Mohit Tater's Blog, page 630

Do You Need to Update Your Address With the IRS? Why?

The short answer is yes. Updating your address with the IRS ensures that you receive all important communication. Tax mistakes happen. If you owe money and the IRS has no valid address to send correspondence to you, you’ll likely end up owing fines on top of the taxes. Even if you never owe the IRS money, updating your address is the responsible thing to do as a business owner.

How Do You Update Your Address With the IRS?

To update your address with the IRS, you must fill out Form 8822. IRS EIN Tax ID Filing Service can help you fill it out. The form ensures you receive all information about taxes you owe or your EIN number in Louisiana or any other state. Keep in mind that the IRS can take up to 60 days to process the form.

What if You Don’t Have an EIN?

There are few cases that don’t require you to have an employer identification number to legally operate your business. However, if you don’t already have an EIN, obtaining one is beneficial for your business. It allows you to hire employees, open bank accounts or credit accounts in your company’s name, apply for financing and much more. If you are a sole proprietor, you EIN can also protect your personal information since you can use it instead of your own social security number on tax forms.

How Do You Apply for an EIN?

You can apply for an EIN on the IRS-EIN-Tax-ID website. Simply fill out the application with information about you and your business, pay the one-time filing fee and submit your application. Most people receive a response the very same day, but you can also use the IRS EIN lookup to see if you’ve been assigned a number yet.

Allow IRS EIN Tax ID Filing Service to help you obtain an EIN or change your address with the IRS. Contact them for more information.

The post Do You Need to Update Your Address With the IRS? Why? appeared first on Entrepreneurship Life.

The Law of Lateness – Why Paying Your Employees On Time is Vital to Your Success

It’s imperative for companies to think longer and harder about employee satisfaction. Technology allows businesses to be much more efficient and comprehensive when it comes to taking care of employees. Employees shouldn’t be treated as extensions of their boss, or the company, but as valued individuals who make the company what it is.

Depending on the industry, many companies rely on their lower end staff to represent the business and give a face to a name, representing the values and image that the company has worked so hard to define and maintain. Richard Branson is well-known for vocalising his opinions on employee satisfaction and it seems to be working well for him – treat your employees right and they will treat your customers right. Or better yet, treat your employees like your most valued customer.

Value

At some stage or another, many employees have felt undervalued and overburdened from an employer. People are working longer hours under more stressful conditions, for what seems like less pay, as the cost of housing and living continues to rise. Financial remuneration continues to be a, if not the, prime motivator for workers in Australia. If you, as an employer, are not in a position for offer pay increases or bonuses, then the least you can do is ensure that all employees are paid on time, at a regular and set interval to enable them a sense of financial security and control.

Ensure Payroll is Accurate and Efficient

Satisfied employees are more productive and more efficient, which saves the company money and resources. One good way to upset a valued employee is to pay them late or incorrectly. We’ve all heard that the best bosses are firm, yet fair – and it’s unfair to be irregular or flippant about someone’s paycheck. The Fair Work Act specifies that wages should be paid in at least monthly, with industries and many businesses opting to pay more frequently, or weekly. Investing in good payroll software will make your life easier, as it takes care of calculating hours, overtime, PAYG, and meeting your employees’ chosen super payments amongst other things.

Payroll Software

Manually processing payrolls can be expensive and time-consuming – good payroll software eliminates both of these issues. Doing the payroll is more than just writing your employees a check – there are taxes to calculate, deductions for specific benefits such as car leases, health insurance, employee super contributions, annual leave loading, workplace banking and more. Some businesses process their payroll through their accounting software, which does overlap in many areas, however, when accounting software does include payroll, the payroll function in accounting software usually doesn’t include all the features of a dedicated payroll solution.

Some small businesses prefer to outsource their payroll to a third-party company to eliminate the expense of an in-house administrator or payroll software. While this is an alluring option, outsourcing your payroll comes with its own challenges. Outsourcing can cost more overall than payroll software, and there is a risk of mistakes to employee’s pay checks, which are no fault of your own but still upsets your employee. There is also the question of privacy of information when outsourcing sensitive information like your employees financial and personal details.

