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You are here: Home / 2019 / Archives for February 2019

Archives for February 2019

The Entrepreneur Behind Popchips Hopes to Have Another Hit With Rice Made From Vegetables

February 15, 2019 by Asif Nazeer Leave a Comment

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Keith Belling’s RightRice, made of lentils, chickpeas and peas, will be available today nationwide on Amazon and at Whole Foods stores.


February
15, 2019

2 min read


Innovations that are seemingly simple usually have a lot of power. For Keith Belling, his first big hit came after he asked why chips couldn’t come in a healthier, popped form. The result of that question, Popchips, became a hit snack under his leadership that is sold in more than 30,000 stores and has generated more than $100 million in revenue.

Today, Belling will launch his next product, RightRice, which also stemmed from a simple question: How do you make rice healthier?

“Most of the ideas that I’ve pursued in my career have come from solving a personal problem,” Belling told Entrepreneur. “RightRice evolved from consuming too many carbs and empty calories, and eating less and less rice, one of my favorite foods. Both [Popchips and RightRice] inspired me to think deeply about the opportunity that existed and what was missing in the market.”

Image Credit: Courtesy of RightRice

RightRice is available nationwide exclusively at Whole Foods stores as well as on Amazon in seven-ounce pouches at a suggested price of $3.99. Along with rice, the product is made from lentils, chickpeas and peas. Its four flavors are Original, Lemon Pepper, Spanish and Garlic Herb. Each serving contains 10 grams of protein and five grams of fiber and 40 percent fewer carbs than a bowl of white rice. The company says it cooks and absorbs flavors just like regular rice.

Related: Amazon Is so Powerful That Big Companies Are Producing Exclusive Brands Just for the Site

Rice is a popular staple food in many cuisines, and RightRice’s premise of packing vegetable protein into the traditional carby food offers a good alternative to rice or substitutes such as cauliflower or quinoa and other grains. Several staffers of Entrepreneur tried out the Original and Lemon Pepper varieties of RightRice and came away impressed with the texture and flavor.

“As someone who’s had a long love affair with carbs, I thought RightRice was a legitimately delicious substitute,” said special projects director Patrick Carone.

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You Can Thank Us Later – 8 Small Business Tax Deductions You MUST Consider

February 15, 2019 by Asif Nazeer Leave a Comment

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8 Tax Deductions for Your Small Business

The best way to ensure that you don’t get a bigger bill than necessary come income tax time is to double check you are getting every deduction possible. There are multiple small business tax deductions available to sole-proprietorships and other small business organizations, such as LLCs.

Different Tax Deductions You Can Apply to Your Business

Keep in mind that while the list below contains some common deductions that may apply to your business, there may be some on this list that don’t work for your specific circumstances. Always check with your accountant before claiming a deduction on your taxes.

1. Home Office

This is one of the most common deductions that small business owners are able to use. In order for you to qualify for the home office deduction, your space needs to pass the needed requirements. You must use the area exclusively for your business. Working from your bed won’t get you the deduction. You should also regularly conduct most of your business from this location.

Beginning in 2013, the IRS introduced a simplified option for you to claim your home office deduction. This allows for you to claim up to 300 square feet at a rate of $5 per square foot. This didn’t change who can claim the deduction. But, it just made it easier to claim the deductions. You are also able to claim your deduction using the standard method. However, this does have a few differences:

  • It allows you to claim a percentage of the home used instead of using a 300-square foot cap.
  • Depreciation deduction for a portion of the home used is allowed as well as recapture of depreciation upon the sale of the home.
  • Actual expenses are used to determine deduction instead of the standard $5/square foot.

Which option you choose when claiming will depend upon your entire tax situation as a whole. Spend some time going over your tax situation in its entirety to figure out what exactly will work better for you.

2. Car Business Use

Just like your home office, using your car for business purposes may allow for you to get a nice deduction on your taxes. This deduction is a bit harder to keep track of if you use your vehicle for both personal and business use.

If you are purchasing a vehicle that will be used at least 50% of the time for business during the year, you are able to deduct this from your taxes. SUVs can yield a deduction of up to $25,000. Smaller passenger vehicles can get you a deduction of up to $11,060.

