Featured image by Alterio Felines from Pixabay 

Launching a business entails more than just securing your capital investment. There are many things to consider. The primary step is to decide whether to start your original business idea or venture into a franchise business. If you’re on the fence between these two business models, continue reading this article, as it’s intended to help you understand more about franchising.

There’s more than meets the eye when getting involved in a franchise. Therefore, it’s paramount that you give it a thorough assessment, especially in weighing the pros and cons. You’ll be working alongside a franchisor, and you’ll be in the franchisee’s role, so get to know more about whether this role is right for you.

Maybe you have wondered, “How much do franchise owners make?” But before you make a decision, it’s imperative that you know the good and bad points of franchising.

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The Pros of Franchising

1. Franchising Offers Lower Business Risks

A franchise is a safer investment than a new business. This is because of the backing and support of a larger corporation.

Initially, you won’t have to feel anxious about shelling out large amounts of money, not knowing whether it’s going to burn or earn your money back. There are forecasts, studies, and data that support how your investment will be earned back in time with a franchise business. This means a lower business risk on your end.

Franchises have proven themselves effective in different markets across the country. Their business models have already been tested through many years of their operations. Thus it also follows that a franchise business loan is more accessible to obtain due to its history of proven success.

Many financial institutions will easily trust to lend you money when they know the brand that you’re franchising. So consider franchising when your fear of risk stops you from starting a business.

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2. Franchising Gives Established Brand Recognition

A franchisee’s brand recognition is one of the most significant benefits of opening a franchise. As you may know, establishing a brand from scratch takes a lot of hard work. It also requires a hefty amount of money along with outstanding efforts from you and your entire marketing team.

But when brand recognition is already stabilized, you can forego this excruciating process. You expedite your business operations and jump right into selling and making money.

Upon opening a franchise with such a name and branding, people instantly know who you are, what you do, and how they can expect to interact with you. To grow your brand recognition, you won’t need to partake in trial-and-error strategies for marketing and promotions.

3. You Get Steady Support and a Given System

One of the advantages of franchising that many business owners love is the given system and support. All the procedures, systems, and whereabouts are structured, uniform, standardized, and listed down. As a new franchise owner, you simply need to go over the manual and follow through with your operations. The franchisor will take care of everything for you. This includes your site inspection, product supplies, employee training, and R&D for new products.

Specifically designed business blueprints are provided to franchisees. Your business operations become smoother, more organized, and error-free through this. The franchisor would see that your business decisions are all at par with their company’s outlook to ensure business success.

4. You Can Count on Forecasted Profits with Franchising

The profits of franchises are generally higher than those of independent businesses, especially in the initial stages. Creating your own business will require you to spend money initially, and there could be possibilities of being in the red after some time.

With a franchise, however, you can avoid this. Instead, there are solid strategies to ensure that you will reach forecasted profits. Also, customers flock to franchises because they recognize their brands. Hence, profits and revenues will start coming in eventually.

5. You’ll Have a Solid Customer Base

Any new business faces the challenge of identifying ideal customers and discovering whom to target. This could be a make-or-break situation for your business.

Thankfully, franchises have established a customer base because of their solid brand recognition. The brand already comes with repeat and loyal customers, so your franchise business can serve the same target audience and get their loyalty and approval as well. Due to the franchisor’s many marketing collaterals and efforts, your business can take advantage of their positive outcomes.

Moreover, franchise ownership gives you access to a potential employee pool. And depending on your location, there will be existing customers around the business area waiting for your franchise to start operating.

The Cons of Franchising

1. Franchising Requires Higher Investment

It might be more expensive to start a franchise than to start a small business independently. A franchise isn’t the best option if you can’t afford the franchise fee and all the costs that come with it. If you can’t afford to take a loan, it’s best not to get involved in a franchise. Assess your financial standing and capacity before you choose to go for a franchise business.

Big and established franchising companies may require hefty start-up investments, so check with them beforehand. However, depending on your budget, you might find a different company with which you can afford to franchise. However, be sure to compute all the fees and costs included as you consider royalty fees and operating costs.

2. There Could Be Possibilities of Conflict

The network of support you receive when you own a franchise is one of the advantages for sure. However, this comes with a downside, too.

There could be possibilities of conflict with the way they provide support. If the parties have an imbalance of power in their business relationship, they are at risk of not getting along. Arguments and misunderstandings may occur, especially if there is a lack of clear communication with both parties.

Despite the fact that a franchise agreement lays out both the franchisor’s and franchisee’s expectations, the franchisee has limited powers to enforce its terms without a costly legal battle. There could be many variables for conflicts that may range from different perspectives and business outlooks or lack of support.

In the end, the franchise agreement is always pro-franchisor. Therefore, before agreeing to a franchise agreement, it’s best to thoroughly research the company’s mission, vision, operations, and other details. This can give you an idea of whether it’s something that you can work with for a long time.

3. You’ll Have Less Control

While franchisees benefit from the brand recognition of their franchisor, this would also affect them when there are scandals and bad publicity for the brand. This has happened to some franchise companies that dealt with corporate scandals, customer terrible reviews, and health issues. As a franchisee, you must understand that these possibilities can generally jeopardize your business.