Before purchasing payroll software, figure out exactly what features you are going to need and work backwards from there. It can be a good idea to have a checklist handy of your business needs before locking in with a payroll solution – be sure to consider cost, scalability, and training and support, to ensure you get the right software for you.

The post The Law of Lateness – Why Paying Your Employees On Time is Vital to Your Success appeared first on Entrepreneurship Life.

Bill Michelon’s Top 6 Resources For Aspiring Entrepreneurs

Bill Michelon is a prominent businessman with many years of experience in the digital media buying field. He is committed to formulating innovative strategies that help companies realize their digital marketing objectives. It comes as no surprise that many companies rely on his services to boost sales. Bill understands the dynamics of the highly competitive online advertising space.

He is convinced that small, medium, and large organizations should take advantage of a wide array of online resources to boost operational efficiency and productivity. Here are the top six resources Bill Michelon recommends for aspiring entrepreneurs and startups.

Google Alerts

Google Alerts is an essential intelligence tool that helps aspiring entrepreneurs follow news related to their sector and monitor competitors. This allows businesses to remain competitive. The challenge is to have the right information at the right time with the aim to make informed decisions.

The tool provides a viable way to stay up to date with industry news. Users can activate alerts on some key products or services, thus staying well informed on market developments and trends. Google Alerts makes it easier to monitor competitors’ actions. Entrepreneurs can discover the activities of competitors, including promotions, news, events, press releases and more.

HootSuite

Today, communication is handled through social networks. However, many small business owners do not have community managers and the time to manage their own social media pages. Hootsuite (introduced in 2008) is an effective solution that saves considerable time in the management of social networks.

It eliminates the need to connect to different social media accounts to keep the pages updated. Hootsuite is a social media management dashboard, which allows you to group all your social networks on a single interface. From Facebook and Twitter, to LinkedIn and Google +, it has never been easier to manage your organization’s social media pages.

The main benefits of Hootsuite include a user-friendly interface that is relatively easy to use. The tool helps you plan posts and monitor stats.

G Suite

G Suite allows you to use Gmail and other business apps to boost communication, collaboration, and productivity. The apps are secured using advanced cryptographic technology and additional measures like two-factor authentication.

In 2017, more than 3 million businesses worldwide used G Suite, which boasts a user base of more than 50 million. Whether you are a small business owner or an executive for a large company, G Suite is the perfect suite of office tools.

Slack

Founded by Flickr co-founder Stewart Butterfield, Slack is a new communication tool that allows your team to bring documents together in one application. Slack is both an instant messaging, archiving, and content search tool. It is designed to make your life in the office easier, more enjoyable, and productive.

The platform aims to revolutionize communication and project management through the provision of an easy-to-use tool. Slack offers a chat system composed of different discussion groups, which are structured according to your organization’s teams and projects. A general forum allows all employees to participate in a discussion. Thus, by using Slack, you can reduce email exchanges internally, saving you time and boosting efficiency.

Trello

Trello is a collaborative tool, which makes it possible to organize multiple projects and collaborate more efficiently. The principle is very simple: create tables for your projects and lists arranged in columns according to the desired models in addition to maps that correspond to relevant tasks.

MailChimp

MailChimp is an advanced tool that allows businesses to build their brands by automating marketing activities. It enables users to send professionally designed email messages that enhance the brand’s image. Companies can gain access to key metrics of an email marketing campaign, such as the number of email openings, clicks and more. This makes it easier to gauge the success of a campaign and identify effective strategies.

Connect with Bill

Users can learn more about Bill and his digital marketing and entrepreneurial tips by following his blog at BillMichelon.com, and by following him on Facebook and other social media platforms.

The post Bill Michelon’s Top 6 Resources For Aspiring Entrepreneurs appeared first on Entrepreneurship Life.

How to Avoid Your Marketing Mails from the Trash

People who talk erroneously about emails are the one who’s business marketing campaigns have utterly failed, or to be honest, who don’t even like to receive mails in the first place. But, for companies who majorly focus on enhancing customer experience and want to keep them informed, email marketing is still a very important tool of their marketing campaign. If not emails, how else are businesses supposed to reach out to their target customers? Emails can be accessed almost everywhere, and in contrast to text messages which cost some minimal amount, emails are free.