If you plan on deducting your business mileage, keep in mind that you need to have proper and thorough documentation of exactly how your mileage relates to your business. You also need to keep this documentation on hand for up to seven years after you take the deduction. You are able to deduct either the actual cost of the mileage or take the standard deduction.

Legally, you are able to take the standard deduction even if the actual cost of your mileage is less. However, if you do take the standard deduction, you will not be able to deduct the operating costs of the vehicle. These costs include gasoline, maintenance, or insurance.

3. Advertising and Promotional Materials

Advertising can be one of the biggest, but also the most necessary, expense a small business owner can incur. All of your advertising and promotional materials can be deducted at 100%. Therefore, this expense can also quickly become your biggest deduction as well.

These deductions include not only your paid online and offline advertising, such as billboards or Google ads. It also includes business cards and pamphlets you hand out at networking events. If you paid for SEO services or pay a monthly fee for email marketing software, you are able to deduct those expenses as well.

One advertising expense that is a bit tricky to deduct is vehicle advertising. It’s very common for local small business owners to have their vehicle decorated with their company name, logo, and contact information. The actual cost of adding the promotional materials to your vehicle is deductible. However, the cost of driving around so people can see your vehicle is not deductible.

There are also advertising versus selling costs that need to be kept in mind. If the sole purpose of your business website is advertising, then the monthly maintenance costs and fees are deductible. However, if you also take payments on your website and sell your products there, this is considered a selling fee and no longer deductible under advertising purposes. This also applies to signage. If you post a temporary sign to get attention for your business, you can deduct it. Permanent signs, such as those lasting a year or more, are not deductible.

4. Child and Dependent Care

If you have anyone who is dependent upon you for care, such as your children or a spouse/family member incapable of self-care, you can deduct the expenses you incur while paying for care for them during your working hours.

If you own your business and have employees, offering to pay for your employees’ childcare expenses can also provide you with a fairly lucrative deduction on your taxes. This can add up to $150,000 a year by claiming 10-25% of this expense.

5. Education

It’s always a good idea to further your knowledge and skills in your chosen area of expertise. By attending workshops, taking classes, and purchasing books that are directly tied to furthering the skills you need to properly run your business, you can accrue quite a deduction.

The IRS will definitely take a look at these expenses and determine if they qualify for the deduction. Yet, every single education-related expense that you incur while furthering your education will be deducted at 100%. Any education-related expenses not directly related to your business or that will not help with a new career will not qualify.

6. Retirement Contributions

While you may love what you do, eventually, you will want to retire. Contributing to your retirement fund will give you a great nest egg for the future. It will also give you a great deduction on your income now. You will need to work closely with your tax advisor or accountant to make sure that you set up a qualified plan. Only certain plans qualify, and each plan qualifies only up to a certain amount.

7. Travel

Much like your vehicle expenses, traveling for the sole purpose of work is also deductible. If you are going to be away from your home for longer than one business day, you are able to deduct all expenses accrued during that time as long as you thoroughly document who you are meeting, the purpose of travel, and days of return/departure. Some of the included deductible expenses are:

  • Travel expenses, such as plane or train tickets
  • Meals, including any tips for service
  • Lodging
  • Shipping of any baggage and materials necessary for the business trip

Like vehicle expenses, keep very detailed records of your business travel to submit with your taxes. Hold on to those records for a few years after.

8. Legal and Professional Fees

Deductions also include paying for any sort of professional to work with you. These professionals include accountants, business specialists, and attorneys.

Every business owner needs to pay an attorney even if it is just to help get all of their business paperwork in order or draw up partnership papers. These business-related fees deductible. You can also deduct fees for legal matters like creating your will as long as you only deduct the portion that relates to your business inside of the will.

An accountant or another tax professional is crucial to any small business owner. Doing your taxes incorrectly can not only cost you some hard-earned deductions now, but it can also cost you thousands in audit expenses later by not filing everything properly.

Keep in mind that if you pay any of these professionals more than $600 during the year for their fees, you may need to file a 1099-MISC. This will definitely be something you need to consult a professional because it can be very complicated determining who needs to file the 1099-MISC and for what expenses.

Don’t Pay More Than You Need To

While owning your business can be one of the most rewarding experiences you can have, it can also be quite costly, especially when it comes to income tax time. Knowing what you can — and can’t — deduct from your taxes ensures you don’t pay more than you absolutely need.

