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Legal

Legal Structure For Business

How to Choose the Best Legal Structure for Your Business

Choosing the right legal structure is a necessary part of running a business. Whether you’re just starting out, or your business is growing, it’s important to understand the options.

  • Partnerships carry a dual status as a sole proprietorship or limited liability partnership, depending on the entity’s funding and liability structure.
  • Under an LLC, members are protected from personal liability for the debts of the business if it cannot be proven that they acted in an illegal, unethical or irresponsible manner in carrying out the activities of the business.
  • Corporations can sell shares of stock to secure additional funding for growth, while sole proprietors can only obtain funds through their personal accounts, using their personal credit or taking on partners.
  • This article is for business owners looking to learn more about the different small business legal structures.

Choosing the right legal structure for your business starts with analyzing your company’s goals and considering local, state and federal laws. By defining your goals, you can pick the legal structure that best fits your company’s culture. As your business grows, you can change your legal structure to meet your business’s new needs.

We’ve compiled the most common types of business entities and their notable features to help you decide on the best legal structure for your business.

Types of business structures

The most common types of business entities include sole proprietorships, partnerships, limited liability companies, corporations and cooperatives. Here’s more about each type of legal structure.

1. Sole proprietorship

This is the simplest form of business entity. With a sole proprietorship, one person is responsible for all a company’s profits and debts.

“If you want to be your own boss and run a business from home without a physical storefront, a sole proprietorship allows you to be in complete control,” said Deborah Sweeney, CEO of MyCorporation. “This entity does not offer the separation or protection of personal and professional assets, which could prove to become an issue later on as your business grows and more aspects hold you liable.”

Proprietorship costs vary, depending on which market your business is part of. Generally, your early expenses will consist of state and federal fees, taxes, equipment needs, office space, banking fees, and any professional services your business decides to contract. Some examples of these businesses are freelance writers, tutors, bookkeepers, cleaning service providers and babysitters.

Here are some of the advantages of this business structure:

  • Easy setup. A sole proprietorship is the simplest legal structure to set up. If your business is owned by you and only you, this might be the best structure for your business. There is very little paperwork since you have no partners or executive boards to answer to.
  • Low cost. Costs vary depending on which state you live in, but, generally, the only fees associated with a proprietorship are license fees and business taxes.
  • Tax deduction. Since you and your business are a single entity, you may be eligible for certain business tax deductions, such as a health insurance deduction.
  • Easy exit. Forming the proprietorship is easy and so is exiting one. As a single owner, you can dissolve your business at any time with no formal paperwork required. For example, if you start a daycare center and wish to fold the business, you can simply refrain from operating the daycare and advertising your services.

Examples of sole proprietorships:

The sole proprietorship is one of the most common small business legal structures. Many popular companies started as sole proprietorships and eventually grew into multi-million dollar businesses. A few examples include:

  • eBay
  • JC Penny
  • Walmart
  • Marriott Hotels

2. Partnership

This entity is owned by two or more individuals. There are two types: a general partnership, where all is shared equally; and a limited partnership, where only one partner has control of its operation while the other person (or persons) contributes to and receives part of the profits. Partnerships carry a dual status as a sole proprietorship or limited liability partnership (LLP), depending on the entity’s funding and liability structure.

“This entity is ideal for anyone who wants to go into business with a family member, friend or business partner, like running a restaurant or agency together,” said Sweeney. “A partnership allows the partners to share profits and losses, and make decisions together within the business structure. Remember that you will be held liable for the decisions made, as well as those actions made by your business partner.”

The cost of a general partnership varies, but it is more expensive than a sole proprietorship, because you want an attorney to review your partnership agreement. The experience and location of the attorney can affect the price range. A general partnership must be a win-win for both sides for it to be successful.

An example of this type of business is Google. In 1995, co-founders Larry Page and Sergey Brin created a small search engine and turned it into the leading search engine globally. The co-founders first met at Stanford University while pursuing their doctorates and later left to develop a beta version of their search engine. Soon after, they raised $1 million in funding from investors, and Google began receiving thousands of visitors a day. Having a combined ownership of 16% of Google provides them with a total net worth of nearly $46 billion.