In fact, as compared to the marketing costs involved in TV and radio ad campaigns, email costs are almost negligible. And even if they fail, it isn’t going to cost you much, but if successful you may end up with great results, in some cases as much as 4300 percent returns of investment.

After discussing how great email marketing, let us come to the basic fact – if the user does not find your mail interesting, he/she will toss it in the trash bin. So, how do you avoid the trash bin? Here is an article that will help you craft your mails in such a manner that it appears appealing. Read along:

(1) There is one thing everyone has to understand – your customer should be able to recognize your mail in the first instance, otherwise people don’t spend much time figure out the usefulness of these mails.

(2) Don’t send out mails in groups, rather send them out individually. These mass generated emails are immediately tossed away, while the customized, well tailored ones end up producing revenues for the business. This is because, you can’t simply write one mail, and expect everyone to respond to it. It is important to give importance to your audience, individually, and more importantly directly.

(3) Once your personalized emails have received the necessary attention, you’ve got to grab their attention towards your content. Now, your communication needs to be fresh and useful, so that your customers are engaged.

(4) Instead of sending out mere ads, you could also ask your customer to sign up for weekly or monthly newsletters or a mailing list that offers discounts on certain premium products. About 95 percent of the people who sign up for such things actually enjoy these newsletters and discount mails.

(5) You have make sure you keep the conversation going, and even when you are not sending out newsletters, you are sending out mails offering them special benefits and informing them about the latest products.

The post How to Avoid Your Marketing Mails from the Trash appeared first on Entrepreneurship Life.

Creating Headlines That Go Viral On Social Media

There’s one element of writing that requires great effort to give your content the visibility it deserves. It is also an element that is constantly overlooked. What does a social media user see first?

“It has been found that the less an advertisement looks like an advertisement, and the more it looks like an editorial, the more readers stop, look and read.”

David Ogilvy

You’ve guessed it. It is the headline. If a headline is not compelling it will not attract anyone’s attention. Your content will not be spread. If your content is tagged under a compelling headline, it will be bookmarked, clicked on and shared by the user on their social media networks.

Let’s look at how to create spectacular headlines.

Attention Grabbing Seeker – your first task is to determine if your content is going to hold the reader’s attention. To do this, get as many people to read your content to identify if it grabs attention in whole or in part.

Targeting a Particular Audience – readers as a whole are driven by self interests with our brains wired to listen to a message that addresses us directly and benefits us. If the headline targets a group with an affinity to their requirements, you can be certain they will give it a second glance.

Specificity Matters – instead of creating generic and vague headlines, stringing together specific approaches draw better attention. Unspecific statements lack in trustworthiness.

Generate Curiosity – what is going to get the reader to not just listen but to also act? You need to make readers curious enough to get past the headline. The content should be good enough to grapple readers by their feeling and encourage them to move onto the next step.

5 Types of Headlines That Matter
Newsy Headlines

Breaking news is a popular headline that is geared at grabbing attention of the reader. Share some gossip, announce an unexpected bit of news and you will find people flocking to your doorstep wanting to know more. Traditional news has been made to look dated in the face of social media blowouts simply because the news is spread ten times faster than on traditional media.

Affirmative Goals

Offer affirmative goals that seize the reader’s attention through the use of words such as, be more powerful, be more attractive, be wealthier and healthier – the trick is to use more this and more that. For instance, if there is a headline talking about the 10 tried and tested dating secrets to get your crush to like you, you can be certain you would have not just your target readers but also people from different demographics, ethnicities and backgrounds wanting to read it!

Selling Fear

Just as much as goals offer perspective on the positives, you must know that fear sells too. Whether it is on health, money, the economy, global politics or terrorism you can be certain you will have an equally large audience gobbling up your content.

How to Content

And there’s a niche group that just loves the how to technique driven content. Whether it is a recipe, building a model boat, tutorial or formula it adds an edge to the content by making it an achievable reality. The entire context aims provides practical steps to achieving something that is within reach of everyone.

Entertainment

Entertaining content will attract large crowds of disproportionate sizes. Whether it is a cute video, funny anecdote, hilarious joke or sentimental picture this is what social media, coffee break hour originated from.