4. You Will Have a Legally Binding Agreement

As a franchisee, you’ll be required to sign a franchise disclosure agreement, which lays out everything you can and cannot do. This contract is legally binding, so you will have to walk on eggshells constantly.

Be mindful of all the terms and conditions included in a contract and review them again with your lawyer. If, in any case, you want to discontinue a franchise, but your decision doesn’t go according to the legal agreement, this could cost you a fortune. So review all the details before committing to it.

5. Franchising Requires Continuous Royalty Payments from You

Finally, you need to pay royalty payments according to the agreed percentage of your monthly sales. While some franchise companies don’t necessarily have this, most businesses expect these fees. Consult about this carefully before agreeing to a franchise agreement.

Conclusion

For some people, becoming a franchisee is a good move. For others, it’s not.

What’s important is to research everything about franchising beforehand. As suggested above, you can weigh the pros and cons to determine whether franchising is a suitable choice.

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Without the right solution, small service-based businesses often struggle to manage the entire customer lifecycle holistically. It’s a time-exhaustive and tricky process. So, in this review of vcita, we’re taking a close look at the following customer life cycle steps and exploring how vcita can help with each:

• Lead capturing
• Nurturing
• Sales
• Service fulfillment
• Billing
• Retention

There’s lots to cover, so let’s get straight down to business.

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vcita and Lead Capturing

What inspires passive website visitors to become potential leads? With vcita, you can set up targeted offers for your audience, optimized for the content they’re viewing on your site. Depending on the type of page they’re on, you can offer a free consulting. Alternatively, you can offer to attend a group presentation, automatically feeding your CRM with lead details when participants register.

In addition, vcita’s simple self-service appointment scheduling system ensures you never miss a lead again. Meetings can be booked 24/7 through your website. Plus, you’ll be notified when a lead comes through. Then you can then get in touch with these prospects to kickstart the nurturing process. (But more on that in a sec.)

You’ll also benefit from automated SMS and email meeting reminders, which should result in fewer no-shows and pesky last-minute cancellations.

Nurturing with vcita

Now it’s time to cultivate a lasting relationship with your prospects. With vcita, once a lead is captured on your site, they’re automatically injected into your CRM. From here, you can seamlessly manage contacts from the convenience of a single app.

The mobile app (available on both Android and iOS devices) allows you to take your client base with you whenever you go. So, from sending appointment invitations to accepting payments and sharing files, you never have to disconnect from your customers.

vcita also enables you to build customer profiles called “client cards.” This feature keeps your team fully abreast of who your leads and customers are and how they’ve previously interacted with your brand. On top of that, vcita also comes with in-built email marketing. Here, you can segment contacts using custom tags so you can organize and target your contacts however you wish.

This kind of segmentation permits you to send automated custom messages that better resonate and engage your leads. For instance, you could send an automated welcome message once a contact has engaged with your business for the first time. By sending contacts the content they actually want to receive, you’re far more likely to establish a deeper connection over time. Hopefully, this, in turn, will lead to them becoming fully paying clients. 

Nurturing your clients is about adding as much extra value as possible. When you know who your client is and what they want, you can provide solutions that work for them. For example, if someone comes to your event, don’t just leave them standing in the cold afterward. Instead, you could invite them to a free one-on-one consultation or invite them to your next event.

Sales

Once your prospect is engaged with your brand, how do you make the sale? First, you want to entice your audience with a good deal. Fortunately, vcita allows you to create custom coupons to attract prospects and increase sales. No one can resist a bargain.

What’s more, you don’t even need a website to start selling online. Instead, you can enable clients to view your service list and schedule appointments directly from a vcita-generated landing page or client portal.

You can also leverage vcita’s beautiful email and SMS marketing template kits. As previously mentioned, you can segment your client list. Once you’ve done that, you can send leads personalized offers straight to their inbox and address them by name to boost engagement.

Alternatively, you can use the same platforms to follow up with clients post-event or after they’ve purchased something from your website.

Even if you’re not sure what to say, vcita’s got you covered. Simply click on the “Announcements” section in your marketing settings to access a library of ready-to-send email templates covering various business messages and occasions. From witty one-liners to compelling visuals, it won’t be long before your clients are hooked.

Of course, on top of that, you also have the option of sending proforma invoices. For the uninitiated, this is just a preliminary bill of sale sent in advance of the delivery. It tells customers exactly what they’re going to get from you if they buy. Then, using vcita, you can turn this estimate into a payable invoice with a single click.

Lastly, vcita’s self-service scheduling function works wonders for securing sales—especially if you choose to use the integrated invoice and/or prepayment features.

Service Fulfillment

Often service fulfillment spans several components, making it tricky to manage. This is where vcita’s client portal comes in handy. We touched on this above, but what exactly does it do for your customers?

In short, the client portal provides everything customers need to interact with your business via an easy-to-use dashboard. This helps clients feel like they’re being taken care of, and, as such, builds trust, which, in turn, boosts loyalty.

From this same portal, clients can make appointments, register for upcoming events, and reschedule or cancel said meetings. You can also set up payments, send over files, and/or receive them. All of which goes a long way to successfully executing service fulfillment.