Here are some of the advantages of a business partnership:

  • Easy to form. Like a sole proprietorship, there is little paperwork to file. If your state requires you to operate under a fictitious name (“doing business as” or DBA), you’ll need to file a Certificate of Conducting Business as Partners and draft an Articles of Partnership agreement, both of which have additional fees. A business license is usually needed as well.
  • Growth potential. You’re more likely to obtain a business loan when there’s more than one owner. Bankers can consider two credit lines rather than one, which can be useful if you have a less-than-stellar credit score.
  • Special taxation. General partnerships must file federal tax Form 1065 and state returns, but, usually, they do not pay income tax. Both partners report their shared income or loss on their individual income tax returns. For example, if you opened a bakery with a friend and structured the business as a general partnership, you and your friend are co-owners. Each owner brings a certain level of experience and working capital to the business, which can affect each partner’s share of the business and their contribution. Let’s say you brought the most seed capital for the business; it could be decided that you retain a higher share percentage, making you the majority owner.

Examples of partnerships

Next to a sole proprietorship, partnerships are one of the most common types of business structures. Examples of successful partnerships include:

  • Warner Brothers
  • Hewlett Packard
  • Microsoft
  • Apple
  • Ben & Jerry’s
  • Twitter

3. Limited liability company

A limited liability company (LLC) is a hybrid structure that allows owners, partners or shareholders to limit their personal liabilities while enjoying the tax and flexibility benefits of a partnership. Under an LLC, members are shielded from personal liability for the debts of the business if it cannot be proven that they acted in an illegal, unethical or irresponsible manner in carrying out the activities of the business.

“Limited liability companies were created to provide business owners with the liability protection that corporations enjoy while allowing earnings and losses to pass through to the owners as income on their personal tax returns,” said Brian Cairns, CEO of ProStrategix Consulting. “LLCs can have one or more members, and profits and losses do not have to be divided equally among members.”

The cost of forming an LLC comprises the state filing fee and can range from $40 to $500, depending on the state you filed in. For example, if you file an LLC in the state of New York, there’s a $200 filing fee and $9 biennial fee. Further, you must file a biennial statement with the NY Department of State. [Check out our step-by-step guide on how to start an LLC].

Although small businesses can be LLCs, some large businesses choose this legal structure. One example of an LLC is Anheuser-Busch Companies, one of the leaders in the U.S. beer industry. Headquartered in St. Louis, Missouri, Anheuser-Busch is a wholly owned subsidiary of Anheuser-Busch InBev, a multinational brewing company based in Leuven, Belgium.

Examples of LLCs

The LLC is typical among accounting, tax and law firms, but other types of companies also file as LLCs. Well-known examples include:

  • Pepsi-Cola
  • Sony
  • Nike
  • Hertz Rent-a-Car
  • eBay
  • IBM

4. Corporation

The law regards a corporation as an entity separate from its owners. It has its own legal rights, independent of its owners – it can sue, be sued, own and sell property, and sell the rights of ownership in the form of stocks. Corporation filing fees vary by state and fee category. For example, in New York, the S corporation and C corporation fees are $130, while the nonprofit fee is $75.

There are several types of corporations, including C corporations, S corporations, B corporations, closed corporations and nonprofit corporations.

  • C corporations, owned by shareholders, are taxed as separate entities. Morgan Chase & Co. is a multinational investment bank and financial services holding company that’s listed as a C corporation. Since C corporations allow an unlimited number of investors, many larger companies, including Apple Inc., Bank of America, and Amazon, file for this tax status.
  • S corporations were designed for small businesses and avoid double taxation, much like partnerships or LLCs. Owners also have limited liability protection. Widgets Inc. is an example of an S corporation that operates very simply: Employee salaries are subject to FICA tax, while the distribution of additional profits from the S corporation does not incur further FICA tax liability.
  • B corporations, otherwise known as benefit corporations, are for-profit entities structured to make a positive impact on society. The Body Shop has proven its long-term commitment to supporting environmental and social movements, resulting in an awarded B corporation status. The Body Shop uses its presence to advocate for permanent change on issues like human trafficking, domestic violence, climate change, deforestation and animal testing in the cosmetic industry.
  • Closed corporations, typically run by a few shareholders, are not publicly traded and benefit from limited liability protection. Closed corporations, sometimes referred to as privately held companies, have more flexibility compared to publicly traded companies. Hobby Lobby is a closed corporation; it’s a privately held, family-owned business. Stocks associated with Hobby Lobby are not publicly traded; rather, the stocks have been allocated to family members.
  • Open corporations are available for trade on a public market. Many well-known companies, including Microsoft and Ford Motors, are open corporations. Each corporation has taken ownership of the company and allows anyone to invest.
  • Nonprofit corporations exist to help others in some way and are rewarded by tax exemption. Some examples of nonprofits are the Salvation Army, American Heart Association and American Red Cross. These types of business structures have one sole purpose: focusing on something other than turning a profit.

