How Entrepreneurs Should Prepare for Emergencies

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Preparing for emergencies might be difficult if you don’t know how to approach things. Entrepreneurs should have plans in place that they can turn to during certain emergency situations. Take a look at how entrepreneurs should prepare for emergencies by reading the information below. This will allow you to put yourself in a better position so that you won’t be caught off guard by an emergency situation. 

Save Money

Saving money is an excellent idea if you’re trying to prepare for an emergency. Most business emergencies are going to involve weathering some type of financial crisis. If you are able to save enough money for the business, then you can keep things going for a while even when the business is not going well. Try to save as much cash as you can as a protective buffer for your business. 

Develop Plans

Develop plans for what you should do during a business crisis. You might need to shift your focus to certain areas while abandoning plans in other areas. Some business owners might want to examine how they’re scaling their businesses as well. You might want to take a slower approach to growth that will be safer so that you can weather an emergency situation instead of being put in a difficult position. 

Be Prepared to Make Tough Choices

Tough choices might have to be made if you’re facing a business emergency. A financial crisis could put you in a position where you will need to downsize the business or free up money in certain ways. This could mean that you will need to fire or lay off employees. Be prepared to make tough choices such as firing individuals or closing stores if it becomes necessary to save your business as a whole. 

Cultivate Good Relationships with Lenders

Cultivating good relationships with lenders will prove to be helpful, too. If you can work with lenders to get a line of credit set up, then you can use these funds to weather financial emergencies. This could be an option to turn to when your savings run dry. An emergency business loan might be the right move to save your business from failing.

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How to Start Right as an Entrepreneur

Moss Sidell Attorney Beginning Entrepreneur

Getting started as an entrepreneur can be difficult if you are not prepared. If you focus on certain things, then you can ensure that you will start out right as an entrepreneur. Read on to explore things that you can do to fuel future entrepreneurial success. Some of these are even things that you should start doing before you decide to take the leap to become an entrepreneur. 

Figure Out What You’re Passionate About

Figuring out what you’re passionate about will put you in a better position to succeed as an entrepreneur. Your startup company will be more likely to succeed if you are excited about what you’re doing. Taking the time to learn what you’re passionate about will allow you to pick a business focus that makes sense for you. Explore your feelings while also considering how viable specific business ideas are based on market trends. 

Learn About Your Market

Learning about your market will allow you to make the best decisions as an entrepreneur who is just starting out. You should be very knowledgeable about the marketing that you’re trying to enter. Do some market research so that you can understand the needs of the community where you’re trying to start a business. It’s also beneficial to research the companies that you will be competing with while determining if you can do things better than them in certain areas. 

Save Money

Saving money can help you as an entrepreneur. You’ll likely want to try to get funding for your startup business from a traditional lender. Even so, it can be beneficial to have money that you can pour into your business that isn’t tied to loans. Having a small nest egg could help you to do what you need to do to make your business an initial success. 

Look for a Mentor

Looking for a mentor is an excellent idea if you want to learn about the business world. Having someone in your life who has been there before will prove invaluable to you. They can impart knowledge that will allow you to navigate the dangerous waters of entrepreneurship. If you can find a mentor who is willing to work with you, then you should take advantage of the opportunity. 

Make Personal Sacrifices

Making personal sacrifices might be necessary for you to succeed. Most entrepreneurs have to sacrifice a lot of their personal time to launch a business. You will also have to be very careful financially during those first few years of starting your business. It might require you to make lifestyle changes, and preparing for those changes ahead of time will make things easier. 

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Increasing Your Productivity as an Entrepreneur

Moss Sidell Attorney Productivty

Every entrepreneur wants to be able to stay as productive as possible. The problem is that many entrepreneurs struggle with productivity for various reasons. If you are hoping to increase your productivity, then there are certain things that you should be doing. Keep reading to examine methods for becoming a more productive entrepreneur. 

Use Your Time Intelligently

Using your time intelligently is going to be the best way to increase your productivity. Some entrepreneurs get too wrapped up doing several small things that they don’t get the most important tasks completed. Try to prioritize the things that need to be finished right away and then focus on little tasks once you are done. It might be a good idea to create a list of tasks that you need to prioritize and then work your way through them in order. 

Eliminate Distractions

Many entrepreneurs have a difficult time and become too distracted. You’re the boss and this means that you have a lot going on. You also might be distracted by everyday life stuff just like anyone else would be. Keep your personal phone turned off during work hours, if possible, and eliminate distracting elements from your office that will keep you from getting work done. 

