Three Reasons Your Business Startup Should Be an LLC Instead of a Sole Proprietorship
Laura December 1, 2021 ArticleBootstrapping a startup means looking for every opportunity to cut expenses. Thus, it is common for first-time business owners to skip over registering their business, assuming that running it as a sole proprietor will be sufficient. While it’s true that sole proprietor status is the least complicated to manage — less paperwork, fewer filing requirements, the most flexibility — the reality is that the benefits of organizing as an LLC far outweigh the complications.
LLCs Provide Protection
The structure of an LLC or corporation exists for one primary purpose — to separate business and personal liability. With sole proprietorships, all of your personal assets, including your house, cars, and savings, are potential targets for any lawsuit or judgment against the business. Don’t assume that none of your dedicated customers would ever sue — if you make an error that costs them dearly, their attorney will turn to you for reparations.
In addition, businesses can struggle for all sorts of other reasons, such as a lagging economy, that are out of control of the owner. With the protections of limited liability, the business can take the fall without significantly impacting the owners. Sole proprietorships and partnerships can leave the owners holding the bag, and paying off the business’s debts (or worse, filing personal bankruptcy)…outcomes that will affect you for years.
LLCs Provide Opportunities for Your Business
Particularly in the case of independent contractors, securing an LLC can open doors not available to sole proprietor independent contractors. The reason for this is that many large companies secure independent contractors for months or years at a time, and hiring a individual, sole proprietor, into those positions can put the larger company at serious risk. If you have LLC or corporate status, there is no doubt that the hiring does not meet the standards of being an employee, because the presumption of independence is evident in the entity status, thus the company is more likely to hire your company over a sole proprietor.
LLCs Open the Doors to Growth
Operatinga business as a sole proprietorship not only limits your options, but also can limit your thinking. As a solo owner, there is no easy way to bring in investors for growth and expansion. With an LLC or corporations, your options are wide open for including partners as you see fit. You can build the business’s credit separately from your own, enter into contracts, and own property in the name of the business, presenting a more professional image. And, your own ideas of how far the business can go can be influenced by the formality of organizing as a limited liability entity. Something about formalizing your operations inspires a lot of folks to think bigger than just working for yourself.
Sure, there are valid arguments for selecting sole proprietorship status. Whether you organize as an LLC or corporation, there are some fees and paperwork required, usually once or twice per year. And, new business owners are often required to provide personal guarantees for bank or …
Interested In Starting a New Business? Here Are Some Tips to Help You On Your Way
Laura October 4, 2021 ArticleIf you are looking for a change of direction in your life and considering starting a new business, here are some factors that you may care to consider.
A� Being your own boss is a dream that many people aspire to. Not being answerable to anybody other than yourself when it comes to how much you earn and how many days leave you can have is usually extremely appealing to most people, just as it was, and still is, for me. However there are certainly many factors to consider and it is advisable that you give yourself sufficient time to think through your ideas.
A� It is important that a new business owner truly believes that he or she is on the right path and that the business will bring, among other things, prosperity and pleasure into their life.
A� There are serious considerations to deal with when starting a business as your business is going to be the predominant influence in your life from now on. It will give you pride and satisfaction and along with those attributes your business will bring you hard work and more than likely, some concerns. But, isn’t that what life is about; if everything were to go along smoothly for 365 days of the year one would more than likely become bored and look for greener pastures. So if you are ready to take on the challenge, I offer you my congratulations along with some tips to help you get started.
1. Passion:
No business will succeed unless it is built on and around passion. Those who are successful in business are operating or trading in a product or service that they are totally passionate about. Prime examples of how passion works in business can be seen just by spending a few minutes viewing television programmes where well-known successful business people are demonstrating their products or services, especially in the areas of cooking, farming, fruit-growing, dog training to mention a few.These people glow with pride and success and are absolute proof that great passion is behind every successful business. Therefore make sure that you build you business on your passion and not the passion of someone else who may want to lead you in a different direction.
2. Research:
Once you’ve established what your passion is it is essential that you research extensively to establish whether or not there is a demand for your product or service. If you intend targeting a certain locality be sure that there is a need in that locality for your forthcoming business. For instance, if you are hoping to start a business selling plants, seeds and garden tools you would look for premises in a locality that is not currently serviced for those products. In view of this you may need to travel a little further from your home to your business each day, but wouldn’t that be worthwhile if your business had the monopoly in a particular area?
3. Funding:
Of course there will be capital …
This is a very good question to ask as many people think that we only need one mentor. I would disagree with that. I believe we need a mentor for every different area. Let’s look at a golfer. A professional golfer may have a mentor for their golf swing, another on the fitness side of the game and a third mentor may be a psychologist to help them with mental preparations.