Advantages of this business structure include: :

  • Limited liability. Stockholders are not personally liable for claims against your corporation; they are only liable for their personal investments.
  • Continuity. Corporations are not affected by death or the transferring of shares by its owners. Your business continues to operate indefinitely, which is preferred by investors, creditors and consumers.
  • Capital. It’s much easier to raise large amounts of capital from multiple investors when your business is incorporated.

This type of business is ideal for businesses that are further along in their growth, rather than a startup based in a living room. For example, if you’ve started a shoe company and have already named your business, appointed directors, and raised capital through shareholders, the next step is to become incorporated. You’re essentially conducting business at a riskier, yet more lucrative rate. Additionally, your business could file as an S corporation for the tax benefits associated with it.

Examples of corporations

Once your business grows to a certain level, it’s likely in your best interest to incorporate it. There are many popular examples of corporations, including:

  • General Motors
  • Amazon
  • Exxon Mobil
  • Domino’s Pizza
  • P. Morgan Chase

5. Cooperative

A cooperative (co-op) is owned by the same people it serves. Its offerings benefit the company’s members, also called user-owners, who vote on the organization’s mission and direction and share profits. Advantages that cooperatives offer include:

  • Lower taxes. Like an LLC, a cooperative doesn’t tax its members on their income.
  • Increased funding. Cooperatives may be eligible for federal grants that help them get started.
  • Discounts and better service. Cooperatives can leverage their business size, thus obtaining discounts on products and services for their members.

Forming a cooperative is complex and requires you to choose a business name that indicates whether the co-op is a corporation, such as incorporated (Inc.) or limited. The filing fee associated with a co-op agreement varies by state. In New York, for example, the filing fee for an incorporated business $125.

An example of a co-op is CHS Inc., a Fortune 100 business owned by U.S. agricultural cooperatives. As the nation’s leading agribusiness cooperative, CHS recently reported a net income of $829.9 million for the fiscal year ending Aug. 31, 2019.

Examples of cooperatives

Unlike the other types of businesses, co-ops are owned by the people they serve. Notable examples of co-ops include:

  • Land O’Lakes
  • Navy Federal Credit Union
  • Welch’s
  • REI
  • Ace Hardware

Factors to consider before choosing a business structure

For new businesses that could fall into two or more of these categories, it’s not always easy to decide which structure to choose. You need to consider your startup’s financial needs, risk and ability to grow. It can be difficult to switch your legal structure after you’ve registered your business, so give it careful analysis in the early stages of forming your business.

Here are some important factors to consider as you choose the legal structure for your business. You should also plan to consult with your CPA for his or her advice.

Flexibility

Where is your company headed, and which type of legal structure allows for the growth you envision? Turn to your business plan to review your goals, and see which structure best aligns with those objectives. Your entity should support the possibility for growth and change, not hold it back from its potential.

Complexity

When it comes to startup and operational complexity, nothing is more simple than a sole proprietorship. You simply register your name, start doing business, report the profits, and pay taxes on it as personal income. However, it can be difficult to procure outside funding. Partnerships, on the other hand, require a signed agreement to define the roles and percentages of profits. Corporations and LLCs have various reporting requirements with state governments and the federal government.

Liability

A corporation carries the least amount of personal liability since the law holds that it is its own entity. This means that creditors and customers can sue the corporation, but they cannot gain access to any personal assets of the officers or shareholders. An LLC offers the same protection, but with the tax benefits of a sole proprietorship. Partnerships share the liability between the partners as defined by their partnership agreement.

Taxes

An owner of an LLC pays taxes just as a sole proprietor does: All profit is considered personal income and taxed accordingly at the end of the year.

“As a small business owner, you want to avoid double taxation in the early stages,” said Jennifer Friedman, chief marketing expert at Expertly.com. “The LLC structure prevents that and makes sure you’re not taxed as a company but as an individual.”

Individuals in a partnership also claim their share of the profits as personal income. Your accountant may suggest quarterly or biannual advance payments to minimize the end effect on your return.

A corporation files its own tax returns each year, paying taxes on profits after expenses, including payroll. If you pay yourself from the corporation, you will pay personal taxes, such as for Social Security and Medicare, on your personal return. [Check out our reviews of the best payroll services.]

Control

If you want sole or primary control of the business and its activities, a sole proprietorship or an LLC might be the best choice for you. You can negotiate such control in a partnership agreement as well.

A corporation is constructed to have a board of directors that makes the major decisions that guide the company. A single person can control a corporation, especially at its inception, but as it grows, so, too, does the need to operate it as a board-directed entity. Even for a small corporation, the rules intended for larger organizations – such as keeping notes of every major decision that affects the company – still apply.