In addition, vcita’s built-in messaging service opens a direct line of communication between you and your client. Minimize no-shows by automating pre-appointment reminders. Depending on the services you’re offering, you can also enable clients to pick whether their appointment is in-person, over the phone, or online via vcita’s handy Zoom integration.

On your end, vcita also provides an overview of your and your employees’ calendars. This helps you assign staff tasks without overburdening them.

Billing with vcita

You can handle every stage of the billing lifecycle using vcita’s app. From providing estimates, to sending invoices and pinging over purchase receipts, the intuitive dashboard also gives you an insight into all of your pending, paid, and overdue invoices.

You can even customize invoices with your company’s name and logo and choose the bill’s currency and tax rates. Make it easy for clients to pay for services anytime, anywhere. You can enable consumers to pay directly from the estimate or invoice you send them.

The self-service booking functionality can also handle payment requests. For example, if you turn on prepayment settings, clients can pay upfront when scheduling a meeting, which goes a long way to reducing payment hold-ups.

Or, if you prefer clients to receive their services first, you can send invoices and mobile wallet-style payment experiences via SMS the minute the appointment is over. You can also set the system to automatically invoice clients for all services rendered since the last monthly invoice. Either way, you can ensure both you and the client leave the billing cycle happy.

Retention

To better retain clients, vcita enables you to track your business activity with reports. Once you invest in the premium reports module, you’ll get a better idea of what’s working well with your lead generation strategies. More importantly, you can also gain an understanding of where there’s room for improvement.

You can use vcita’s reporting functionalities alongside its built-in analytics to give you an insight into your bookings, payments, clients, marketing, and even staff performance. You can also find out where your clients are coming from, what they’ve purchased from you, and the average turnover rate from your appointments.

Additionally, you may better retain clients by offering them a package deal. vcita enables you to bundle your services so that clients can purchase sessions in advance. For instance, a client could purchase a block of five consulting sessions and then book these meetings at their leisure. Packages are great incentives for encouraging repeat business. You could even offer a discounted rate to further boost your retention rates!

That said, if you’ve seen that you’re losing clients somewhere along your sales funnel, you can generate an automated messaging campaign to encourage client reactivation. For instance, you can send personalized messages to inactive customers to encourage them to get back in touch.

Our Final Thoughts on vcita

Whether you’re a small service-based business or a freelancer, your customer interactions lay the foundations for the kinds of client relationships you have.

Fortunately, vcita presents a solution for streamlining and navigating every stage of the customer lifecycle. These days, it’s not enough to simply launch a shiny new product. Instead, customers want value added from start to finish, and vcita provides you with all the tools you need to do precisely that.

Say goodbye to time-consuming practices like hand-crafted emails and awkward phone calls to chase up payments. Instead, say hello to a more organized approach to each customer life cycle stage, excellent customer service, and happy clients.

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When companies face difficult decisions during tumultuous times, the first cuts they make are often a series of layoffs. Layoffs are a severe pain point for displaced workers. However, organizations can help these employees by offering outplacement services as a part of their overall severance package.

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Laid-off workers often feel anxious about the loss of support. They might experience anger about losing the job so suddenly. Moreover, for some workers, depression sets in. After all, layoffs frequently come as a shock. They can be a harrowing experience for people.

But outplacement services can help displaced workers move on in their careers. These services are dedicated to finding laid-off employees new roles—often within the same industry and at comparable or higher pay. Moreover, their goal is to find workers new employment swiftly after a layoff.

What’s more, by offering outplacement services, the employer can salvage their own reputation. Such a move also helps to improve morale among staff members who remain employed. Best of all, it provides a lifeline for displaced workers.

If you have been offered outplacement services, taking advantage of the opportunity is one of the best things you can do for yourself. Here are five of the amazing services modern outplacement firms can offer you.

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Outplacement Firms Offer Tailored Support

Directly following a layoff, the most important thing a person needs is support. Support from their former employer can come in the form of outplacement and a severance package.

Once they are set up with the outplacement company, the candidate can then take advantage of the unique offerings the service provides. These services include tailored support specific and exclusive to each individual.

Tailored support can mean training and teaching applicants how to apply for jobs and giving them access to particular job boards. Additionally, it can mean using technology to make re-employment happen quickly.

They Give Expert Coaching

Career coaches at outplacement services firms aren’t just volunteers or random people off the street. They don’t lack business acumen and experience. Instead, they’re full-fledged human resources and recruiting specialists. They know exactly what they’re doing.

Modern career coaches are tuned in to the current job market. They understand how the job market works. They know how remote work is changing certain industries. Ultimately, they can supply pertinent information on how to get to the interview stage and beyond.

A career coach will sit down with candidates and practice interviewing with them. He or she will do this virtually using technology if the applicant prefers.

They’ll also give the applicant valuable guidance on how to initiate a conversation with a prospective employer. They will also teach them how to communicate electronically with a degree of effectiveness.

Coaches focus on the human element as well, helping candidates evaluate job offers so that they find a new position that meets their needs. By focusing on the individual, a career coach takes the idea of tailored support and leverages it. In short, career coaches at outplacement services firms create a comprehensive action plan that gets fast results.

