Mohit Tater's Blog, page 705

5 Things To Consider Before Starting A Business

Credit: notnyt

Being your own boss is a lot of people’s dream, but it’s important to make sure a solid foundation is laid before you start trying to live that dream. When it comes to starting a business there are some simple but still quite necessary steps that you’re simply going to need to take in order to succeed.

#1: Familiarize Yourself With The Business

It seems like common sense but if you’re going to open a bakery specializing in cupcakes, it’s a good idea for you to know what goes into making and presenting those delectable desserts. A business isn’t a fun experiment or an excursion, and treating it like one will make it harder to succeed. Whether it’s a bakery or a consignment shop, an art gallery or a cell phone store you need to be familiar enough with the business to run it yourself. That means understanding the product, how to handle customers, what the costs of operation are going to be, and all of the finer points that go into keeping a business up and running.

#2: Create A Budget. And Stick to it.

Budgeting isn’t just for your home life; it’s a necessity for a successful business too. You need to know how much you pay for new product, what your operating costs are, how much your bills are going to be, what you need to pay your employees, and how much upkeeping your licenses and repairs are going to cost. Once you know how much your business is going to cost you then know how much money you have to make at a bare minimum just to cover your expenses.

#3: Understand How Much You Need To Live On

It isn’t enough just to keep your business afloat; you have to make a living too. So once you know how much money you have to make just to keep your doors open you then need to look at your own life and ask how much money you need to make in order to live comfortably. Once you figure out what you need to make in a year, complete with taxes, savings, and costs like health care, then you’ll know what your business will have to grow into in order to keep you comfortable.

#4: Networking is Key

Networking is always listed as a key to business success, but that doesn’t mean you need to wait until your business is up and running before you do it. Before you even think about starting your business you should check and see who would be interested in investing, who has expertise to offer, and who can help you get an advantage over the competition. Clients, investors, employees, partners, all of those come about because of good networking.

#5: Insurance

Accidents happen, and if you don’t plan for them then something simple can take a successful business and wipe it out. A theft, a natural disaster, or any of a dozen other problems can all plague an otherwise healthy and virile business concept. That’s why it’s important to seek out a provider like Cavendish Munro and find out what it will cost to insure your business before you even think about opening your doors.

How to Start A Property Business

Credit: Michael P

Starting a property business is a solid way to create either a small or large income stream. Whether someone has dozens of properties or just one, it’s important to know what’s required before becoming a landlord. After all it takes more than just putting out a “for rent” sign and waiting for someone to move in.

Step One: Get Your Building Up to Code

Before you can ask people to move in and start paying rent you have to make sure that the property is up to code. This means it has to be solid, all repairs have to be made, and it has to pass muster for a residential living space (or an office space if you’re renting office space instead of living space). In addition to making sure the building is ready for people to move into though you also need to be sure that it conforms to all local laws for rental properties. You may need to get inspections performed, licenses issued, or zoning changed in order to be a commercial location, which all needs to be squared away before you even think about letting someone sign a rental contract.

Step Two: Draw Up Your Papers

A rental property is only as strong as its contracts, which is why it’s imperative to hire a representative and to draw up papers for your future renters. A contract needs to lay out your renters’ responsibilities, what you will and won’t cover, and every detail of the rental agreement. This includes everything from fees and rent to which problems will be fixed by property maintenance and which ones will be charged to the renter. These contracts need to be above board as far as the law is concerned, and they need to be tight so that you don’t leave anything gray or unclear when your renters should be given details.

Step Three: Get Insured

There’s one more thing to do before you open your doors and start renting out your properties, and that’s make sure you get insurance for your budding property business venture. While it might not sound like a necessity insurance can often be the difference between recovering from problems and having your business ruined by a few bad tenants. Insurance offered by companies like CIA insurance allows landlords to cover unpaid rent (which can put a significant strain on the property), property damage, and other unforeseen circumstances. Whether you have one property or a hundred it’s important that they’re all covered in the event that something goes truly wrong.

Step Four: Start Renting

Once you have all of the basics taken care of the next step is to start renting your properties. This means advertising, setting up viewings and appointments, and in some occasions negotiating with potential tenants regarding their demands. Once tenants shake on the terms and sign on the dotted line though you’ll see your income from the properties begin to rise. After you’ve started down the path all you have to do is keep the property cared for, make sure rental spaces are filled, and handle complaints in a quick, efficient manner in order to keep your property business running smoothly.