Capital investment

If you need to obtain outside funding, such as from an investor, venture capitalist, or bank, you may be better off establishing a corporation. Corporations have an easier time obtaining outside funding than sole proprietorships.

Corporations can sell shares of stock and secure additional funding for growth, while sole proprietors can only obtain funds through their personal accounts, using their personal credit or taking on partners. An LLC can face similar struggles, although, as its own entity, it is not always necessary for the owner to use their personal credit or assets.

Licenses, permits and regulations

In addition to legally registering your business entity, you may need specific licenses and permits to operate. Depending on the type of business and its activities, it may need to be licensed at the local, state and federal levels.

“States have different requirements for different business structures,” Friedman said. “Depending on where you set up, there could be different requirements at the municipal level as well. As you choose your structure, understand the state and industry you’re in. It’s not a ‘one size fits all,’ and businesses may not be aware of what’s applicable to them.”

The structures discussed here only apply to for-profit businesses. If you’ve done your research and you’re still unsure which business structure is right for you, Friedman advises speaking with a specialist in business law.

How to Choose the Best Legal Structure for Your Business [Business News Daily]

About Our GE Network Expert - Min Tang

Categories
Franchise

Today’s Opportunities In Franchising

Want to own a business with an established brand and business model? If so, franchising might be the right option for you.

  • Franchising is when a company sells the rights to its existing business model and products.
  • Opening a franchise is a business venture with relatively low risk and high support, but you must be aware of the regulations and factors that make a franchise successful.
  • While costs vary widely, in general, you can expect to spend $50,000 to $200,000 in franchising startup costs.
  • This article is for entrepreneurs and business owners interested in buying and operating a franchise.

When entrepreneurs dream about their future, franchising is rarely part of the fantasy. While it may not be your first choice, buying a business franchise comes with many benefits. When you open a franchise, you get a chance to run your own business while buying an established brand and business model.

“A franchise is a business with training wheels,” said Tom Scarda, founder of The Franchise Academy, a podcast dedicated to franchising. “For a majority of franchisees, franchising has proven to be a viable way to become a business owner.”

Franchises offer a unique mix of low risk and high reward. “For the most part, [franchising] offers the lowest risks and the highest level of support,” Scarda said. “Because a franchiser doesn’t succeed until the franchisees do, you’ll find a team of dedicated professionals willing and able to help you every step of the way, from site selection to employee hiring to grand opening.”

We’ll explore the basics of franchising, factors to consider when choosing a franchise, startup costs and more.

What is franchising?

A company that sells the rights to its existing business model and products to another businessperson or company is creating a franchise. However, the exact definition varies because of the numerous statutes passed by the Federal Trade Commission (FTC) and individual states.

The bottom line is when you buy a franchise, you’re purchasing an established business and a ready-made product or service. Franchises usually come with a recognizable brand name, a proven business model and a repeatable marketing strategy.

Franchise costs

The costs of buying a franchise can vary greatly depending on the type of business you’re considering. But in general, you can expect to spend between $50,000 and $200,000 in startup costs.

Here are some of the startup costs involved in buying a franchise:

  • Initial franchise fee
  • Corporate fees
  • Financing application fee
  • Attorneys’ fees (for having a lawyer review the contract)
  • Accounting fees
  • Insurance
  • Permits and taxes

You’ll also have to consider the ongoing costs of running the franchise. This includes marketing and advertising, running payroll, inventory, and equipment.

Franchise regulations

Federal regulations exist to protect the rights of both the franchisee and the franchiser. The FTC helps oversee and enforce franchise laws to ensure that entrepreneurs receive full disclosure on the state of the business they’re joining and that the franchiser’s brand is protected.

Early in the franchise purchasing process, franchisers must provide a franchise disclosure document (FDD) to the potential franchisee. Sometimes called an offering circular, the FDD outlines the franchiser company’s fees, investments, and bankruptcy and litigation history.

There are also registration and relationship laws that govern the franchise’s registration, salespeople and advertising. More laws cover terminating a franchise, notice and cure periods, grounds for nonrenewal, and equal treatment. These laws and regulations vary by state.

What to look for when choosing a franchise

When it comes to choosing a franchise, thousands of options are available. So if you don’t know the type of franchise you’re looking for, this can be a daunting task. Let’s look at a few factors you should consider when choosing a franchise.

Startup costs

Franchising provides many benefits to aspiring entrepreneurs, but it also comes with significant startup costs. You’ll have to pay an initial franchising fee before you can begin setting up your business and selling products under the franchise’s brand name.

Before launching the business, you’ll be expected to propose a store location, business model, business opportunities and royalties. Once franchise contract terms are agreed upon, you can begin setting up the storefront. All those activities require an additional investment of money and time.