Republished by permission. Original here

Image: Due.com

This article, “You Can Thank Us Later – 8 Small Business Tax Deductions You MUST Consider” was first published on Small Business Trends



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3 Rules to Help Your Retail Business Provide the New Products Customers Demand

February 14, 2019 by Asif Nazeer Leave a Comment

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Offering New Products is One Key to Retail Success

Blame it on Amazon, on the constant stream of social media feeds, or on sheer boredom, but shoppers today increasingly crave new merchandise from retailers. According to Shopper-First Retailing, a new study from Publicis.Sapient and Salesforce based on data from half a billion shoppers worldwide, 69% of shoppers expect to see new products every time they enter a store .

Here’s what the study uncovered and how your retail store or ecommerce website can keep up with shoppers’ insatiable thirst for the new.

Offering New Products is One Key to Retail Success

“Make it fresh” is the new mandate from shoppers, according to the study, which lays out three key rules to follow for success.

Rule 1: Constantly Renew

Shoppers reward freshness with their wallets: Among the top 5% of products that the retailers surveyed sold each month, 59% are new. Keeping your product mix fresh is essential to generating customer loyalty and keeping shoppers coming back for more. Retailers that fail to accomplish these goals will continue losing ground to marketplaces like Amazon, the study contends.

To keep a steady stream of new merchandise in your store or on your website, here are some ideas:

  • Visit trade shows to seek out new products to add to your offerings.
  • Look for startup manufacturers or distributors who may be interested in selling to you.
  • Ask your customers which products or brands they’d like to see you carry.

Of course, you don’t have to turn over all your inventory every week to give shoppers a sense of the new. Providing a new feeling, look or experience every time shoppers visit can help create that renewal they seek. For example:

  • Rotate displays to bring different merchandise to the front of your store or the home page of your website each week.
  • Spotlight a particular brand or type of product each week.
  • Change out your window displays and your store home page each week.
  • Invite a brand you sell to do a pop-up shop in your store (check out these 25 examples of eye-popping pop-up shops for ideas).

Rule 2: Act with Urgency

Customers who have purchased from you recently are most likely to buy from you again. According to the study, half of repeat buyers make a second purchase within 16 days of their first purchase.

But while 50% of shoppers make their first purchase of a product through a retailer, 47% go to marketplaces like Amazon when they want to buy it again. If you want to avoid losing customers to competitors, you’ve got to act quickly to re-engage the first-time buyer.

This can include:

  • Loyalty offers
  • Upselling (try sending an email suggesting a related product)
  • Retargeted ads

Personalization can also help get first-time shoppers back. An e-commerce site can provide personalized “you might also like” recommendations; a store salesperson can review studying a shopper’s past purchases before suggesting new items to try on in the store.

Rule 3: Create Unique Products

No small retailer can hope to compete with Amazon’s vast catalog of products. But small retailers can compete when it comes to offering unique products that no one else has. Consider these survey findings:

  • 59% of customers are more likely to buy from a retailer that offers customization
  • 49% are more likely to buy from a retailer that offers limited editions
  • 36% are more likely to buy from a retailer that offers collaborations

Thirty-one out of 70 retailers that were “mystery shopped” in the study offered customized products or product collaborations, and four out of five top-performing stores offered some type of customization.

Customization can range from the minimal (monogramming or engraving a product) to the maximal (creating a product from scratch to the customer’s specifications). American Girl and Build-a-Bear are prime examples of customization, but this is also within reach for small retailers. For example, one store in the study offered made-from-scratch jewelry handcrafted in the store. Retailers that enable shoppers to truly create products from scratch stand to benefit greatly.

Follow these rules, and it’s not so hard to provide shoppers with the constant new products they crave.

Image: Depositphotos.com

This article, “3 Rules to Help Your Retail Business Provide the New Products Customers Demand” was first published on Small Business Trends



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The Best Ways to Educate Yourself

February 14, 2019 by Asif Nazeer Leave a Comment

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Photo by Aditya Vyas on Unsplash

Stock market investing can be a prudent financial decision. However, you must educate yourself first. Also, you’ll need to manage your funds wisely.

Moreover, like an old English proverb says, “A fool and his money are soon parted.”

Unfortunately, too many people are tempted to throw caution to the winds. They think they can get rich overnight in the stock market, but this is seldom the case.