How to Get the Ball Rolling on Your Invention

Credit: Chuck Coker

It’s happened: you have a brilliant idea for an invention and you know it’s destined to sell. One of the hardest parts of the invention process is coming up with a killer concept, however the next step is almost as challenging: getting the proverbial ball rolling! If feeling stuck, check out a few tips for starting the invention design process:

Document. Everything.

Before telling anyone about your idea, document it! Dedicate a notebook exclusively to your invention and write out everything having to do with it: how it works, what materials it requires, how it benefits the consumer, etc. Keep original copies of all drawings, diary entries, receipts for materials, and photographs. Take photos of your progress and be sure to date every “invention diary” entry. You can never have enough invention documentation!

Ensure It’s Original

Perform a search on the United States Patent and Trademark Office official website to make certain your idea is original. While doing a Google search is also helpful, the patent office provides information on new inventions that have patents but aren’t commercially available. So if you have an idea for a product you know hasn’t hit the market yet, you’ll still need to discover if it’s similar to a patented item.

Obtain a Patent

While you don’t have to patent your invention, industry experts generally agree it’s a good call! Keep in mind the U.S. Patent Office does not patent ideas, so creating a prototype, however amateur, is necessary. Three types of patent applications are available: utility, design and plant. A design patent is granted to someone “who invents a new, original, and ornamental design for an article of manufacture,” and is likely the option you need.

Work With an Invention Help Company

Working with the right invent help company makes the invention design process a lot easier, as you’ll have access to experienced engineers creating amazing prototypes. An invention help company such as Idea Design Studio provides discounts on patents among many other services, and since patents aren’t exactly cheap, it’s a good idea to have an invent help company in your corner!

Practical Debt Prevention Methods

Credit: LendingMemo

Staying out of debt in the 21st century is almost impossible. While the Chancellor, George Osborne, boasts that the UK is out of recession and its economy is growing faster than its other European counterparts, the vast majority of hardworking, normal people in the UK still feel like they’re earning the same as they were before the recession struck.

Ultimately, this means that if you feel like you’re the only one who’s having money problems, you’re not. It’s more than likely that many of your friends and family feel the same way that you do, and once you know that the trick is to be proactive about your debt. With some preventative measures, you can keep yourself out of the red and in the black. Just follow our practical debt prevention methods, and you’ll remain in the financial clear.

Saving on a Shoestring

When you don’t have a lot of money to begin with, it’s hard to imagine how you’re going to get the money together to be able to save something each month. However, with careful money management strategies, you’ll be able to keep a small amount each month that will represent some savings.

The best ways to save are the old fashioned ones because they’re the most straightforward and easy to implement. Nicknamed the “jam jar” method of saving, take some envelopes (your jam jars) and allow each one to represent an element of your monthly outgoings (i.e. phone contract, entertainment subscription fees, utility bills etc.), and then also have one for savings.

At the beginning of each month, ensure that you draw out the money necessary to fulfill your financial obligations, as well as drawing out a set amount for your savings. With your jam jars filled, the money left in the bank is all you’re allowed to spend.

Consolidation and Money Management

Next, in an effort to ensure you’ve got as much money left at the end of the month as you can, you should consolidate and analyze your existing outgoings. For the first part of this, it could mean taking out a loan that takes all of your existing debt and converts it into a more manageable single monthly repayment. The second part is likely to be more time consuming, but worth it in the long run.

Essentially, you need to go through each and every one of your existing monthly direct debits to ensure that you’re getting the best for your money. Is your internet TV subscription deal the best it possibly could be? Is your phone contract as low as it could be? For more advice on how to manage your existing debts, read this handy guide from Different Money.

Investing in Your Future

Finally, it’s essential to realise that your personal finances can’t be secured overnight, and the best defense against debt is an active offence. To go on the offensive, financially speaking, means getting your head around investment. The simplest way to invest is in property. So whether that’s purchasing your first home, or taking out a second mortgage on a property that you plan on renting out, property is a good way of guaranteeing that you’ll have income coming in in the future that can help you defend against personal debt.

Of course, all forms of investment are inherently risky, so if you are investing, ensure you know how to minimize the risk as best you can.