Your level of business autonomy

While franchising’s appeal is getting an established name and branding, running a franchise may limit your business autonomy. You may not have the autonomy to move and grow your business in different directions to take advantage of local business factors. You should think carefully about how much control you want to have over the business before investing.

A sustainable business model

It’s important to find a business with a sustainable business model and a track record of success. Make sure to research where the company stands before joining as a franchisee.

Rob Holt, founder of Two Maids & A Mop, said his franchise underwent growing pains when initially transitioning from a traditional corporation to a franchise.

“In 2013, we only opened one franchise,” he said. “In 2014, we opened one as well. We didn’t really start growing until 2015, but during those first two years of franchising, even though we only had two, we really tried to perfect what we were doing.”

How established the business is

It’s essential to understand the parent company’s current state, including its business valuation. The first franchisees for Two Maids & A Mop were willing to remain patient as the company experienced growing pains, while today’s Two Maids & A Mop franchisees are joining a more established business.

Neither option is right or wrong, but it’s important to know which situation you’re getting yourself into before spending the time and money to open a franchise.

Competition

You should also consider how competitive the franchise’s market is. Competition isn’t necessarily a bad thing, because it means there’s a demand for that product or service. But a lot of competition means you’re going to have to work even harder to differentiate your business and help it stand out.

Company culture

It’s important to consider the prospective franchise’s company culture. The parent company’s management will have a major impact on how you run your business – and your income. In many ways, they’ll be your business partners for the duration of your franchise ownership.

Pay attention to your interactions with company management and the level of support they provide. Do they answer any questions you have and provide resources to help you get up and running?

You should be very wary of buying into a franchise if you don’t like the company management. Look for a company you believe in and can get behind, or move on to a different franchise opportunity.

Your level of interest

Finally, you should consider your level of personal interest in the business model. Look for a business model you find interesting and a product line that excites you.

It’s all right if it’s a new industry or a product you’re unfamiliar with, as long as you’re interested in learning more about the company. Don’t just buy into a business model because you think it will make a lot of money. The energy and effort you put into the business will determine its success or failure.

Benefits of franchising

One of the biggest benefits of franchising is drawing off the experience and expertise of the entire organization. By joining an established brand, you bypass many of the hardships in building a company from the ground up.

“Franchising takes the guesswork out of starting a business,” said Jonathan Barnett, founder and CEO of Oxi Fresh Carpet Cleaning. “They have established systems designed to give new franchisees a massive head start over competitors.”

Being part of a respected brand is invaluable, Barnett said. “It’s hard to overstate the advantage of starting a business and having people know and trust your brand from day one.”

These are some other reasons to consider franchising:

  • Perks of the particular brand (e.g., training and discounts)
  • Business model with a track record of success
  • Easier access to money and small business loans
  • Low risk for banking institutions

Opportunities to watch

Nearly every industry has a successful business practice being sold as a franchise, from retail stores to employment services. Finding the right opportunity for you depends mainly on your previous expertise and passion.

Based on our research of top franchising opportunity lists from around the web, we’ve identified 10 industries where franchise business is booming.

  1. Children’s enrichment: Parents want the best for their children, and educational franchises such as Kumon, The Goddard School and The Little Gym are helping the next generation learn and grow. Primrose Schools is another great option because it offers year-round educational programs and educational child care.
  2. Hair salons: Hair care for men, women and children is a consistently in-demand service. Companies such as Supercuts, Sport Clips and Great Clips allow franchisees to stand out with a recognized brand name, while kids-only concepts like Snip-its allow owners to narrow their target market.
  3. Fitness: For a while, it looked like COVID-19 and the explosion of home workout options might be the nail in the coffin for gyms. That doesn’t appear to be the case. Many Americans are returning to gyms for both fitness and social interaction. If you’re looking for fitness franchises to invest in, Anytime Fitness, Planet Fitness and Orangetheory Fitness are great options. Each of these gyms comes with strong brand recognition, and Anytime Fitness has low monthly operating costs.
  4. Paint-and-sip studios: This entertaining concept, which allows participants to have a glass of wine while taking a group painting class, is growing fast for both new and established companies, such as Painting with a Twist, Pinot’s Palette, Paint Nite, and Wine & Design.
  5. Pizza: This is a staple of the franchise world, with competitors still finding new and innovative ways to put together a pie or slice. Domino’s, Pizza Hut and Papa John’s still rule the market, but concept franchises like Kono Pizza offer a fresh take on this classic food.
  6. Commercial cleaning services: Buying a commercial cleaning service is an excellent option for first-time business owners. Commercial cleaning services work with schools, businesses, churches, medical facilities and more. Jan-Pro is an excellent option to consider if you want to go in this direction, while Merry Maids is a good option if you’re more interested in home cleaning services.
  7. Property management: Since 2008, the number of rental properties – and companies needed to manage them, like Real Property Management and Property Management Pros – has increased, prompting growth and opportunity for those looking to fill that need.
  8. Senior care: As more aging baby boomers require in-home or facility care, this field is evolving by offering services such as advocacy and placement. Franchise options include Caring Senior Service and BrightStar Care.
  9. Spa and beauty services: Franchises such as Massage Envy, Hand & Stone, and European Wax Center are a part of the burgeoning self-care market. You can offer specialized treatments like waxing or massages, or go for a full-service establishment with add-on services such as facials and threading.
  10. Vending machines: Vending machines have been popular for decades, but the success of these models – and the variety of potential product offerings – has made franchising a viable option within the past few years, through companies such as Fresh Healthy Vending and Healthier 4U Vending.