RELATED ARTICLE: 4 REASONS WHY BITCOIN INVESTING IS A LONG-TERM GAME

Experts generally recommend that you consult either a broker or an investment adviser. However, it is possible to work out an effective investment strategy on your own. Do this by conducting the appropriate research.

stock market investing
Image Credit: Wikimedia Commons

Take Some Advice from the SEC

For instance, the US Securities and Exchange Commission (SEC) has detailed some important steps. Follow their advice, as it can help you to define and meet your financial goals. Here’s the gist of their Roadmap to Saving and Investing:

Define
Your Goals

Determine an acceptable time frame for meeting specific goals. Do this by calculating what you’ll need to save each year.

Evaluate
Your Finances

Create a personal net worth statement. That is, look at what you own alongside what you owe. Next, determine whether you have a positive or negative net worth. In other words, subtract your liabilities from your assets.

Start
Tracking Your Income and Expenses

Tracking your income and expenses will tell you how much of your income you have available to invest.

Take Advantage of Compound Interest

Leveraging even small amounts of money in savings can lead to big returns because of compound interest. In short, avoiding impulse purchases could be your key to financial success.

Eliminate
High-Interest Debt

Experts encourage consumers to pay off credit cards before doing any stock market investing.

Put
Money in Savings

Even though your money will earn a low interest rate, it’s typically safer to put it in savings accounts, checking accounts, and certificates of deposit. That way, your money will be insured.

Assess
the Risks

You always assume some degree of risk with stock market investing. It’s true that returns on successful investments can be greater than many other options. However, in some cases, it’s possible to lose the entire amount that you’ve invested.

Understand
Your Risk Tolerance

If you want your money to grow faster, you might have to  consider riskier investment products.

Know Your Investment Options

There is a variety of products for consumers to consider for stock market investing. For example, you could invest in stocks or mutual funds. There are also corporate and municipal bonds, annuities, exchange-traded funds (ETFs), money market funds, and U.S. Treasury securities.

Know the Types of Stocks and Their Costs

According to Nasdaq, there are two different types of stocks when it comes to stock market investing. That is, there are full-service stocks and discount stocks.

Investors with a higher net worth typically partner with full-service brokers. These brokers provide them with stock recommendations, guidance, and so on.

However, if you want to stay in charge of all of your investment decisions, then seek out a discount broker. That’s because discount brokers charge significantly lower fees than full-service brokers do.

What Fees Can You Expect?

There are two main fees that investors incur in with stock market investing. The first comes in the form of commissions every time you purchase and trade stocks. These fees can range from $10 to $30 per transaction through discount brokers.

Additionally, there are mutual fund fees. These are the fees that you’ll incur when you invest in mutual funds.

Remember, the best way to manage risk is by investing in a range of assets. This is also known as diversification. For example, a well-diversified portfolio will often incorporate mutual funds that include a large number of stocks and other investments.

Should You Invest in Products or in Stocks?

A concept that some people struggle with is whether they will earn more from investing in a stock or in a product.

To answer this question, a group of consumers conducted in-depth research on 35 different companies. They sought to determine how much they would have made if they had invested in a company’s stock instead of buying that company’s product or service.

Apart from a few exceptions, these investors concluded that an investor would make a profit if they invested in a company instead of purchasing that company’s product. The key takeaway was that the changes in a company’s stock value can dramatically alter an initial investment.

Educate Yourself Before You Begin Stock Market Investing

Finally, it pays to do your homework and educate yourself before you begin investing in the stock market. Follow the suggestions here and you’ll be sure to have greater success with your own stock market investing.

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Business Plan – Step-by-Step Planning Templates

February 13, 2019 by Asif Nazeer Leave a Comment

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This guide to writing a business plan will outline the most important parts and what should be included in an effective plan.

Opinions expressed by Entrepreneur contributors are their own.


A business plan is a written description of your business’s future, a document that tells what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope describing your business strategy, you’ve written a plan, or at least the germ of one.

Business plans are inherently strategic. You start here, today, with certain resources and abilities. And you want to get to there, a point in the future (usually three to five years out), at which time your business will have a different set of resources and abilities as well as greater profitability and increased assets. Your plan shows how you will get from here to there.

Related: 7 Steps to a Perfectly Written Business Plan

You can visit our small business encyclopedia to learn more about business plans or our FormNet area to get the necessary forms to get started.

