becomes a lot easier

Brainstorming is key to developing new ideas and moving a business forward. As you will know being in a space with a stranger and truly letting your creative juices flow can be difficult. You will be more than comfortable with your best friend and be able to think freely without any fear opening avenues of creativity that were once intangible.

Friends understand and accept strengths and weaknesses

Your friend will be able to understand what aspects of the business that you excel at and the areas in which you need help. Having someone by your side that knows you on that level from the start means that you will be able to navigate the company in the right direction.

Having a friend to bare the burden of business

Starting a business is not easy, the money you could lose alone is enough to make it a task that you wouldn’t want to do alone. Starting a business with your best friend gives you someone that can share the burden and the hardships with you in a special and unique way.

 

Cons

Who’s the boss again?

When starting a business with your best friend you run the risk of entering a power struggle. I know you are probably thinking that you and your BFF are far too close to let that happen, but the fact that you are that close is WHY it could happen. If you end up on different pages and start giving opposite directions to your staff it can lead to trouble.

Taking advantage due to friendship

There are certain things that your best friend can do and say to you that no one on earth can do right? That is proof of a bond that is strong in life but one that can affect your business. You are more likely as a friend to go a little too easy on each other at crucial times. You both know this and can take advantage of that fact without even knowing it.

A failed business can lead to a failed friendship

Possibly the worst con on this list is the fact that if you fail on this journey together, you could also lose your best friend at the same time. As I mentioned above starting a business is stressful and difficult. The process of it not working out can affect your friendship in a way unlike anything else. At times of loss you need a friend so losing a friend and a business at the same time is a tough blow to recover from.

It’s personal, not business

In business you need to draw lines of professionalism; your colleagues are your colleagues at work and your friends are your friends outside of work. If you start a business with your best friend you run the risk of blurring those lines and it can affect your decision making and ultimately the future of your company.

At the end of the day, you have to make a decision that is right for you as well as your best friend. You know yourself and your best friend better than anyone else and based on this article you should be able to decipher whether or not it’s a good idea to go into business together.

Kate Thora is a Senior Content Specialist for Uphours, an online resource with information about businesses worldwide. Her artistic soul manifests itself also I her love for singing and dancing, especially to traditional Indian music.

Article Contributed by Jeff E. Brown

What makes a successful entrepreneur? This is a common question, one that most business professionals would like answered. The only problem is there is no straight forward or perfect response. All successful entrepreneurs around the globe have different tales of how they managed to start a business and succeed.

Nevertheless, there is one specific element they share; they built their businesses from the ground up. There is no absolute method, but if you take these ten steps before you actually start your own business, you’ll be on the right track.

1. Have a Viable Business Idea
An idea is the first step to starting any business venture. You must be absolutely confident that you have an exceptional business idea that is viable to you and society. Now, you don’t want to publicly present all of your business ideas in full, because you can’t risk those ideas getting stolen. But, it is expected of you to do your due diligence to ascertain if your business idea is practical, feasible and profitable.

You have to ensure that individuals will buy your pitch and that the ROI (Return on Investment) is guaranteed. Evaluation of business concepts and their implementation must not take up years, as someone might just overtake you and reap the spoils; meaning, you need to think and act fast while doing a rigorous evaluation of your startup.

2. Plan Ahead
After identifying a viable business idea, your next step is to plan ahead. You need to have an emergency plan in case an obstacle or problem occurs. Thinking ahead and preparing for any eventuality will insulate your business from internal and external variables. This aspect is imperative when setting up a new business, or startup, to be more specific.

3. Lay Out Your Budget
A serious,prospective business professional would map out a sensible estimate of capital requirements. The problem comes when you are unable to figure out the source of the capital.

Line of Credit (LOCs) is always the best option. Against traditional loans that are usually given out by banking institutions, a line of credit requires less paperwork, and you don’t need to sit back and watch for the business idea to get ratified.

A line of credit can be collateral or non-collateral. A collateral line of credit requires some form of security like property or business while non-collateral means you don’t have to provide any guarantees in the form of property or business.