And above all you need to hit the emotional button. Remember, you are not just focusing on their interests, you are also expecting action from an audience. When talking about the emotional hot buttons show empathy and get your audience to connect whether it is to laugh till their sides hurt, cry or throw things at the screen.

Emotional Hot Button Topics

Boost and slam the best, worst, least or most. Compare and contrast the most engaging, the least engaging, the best engaging or the worst engaging piece of content you can offer an audience. Nothing riles up people more than hitting their emotional buttons especially in the instance, you are taking sides on a hot topic.

Emotional hot topics strike a chord amongst people. Pulling at their heartstrings to release a host of emotions whether it is to make them cry, laugh, cheer or even snigger.

Righteous indignation, outrage and anger are also hot button topics that have people taking different sides of the aisle. Radio and television talk show hosts are the best at getting their audience all pumped up and outraged at whichever current topic that is being discussed. Now, here is a headline that will have the entire world at its feet!

Looming disasters, fears and problems will also bring a large audience to the fold. When people are afraid they gobble up any bit of content related to a particular topic.

Shocking your audience is another way to grab attention. This is similar to putting out outrageous news. It takes someone by surprise but it is that element of surprise that has the audience in the palm of your hand.

And the most important tip. You are a human writing for another human.

In short,

Avoid keyword stuffing
Never be boring
Incorporate psychological triggers
If you like to read it, write it!

Writing compelling headlines is a skill; never underestimate the power of it!

The post Creating Headlines That Go Viral On Social Media appeared first on Entrepreneurship Life.

6 Small Business Exit Strategies That Work

After spending a large amount of time, money and energy to grow their enterprise, many entrepreneurs look forward to executing an exit strategy. Regardless of whether you operate a sole proprietorship or a larger corporation, you need to select an exit strategy that accomplishes your goals and extends the longevity of your business – if that is your desired outcome.

There are various questions that you must answer when the time comes, all of which will provide direction on how to move forward.

How will you pull your money out of the company? How much money will you be able to receive? Establishing a strategy ahead of time (prior to registering the business with a formations company, the earlier the better!) helps to make sure that the answers are acceptable while providing you with empowerment over the future of your business.

An Initial Public Offering (IPO)

This option is not one of the most viable exit strategies for small business owners, but for those who take on the task, an IPO can be a very profitable exit strategy. The issue that works against most business owners is that emerging as a public company is an expensive process that takes a very long time. Depending on the structure you desire, you may not have the ability to liquidate any of your capital. This is because shareholders prefer to see that money reinvested into the business in order to expand it.

Also, having a public company requires that you remain compliant and adhere to reporting standards. That in turn increases your personal liability for accounting irregularities or disclosure failures that could make you subject to prosecution.

Put the Business up for Sale in the Open Market

Most business owners sell their business on the open market because a very profitable entity usually sells quickly. Entities that are not as profitable are more difficult to sell, with only 20 percent of listed businesses actually selling. Nonetheless, selling on the open market is the most popular option for business owners who want to maximize their potential profit.

Using this method as one of the exit strategies for small business owners presents a few disadvantages. Because of the limited market of investors looking to purchase properties, the process of locating a buyer can be lengthy. And once a purchaser is interested, the offer is highly contingent on the valuation of the business, meaning a low profit margin will turn off investors as opposed to appealing to them.

That is why business owners who intend to use this strategy must devote an immense amount of effort into grooming, expanding and scaling their business. From the moment that the company registration is filed, every strategy and plan must serve the ultimate goal of expansive growth. In doing so, the business will build a loyal audience, establish a solidified brand and show increasing profitability. These are the attributes that make a business for sale attractive and will encourage an investor to submit a lucrative offer.

Immediate Liquidation

This strategy involves shutting down the operation and selling off the assets. For some business, this is the only option, which is especially true for small businesses that depend on the work of an individual because the business does not have anything else to offer for sale. Entrepreneurs in this position must focus on restructuring the operation so that another individual can operate in their place. That is because business owners looking for these types of opportunities are specifically a search for a business that they can generate profits from immediately after purchasing it.