Before writing your plan

Writing your business plan

Business Plan Tools

Business Planning Videos

Video: What Investors Really Think About Your Business Plan. At our Entrepreneur magazine Roundtable, financial pros offer tough talk about the business plans of first-time entrepreneurs:

What Investors Really Think About Your Business Plan

Related: What Investors Really Think About Your Business Plan

Video: How Can I Hire Someone to Help Write My Business Plan? In the video below, Tim Berry, founder and president of Palo Alto Software Inc., responds to a reader seeking advice on finding a low-cost writer to help with a business plan:

How Can I Hire Someone to Help Write My Business Plan?

Related: 25 Business Plan Tips From Professionals

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Amazon Is so Powerful That Big Companies Are Producing Exclusive Brands Just for the Site

February 13, 2019 by Asif Nazeer Leave a Comment

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Amazon Accelerator allows the ecommerce company to offer exclusive products to customers, while outsourcing all the costs.


February
13, 2019

3 min read


Search for “sugar” on Amazon and the top results will show cane sugar from 365, the in-house brand of the Amazon-owned Whole Foods, followed by a zero-calorie sweetener from Sugarly Sweet. Both are tagged “Our Brand,” but the latter is the product of Equal.

This new product is part of a push called Amazon Accelerator to have more brands that are sold exclusively on the ecommerce site.

“Amazon Accelerator creates new opportunities for suppliers and offers a way for them to launch brands directly to (and exclusively for) Amazon customers,” according to a statement from Amazon. “Participating suppliers develop and produce brands and products of their choice, and Amazon then makes those brands and products available to customers.”

Related: Amazon Will Let Entrepreneurs Start Their Own Delivery Business and Earn Up to $300,000 a Year

The advantages of partnering with Amazon are clear: top billing on the biggest store on the internet, as well as enhanced insights about the products. Meanwhile, Amazon outsources the costs of developing and manufacturing the products as well as shipping them, while holding exclusivity to sell them.

Amazon said that dozens of brands, ranging from health and personal care items to furniture to apparel, have created products for Accelerator. An Amazon spokesperson pointed to the Basic Care brand, as well as mattress brand Nod, from Tuft & Needle, as holding customer ratings above four stars.

For Merisant, makers of Equal, launching Sugarly Sweet was a way to expand its business.

“[Ecommerce is] an area that is ripe for significant growth and opportunity over time,” said Brian Huff, president of Merisant in North America. “For us, it was more of, what are the opportunities for us to be able to expand our portfolio and product line.”

Related: What Do the Major Changes at Whole Foods Mean for Food Entrepreneurs?

The new product line allowed Equal to expand into sweeteners made with sucralose, saccharin and stevia. Instead of taking up more pricey retail shelf space, the products occupy a digital space where companies have more room to explain the products’ benefits to customers, as opposed to fitting information on the back of a box that a customer never picks up.

“Online you have a lot better venue to be able to educate consumers than you do in brick and mortar,” Huff said. “People are looking for more customized and personalized offerings. Exclusive and unique offerings by retailers at least in the short term will continue to increase.”

An Amazon spokesperson would not say whether these exclusive brands will eventually be sold in Whole Foods.

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House Small Business Committee Outlines Goals for 2019

February 13, 2019 by Asif Nazeer Leave a Comment

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2019 House Small Business Committee Goals

The House Small Business Committee recently announced five Committee Democratic Members who will serve as Subcommittee Chairs for the 116th Congress. With the Democrats in charge of the House now, Small Business Trends got in touch with House Small Business Committee Chairwoman Rep. Nydia M. Velázquez (D-NY) to get an idea of the committee’s goals for 2019.

2019 House Small Business Committee Goals

Issues

Velázquez stressed a hands-on approach to tackling the issues small businesses face.
“I am looking to hold a wide range of hearings that will probe the diverse challenges facing America’s entrepreneurs. I am proud that we have an exciting group of new Members who will be serving as Subcommittee Chairs for the 116th Congress,” she wrote in an email.

Top Priorities

“Through hearings at both the full and subcommittee levels, we will dive into the most pressing issues facing small firms such as access to capital, workforce development, exporting abroad, and expanding access to the federal procurement marketplace.”