The availability of career coaches at modern tech-based outplacement services means better, more personalized service for workers who have been adversely affected by a layoff or job loss.

They Offer Displaced Employees Resume Services

The resume is an established tradition of job-seeking. It’s also one of the areas that’s most difficult to rebound into after a job loss. Nearly every job search you’ve ever had to do undoubtedly required you to submit a resume. But resumes can be a tough nut to crack.

As time goes on after a job loss, the idea of the resume starts to seem more challenging than ever. These days, there are more hurdles to getting recruiters even to see a particular resume as well.

Resumes that get rejected in applicant tracking systems (ATS) include, long resumes, inefficient resumes, and resumes that don’t highlight applicable experience. Any and all of these can end up being overlooked.

But a modern outplacement services coach will offer a lifeline in this regard. They can either write a resume for a displaced worker or help them write a tailored resume that can beat the ATS. In other words, they will get a worker’s resume in front of an actual recruiter.

While the rest is up to the job-seeker, a few tips on how to write a great resume can go a long way. If you need to write a resume that rocks, use a clean formatting style. Highlight your appropriate experience, and keep it short and sweet. Finally, make sure to include your contact information.

Outplacement Services Suggest Handpicked Jobs

Sometimes, finding leads for job opportunities is the highest hurdle of all. This is where a job concierge can help. This service scours job boards and other sources of opportunities to find the best job leads for particular candidates.

Job boards let recruiters reach a larger group of potential applicants while providing a significant resource for applicants to find jobs fast. But job boards can also become congested, leading to myriad problems, including overlooking good candidates.

A job concierge circumvents these problems by sending suitable applicants directly to the jobs they feel will match their personality and needs. In many cases, candidates can land an equal or better-paying job than the one they left, leaving them satisfied and ready to transition into a new career.

Outplacement Services Rely on Powerful Technologies

In the 21st century, technology drives the broader experience of life. From the ubiquity of smartphones to the prevalence of social media, technology has a big place in our lives.

So why is it that so many companies are still living in the proverbial stone age when it comes to technology? Finding an outplacement services company that uses technology effectively to help its clients should be your top priority when offering these services to affected employees.

A tech hub that allows candidates to remotely interact with career coaches is essential. Moreover, additional resources, webinars, skill-building, and links to useful documents can culminate in a better outplacement experience for all. Technology is the linchpin of society, so be sure to consider its effects as you select an outplacement services firm to provide for your newly laid-off employees.

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Featured image by Austin Distel via Unsplash

Over the past two decades, the way the world conducts business has changed dramatically. And who is responsible for much of that change? Millennial business owners, that’s who!

Gone are the days when most businesses had brick-and-mortar premises, saw clients in person, and sold stock in physical stores. Modern business is conducted mostly online and offers incredible convenience and efficiency.

Millennials seem to have embraced this new way of doing business better than baby boomers, Gen-Zers, or Gen-Xers. There are many reasons for this.

Image source: Wikipedia

For example, a turnkey e-commerce store is now one of the best business models offering lucrative financial returns and an exciting and fun way of earning a healthy living. Millennials have embraced this opportunity as no other generation has.

Let’s take a look at the advantages millennial business owners have in the 21st century:

1. Millennial Business Owners Embrace Streamlined Business Models

Gen-Xers, baby boomers, and Gen-Zers are more traditional in their approach to business. People in these age groups prefer to deal with customers in person and at physical business premises.

Millennials, however, have made a dramatic departure from this business approach. Instead, they have embraced new and innovative business models.

From making a lucrative living as an influencer on social media, to honing their skills by working remotely while traveling, to spearheading turnkey e-commerce stores, millennials have paved the way for a more efficient future.

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Instead of experiencing many disappointing years at a job they hate, millennials are more proactive. They enjoy running their own businesses successfully.

With an affordable investment, millennials are discovering the many advantages of a turnkey e-commerce store. Since a turnkey e-commerce store is ready for business and transacting the moment it passes ownership, it’s an excellent option if you want to hit the floor running with a working business.

2. Millennials Have In-Depth Knowledge of Digital Media

Millennials are the first generation to grow up with the internet and social media.

This makes them very comfortable with conducting business online. They manage digital media marketing campaigns without a second thought. They’re comfortable with growing a social media account for their businesses.

Like it or not, digital media is here to stay and millennials definitely have the upper hand in this area.

3. They Cope Well with Adversity

The 21st century has seen a tough economic recession and, more recently the COVID-19 pandemic. These disruptions have changed the way people are working throughout the world.

To their credit, millennials seem to have taken the harsh reality of COVID-19 in stride. From adapting their business practices to embracing the work-from-home culture, millennials appear tough. They’re able to cope with whatever comes their way.

This is an excellent attribute to have, especially in the business world where the ability to bounce back from adversity shows resilience and strength.

4. Millennials Expect a Meaningful Way of Life

Millennials are unlike their predecessors who thought nothing of working 60-hour weeks, hardly ever seeing their families, and spending most of their lives at the office.

While millennials are certainly not afraid of hard work, they prefer to work smarter instead of harder. This way of working has been proven to yield the same results.