This is not the most profitable exit strategy, and thus many business owners are reluctant to employ it. Not only does it generate the lowest rate of return on the initial investment, the only money that’s the business owner is collecting is from the liquidation of assets such as equipment, inventory or real estate. That means that the entrepreneur is excluded from profiting from the value of their business relationships or client lists.

On top of that, the money that is received from machinery or inventory sold will only be a percentage of the original price invested by the entrepreneur, so the sum of the offer will be less than the initial startup costs incurred by the owner. Creditors must be paid off from the proceeds of the sale, with the remaining funds resulting in the sum of the business owner’s actual profit.

The only benefit of using an immediate liquidation is the speed in which it is concluded. It immediate liquidation of a business can happen, once a buyer is found, in a matter of days. So, the only circumstance in which it is recommended that you use this strategy as if you need to sell quickly. Otherwise, there are other strategies that will net a higher profit for the owner to that they are compensated for more than just personal property.

Extended Liquidation

As long as time is not of the essence, a business owner can extend the time length of a liquidation in order to extract significantly more profits out of the business. The money that is paid to the owner – whether it be every month, every quarter or every year – is paid out in lieu of expanding the business to reinvestment. Profit payouts are normally distributed as dividends or large salary draws. This process continues over the course of years until the business is eventually shut down.

This exit strategy maximizes the amount of profit paid out to the business owner, while creating a source of income over a period of years. But because that money comes at the expense of keeping the business stagnant, the growth potential of the business is reduced drastically, as is the eventual valuation of the business. Shareholders will very likely disagree with the selection of this option and will most likely demand similar compensation as a result.

Pass the Business onto a Family Member

If you prefer to remain involved in the business or maintain some control over the way the business is operating in the future, then keeping the business in the family is a very effective way to benefit from the profitability of the business. In doing so, you will create a legacy for your family, one that will live on the one generation of heirs to the next.

Nonetheless, this exit strategy can be difficult and easy at the same time. Difficulties arise in the restructuring of the business so that your heirs are easily able to duplicate the process. The easy part is having the ability to mould and train the exact person you want to fill your role. That means you can train them exactly the way you want, having confidence in knowing that they will continue to operate the business the way you want while passing those same instructions down when they train the next heir.

Using this family succession plan as an exit strategy can provide for a smooth transition, but will likely cause strife within the family, as some fellow members may disagree with the successor you choose this morning, there is no guarantee that your clients will feel the same sense of loyalty to your successor as they do you. And this is all with the assumption that the person you select wanted to take over the business – or has the ability to operate it efficiently.

All of these aspects must be heavily contemplated long in advance. In fact, a business owner who intends to use the strategy is better off making this decision from the very beginning, starting with the company registration. The entity must be structured in a way that promotes family business succession planning. Otherwise, you may find that your heirs are not able to take ownership as intended.

Consider an Employee Buyout

If you want to pass the business on to someone who will operate it the way you want, but the perfect person for the job is an employee or manager – and not a family member – your exit strategy could be to sell your business to a manager or employee of your business. Using a long-term buyout, employees can learn how to manage and operate the company while financing the purchase of the business over time. This not only empowers other potential entrepreneurs to cross over from being an employee to a business owner, it allows you to maintain ownership of a percentage of the business, create a source of income and retain influence over the direction, growth and goals of the business.

Choosing the Best Exit Strategy

When making the decision, the best choice is the one that best accomplishes your goals. Start by figuring out exactly what you need to have for yourself when you depart from the business. If money is the only concern you have, then selling your business, whether it is to another entity or private owner, is your most effective option. On the other hand, if preserving your legacy and watching as your business develops and expands, then selling to a family member or current employee serves best. Regardless of your choice, your most urgent priority is to get started. Planning ahead of time allows you time so that everything is done correctly – and maximizes your potential gains.

The post 6 Small Business Exit Strategies That Work appeared first on Entrepreneurship Life.

How to Make Your Design Dreams a Reality

Dreams of planning, constructing and owning our own home-made item – whether it be a go-kart, a clock or a motorbike – usually remain just that: a dream. Turning these projects into a reality requires a combination of dedication, resources, and skills that can sometimes combine to seem like an impossible idea. This shouldn’t be the case, especially in a digital age in which the information and materials available over the internet give us access to all the expertise and specialist equipment you need to follow through on your design dreams. Here are some ideas to help you go ahead and get stuck into creating your dream item.