The National Small Business Association recently placed the trained worker’s skills gap as the third priority issue for the 116th Congress. The association bookmarked several of the other points the committee flagged.

Velázquez also pointed to a focus on rural areas. She underlined a few of the digital issues facing small business there and acknowledged the impact of international trade disputes.

SBA Programs

“As a Committee, we will look at how we can expand investments in SBA programs for rural areas, as well as address the most pressing issues facing rural entrepreneurs such as a lack of broadband, the opioid crisis, and the impact of tariffs on our small agricultural and manufacturing firms.”

Small Business Concerns

There were other long standing small business concerns like lack of access to traditional capital for loans that Velázquez said would be another one of the committee’s focuses. She said that when it comes to start-ups particularly, there were several other sources of funding like the SBA’s Small Business Investment Company (SBIC) program.

“The program was created as a source of financing to fill the gap between bank loans and more traditional equity capital. On the Committee, we constantly hear from entrepreneurs who need more flexible forms of capital investment, such as the SBIC program. The Committee will conduct work in this area to ensure that the SBA’s capital offerings keep pace with the needs of entrepreneurs.”

Flexibility

She pledged the Committee will work to make sure that any capital offerings from the SBA will be geared towards the flexible forms of capital investment start-ups need. There was at least one area where the incoming Chairwoman felt there was a special need for a bipartisan push from both sides of the aisle — infrastructure.

Infrastructure

She noted how deteriorating infrastructure has a negative effect on the nation’s economy because transportation delays up expenses for small businesses. She also mentioned how any needed reform would benefit three small business sectors specifically.

“For small firms operating in sectors such as construction, manufacturing, and agriculture, a robust infrastructure package has the potential to fuel new jobs and innovation,” she wrote.

Expanding small business access to the federal procurement marketplace was another touchpoint. While Velázquez pointed to the ongoing work that’s been done in the area, she acknowledged much more needs to be accomplished.

Disparities

“Despite recent advancements, disparities remain for small contractors and especially for traditionally underserved entrepreneurs when it comes to accessing the $500 billion a-year federal marketplace,” she writes. “Ensuring that small contractors are paid in a timely manner, expanding mentorship resources to underserved entrepreneurs, and ensuring proper oversight of existing initiatives are all steps the Committee must take towards leveling the playing field for small contractors and subcontractors.”

Velázquez offered a perspective on the Republican tax law that was at least partially geared toward small businesses.

“The Republican tax law is projected to add nearly two trillion dollars to our deficit and as we have heard on the Committee, provides little relief to small businesses. At the end of the day, we ought to be focused on tax reform that will increase compliance assistance for small firms and update the tax code to meet the needs of a 21st century workforce.”

The Small Business Committee’s Subcommittee Chairs for the 116th Congress are: Rep. Abby Finkenauer (D-IA) will Chair the Subcommittee on Rural Development, Agriculture, Trade, and Entrepreneurship. Rep. Andy Kim (D-NJ) will Chair the Subcommittee on Economic Growth, Tax, and Capital Access. Rep. Jared Golden (D-ME) will Chair the Subcommittee on Contracting and Infrastructure. Rep. Jason Crow (D-CO) will Chair the Subcommittee on Innovation and Workforce Development. Rep. Judy Chu (D-CA) will Chair the Subcommittee on Investigations, Oversight and Regulations.

Image: smallbusiness.house.gov

This article, “House Small Business Committee Outlines Goals for 2019” was first published on Small Business Trends



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12 Most Unusual Offers Made to Recruit a New Employee

February 12, 2019 by Asif Nazeer Leave a Comment

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12 Unusual Things In Offer Letters Employers Have Included
The hiring process can be long, tedious and repetitive — yet, completely necessary to find talent which will fit your company. Once you’ve found the perfect fit for your company, you want to make sure that your offer is accepted. This can lead to some very interesting or unusual elements within a potential new hire’s offer letter. To find out more, we asked entrepreneurs from Young Entrepreneur Council the following:

“What is the most unusual thing you’ve included in an employee’s offer letter?”