Ultimately then, although the UK economy marches onwards, normal people like you are being swept under the rug. This means you’re going to have to take extra preventative measures – like the ones above – to keep yourself in the black and out of the red. Follow the above advice in this article, and you give yourself a good chance of staying afloat.

Shop Online for Eyeglasses With DIY Measurements

It can be expensive and time-consuming to buy eyeglasses from an optical store. Fortunately, you can take advantage of the deals online when you DIY with eyeglass measurement. Determining what size frames you need is actually easier than it sounds. First, make sure you understand the following common eyeglass measurements.

Frame Width

This measures the width of the entire front of the frame.

Lens Height

The lens height is the vertical height.

Temple Arms

Temple arms are on each side of the frame, and they extend to your ears.

Lens Width

This is often referred to as the “eye size.”  It is measured horizontally and is the diameter of one lens.

The Bridge

The bridge is the part of the eyeglasses that goes over your nose.

For details on measuring these areas on your own, refer to this infographic by Zenni.

 

Benefits of Using a Virtual Office For a Brand New Business

The learning curve of business

Doing business means that you need to continue learning about all facets of management and training to keep up with the different challenges that come your way. Business owners, who work from home primarily, may not be able to take on management and leadership, so you need to do some research and training, to learn the best way to go about it.

A good idea is to build a network of people that are also in the same business, with whom you can exchange ideas and discuss issues that are common to all. This is a great way to discover new ways of working and ways around common problems. Often just talking things through is enough to then come up with a solution.

One of the other areas to work on is through learning how to organise and specifically, where you will work. Instead of working somewhere supplied by the employer, you will need to arrange this for yourself. Working from home is a good option for many small businesses, particularly in connection with the use of a virtual office to provide professional and business as a secretary for your business. Without the cost of an office building and employees, you should be able to create a well-designed office space with everything you need in a good spot within your home.

One common problem for small business owners is that there is just too much to do. Becoming skilled in time management and self-organisation is very important, but also important is learning to give time to participate in social life and to just relax, so that you can maintain the enthusiasm and energy for the business challenges ahead. Having a virtual office for your company be flexible with is a perfect complement to home workers and helps to keep the stress levels down.

Virtual space to help make sales

The point of business is to sell something, which means that the company must convert initial interest into satisfied buyers. The first step is to generate interest through marketing and advertising. Websites are by far the most popular method for potential customers to test the product, so the site should give clear information and easy to use. Nowadays much of this can be achieved at home with just a good internet connection, but there may be days when using a virtual office for your company works better.

Despite the growth of Internet shopping, there are still many people who are wary of identity theft and unsafe information, so make sure that your site is well protected and honest about the level of security. Provide clear information about your company name and address and contact details, other than solely on the website, as it is important background information for many potential customers.

In order to convert visitors to your website into buyers, you need to create a process that leads people in a logical way of any product listings, descriptions, and individual prices through output. Sales can be lost if potential buyers must re-find information that has been forgotten or repeatedly fill out forms, so make sure that all the information is transferred and remains available.

For those who do not want to buy through the site, but would prefer to call to place an order, you can give the user a friendly and professional service with a virtual office, which is available on all of those cases where you cannot get to a phone, because you’re on the road or with the client. Working in tandem from a home and virtual office this way, can prove a very fruitful venture for many companies.

Using QuickBooks to Pay Your Staff

Credit: Tripp

QuickBooks desktop edition has powerful tools to manage your payroll. Many small and mid-sized businesses use QuickBooks to manage their employees and contractors payments and accounting.

Employee

After a quick setup process, paying employees and filing taxes using Quickbooks is easy. To setup a new employee, you just need to add this information:

Name and address information
Social security number
Pay rate

To ensure you are in compliance with all state and federal laws, make sure to get W-4 and I-9 information as well to ensure your employee taxes are paid correctly and that they are a legal United States worker. If you live outside of the United States, QuickBooks can still be used, as it has other tax tables and forms.

Here is a great video on setting up new employees for payroll.

Contractor

Paying contractors is even easier than employees. To pay a contractor, you just set the company or person up as a “vendor” and use QuickBooks to print a check.

When you print the check, make sure to choose the correct expense category so your reporting is accurate when tax time comes around.

Paying Employees on Demand

When I was the treasurer of a non-profit, we had one employee that had to be paid. Because it was only one employee, it was easiest for me to just create a new paycheck and define the pay period manually for each check.