Separate Out Components

Planning an ambitious project in which you’re constructing something to specific specifications requires a good deal of time and thoughtfulness. You’ll need to consider a wide variety of things, including all the materials and tools you’ll need, how much it’ll cost, how much time it’ll require, and what you may need some specialist help in. Separating these into a list of requirements will enable to you take everything step by step, making everything seem a little less daunting.

Your plan should revolve around the different phases of construction. You’ll first need to draw up a blueprint or some form of sketched-up plan that you refine into your final design. From here, you’ll know the exact amount of materials and number of components you’ll need to invest in. Of course, you may be following an instruction manual available in stores or online, which will do this for you. You’ll need tools, too, and an overview of each separate step. A plan should be a source of reaffirming comfort; something you refer to throughout your project.

Maintain a Good Mentality

It’s key when embarking on a project to have a positive, can-do mentality from the get-go, from conceptual design all the way through to your finishing touches before the end result. This will involve self-motivation and discipline, an ability to overcome obstacles and setbacks, and a general acceptance that everything probably won’t be plain sailing, especially if this is your first foray into DIY construction.

Some guaranteed ways to hamper your efforts stem from negative mentalities. Becoming impatient and enraged, feeling hopeless, or generally entertaining ideas of giving up will make the whole process less enjoyable and will create more frustrating errors. Keep a calm, cool head, be practical and pragmatic, and ask for help if you’re really stuck. It’s an educational and character-building experience in its essence – always remember this when things get a little annoying.

Buy Tools and Materials

Whatever you’re making, you’ll need the basic resources and the items that’ll help you fit them together in order to get underway with your plans. Happily, purchasing materials and tools has never been easier; head onto the internet for everything from the little bits, found at Custom Fittings Ltd, to the large sheets of metal, panels of wood, or sheets of fabric that you’ll be able to find in speciality stores across the web.

While most people have toolkits, there’s nothing more frustrating than finding yourself wanting in the tool department while you are half-way through a project. It makes for restless delays which can frustrate the whole process. To avoid this, plan a comprehensive overview of all the tools you’ll need, and pick them up online so that you’re ready to go once your materials have arrived.

Use Online Resources

Even if you think you know what you’re doing, it can’t hurt to search a few FAQs or common errors, or watch tutorials about construction techniques, or check out blogs and websites that specialize in giving bespoke advice to the aspiring creator of unique design projects. You’ll find that the information available online is near-infinite and incredibly useful and, at the very least, it’ll give you the peace of mind to crack on with your work.

Techniques aside, doing your research on the project you’re working on might give you some useful extra ideas. For instance, if you’re making an intricate cabinet for your clothes, research other people’s cabinet designs to see what type of fittings and practical design work they included to make their end result more aesthetically pleasing, functional, or durable. Often, these creations will be accompanied by detailed accounts of each stage, giving you additional knowledge about the whole building process.

Do Practice Runs

Practice makes perfect. It’s certainly true in the case of design projects that you’re not necessarily experienced with and making them into a reality. Practice means experimenting with techniques before performing them on your actual physical project. Starting a project with minimal preparation could see you losing everything you’ve created.

Practice is key, especially for projects you are less familiar with. If you’re not confident with wiring, for example, experiment with setups outside of your project to see if everything works fine, before getting it tangled irretrievably inside what you’re working on. You’ll feel like you’re wasting time, but it’s a fundamental part of construction projects, and it’ll almost certainly save you aggravation down the line.

Bring in Experts When Needed

It isn’t worth wasting your time, energy and money due to a misplaced pressure that you must complete your project entirely on your own. If you’re at a particularly delicate stage in proceedings, it may be wise to enlist the help of experienced pros. They might even be friends or relatives, who will be able to guide you through the tricky bits or lend a helping hand in specialist areas like welding, electrical wiring, or mechanical engineering.