Recently I was listening to an interview with the broadcaster Jonathan Dimbleby, son of Richard Dimbleby and brother of David. In the introduction we were told that throughout his life Jonathan had at least two mentors. His first mentor was while he was a show jumper; and many people thought he would go on to represent Great Britain in the Olympics. He had another mentor when he entered broadcasting at the BBC. Jonathan’s first mentor was brilliant while he was show jumping, but when he started working at the BBC he needed a different type of mentor. He needed someone who was a broadcaster, a person already doing the job, to help him as he started his broadcasting career.
A mentor is someone who you learn from; they have been involved in that field for some time, whether it is sport or business. They will help and guide you along the way, giving you the support you need at every stage. You can have a mentor in many different subjects. I have mentioned golf, show jumping and broadcasting and this is just the tip of the iceberg. The Quakers have promoted mentoring for many years for business. George Cadbury was mentored by Joseph Rowntree and both men are famous British chocolatiers. The Business Secretary Vince Cable recently promoted mentoring for those setting up in business, “Mentoring is a very effective way of promoting start ups, with high productivity amongst established businesses”.
Many people when they are looking to start a business now look for an opportunity that includes mentoring. Recently when we were looking at a business idea, we looked for an opportunity in which we were able to learn from a mentor.…
Most business owners who are new to the world of email marketing are not familiar with the appropriate etiquette they should use. It is possible to use email marketing as an effective way to communicate with customers. Continue reading for more email marketing tips regarding email etiquette.
Identify and appeal to your audience. After you have gotten a few readers subscribed, come up with ways to induce them to get their friends signed up. Always make sure there is “subscribe” link in the emails you send so that those who receive forwarded copies can easily sign themselves up if they are interested. You can use this method to make your list grow organically.
Always have one clear message in each email. You don’t want your consumers to be overwhelmed or bored by the content in your email. Create a message, keep it short and make your point. Your consumers will like it when they are not bombarded with unnecessary information.
Don’t over use words like “Buy now!” the way you go about it. People may view your emails as being spam-like and not want to purchase from your company any longer. They understand you want sales, but build a solid relationship and stay professional. Your customers will be thankful for this, and there’s a good chance they’ll make a purchase.
Try using different techniques when you are email marketing. You could look for reading material in a library or online. You may also be able to find local seminars or workshops to attend; pay attention to the classifieds and bulletin boards.
Try out new formats with your email. Put your important information and any new offers near the beginning of your messages. Try out different approaches to see what gives you the best reaction. Once you find what works, continue to use it. This way your readers know exactly what to expect and where they can find what they would like to read.
Make sure you only email subscribers who give you permission to do so. If your emails are considered spam, you won’t be taken seriously. You could lose customers and get reported for sending unwanted emails.
Don’t use a lot of graphics in the emails that you send. Many email clients don’t allow images to load, so sending a highly graphic-dependent message is useless, as many of your subscribers will be unable to make sense of it. Also, your email is likely to end up being sent to junk mail if it contains too many graphics.
Always have a link for people to easily unsubscribe or opt out of your email list. Don’t fail to provide an unsubscribe link and don’t bury it so deep in the text that it cannot be found. You want each of your users to feel like everything is their choice, and you are not forcing them into anything.
As the article above advises, it is highly recommended that business owners practice proper protocol in their email marketing program. Being rude to your …
You should consider Facebook if you need a new campaign to promote your brand. This site is a great way to promote your business and products quickly and successfully. This article will show you the ropes.
Your fans should be interacted with on a regular basis so you can cater to their needs. Take everything that is posted into consideration. There are a lot of popular businesses that get marketing tips from their fans. Never ignore your fans since they are the reason that you have gotten as successful as you are up to this point.
Consider holding online contests as a means of your Facebook marketing plan. Provide discounts and prizes to those who give your page a “like.” Be sure that you come through in awarding your prize, or no one will trust you again.
A simple way to start a conversation with your Facebook fans is to respond to the feedback they leave on your page. Keep an eye on your all and any twitter messages that contain your company handle. Reply back, particularly if it is a complaint or someone who needs service immediately.
Avoid letting your Facebook page overwhelmed with spam. There are some filters that can be used when editing your page that help monitor the page, even if you are not around. Your administrators can update the filters as new spam is added to your page.
Consider creating a Facebook group rather than just a page. The group can lead to a community on Facebook, where your customers can exchange comments and ideas. Don’t hesitate using a group and a page as a mean for your subscribers to get your updates and also share their content with your group.