With a very small business, that is the easiest way to handle payments. When you are ready to pay your employee, just enter their hours (you can setup several rates depending on your needs) and save and print the check.

When you are getting ready to enter payments, it can be a good idea to refresh your tax tables, which only takes one click. That way, Quickbooks will handle the deductions and taxes correctly.

Paying Employees on a Regular Schedule

If you have multiple employees that are all paid either a salary or hourly on a regular schedule, such as weekly, bi-weekly, or monthly, you are best off using a payroll schedule.

Payroll schedules allow you to pay all of your employees at once from one screen. Just enter all of your employees time and save all of the transactions and send to the printer. It only takes a couple of quick steps.

Hourly vs. Salary

Paying hourly employees is simple with the Quickbooks system, as it was built to make payroll easy. In fact, payroll is easier than many other accounting tasks in Quickbooks.

To pay salary based employees, who make the same regardless of the number of hours worked, the best option is to treat them as a 40 hour per week employee every week. Just divide their annual salary by 52 weeks, and then divide that number by 40 hours. That is their “hourly” rate you should enter when setting up the employee.

Don’t Forget Your Taxes

Quickbooks will calculate your taxes each quarter, but it won’t pay them for you unless you pay Intuit for their premium payroll service, which is not worth the cost in my opinion. Just remember to print your forms and checks and send to the Federal and State tax agencies each quarter and you are all set.

Easy to Get Started

If you are not sure where to start with your business finances, Quickbooks desktop is the cheapest and most powerful option available.

Buy QuickBooks Pro and Premier in Download Version Now and Save Upto 50%. Easy to Setup, Learn, and Use!

Note: I added affiliate links for Quickbooks Pro

Staying Sane While Working From Home

Credit: Wade M

The term “home” is flexible in this day and age. Whether you’re working comfortably from home or traveling from place to place- it’s possible to successfully run a business from anywhere. You might actually be working from your true home or from a hotel or hostel. Whichever the case be, keeping sane both mentally and physically is going to increase your chance of achieving success. There’s no doubt about that.

 From Head to Toe

Take time to create an ergonomic workspace. Do your best to set up the most neutral position for your body from head to toe. This means 90-degree angles all around, starting with your feet flat on the floor. Crossed legs reduce blood flow in your legs, which isn’t ideal. If you have a standing desk, that’s excellent. If not, make sure to take breaks to get the blood flowing in your legs. Have your keyboard or laptop setup at eye level so your elbows bend into a 90-degree angle. Watch your neck and head level as well. Check out this article for more ergonomic tips and tricks.

Go outside. Now, please.

Be sure to change up the scenery. Staring at a screen all day can be incredibly mind numbing. Taking small breaks to get fresh air and move your body is worth the time and effort. It’s easy to pass up breaks especially when it’s crunch time, but take a few moments and step away from that screen. Some of my best ideas have come during a run or walk, a quick chat with a friend, or listening to music.

Mastermind

Join a mastermind/accountability group. Working from home independently can be isolating at times. Having a group of likeminded people allows you to spitball ideas, hold each other accountable, and give you something to look forward to. I meet with my mastermind group every Sunday morning. Around Thursday morning, I think about my group and my gears start turning as to what I can bring to the table. You don’t want to be that person that doesn’t have any updates. 

Quit Making Excuses

At the end of the day and most likely at the beginning of your workday, it’s you. It’s all you. If living the dream of owning your own business and thriving is really going to happen, you have to make it happen. It’s not something that’s going to magically happen. Make those dream boards all you want, but you have to seriously put yourself out there. Do what you say you’re going to do and quit making excuses.

Celebrate

The beauty of working from home or from wherever you are is total freedom. Sit back and see the beauty in that. You can work when you want, push yourself, and see results. Celebrate that and don’t take it for granted. When you are having a tough day, think about that long commute and that dreaded cubicle you would have had to bear had you been working a “normal” job. The grass IS greener on this side.

This is all easier said than done. Taking the time to take action is something different than talking about it. Improving your workspace and taking thoughtful breaks can do wonders for your mind and body. Check in with your mastermind partners in crime too. These are all components of truly staying sane while working from home, so go ahead and make it happen

How Much Money Do You Need to Start a Business?

credit: Steven Depolo

Some people think that you need hundreds of thousands of dollars, if not millions, to start a business. However, that doesn’t have to be the case. Here are a few businesses I have started, and others have started, for less than $1,000.