A turnkey e-commerce store is a great example of this. Instead of having to build up a business from scratch, a turnkey e-commerce business is ready when you are. As long as you are dedicated to providing exceptional customer service and you respond to queries from clients in a timely way, you are already halfway to achieving success.

5. They Are Focused on Excellent Customer Service

Doing business online is incredibly easy. Therefore, in any online industry, there are countless competitors. This makes it essential to stay on top of your game.

Millennials realize that they have to be the best at what they do in order to succeed. It’s for this reason that they are committed to providing excellent customer service. In short, they consider their customers as the reason for their success.

6. Millennials Create Healthy Working Environments and Solid Boundaries

With their high emotional intelligence and willingness to discuss problems (no matter how uncomfortable), millennials strongly believe that a healthy working environment is essential.

Unlike traditional work cultures where bullying, unreasonable bosses, and a culture of negativity was the norm, millennials thankfully do not accept this way of working.

Although it’s now possible to work from home and manage a business from your couch, millennials know how to draw distinct work-home boundaries:

• During their working hours, millennials are productive. They try and respond to all urgent queries as soon as possible.
• Once their working day has finished, millennials do not take their work home with them. Instead, they make time for relaxing and recharging their batteries.

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7. They Are Constantly on the Lookout for Innovation

Traditional business models require the business owner to focus on (at most) only a handful of products or services.

However, in this fast-moving world, millennials understand that while a product or service may be trendy or popular at the moment, this may not always be the case in years to come.

This is why millennials are more open to innovative products and services. Being the first company to offer a new product or service is a great accolade and opportunity for financial reward.

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Featured image from Pixabay

In recent years, there has been an increase in business growth in both Nevada and Texas. Big and small businesses are constantly popping up and flooding the market with new ideas, products, and services. These states are extremely business-friendly. In fact, Nevada alone recorded 283,333 small businesses in 2020.

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With so many businesses operating in the market, it can be difficult to stand out. One way in which you can initially grab consumers’ attention is through your name. Your business name signifies who you are and what your goals and aims are. With a good and unique business name, you can turn heads and become much more noticeable in the competitive landscape.

Image Copyright: TRUiC

Business Name Requirements in Nevada and Texas

Each state has certain requirements you must meet when coming up with a new business name. While there are similarities between naming regulations in Nevada and Texas, certain differences do apply.

Digital Naming Tools

Utilizing a business name generator to create a new name is a useful way to speed up the naming process. TRUiC, for example, has an advanced AI tool that is free to use. There are steps that you need to take, however, to ensure the tool works at its peak. One of these steps is selecting the industry that is related to your business. Not only will this generate better name ideas, but it will also help your customers find your business more easily if they just search your general industry.

Afterward, you will need to select the city or county where your business is situated. This will ensure customers will be able to easily find you when they search for your business if they search by general area.

https://www.youtube.com/watch?v=Oay14K2QMZI

Naming Rules in Nevada and Texas

From this point on, you will need to follow the specific rules set respectively by Nevada and Texas.

For both states, you need to ensure that your name includes “limited liability company.” The abbreviations LLC or L.L.C. are also acceptable. The name should also not be confused with certain government agencies, such as the FBI. To avoid this, do not include any words that sound the same or look similar to government agencies’ names. If you want to add words such as “university, doctor, lawyer,” these might require more paperwork. You might also need a licensed individual to be part of your LLC to justify the use of such words.

In Nevada, further rules apply. Your business name must not be similar to another Nevada LLC corporation, limited liability partnership (LLP), limited partnership (LP), or limited liability limited partnership (LLLP). Your new business name must be separable from any existing business name in Nevada for those reasons.

Businesses in both Nevada and Texas follow a set guide when it comes to naming rules for corporations. Similarities do apply, but each state has a unique set of rules that you must carefully examine.

Nevada Naming Rules

If a corporate name is using a person’s name or initials, there must be a corporate ending. Examples of corporate endings are “Incorporated,” “Inc.,” “Limited,” and so on. The name needs to be discernible and should not have any similarities with existing businesses in the state.

You will need to get approval from certain boards and commissions if you use specific words in your names. Below is a list of examples:

• Nevada State Board of Accounting: accountant, accountancy
• Nevada Commissioner of Financial Institutions: bank, debt collection
• State Commissioner of Insurance: adjuster, insurance
• Commissioner of Mortgage: financial
• State Board of Architecture, Interior Design and Residential Design: architect
• The Administrator of the Real Estate Division of the Department of Business and Industry: community
• Ombudsman: common interest

Texas Naming Rules

In Texas, your name must contain “company,” “corporation,” “incorporated,” or “limited.” You may also use abbreviations. As in Nevada, the name must not have links to other established business names; uniqueness is key.

Furthermore, the name cannot have any implications that the corporation is tied to unlawful practices. For example, it cannot include the words “lotto” or “lottery.” Neither can the name imply that it was created for the sake of war veterans’ needs and interests.

Certain words are completely off-limits. These are listed below:

• Veteran
• Legion
• Spanish
• Disabled
• War
• World War

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Final Thoughts on Forming Your Business Name

After all you have taken all of these rules into consideration, you will be able to generate a name. Then see if it is available and form your business in Nevada or Texas. You can add to the ever-growing environment and stand out in the crowd with a new name that will set your business forward in the market.