The Basics of Franchising and Today’s Top Opportunities [Business Daily News]

About Our GE Network Expert - Min Tang

Categories
Branding

5 Innovative Ways to Improve Your Branding

Every entrepreneur wakes up wondering how the world views their business. For many new businesses, the main issue might be that few people even know about them. Even for veteran entrepreneurs, finding the right audience can take years and years of hard work and practice. In any case, there are ways to improve the quality of your brand and ensure that your marketing efforts actually reach the right people. So, in today’s post, we are going to take a closer look at 5 innovative ways to improve your branding!

Get Involved In High-Profile Events & Projects

As previously mentioned, getting seen and noticed is a difficult hurdle to overcome for many entrepreneurs. For this reason, getting your foot in the door of a high-profile event or project can do wonders for your visibility. Whether it’s a red carpet event or even a local community project that has attracted media attention, getting your brand associated with it can help expose hundreds or even thousands of potential customers to your business.

Reduce Human Errors With Automation

Looking at the internal operations of your business, you should always be focused on providing a positive experience for customers, clients, vendors, and partners. Unfortunately, humans are not infallible. They make mistakes. While there’s nothing wrong with making mistakes from time to time, you should do your best to reduce human errors by automating some of your business processes. For example, if your business operates within the healthcare industry, you can work with Amitech Solutions to implement robotic process automation (RPA).

Find the Niche Within Your Niche

Oftentimes, entrepreneurs take a blanket approach to marketing and branding. While this may cast a wide net when generating leads and looking for customers, it can also be a major waste of resources. Instead, find your niche, and then find the niche within your niche. This way, you can target marketing and branding efforts to specifically appeal to your ideal audience.

Consistently Speak to Your Audience

If and when you establish your brand as an authority in your niche, you may think that you can just sit back and let the branding take care of itself. In reality, branding is something that you must constantly work to maintain and improve. For example, if your brand has one or more social media pages, you should engage with your followers consistently. This means answering messages, responding to comments, and generally letting people know that there’s a real person behind the steering wheel of your business.

Work With Other Value-Centered Brands

Like people, your business is often a reflection of the company it keeps. If you work with vendors or other businesses with bad reputations, it will greatly tarnish your brand. Instead, look for value-centered and value-driven businesses that have a proven track record of positive engagement with the public. This way, you can make your brand look good by association!

Did you enjoy our guide on 5 innovative ways to improve your branding? If so, be sure to check out some of our other great posts on Get Entrepreneurial today!

Categories
Business Trends Entrepreneurs

12 Apps Changing Shopping Culture Forever

These genius shopping apps makes shopping with a mobile phone easier than ever.

  • The latest mobile app technology is turning smartphone users into smart shoppers.
  • Mobile shopping apps can help you save money and time, and alert you to hot deals on the items you’ve had your eye on.
  • Digital wallet apps, such as Android Pay and Apple Pay, simplify the checkout process, and they are accepted at hundreds of retailers nationwide.
  • This article is for smart shoppers and business owners who want to generate new leads and attract new customers.

Mobile shopping doesn’t just mean visiting a retailer’s website and making purchases on a mobile phone. The latest mobile app technology is turning smartphone users into smart shoppers as well. Here are 12 apps at the forefront of technology and shopping.

1. Instacart

Instacart has become a favorite of consumers because of the same-day grocery and product delivery option. Consumers aren’t limited to grocery stores; they can choose from various other retailers, such as CVS and Walgreens. During the COVID-19 pandemic, many consumers turned to grocery delivery to avoid public spaces. What many found was that grocery delivery is an easier way to get the household food shopping done.