Unusual Things in Offer Letters

Here’s what YEC community members had to say:

1. Unlimited Seltzer Water

“We have an employee that is obsessed with seltzer and we knew that by adding this to the offer letter we’d get the right reaction and hopefully an acceptance. We wanted the employee to know that we were obsessed with the details, remembered the conversations we had and wanted to make their experience working with us a good one. Sometimes it’s the little things that stand out.” ~ Corey Eulas, Factorial Digital

2. Walks on the Beach

“Being in southern California, we had a candidate make a joke about loving walks on the beach. This candidate then crushed the interview; they were so passionate and had all the right questions. We left feeling like we knew this individual for years. We were confident this person would take our offer, so I included “walks on the beach” in the offer. They loved it and are now apart of our team.” ~ Colbey Pfund, LFNT Distribution

3. Pet-Friendly Office

“We have a team member with us now that is a huge dog lover. He brings his dog everywhere. Learning this through the interview process, we included in our offer letter that we’d make our office dog-friendly (it had never come up before) — meaning he could bring his pal with him to work every day. Now, not only does he get to have his dog in the office, but we have our very own mascot.” ~ Zach Binder, Bell + Ivy

4. Bagel Tuesdays

“During the interview they asked if we had any specific company morale events on a weekly basis. We said that we do something once a quarter, usually an outing. They suggested bagel breakfast Tuesdays. We liked it, so we added it.” ~ Nicole Munoz, Nicole Munoz Consulting

5. Mugs with Personalized Avatars

“Because I run several online businesses, many employees have an online business profile. They can choose if they’d like to use an actual image of themselves or a professionally created avatar. While I offer more significant perks and bonuses in a job offer, I do also offer a personalized mug with their business avatar. What is more motivational than looking at yourself!” ~ Shu Saito, Godai Soaps

6. Unlimited Time Off

“Since our company is entirely remote, we can’t offer many perks that other companies with physical locations can like unlimited coffee, so instead we offer unlimited time off. This perk is perfect for a remote company and our employees who value job flexibility.” ~ Chris Christoff, MonsterInsights

7. Monthly Massages

“A fantastic benefit that I love to offer our management and front desk employees is access to a free massage at our studio, every month. This perk gets employees very excited about the potential for working with us, and is a nice benefit to welcome them to the team and thank them for their hard work.” ~ Rachel Beider, Massage Outpost

8. Their Choice Between Equity and Cash

“Everyone has a different set of priorities and life situation. We like to let our employees choose from a menu of three different cash and equity options. You can choose more cash and less equity, middle-middle or more equity and less cash. There is no judgment in selection, we just want to be creative about supporting our team in the way that fits them best.” ~ Aaron Schwartz, Passport

9. Seed Funding for Side Hustles

“Unlike some companies and corporations, particularly larger ones, we try to encourage our team to be entrepreneurial. This encouragement goes so far as to frequently help our employees start businesses in their downtime. Obviously, none of these can compete, but there is no reason not to let your team taste the fruits of the gig economy as well.” ~ Ryan Bradley, Koester & Bradley, LLP

10. Free Change of Environment

“If they’re not able to be productive in their current environment, they are free to change to a new environment of their choice at any given moment. They don’t have to stay stuck in an office they’re not happy in. They can move around at their discretion. I have seen that being in the office all the time actually inhibits productivity and hacks their creativity. I like to give freedom of location.” ~ Sweta Patel, Startup Growth Mode

11. International Remote Days

“We offer 14 “international remote days” to all hires. Millennials love to travel and our retention is higher because we allow our employees to have the best of both worlds. The rules? They have to be at least three time zones away, have access to high speed wifi and outline goals while remote. Our company wins because the team mixes PTO and remote days so productivity doesn’t completely halt!” ~ Krish Chopra, NPHub

12. No Management Structure

“Being a completely remote company we already offer unlimited time off and the ability to create your own office hours. If you are a night owl you can work during the middle of the night if you are a morning person, go for it. With that said, everyone at our company has a voice and there is no management structure. All employees are equally important and their ideas and concerns are listened to.” ~ Jared Brown, Hubstaff Talent

Image: Depositphotos.com

This article, “12 Most Unusual Offers Made to Recruit a New Employee” was first published on Small Business Trends



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How to Manage Finances When You’re Working as a Freelancer

February 12, 2019 by Asif Nazeer Leave a Comment

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The evolution of work in the digital age is making workers’ lives easier. For example, online freelancing job sites have paved the way for many people to work from the comfort of their own homes. But the freedom to work your own way has its challenges, too. And one of those challenges is learning how to manage finances as a freelancer.