Ensure you are getting the best rates on your line of credit. The best rates will depend on your character, capacity and credit score so ensure that they are always up to the mark. However, if your credit score isn’t on par, there are institutions like BR Finance Solutions that can help correct the deviation so you can access the capital for your startup.

4. Define Your Target Market
Evaluating your target marketplace requires meticulous and thorough research. The most important elements you need to research on include identifying who exactly your target audience is, their interest, age group and buying power.

An internet research won’t give you all the answers you need. You have to define the available and addressable markets. The available market is defined by the share of the addressable market for which you can practically compete.

On the other hand, the addressable market is defined by the sum revenue opportunity for your product or service. The available and addressable markets are based on factors like resources, capacity, and geography. You’ll then need to compute the return on investment and finally the location your idea would be best suited, for example, you cannot choose a location where your product or service is outlawed.

5. Evaluate Competition
Analyze your surroundings. For your business to thrive and become a champion in its niche, ensure there is no stiff competition or if there is, have what it takes to get the best of them. By evaluating your main competitors and defining their clients, you can easily find out how you can compete in terms of service, cost, and technology.

6. Set Up Your Office Space
Just like any business, you need to set up a base of operations. You may already have your workspace; that’s an advantage. You can decide to rent if you don’t have one. Better yet, you can work from the comfort of your home to save yourself the hassle.

The bottom-line, however, is that your workspace is determined by the line of business. A classic office normally does the magic, but you can create a classic office at home by redesigning it. Keep in mind, you also need to maintain your home office, just as the rest of the house, and make sure it also has all the features of a regular, corporate office.

Your home office should not be necessarily off-limits to your team. Also, members of your team can work from their own home offices, and you can stay in check online.

7. Establish Online Presence
In today’s fast and cutthroat marketplace, you must take advantage of technology to stay afloat. You definitely need an official website. Buying domains, themes, and templates is less of a hassle these days.

You also need marketing tools to expand your customer base, for instance, a Facebook Business Page, a Twitter account, Instagram and other social media platforms. To generate and entice customers to buy your products, you have to engage and promote your products and services.

8. Develop a Maintenance Blueprint
When the wheels of your business are finally in motion, you must ensure that you follow up daily tasks that keep the enterprise going, for instance, keeping track of inventory, organizing the payroll, regular blogging, updating your website and utilizing social media.

Draw up an ambitious digital timetable of the tasks and set reminders so that you don’t miss a single activity.

9. Set Your Future Goals
Whether your enterprise is just starting out or older than a year, you need to continually set goals to propel the business to the next level. Follow what your competition and peers are doing. Listen to your investors and customers. If you are working with a team, regularly get feedback from them.

Based on that info, make a list of what needs to be done and achieved to continue doing business successfully, and map out your future goals.

10. Allow Yourself to Grow
This is an aspect you’ll implement once your business takes off. Continuous growth must be part and parcel of your short and long term strategy. Check out other business models. Have a moment to think about where the business will be in 2 years. In the course of operation, you’ll need to modify some aspects to fine tune them. Simply learn and improve each step of the way.

The steps mentioned above will surely guide you towards creating a successful and
sustainable business model. You should not side step the rules because that might come along with consequences. Keep in mind that great startups start from the bottom, but if the right foundation is laid, the business is destined to stand tall for years.

About the author:

Jeff E. Brown is a freelance writer and a self-taught handy man with a knack for lifehacking

When beginning your own business, it is natural to be intimidated. You may be unsure of how much money to invest in various components or be afraid to announce the new venture. One way to help make the transition from launch to confident entrepreneur is to take notes from the adventurous and indomitable attitude that abounds in nature.

Fake it Until You Make It

This is popular advice for anyone who is nervous about trying something new for a good reason – it works. It is also a common tactic used in the animal kingdom. There are many animals that will change their shape to attract a mate or prevent an attack. The fur of a feline can stand on end sometimes doubling the size of the animal when it becomes afraid. This is to make itself appear larger and less susceptible to the perceived threat. Other animals have similar tactics such as the cobra, the puffer fish, toads, and the great horned owl.