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Owning a consulting business can be extremely rewarding. First of all, working for yourself allows you to define your own goals and take on new projects as they arise. Also, even on your worst days, you will likely find a way to be upbeat if you’re passionate about the work you do.

Moreover, given the fact that more and more people want to realize their business dreams and be their own boss, there is a growing need for business consulting agencies. Many of these will properly guide and advise newly formed or existing business entities on how to properly establish and promote their business.

As a consultant, you are well aware of how fierce the competition is in this field. This is why you need to find a new way of offering your services. This is where a well-written consulting services proposal comes in handy.

However, writing a proposal for the services you provide as a business consultant is not always easy. Therefore, one of the best ways to accomplish this is to spend some time researching in order to find a consulting proposal template. Look for a template that presents the services of your consulting business to potential clients in an easier, more visually appealing manner.

Maintain Control over Your Listings and Ratings

As a business consultant, it’s important for your reputation that you keep abreast of professional reviews. Reviews have the potential to make or break your business, so you need to manage yours wisely. You can use a negative review to improve your business if you take the customer’s feedback seriously. So if you get a negative review, work with your customer to resolve the problems that led to the poor review.

In addition to your reviews or ratings, pay attention to your listings. Use the three C’s for clear, concise listings: Maintain current information, use correct spelling, and utilize consistent formatting. Keeping your listings up-to-date, making sure they are displaying correctly, and keeping your information consistent across all listing sites will help ensure that your consulting business is as visible as possible.

Conduct Surveys to Support Your Consulting Business

In order to be successful with business consulting, you need to discover what your clients want. Additionally, as you seek feedback, remember that there are many ways to communicate with clients.

For example, early feedback is important in helping you understand what will or won’t work for a particular client. By asking your clients to fill out surveys, you can get an honest look at their experiences with your company.

Later in your working with them, a client satisfaction survey is a great way to get meaningful feedback. It’s also a good idea to ask clients if they’d like to fill out a short survey when you’ve completed your work with them. However, you should try to keep the survey short. Twenty questions is a good number, as the survey shouldn’t take longer than five minutes to complete and submit.

Image by delphinmedia via Pixabay

Make the Presentations for Your Consulting Business More Effective

Giving presentations to clients can be a significant part of consulting work. Being clear and informative will keep them coming back. It might be a good idea to change your approach if you realize potential clients aren’t interested in what you have to say.

Moreover, don’t bore your prospects with a never-ending presentation. Instead, find a happy medium between useful information and engaging visuals that will keep your audience’s attention throughout. Good consulting presentation tips will help you get your ideas across to others.

Maintain a Professional and Up-to-Date Website for Your Consulting Business

You should always ensure that your website is updated to increase its effectiveness. A company website that is both professional-looking and complete can increase your chances of generating new business. Also, take care to maintain your brand’s voice while keeping a professional appearance.

What, exactly, makes a great consultant’s website so engaging? Your website should help potential clients see you as a talented professional with unique and valuable skills. Your professional website makes it easy for clients, partners, and prospects to learn about you, your work, and your services.

Implement an Effective Content Marketing Plan

As a consultant, you must explore different marketing strategies. You can promote your brand on the internet more effectively by using graphics and videos. This strategy will help you spread your message, especially if you have the skills for creating eye-catching infographics.

Additionally, whenever you create content online, it’s a good idea to include your name, contact information, and web address. Make sure you include a link back to your site when you share content. Finally, keep your customers in the know by making sure your website is always updated.

Final Words

When starting a consulting business, consider setting up your office in a location that appeals to your clients. If you’d like to pay lower taxes, consider forming an LLC for your consulting business. By taking advantage of this system, you can free up more funds to spend on marketing. That way, you can always keep up your business promotion efforts to keep your customer base growing.

Featured image by Gerd Altmann via Pixabay

There are so many situations that can be considered a crisis in the business world. From a social media problem to a security issue that leads to someone in a company being hurt, there are nearly endless potential crises that can feel like they’re lurking around every corner. To be proactive, you have to know what you’re up against, though. With that in mind, the following are some of the core things to know about crisis management.

What Is a Crisis?

In business, a crisis is an event with the potential to be threatening to the success and health of the company. The event could cause damage to the company’s reputation, damage operations, affect finances negatively, or harm employees.

There are things savvy companies can do to reduce the risk of a crisis. For example, having a dedicated security team can keep your personnel and clients safe and secure. Having policies guiding personal social media use can be helpful. Also, having in place a formalized crisis management plan can guide you through a possible storm.

There are external and internal causes of a business crisis. Some of the types of crises that most commonly affect businesses globally are:

• A financial crisis. This can occur when a business faces a drop in demand for its products or services. There is lost value, and the company may not be able to pay debt.
• A personnel crisis is a wide variety of scenarios that can occur when an employee or someone who has an association with a business is involved in conduct or an activity that’s illegal or unethical. Misconduct can occur inside or outside of the workplace. If an executive is part of a high-profile extramarital affair, for example, that could be considered a personnel crisis. In 2019, Adam Neumann, the former CEO of WeWork, stepped down after he lied about how much the company was worth when it first tried to go public. This is also an example of a personnel crisis.