When you utilize Facebook Offers, you are able to promote freebies and contests you’re running on your site. Create the offer and then make sure to post it on the wall. You may find yourself with new followers if its a great offer.
Don’t forget about your existing audience. There are people that just want likes and then they forget about existing fans. For a great marketing campaign, you should respect and appreciate your followers. This will boost engagement and build your relationships.
When a follower asks you a question on your wall or makes a comment, always respond. If someone goes to the effort to contact your business, you should take the time to talk with them. Facebook is similar in a lot of ways to making a phone call. You answer any questions that are asked of you about the business you’re running.
Everything you put up on Facebook needs to have value. Stated otherwise, all followers ought to gain something from your postings, even if it is just a helpful hint or a bit of advice. However, avoid “selling” too much to prevent your followers from getting tired of having your name popping up on the news feed.
The weight on your shoulders to build profits can be huge. Creating a …
When it comes to marketing, there are few tools out there more beneficial than Facebook. Since Facebook is so popular nowadays, businesses all over are using it for marketing purposes. The following article will teach you how to use Facebook to its full advantage when marketing.
In order to know what your fans are looking for, frequently interact with them. Take everything that is posted into consideration. Many successful businesses have gotten several marketing ideas from the public. Don’t ignore your fans.
Contests are a good way to attract people’s attention. Try throwing a prize giveaway on your Facebook business page. Offers can include discounts and prizes for users “liking” your page. Always actually send the prize or you’ll ruin your reputation.
Consider organizing a giveaway as a means of generating interest. Give away a desirable product to get people excited. Let people know who won by announcing it on your profile, and use this strategy again if you wish to get additional subscribers later on.
Do not let spam overtake your page. You can use filters to help edit the page and monitor content when you are away. Any administrator of your page can enter keywords into this tool which will then automatically be filtered out.
Use Facebook to connect with your customers. It isn’t just informal chit-chat, it can be a large content format. Don’t neglect this powerful marketing tool. Make sure that you incorporate professional posts about your product on your page. Traffic volume to Facebook pages tend to be quite high!
Respond to everything that is posted on your wall. If people take time to make contact, you should dedicate some of your time to respond. Think of Facebook posts in the same way that you think of phone calls: you respond to them and answer questions about your business.
The whole point of Facebook marketing is to boost sales. This is why it’s a good idea to set a goal for how much you’d like to sell by the time the month’s over. Getting people to visit and like your Facebook page is great, however it is more important that your efforts translates to more sales. If your business hasn’t improved, you might want to change your strategy up.
Seek out leadership opportunities on Facebook. You can do much on Facebook to become a leader in a niche. Find opportunities to answer questions, and look for moments to post comments related to what you know best. That is going to expose your brand to new and potential customers, which can only make you more popular.
Only put professional pictures on your Facebook. Understand that your photos will represent your business, both in good and bad ways. Use a good camera, and make sure the picture only displays positive things about you, your business and your brand.
As you have seen, marketing via Facebook is an increasingly popular concept. If done right, the success can be massive. Use what you learned here and grow your business.…
It can be tough to run a woodworking business that is successful. You should know what you’re doing and it will take hard work. In this article, you will find a lot of helpful tips for your woodworking business. To use it, keep reading.
Understand that safety should be your top concern with woodworking. Be sure that you use the tools as they’re supposed to be used while you’re wearing safety equipment. Don’t take the guards off the tools you have as they were put there for your protection. You can’t complete the project if you end up hurting yourself.
Before you apply a stain, test it on an area that is hidden or a piece of wood scrap. This will help you to pick the right stain color for your project. Wood may not react as you thought, so avoid mistakes and possible disappointment by performing this simple test.
When you’re using finishes or stains you should always stir them instead of shaking them. The ingredients in them can settle. But, if you shake it could cause bubbles to form which would mean it wouldn’t mix too well. Stir as best as you can to prevent this from happening.
When you are creating a woodworking budget, be sure to include the price of the tools you will need to purchase to complete your project. You may overlook this and not factor in the cost. There may be things that you need and will have to get which may become budget breakers unless you plan for it.
Before applying glue, try a dry fitting first. Adjusting your wood after applying glue can cause damage to your project. Dry fitting will help you see which pieces go in which spots.
It’s important to know the wood’s characteristics before you start working with it. Paint grade always indicates that the wood isn’t a good quality, for instance, and stain grade will mean the grain pattern will be good for staining. Differentiate between veneer and particle board as veneer tends to resist stain, while particleboard can take on too much stain. It is crucial to get the perfect wood for your creation.