Freelancers often market their skills and services online today. Moreover, in the online world almost every skill is in demand. Whether your specialty is content writing, web design, social media, digital marketing, or something else, you’re bound to find your freelancing niche.

Freelancing Can Be a Risky Business

Freelancers have the freedom to work anywhere they choose, whether it’s a nearby coffee shop or their own home office. What’s more, many freelancers think of themselves as entrepreneurs, and claim the right to create their careers their own way.

On the other had, freelancers must almost continually market themselves and their skills. Otherwise, they’ll never attract the clients they need. Additionally, some admit that they miss having a regular job with a fixed salary. Instead, they have to manage their own business with its ever-changing cash flow.

For many freelancers, the main struggle is that the work is unpredictable. Consequently, they don’t necessarily have a steady income. One month, they might land a great client and make good money. The next month, they struggle just to keep up with basic expenses.

No longer can freelancers look forward to a paycheck that shows up in their bank account twice a month. Gone, too, are the end-of-year bonuses, group health insurance, and benefits of the corporate world.

In other words, freelancing can be a risky business if you don’t learn quickly to generate sufficient income and manage finances. What’s more, since freelancing is a one-person business, all of the responsibilities and liabilities fall on your shoulders.

Therefore, if you’re going to survive as a freelancer, you need to have an organized plan that will keep you afloat financially.

How
Smart Freelancers Manage Finances

manage finances

Project Your Income

At the beginning of the month, make a list of your current clients. Then, estimate your projected monthly income from each client.

If you see right away that you won’t be bringing in enough cash to make it through the month, you’ll know that your first order of business will be to market your skills to attract more clients.

Calculate Your Expenses

It’s pretty easy to keep your expenses low as a freelancer. No longer do you have the expenses of commuting and maintaining an expensive wardrobe.

Basically, your expenses as a freelancer will fall into two major categories:

  • personal expenses such as food, water, shelter, and car
  • business expenses such as Internet, electricity, taxes, equipment, software, and supplies

It can help to keep a simple spreadsheet where you keep track of your business income and expenses. Then, at tax time, it will be relatively easy to sort things out and report accurate numbers.

Create and Follow a Budget

While you’re building your freelancing business, you might not be able to live as you did when you were pulling in a regular paycheck. For example, instead of eating out every night, you might need to learn how to prepare your own meals at home.

Additionally, create a financial plan and follow it. Also, record all your expenses and track the receipts. Stick to your budget and stay disciplined.

The practice of following a budget will give you more peace of mind. In turn, this will allow you to focus on creating a great experience for your clients. Before too long, word will get around, and more clients will come your way. Eventually, you’ll notice that your freelancing business is growing and thriving.

Manage Finances by Saving More Money

When you’re learning to manage finances as a freelancer, remember that saving money is not an option. During those months when clients come calling and you have so much work you can barely keep up, use that additional income to start a rainy day fund.

Then, the next time you have a dry spell, you’ll be glad you did. As a matter of fact, if you can, try to set aside enough cash in a dedicated account to cover your basic expenses for at least four to six months.

However, there may be times when you’ll need to turn to additional resources just to keep going. When that happens, you could apply for an online loan at inexpensive rates and decent terms. For example, Best Moneylender offers good opportunities for funding.

While you’re building your freelancing business, learn to save money wherever you can. Take care of your basic needs and postpone luxury purchases until you’ve built a steady flow of income. And don’t be discouraged if that doesn’t happen overnight.

RELATED ARTICLE: THE SELF-EMPLOYED BUSINESS OWNER’S GUIDE TO SAVING FOR RETIREMENT

Manage
Finances Well for More Freedom as a Freelancer

There’s a lot to like about life as a freelancer. For example, freelancing gives you freedom and the flexibility to work the way you want. However, freelancers who don’t learn how to manage finances well in the beginning can have a difficult time.

Therefore, learn how organize your finances, manage your money wisely, and keep track of your expenses. Learning how to manage finances will give you greater peace of mind and allow you to become an even better freelancer.

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Is Social-Dosing the New Microdosing?

February 11, 2019 by Asif Nazeer Leave a Comment

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Scott Campbell, co-founder of the luxury cannabis brand Beboe, wants to bring cannabis to the dinner party culture.



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