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• An organizational crisis occurs when the business does something wrong to its customers, creating a negative impact on them. If a business isn’t transparent about something their customers need to know and this lack of transparency comes to light, it’s an organizational crisis calling for urgent management. Google faced an organizational crisis at the end of 2020 when there were allegations about the company spying on employees and discouraging unionized organizing by employees. Another example is Wells Fargo. As part of an effort to meet sales quotas, employees illegally opened millions of fake customer accounts without customers’ consent. Employees created fake signatures and records, resulting in billions in revenue.
• Increasingly common are technological crises. For example, maybe a tech system that a business relies on crashes or servers go down. A company can lose revenue. This can diminish their reputation and lead their clients and customers to question whether or not they’re reliable. In 2021, Instagram, WhatsApp, and Facebook all went down for users.
• Natural events can include floods, winter storms, hurricanes, or tornadoes. These natural disasters can disrupt operations and can also damage physical assets and office spaces. COVID-19 is a prime example of a naturally driven crisis.

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You’ll also sometimes see another category when talking about crises in a business—confrontation crises. In this situation, there is a disagreement of some type that the public finds out about.

Not every situation that’s a problem for a business rises to meet the definition of a crisis. There are usually three key elements of a crisis.

First, the problem at hand poses an imminent threat to the organization. The second element of a crisis is that it involves a shock or surprise. The third commonality between crises is that they pressure the business to make decisions quickly.

What Is Corporate Crisis Management?

Corporate or business crisis management is what helps an organization as well as key stakeholders perceive threats and then mitigate them in an organized, strategic way.

Corporate crisis management relies on making a plan that can anticipate the unpredictability of world events. To put it even more succinctly, crisis management is about planning to expect the unexpected.

No matter size, industry, or any other factor, there isn’t an organization that’s immune to a possible crisis. What sets a business apart and paves the way for ongoing success is the ability to survive and then ultimately thrive following a crisis.

When a crisis does arise, if your company does not manage it correctly, it can affect your future ability to remain a viable business.

What Are Some of the Models and Theories?

A crisis management model is a conceptual framework that you can use to prepare for and cope with and recover from a crisis.

The following are some of the models of crisis management:

• Pre-emptive crisis management approaches work to prevent or resolve a crisis as soon as possible. The earliest sign should trigger a response to avoid the situation or clear it up.
• A proactive approach to crisis management means that you take steps early on. Then you can, as a result, have some control over how an event unfolds.
• Responsive crisis management is a model your organization might rely on when there isn’t much warning of a crisis. You can count on thoughtful but fast analysis so you can take decisive, effective action.
• Reactive crisis management is panic-driven, not well-thought-out, and is often a knee-jerk reaction. Emotions can take charge in reactive crisis management, which is what you never want to see happen. Reactive crisis management means the company responds defensively, and the long-term results can be disastrous.

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Professor Can Alpaslan also created a similar model with a focus on stakeholder involvement. In this model, crisis management follows a continuum.

The first part of this is proactive crisis management. All stakeholders that could be affected or harmed should prepare for the crisis.

In accommodative crisis management, an organization accepts the possibility of a crisis. They then involve a broad set of key stakeholders to prepare. In a crisis under this model, a company takes responsibility, meets the needs of whomever the victims may be voluntarily. The organization is honest and transparent.

In contrast, defensive crisis management under this model is when a business prepares only for those scenarios that could have high expected costs. They only involve stakeholders if they’re required to legally.

A company in defensive crisis management doesn’t take full responsibility but might admit to partial responsibility. The company is doing only what they’re required to do in a legal sense.

Then, in this model, with reactive crisis management, an organization denies the crisis and any potential consequences. They aren’t transparent or cooperative.

How Can You Create a Crisis Management Plan?

Regardless of the type of crisis or the specific approach an organization is going to take, when making a plan to deal with it, remember the following:

• Before you can create a plan, you need to think about all the types of crises that could affect you. Consider the ones your business, in particular, is most likely to end up dealing with.
• From there, determine the level of impact a crisis could have on your business as specifically as you can. For example, could it lead to a loss in sales, diminished reputation, or a loss of customer loyalty to your brand? The more you can quantify the effect of each potential crisis, the better you can understand what you’re preparing for and how to best do it.
• Think about the type of action you need to take to bring about a resolution for any of the identified situations. For example, you might use crisis management theories like the ones listed above.

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• Identify not just the potential scenarios you could face and how you’ll respond, but who will be in charge of what. You need to have particular details about who will carry out each component of your action plan. You may need external help, such as from consultants or legal professionals.
• What will your resolution plan be? Each resolution plan is going to depend on the situation. Still, you’ll want to ask yourself for each possible situation how long it will take to resolve. You need to determine the tools and resources you’ll need and whether or not you’ll have to address customers directly. You’ll also need to evaluate the root cause of any crisis and figure out how you can prevent it from happening again.
• Train everyone who needs to know what your plans are, and give specific training based on their anticipated role. Even if you don’t expect some employees to play a role in a given crisis, you should still generally inform them about the plans.
• Revisit your plans regularly and update them as necessary because things change quickly.