Keeping a ruler in a pocket can be a good idea, however sometimes it can be frustrating if it falls out. Make the small ruler a metal one, and put it inside the pocket in which you have a small magnet for picking up those loose screws. The magnet will ensure the ruler stays in your pocket.
If the hinges on your interior doors are loose, you can use a golf tee to fix them. Remove hinges and door from door frame and lightly tap one golf tee inside each of the screw holes. Remove the bit which hangs out and then put the door back into place. A golf tee will give the screw a surface in which to adhere to.
As stated in the beginning of the article, having a woodworking business that performs well requires a tremendous amount …
Woodworking can come in handy in many aspects of life. Even if you don’t work as a full time artist or in the field of construction, the day may come you want to build yourself a deck, or do crafts with your kids. The tips below will assist you in your projects.
It is always a good idea to have a pre-stain conditioner for the wood you’re planning to stain. Using this conditioner will reduce the amount of blotching or unevenness on your finished project. Also, it will create a smooth texture upon completion.
Stir finishes or stains before using them. Stains often have ingredients that settle to the bottom. Shaking can cause bubbling and prevent it from mixing well. Stir it well and you shouldn’t have an issue.
When you’re working out a budget, you have to think about itemizing the new tools you may have to purchase. You may overlook this and not factor in the cost. Still, tools can get expensive, so you have to think about them.
You need a stair gauge inside your workshop. They can be used to clamp a carpenter’s square along with laying out stair jacks. That way, it is possible to make a carpenters square into a circular saw guide. This square will make sure your cuts are straight each time.
Put extra spring in your grip. You may sometimes want to use spring clamps, but this can restrict the freedom of your hands. They are very difficult to open with just one hand. You can make it easier. Before you start gluing things together you should get all the clamps placed you need on just random scraps of wood while you’re using your free hands. This makes it so the clamps are close to maximum capacity and are easy to use with one hand.
Be sure that your ears are properly protected. The machines used in woodworking create lots of noise. Exposure over a long period of time can be bad on your hearing. You can wear headphones or you can invest in some disposable ear plugs. No matter the choice you make, make sure to wear them when machines are operating.
Don’t try to be too perfect when you’re measuring with a tape measure. Story sticks are useful, and you can always gradually work your way up to a cut. Just cut scrap wood so you can dry fit the piece. Planning out your cuts in different ways keeps your mind working.
Choose the right wood for your project. Soft woods like pine will scratch easily, so it is not the best choice for surfaces that will see a lot of use. Remember that different varieties of wood have different colors when they are finished.
Use your woodworking skills to enjoy your yard. You can build things like a beautiful deck, and a place to feed birds. You can then relax on that deck, virtually bug free, as you watch all the birds you have attracted to your bird …
The best way to get somewhere is a straight line, this article will ensure you reach your network marketing goals in the easiest way possible. Pay close attention to the advice in the below article.
In network marketing, it can become a game to sign up more people. Concentrate on how you can help people as you go about your business, instead. Make that the core of your work.
You should allocate time for friends and family members because those relationships can help reduce the stress in your life. It is also important to maintain your connections with these important people. In the beginning, it may be necessary for you to put in a lot of time building your business, but as your business becomes more successful, you can devote additional time to your family.
To achieve the most favorable long-term results, set specific and well-defined goals. Evaluate your marketing work over a period of 90 days or less. Don’t overemphasize your bigger, future plan. Working with smaller time frames allows you to constantly update your program to maximize results.
Follow known and effective business models whenever possible. Observe your upline or other prominent people in your organization. Follow in the footsteps of others to develop a successful attitude or approach to build your business. Imitating them can help you get to the top. Just as you would examine the mistakes you have made, you should also study what others have done successfully.
Use a third-party firm to complete some of your network marketing tasks. You might not have the resources or manpower at your disposal for this kind of advertising. You can use the time you gain by outsourcing for more important business matters and still get a good return on your advertising.
Find people to emulate who are in situations of leadership in network marketing, and who have characteristics that you respect. Doing so can help you to begin behaving the same way as they do, improving your chances of success.
You must think about your budget for network marketing. Otherwise, you might end up over-spending and run out of money for personal necessities, or neglect to spend enough to successfully promote your business. Be specific when you create your budget and you will have the information you need to spend your money in the most profitable way possible.
The requirements of your customers needs to be the number one focus in network marketing. A business with unsatisfied customers will quickly find itself no longer in business. Only talk about 20% of the time. Spend the other 80% of the conversation listening.
Get customers to your website. While this is definitely not the easiest thing to do, the success of the venture depends on it. After someone has visited your site, he or she has a better idea of what products you are trying to sell.
If you lack the knowledge you need to be successful, your journey as a network marketer can be a bumpy one. Apply …
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