Maintain Your Health

If you aren’t maintaining your health properly, then you’re going to encounter many productivity issues. People who don’t eat right won’t have the energy that they need later on in the workday. Also, it can be helpful to exercise regularly so that you have the stamina to handle the long hours you’ll need to put in as an active entrepreneur. Try to focus on your fitness and diet so that you will have the necessary tools to get the job done. 

Stop Being a Perfectionist

Being a perfectionist can actually hurt your overall productivity. If you get so wrapped up in little details that you can’t finish things on time, then you’re going to fall behind in your set schedule. It’s essential to do good work, but you can’t be so meticulous that you aren’t able to wrap things up. Understand that nothing will ever be completely perfect so that you can be a more productive entrepreneur. 

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How the Right Insurance Can Safeguard Small Businesses Against Failure

Business Insurance

Purchasing insurance isn’t something that most entrepreneurs think about when planning and starting a small business. It’s not until an unforeseen disaster occurs when they acknowledge its importance. While some small businesses can endure disasters, others will be forced to close their doors. Rather than taking this risk, entrepreneurs should safeguard their small business by acquiring the right business insurance.

What Is Business Insurance?

Business insurance is form of financial protection that compensates businesses for financial loss caused by various events. If an entrepreneur’s small business suffers a disaster that’s covered by his or her insurance policy, the insurance company will pay the entrepreneur according to the terms set forth in the policy. Without insurance, entrepreneurs could be left with expensive bills in the wake of a disaster. There are different types of business insurance, however, each of which covers different types of events.

General Liability Insurance

General liability is one of the most common types of business insurance. It’s designed to protect businesses from financial loss caused by bodily injury or property damage associated with a business’s activities. If a customer slips and falls while visiting an entrepreneur’s store, for example, he or she may sue the entrepreneur’s business for the cost of medical treatment. And with hospital treatment for slip-and-fall injuries costing an average of $30,000, according to the Center for Disease Control and Prevention (CDC), lawsuits such as this can quickly send small businesses into a downward spiral.

Commercial Property Insurance

There’s also commercial property insurance, which covers damage to a business’s property. Each year, thousands of small businesses experience disasters like fires, floods and theft. With commercial property insurance, entrepreneurs can rest assured knowing that their small business is protected from financial hardship associated with property damage. Entrepreneurs can even purchase a business owner’s policy (BOP) that includes both general liability and commercial property insurance.

Business Interruption Insurance

Commercial property insurance only compensates entrepreneurs for the cost of repairing their damaged property. It doesn’t cover the financial loss of interruption. If an entrepreneur’s small business is flooded from a burst pipe, it could take weeks to restore it. In the meantime, the entrepreneur will have to close his or her business to the public. Business interruption insurance, however, compensates businesses for the cost of this interruption, allowing entrepreneurs to stay afloat until they are able to reopen to the public.

General liability, commercial property and business interruption are just a few types of business insurance. There’s also workers’ compensation, which all businesses are required to have if they hire one or more employees, as well as commercial auto, product liability and more.

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How to Succeed as an Entrepreneur

Entrepreneur Success

It doesn’t take an ambitious startup or a capitalist venture grabber to be a successful entrepreneur. Even if one’s business is not especially notable, one can still have a great experience and income from their ventures.

Although these entrepreneurs will not be the next Mark Zuckerberg and will not reinvent a new industry, they can still prosper. All a good entrepreneur needs to do is know what people need in a certain area or globally, to target that population, and do the very best to provide the product or service that people need.

There are reasons that one must forget the idea of overriding their abilities and time. Trying to be a unicorn at all costs can backfire. According to studies on the topic, the reasons for the failure of new businesses is the lack of market need not the lack of innovation and creativity.

Losing the balance and trying to be ultra-creative at the expense of practicality and market need will lead to a dead end. Entrepreneurship is not only about self-commitment and expansion — it is more about the needs of clients, their preferences, and how much they are willing to pay for a product or service

A future entrepreneur is one that has a practical approach to what is desired, finds the way to execute the idea, and does it better than the competition. People who start out small and grow with time find that the key to success is patience, good strategy, and practicality over ambition.

Time is an important factor when it comes to starting up the business. Most young startups forget that one must have some apprenticeship in their area before they start their own venture. The most successful entrepreneurs are those that startup after gaining significant experience and connections in the industry that they start a business.