The lesson here is: you don’t have to be the biggest business in your field to look as though you are a force to be reckoned with. There are several ways to accomplish this. Professional business cards, website, and email address all indicate a company that has structure and purpose. Even if you are running the entire operation out of your home, you can appear to the world as professional as a competitor with downtown office space. If you want to further the illusion and keep your home and work addresses separate, you can opt for a virtual PO box address.

Weather Patterns

Take some time to learn about various weather patterns in other areas of the world. You will notice that weather patterns are constantly fluctuating within a given area and vary greatly from region to region. This is very similar to the way trends come and go within a given niche and can be completely different from one industry to the next. The wonderful thing about weather is that it changes and by paying attention it is possible to prepare for adverse conditions.

In the business world, this means following all of the industry leaders, trends, and news. This can be done on social media, following trade publications or websites, and through various networking efforts. This can help you prepare for incoming trends and know when it is time to adjust your strategies and business plan.

Save for Winter

Unlike modern humans, animals do not have the luxury of going to a local shop and ordering food in the middle of winter. Instead, they use a variety of ways to prepare themselves for times of shortage. Small animals like squirrels hide acorns and other nuts to sustain them through months of snow. Bears stuff themselves for months and use that fuel to help them wait out the long months until the abundance of spring arrives.

Businesses all go through seasons. During the spring and summer sales are great and cash is abundant. Fall may bring forth a slower time of reflection and revision and winter consists of the weeks or months when sales are slower than expected or even nonexistent. It is important to put funds aside during the bountiful months so that when the winter arrives you are able to survive without panic and unmanageable stress.

Take time to observe the natural world and find inspiration from species that have taken millennium learning how to go with the flow. Once you begin to notice the similarities between the business world and that of nature, it becomes less intimidating and easier to confront and solve issues as they arise.

 

For those looking for a challenging and cutting-edge job, the nuclear energy industry may just be the field for you. Nuclear jobs are available not just here at home but all around the world, giving people plenty of options either in civil or military nuclear energy. With that said we’ll take a look at the top five nuclear energy jobs for those new to the field, and for those who have been working in it for years. Keep in mind there are many other positions in the field outside of these top five.

Instrumentation and Control Technician

The Instrumentation and Control Technician has the job of testing, calibrating, reworking, fixing, and making modifications to the controls and instrument systems in the plant. Typically, a high school diploma is all you’ll need as you will then be trained by the employer. There are professional certifications you can get as well, which can help you land the job.

Chemistry Technician

If you’re looking for a job that uses a variety of skills, with a high dependency on math and chemistry, the chemistry technician path may be for you. Your main role in this job is to measure and then record the radioactivity and chemistry levels. In order to break into this position, you’ll need your high school diploma with an emphasis on math and chemistry, plus two years of experience, and on-the-job training.

Radiation Protection Technician

This is another vital role in the plant, as the radiation protection technician is responsible for measuring and recording the levels of radiation. There are other aspects of the job as well, which is why on the job training and two years’ worth of experience is required. After all, they are the ones responsible for keeping everyone safe when it comes to radiation levels.

Mechanical Technician

The mechanical technician has an important role at the plan as it is up to them to make sure that the structure and components are intact and reliable. This can require maintenance jobs as well as preventative measures. Along with your high school diploma, on-the-job experience is required. You may also need your Associates Degree, and there are exams you will have to take.

Reactor Operator

The reactor operator is definitely one of the more stressful jobs in the field. This one requires a high school diploma, a Bachelor’s or Associates Degree, one year of training, and five years of experience. Not only that, the person may need to have an operator licence depending on the country. Just as the job title suggests, the person is responsible for working the controls on the reactor, following all the proper procedures, and recording everything in the log.

Plenty of Exciting Opportunities

For those looking to break into an exciting and constantly evolving industry, nuclear energy jobs could be ideal. These tend to be on the high end where salary is concerned, and there are opportunities for advancement along the way. With that in mind, many of the jobs carry a lot of stress and responsibility with them.