2. Savings.com

Savings.com offers access to coupons and deals across many of the most popular retailers in the U.S. From Shein to Home Depot to Macy’s department stores, Savings.com offers consumers wide range of deals all in one place. Whether you’re in the market for new home and garden goods, looking for travel products, or even wanting to purchase wireless internet, broadband, and cable, Savings.com avails shoppers to discounts on all sorts of products from major retailers in various verticals.

3. Honey

Honey is the smart shopping assistant you can use on your browser or smartphone. Track prices on specific items, get automatic coupons, and compare online retailers automatically. Honey can also be used as an extension with Google Chrome, automatically applying deals from around the internet to each transaction.

4. CamFind

Visual search, which uses recognition technology to make it easy to find products on a mobile phone, is one technology that’s changing how we shop. CamFind is one of those apps. It is free on both Android and iOS.

Using mobile visual search, CamFind makes it easy for shoppers to find more information about an item and where they can buy it. For instance, users can simply take a picture of an item, and the app identifies the product and tells users where they can find the best deal.

CamFind’s interface gives price comparisons as well as information on any item that’s photographed. This information is particularly helpful for big technology purchases, such as televisions. CamFind allows you to simply take a picture of a product to determine if you are getting the best deal.

5. ShopSavvy

ShopSavvy is a free app for iOS or Android. It lets you scan any barcode or search for any product and instantly find out which retailer offers the best price. The app scans millions of products from some 40,000 stores, including Amazon, Macy’s, Target, Best Buy, Walmart and Newegg.

Some of those stores let you buy through the ShopSavvy app and earn 20% cash back when you do. Other features include the ability to save and track your favorite products’ prices. You can send yourself an email with what you’ve searched for so you can purchase the product later, as well as create wish lists and shopping lists.

6. nate

Nate is marketed as an artificially intelligent app that makes it easy to centralize all purchasing from within a single platform. Consumers can make and share lists, buy products from any site, create payment plans, and even send gifts.

7. ThredUP

ThredUP is like a local consignment store that has the best options from all over the country. You can access all offerings from the website as well as Apple and Android devices

8. Digital wallets

Google Pay and Apple Pay are examples of digital wallets. Google’s version is available on Android for free, but Apple Pay and Apple Wallet are part of the iPhone’s preloaded ecosystem. Digital wallets store your various credit and bank cards, and encrypt your data. You can then just wave your phone in front of the contactless checkout counter.

Google Pay is accepted at millions of stores, including Best Buy, JetBlue, Macy’s, Petco, Subway and Walgreens. It can also connect to your loyalty cards for brands such as Walgreens and Coca-Cola, so you still earn rewards points. At some outlets, such as Jet.com, you can get special discounts for using Google Pay.

Apple Pay is also accepted at millions of stores, including Ace Hardware, Barneys, Crate and Barrel, Foot Locker, Office Depot, and Staples. You can also use Apple Pay to donate to a variety of charities, such as UNICEF and Feeding America.

9. Ibotta

The Ibotta app is free for both Android and iOS and is great for people who like to get money back when they shop. This app works with most retailers, and you can scan your receipts, save deals, and access app-specific deals to save money. The app features regular offers that you can apply to your account to get bonus money back when you scan your receipt. Ibotta offers cents back on certain items you buy; when you scan your receipt, the purchase is confirmed and the balance is added to your account, which you can cash out after you reach $20 in rewards.

10. LikeToKnowIt

LikeToKnowIt crowdsources the best items, curated from influencers on various platforms who can create shoppable videos and posts. The Shop the Pic section makes it easy to buy the exact item you’ve seen and fallen in love with.

11. Dosh

This app links to your debit card, and you can shop with it at the stores you already use. You can also use the Dosh app to access your frequently used websites, to get deals and money-back offers. You can do a quick payout to Venmo, PayPal or another payment platform after you have gotten $15 in your account. You can also get deals on hotels.

12. Etsy

Etsy makes it easy to find indie artists who are creating one-of-a-kind items. The handmade e-commerce site offers everything from jewelry and custom clothes to children’s toys and stationery.

12 Mobile Apps Changing Shopping Forever [Businessnewsdaily]

About Our GE Network Expert - Min Tang

Categories
Work Life

Overworked?

It’s well-known that entrepreneurs must dedicate a lot of their time to getting their businesses off the ground in order to be successful. It’s not uncommon to hear of a business owner working 60 or more hours a week in pursuit of that success. However, this amount of work can have a major negative impact on one’s mental and physical health.