Another important factor in success is humility and openness to receive a good word of advice. While ambition is important, there are pitfalls when building a sustainable company. People who scale in business are those that are open about learning and improving on whatever is needed.

Although most people will not be a one-in-a-million entrepreneur, it is just as important to be someone that creates a good-working business that can be looked back on with pride after time.

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How to Expand Your Business Through Word of Mouth

Talking

Word of mouth is undoubtedly a powerful force in marketing, but what really makes it work? The new book by Daniel Lemin and Jay Baer, Talk Triggers: The Complete Guide to Creating Customers with Word of Mouth, explores the concept of word of mouth for today’s businesses.

The Cheesecake Factory’s Talk Triggers

What makes certain businesses worthy of chatter comes down to a “talk trigger”. For The Cheesecake Factory, this trigger is the menu. The menu contains 250 items and is something that customers are sure to always talk about. As the menu is ever-changing, customers can expect to find new dishes to enjoy.

Talk triggers are what spur conversations and essentially trigger word of mouth marketing. In order to create talk triggers, businesses have to develop something that is memorable. These triggers have to a bonus of the business that comes with a story.

The talk trigger will directly relate to a company’s core branding value. For The Cheesecake Factory, it’s the fact that they offer “something for everyone”.

Talk Triggers with Doubletree

Doubletree creates their talk triggers by tapping into their brand value of hospitality. The talk trigger is their warm cookies. Customers that choose Doubletree know that they are getting delicious chocolate chip cookies once they check into their rooms.

Businesses looking to create a talk trigger must think of something that is unique enough to become a “memorable differentiator”.

This talking point must be interesting. It should have a backstory worthy of sharing, meaning the trigger must be interesting enough to want to tell their friends and family about the incredible experience they had.

Creating Talk Triggers

Brands hoping to create their own talk triggers should practice the following strategies:

  • Gather Insights: Brands must identify what they are already doing and determine why customers come to them rather than their competitors. How can they represent this as a differentiator?
  • Get Close to Customers: Brands must do their research. They need to understand who is using their service and what they enjoy about it.
  • Create Candidate Talk Triggers: After doing the research, brands should create candidate talk triggers and run them by their staff members.

Word of mouth is a powerful tool that works just as well today as it did in the past. Businesses should keep this guide in mind when trying to tap into word of mouth marketing.

from Moss Sidell on Business http://mosssidell.org/how-to-expand-your-business-through-word-of-mouth/
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How to Use Video Marketing to Increase Business Revenue

Marketing

Video marketing has become a cornerstone strategy used by businesses to promote their products and services. According to HubSpot, more than three-quarters of the U.S. population watch at least one online video each week while more than half watch online videos daily. By creating and sharing relevant videos, businesses can attract more customers and increase their revenue. To fully capitalize on video marketing, though, business owners should follow these tips.

Don’t Rely Strictly on Advertorial Videos

Videos that directly advertise a product or service are certainly effective at driving sales, but business owners should diversify their video marketing strategy by creating and sharing other types of videos. How-to videos, for example, can educate viewers on how a product or service works without directly advertising it. According to Wyzowl, more than nine in 10 consumers have watched an educational video on a product or service. After learning about the product or service from a video, some viewers may proceed to purchase it.

Go Live

In addition to prerecorded videos, business owners should consider live streaming videos to their audience. Research shows viewers perceive live streaming videos as being more authentic than prerecorded videos. And with a higher level of authenticity, they typically yield a stronger response by viewers.

Some of the top live streaming platforms include:

  • Facebook Live
  • YouTube Live
  • Periscope
  • Instagram Live
  • Vimeo
  • Twitter

Keep Facebook Videos Short

When creating videos for Facebook, business owners should avoid making them too long. A study of more than 100 million videos published on the popular social media network found that the ideal length was just one to one-and-a-half minutes. Researchers found that longer videos attracted fewer views, comments, shares and likes.

Include a CTA

A call to action (CTA) is an essential element of a successful, revenue-driving video. Whether it’s a graphic overlay, linked text or a clickable button, a CTA will encourage viewers to take action. Its purpose is to explain what step or steps the viewer should take next, such as calling the business’s store or signing up for its email newsletter.

Video marketing has been around for decades. Before the internet was developed, however, business owners were forced to use TV commercials to promote their products or services with video. Thankfully, there are now online channels like social media and YouTube that offer a more targeted, cost-effective video marketing solution for businesses.

from Moss Sidell on Business http://mosssidell.org/how-to-use-video-marketing-to-increase-business-revenue/
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