We’ve all been in a position where we want to throw in the towel because we feel out of our depth. The trick is to recognize the problem and understand that there are ways around it, by utilizing special expertise that is probably local and more than willing to help – sometimes for no cost. Be humble and receptive to advice, and don’t steam ahead into the technical sections of a project without considering the damage you might do to your overall creation by making an error of judgment.

The post How to Make Your Design Dreams a Reality appeared first on Entrepreneurship Life.

7 Client-Wowing Events You Can Host During a Private Jet Trip

Private jet charters represent a great opportunity to engage with a captive audience, especially if you want to make a big impression on your clients. There are a number of big events you can use as an excuse to get your clients on board to chat, build a relationship, or even negotiate.

Work Conferences

If your company is participating in a big conference, use it as an opportunity to invite along some of your clients. While on the jet, you can provide quality food and drinks, offer to introduce them to your connections at the conference, and arrange for dinners at the best restaurants in the area.

Exhibitions

If you are attending an exhibition or trade show either as a presenter, vendor, or just an attendee, bring along your clients. Like with conferences, you can offer to make introductions to people in your network as a nice gesture. If they are going to negotiate with a vendor you know, you can offer to help establish a relationship to help.

Product Launch

If your company is holding a new product launch, you can invite to fly your big clients by private jet. When you meet them, you can give them an exclusive preview of the product and the launch and answer any questions they might have in a more private setting.

Important Meetings

If you are flying to one of your or your clients’ offices for a big meeting, bring along your client if possible. You can talk about the upcoming meeting to get more prepared on the way there, arrange to have lunch or dinner while at the meeting, and share your thoughts and conclusions on the flight back.

Sport Events

For big sporting events you get tickets to attend, you can bring your big clients to go with you. If they’re a big fan of a particular team or athlete, you can adorn the jet with their colors. Get signed paraphernalia for them, and if possible arrange for them to get special experiences at the event.

Incentives Trips

If you reward your top employees with private jet trips, consider also including your clients. Introduce them to show your clients how capable your best and brightest are, especially if the employee did any work for projects related to the client.

Birthday Parties

Whether someone high up at your company or one of your clients have a birthday, you can make it an occasion with a private jet trip birthday party. You can make it classy and entertaining, let the client enjoy themselves and strengthen your relationship with them.

About the Author:

For the last 14 years Kelle Goodwin has been the Vice President of Florida Jet Charter . She has over 25 years of experience in the industries of travel and aviation. Her past experience includes working for both American Express Corporate Travel and Duncan Aviation. She is a master in company charter operations, and an avid travel lover who loves to share her tips and knowledge of the trade with others.

The post 7 Client-Wowing Events You Can Host During a Private Jet Trip appeared first on Entrepreneurship Life.

Pros and Cons of Having a Business Partner

Do you want to start your own business but feel hesitant that you have the right skill and resources? Many young aspiring businessmen are embracing the thought of business partnership. Others though feel reluctant with the idea as it’s hard to trust someone with your business.

If you’re caught between the idea of getting a business partner or not, read this article to know the pros and cons of business partnership.

Here are some pros:
Different experience and skills

You’re two individuals with different experiences in life and skills. This is advantageous in your business because you get to complement each other’s weaknesses by enforcing your own strengths. Because of your difference in expertise and background, you get to bring fresh and different ideas on the table.

Say you’re not good in strategic planning yet efficient in customer service. Your partner can think of marketing strategies while you’re the one implementing them and provide efficient customer service. Having two different minds with unique creativity and skills are way better than one.

Diverse opinions

Just like you have different set of skills and experiences, you and your partner are also packed with different opinion. Though this could sometimes be the cause of clash and misunderstanding, it can lead to better decision making when you come to terms with your differences. Imagine when you and your partner is collaborating on decision making and creation of idea.

Both of you may not have the same opinion on how to run your business. You may be traditional while he prefers the advanced method. While you want to do everything manually while he wants technology to take over, it’s when you meet half way and compromise that seals the deal. Consider automating some of your processes. For example, look into sales order software – this type of software will give you more time to work on sales rather than wasting time entering orders. Use of automation is  a perfect alternative.

How many wonderful ideas will both of you come up with?

How many mistakes will you avoid?