Tips to Cut Down Working Hours

To address the issue, busy professionals need to find a way to work smarter and gradually reduce the number of hours spent running their businesses. That’s why we asked 12 entrepreneurs from Young Entrepreneur Council (YEC) the following:

“Working hard is important, but working too hard can impact your health. What’s one practical step busy entrepreneurs can take to reduce a 60-hour work week to 30-40 hours?”

1. Timeblock

“Put your rest activities into your calendar just as much as you put your work activities there. It’s the only way you can effectively force yourself to take time for yourself.” ~ Nicole Munoz, Nicole Munoz Consulting, Inc.

2. Let Your Experts Work

“It may sound obvious to some people, but not so obvious for the others: As a business leader, you don’t have to do everything by yourself. Your main job is to mentor and coach the people who work on all the elements of the business. Take a look at all the tasks that you do. I’m sure you already have dedicated experts in your team to deal with some of these. Then, fire yourself. Let people work.” ~ Solomon Thimothy,OneIMS

3. Divide Tasks By Size

“I divide tasks that I need to accomplish by size. Then, I figure out what size task I’m best able to complete at a certain time of day. Since I’m a morning person, I find it easier to accomplish large tasks quickly at the beginning of the day and then smaller tasks toward the end. However, you might prefer working on large tasks toward the end of the day. It depends on your productivity habits.” ~ Bryce Welker, Beat The CPA

4. Be Realistic

“We’ve all heard that people overestimate what they can do in a week, but underestimate what they can do in five years. If you want to keep your work weeks to a minimum, start being honest about what you can accomplish in a week. Identifying the most important thing you can be working on to affect the bottom line of your company each day is key. Then do that 40 hours per week.” ~ Matt Wilson, Under30Experiences

5. Leverage Automation

“If entrepreneurs aren’t leveraging automation yet, then they need to. Marketing automation performs routine, everyday tasks for you so you can spend your time wisely and still get more done. It’s easier to stay productive and meet deadlines when you have technology working for you.” ~ Stephanie Wells, Formidable Forms

6. Set Clear Boundaries

“Only with clear boundaries for their time will a driven entrepreneur find that balance. Many successful entrepreneurs leave their industries after a few short years to build a family or pursue their passion because they are unable to have both. The only way I am able to “work to live” is by design, and I assure you it’s worth the effort. Set clear boundaries and respect them.” ~ Reuben Yonatan, SaasList

7. Cultivate and Build Leaders

“The right mindset, leadership and systems are key. In order to greatly reduce your time, you’re going to have to trust people. Then you need to cultivate and build leaders within your organization. To be successful you should have a system where those leaders routinely meet with clear goals and agendas around managing and growing the company. That’s it. Enjoy your time off.” ~ Kevin Getch, Webfor

8. Outsource Tedious Tasks

“If an entrepreneur doesn’t have the resources to hire in-house and delegate certain tasks, they can outsource tedious tasks that don’t generate revenue. For example, the following tasks could be outsourced: blog content creation, social media marketing, website design, payroll and bookkeeping.” ~ Kristin Kimberly Marquet, Marquet Media, LLC

9. Recharge Between Work Sessions

“Avoiding long hours is hard, but taking breaks in between tasks can alleviate the pain. If long hours span from early strategy calls through late-evening client meetings, make the most out of your business day. Hit the gym, take lunch outside, listen to an audiobook. Recharging between other energy-intense sessions is a long-lasting exercise worth trying out.” ~ Mario Peshev, DevriX

10. Schedule Hard Stop Breaks

“Scheduling hard stop breaks into your daily routine will help you balance work with the other parts of your life. Break your day into multiple work shifts to create a natural separation in your schedule. Neglecting this aspect of your routine can be harmful to work and oftentimes lead to counter productivity.” ~ Jordan Edelson, Appetizer Mobile LLC

11. Set Goals Outside of Your Career

“Entrepreneurs are goal-driven, and usually get overly absorbed in career goals. I like to have fitness goals that dictate a workout schedule, for example. I recently took classes in scuba diving and boat sailing, as well, to get out of the office and focus on something new and adventurous. Leave the phone at home and go explore the world.” ~ David Boehl, GoLastMinute

12. Empower Your Team

“Empower your team. Too many entrepreneurs think they need to still have their hand in every single thing at the company, which is draining to them and ultimately discouraging to the employees who are ready to step up and take on more. I did this years ago when I had a major surgery and had to delegate responsibilities during my recovery and then just didn’t take all of the responsibilities back!” ~ Kelsey Raymond, Influence & Co.

Overworked? 12 Practical Ways Entrepreneurs Can Cut Down Their Hours [Smallbiztrends]

About Our GE Network Expert - Min Tang