Blogging or Freelance Business

The owner of this site and I recently spent a weekend together with a few hundred other finance bloggers in St. Louis. The hundreds of people at that conference each have some sort of online business, and none of those businesses require more than $1,000 to start.

When I started my most recent website, the total cost out of pocket didn’t need to be higher than $70. Website hosting? Deals can be found as low as $5 per month. Domain name? I got mine with a coupon for less than $10. That is really all you need to get up and running.

Service Business

Depending on your business, startup costs can be pretty low. When I started my flash mob business, my costs were a website (I already had hosting, so it was $7 for the domain) and one big, loud speaker, which cost $250. I actually used my own personal speakers for the first few events and didn’t spend on a bigger one for a few months.

Most service businesses don’t really need an office or work space to be rented. If you can work out of a home office or do your service on the go, you can save even more.

$100 Startup

In Chris Guillebau’s $100 Startup, he features a long list of businesses that started for a low cost and are able to support a family. Some of my favorites include the husband-wife couple who create high quality artwork including specialized maps and the guy who delivers mattress orders by bicycle in Portland.

There are countless businesses you may be able to start for as low as $100. With only that much at risk, why not give it a try?

I started my first business, which in retrospect was a bad idea (as they say, hindsight is always 20/20), for less than $300. I made about a third of my money back and lost the rest, but the business lessons were invaluable in informing future business ideas.

Just Try It Already

If you are sitting on a great idea or have been afraid to try a business, what are you really waiting for? What is holding you back? Fear? Fear of what? If you limit your financial risk, you may be better off trying it out than always wondering what could have been.

Startup Costs for Your Businesses?

If you feel comfortable sharing, what sort of startup costs have you experienced when starting out? Please share in the comments.

Schedule E-Mails to be Sent Later With Right Inbox

Right Inbox is a tool/software used to make things easy and has quickly gained fame. However, it is still pretty new in the eye of many people who wonder if it is worth it. So without much ado, let’s review this one today.

What it Does

Right Inbox lets Gmail users schedule their email messages to be sent later. This ensures that your emails are received exactly when you want them to be. It comes in the form of an extension for Firefox, Safari and Chrome browsers.

Gmail has numerous fans across the world and is one of the most preferred email clients today. In spite of this, Gmail still needs to provide key capabilities such as follow-ups. I expect to be reminded when my recipients has not replied within a specified time period, so that I can send another follow-up message.

Against Competition

Let’s compare Right Inbox with some of its top competitors; Followup.cc and Boomerang. Followup.cc is great and just like Right Inbox, it is client-agnostic. Unfortunately, it does not integrate with Gmail meaning it may not be useful for Gmail users. Boomerang, on the other hand, is good but pretty costly. If you are using Google Apps then be ready to part with $15 per month. The list is endless, but clearly Right Inbox thrives.

The Crucial Details

Right Inbox is and will still be a favorite for most people, thanks to its affordable price and seamless integration. It is important to mention that Right Inbox has a $5 month service fee which allows you access to a couple of several other new buttons that blend perfectly with Gmail’s native ones.

Installing Right Inbox is very simple and literally takes seconds. Open RightInbox.com and select install it by selecting from your browser of choice. Once the installation is complete, you should be able to see a new button for “Send Later” placed next to the renamed Send Now button.

Once you are done composing your email, click on the Send Later button to view more options regarding the time you want the message to be auto-sent. From the options list, you can select a standard 1-4 hour delay, a generalized tomorrow morning or tomorrow afternoon. Alternatively, you can schedule your email to be sent at a specific time, date and time zone by clicking on the last option on the same list.

After scheduling your email, it will automatically appear in your Drafts folder. The scheduled time is appended to the subject of your email. When the scheduled time comes for the message to be sent, the subject automatically returns to its original state.

By utilizing Right Inbox, you can make sure all your emails are sent and received at the exact time you want them to be. In case you are familiar with your recipient’s schedule, sending an important email during downtime will be helpful in ensuring the recipient reads it.

Pros

It is reasonably priced, even for Google Apps users
It seamlessly integrates with Gmail

Cons

None really.

Conclusion

Having used it for a few weeks, I will say the tool is totally worth it, especially if you use Gmail for communication purposes. The affordable price is its biggest asset.

Try Right Inbox for free today!