 When both of you have different understanding and approach of a situation or crisis, you’ll be able to find better resolution since you get to cover lots of different angles. Brainstorming will always be a productive process since you have different thoughts and ideas to bring to the table.

There’s strength in numbers

“No man is an island.” Though this popular saying is particularly true in the social aspect, it is also applicable when it comes to business. Two – three armies are way better than one. How so?

First, you get to face and conquer trials better if you’re with a partner. It’s easier to come up with ideas and resources to solve the problem when you’re together than being on your own. You get to open more horizons when you have a partner. Your market will be wider since he has social connections of his own that adds value to your business.

Having a support system

Running a business is no joke and not for the faint-hearted. Along the way, you will get to face lots of adversities and challenges. Before you get to the happy ending of success, you will have to go through lots of humps and bumps.

Having a business partner does not only mean having an extra head and hand, but it also means having an extra shoulder that you can lean on in times of difficulties. You and your partner can be each other’s cheerer and supporter when times are rough. You can help motivate and encourage each other when the other party feels like giving up.

Here are some cons:

You are limited when it comes to decision making. Before you make any decisions, you have to wait and consult with your partner first. This can sometimes be a problem especially if you want things to be done quickly.
Profits are shared. It’s going to be a challenge on how you divide the profit since both of you may not have contributed the same effort and time towards your business.
Since you’re two individuals with different opinions, disagreements can occur. If tension is not settled, this could mean withdrawal of the other party which can turn your business upside down. Traumatic split ups can leave a heavy shadow on you and you may be afraid to try partnership in the future again. It’s worse if you are friends with your partner. You did not only lose a business partner but you have also lost a friend.
A partnership may end if the other party withdraws or passes away.
The major drawback of business partnership is unlimited liability. You may not share the same level of partnership but you may carry the same burden and responsibility. Say for example, you only own 5% of the total partnership. In an unfortunate situation that your business fails, your only supposed to pay 5% of the debt. The bad news is, this does not stay true at all times. If your partner can’t pay his portion of debt, you will be forced to pay all of the debts.

Do What Works

Jumping into the business partnership boat is a risk. If things don’t work out – you can end things on good terms and move on with your life. With trust to your partner, cooperation and hard work, you will reach the peak of success together.

The post Pros and Cons of Having a Business Partner appeared first on Entrepreneurship Life.

How to Promote Your Business on Pinterest

While Facebook and Instagram are the most popular mediums to expand and market your business, there are exciting, interesting platforms other than the clichés. Pinterest is one of those social media marketing tools. You’ll be surprised to know that a Pinterest Pin is about a 100 times more shareable than a single Tweet on Twitter. Pinterest can be your hottest ticket to digital marketing and here is a guide that will help you take advantage of this great media marketing tool. Read along:

(1) The first thing you need to understand is the types of pins that Pinterest offers is user – product pin, recipe pin, article pin and app pin. Product pin can be used to promote your product, along with its description, price and availability – this is something all e-commerce websites can use. Recipe pins can be used by food bloggers to talk about ingredients, serving sizes and cooking methods. Article pins can be used to give a brief description of the author and gist of the main article or blog. App pin can be used to download your app directly without a third party involvement.

(2) You might want to use Pinterest Analytics to track information regarding your audience and make necessary amendments to your marketing campaigns.

(3) To get more to engage in your pins, you need to create pins that are searchable and popular among your customers. Make sure images are of high quality of about 736×1102 pixels, which is the typical pin resolution. Images without faces have proven to be more popular. You can take advantage of the longer pin arrangement in Pinterest by using them as info-graphics.

(4) The ideal time to post pins is from 2pm to 4pm or 8pm to 1am, usually on a Saturday. This is when your customers are most active.

(5) Make sure you connect your Pinterest account with other social media accounts, especially ones where you have a good audience like Facebook and Twitter. This will help you get more followers as the content is shared on other platforms too. You can also share your pins in your newsletters.

(6) Research popular keywords that relate to your business and add those keywords to your pin title, pin descriptions, and pin image file name.

(7) Your posts should frequent, especially in the beginning so as to build a strong follower base.

So, start pining.

The post How to Promote Your Business on Pinterest appeared first on Entrepreneurship Life.