Image by Shvets Production via Pexels

Will You Establish a Dedicated Crisis Management Team?

Depending on your industry and your business, you might have a dedicated crisis management team you work with. Even though the team would handle most elements of a possible crisis, you need to be aware of at least the general strategy and framework that they would undertake.

Featured image by madartzgraphics via Pixabay

Many people dream of generating passive income every month. While it is almost impossible for most people to create income by doing nothing at all, you can bring in a decent amount of money regularly through affiliate marketing.

In fact, the average affiliate marketing income is better than the money you can generate regularly in some other fields of activity. It is without a doubt one of the best ways to create a good passive income on the internet.

What Is Affiliate Marketing?

Affiliate marketing is a system a company can put in place to reward users when they bring them customers.

A personalized link on a landing page or a target product or service page is what makes this work. The brand generates your personal link. This link allows them to know that a customer came to them from you. After an affiliate purchase, you get either a percentage of the value of the product or a fixed amount. You can share several links on your site.

When you garner the brand sales from your site, you are their affiliate partner. They may also refer to you as a business contributor. Affiliate marketing is in the truest sense “performance marketing.” It’s the best way for the brand, as they only pay if you bring them customers. However, bonuses with affiliate marketing can be lucrative and interesting.

What Is the Average Affiliate Marketing Income?

It is difficult to know what the average affiliate marketing income is, as there are no precise statistics. However, we can say that the income from affiliate programs can be as much as several thousand dollars annually. What’s more, there are especially successful bloggers and vloggers who bring in six-figure incomes by way of affiliate programs.

What Is the Secret Sauce for Having Passive Income with Affiliate Marketing?

Establishing affiliate partnerships is simple. It doesn’t require superior efforts. Here’s the recipe:

• Choose a theme or niche.
• Start a blog where you post interesting and entertaining articles or product comparisons.
• Develop an acquisition strategy such as SEO to bring traffic to your blog. This is where the rubber meets the road. You will promote material to the people who visit your site. This content will then redirect them to your personal affiliate links.
• Add three heaping tablespoons each of motivation and patience.

Affiliate marketing also requires the personal investment of some of your time, especially in the beginning. Without it, wealth will not come knocking at your door. Certainly, it won’t arrive in the first days after you launch.

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Choose a Niche

The first thing you need to do is choose a niche. It is important to understand that some niches are more profitable than others. For example, finance is more profitable than food.

However, it’s always a good idea to pick a niche that really interests you. This will allow you to promote affiliate links in a more authentic way. It will also keep you interested in what you are doing.

Create a Platform to Attract Your Audience

Now you’ll need a platform that allows you to grow your audience. The most common affiliate marketing approach is to use a website or blog, although you can also use YouTube, social media, online courses and events, or any other online channel to promote your affiliate links.

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Choose Affiliate Products for Promotion

Now that your platform is set up, it’s time to choose your affiliate products based on your niche. Keep in mind that choosing affiliate products should be pretty straightforward.

The easiest way to find affiliate products is to join an affiliate network. These are networks that connect affiliate sellers with brands that run affiliate programs. Brands and affiliate marketers all make money from these programs, so it’s a win-win relationship.

When Can You Expect to Begin Earning?

Once you’ve set up your website and have your affiliate links, it’s time to get those affiliate links to start making money for you.

There are many ways to do this. However, whatever your approach, you will need some essential elements to promote your affiliate links. These are:

• Traffic and reach
• A mailing list

As long as you have these basic elements, you can start making money as an affiliate marketer.

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In this post, we discuss the importance of comparing life insurance quotes.

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Life insurance is a crucial addition to any business owner’s financial portfolio. It offers complete financial security to your family in your absence. As such, it is one of the most important investment decisions if you are a breadwinner.

Even though there are different life insurance plans available, such as endowment plans, one must consider taking a term plan. These low-cost life insurance plans provide expansive coverage to protect your family against life’s uncertainties.

However, when you are looking to buy a term plan, the first thing you need to do is compare life insurance quotes online.

Let us discuss the importance of comparing life insurance quotes when buying a policy.

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Tips for Comparing Life Insurance Quotes

It is easy to calculate life insurance quotes online. However, there are some things you need to keep in mind when comparing and calculating premiums online. Here are some steps to follow:

• Enter the sum assured you want.
• Enter the policy duration.
• Choose the premium payment option. It can be a single payment, monthly, quarterly, or annually.
• Make a note of the premium amounts offered by different insurers.
• Compare premiums to make an objective decision based on cost and benefits.

Reasons to Purchase Your Policy Online

Everything these days is available online. When it comes to buying life insurance plans, things are no different. Online transactions give you transparency and complete control over the buying process.

With easy access to the internet, you can enter the websites of life insurance providers with a click of a button. Then, you can simply enter all the details as discussed above and check the life insurance quotes.

All the insurance companies these days have a user-friendly website to help you navigate the page with ease. You even don’t need to invest too much time. The process is relatively straightforward. You can use these websites to check life insurance quotes. You can also plan features and other crucial details. 

Why You Must Compare Life Insurance Quotes Before Investing

1. Premium rates online are relatively cheaper than their offline counterparts.
2. Buying a policy online gives you a quick turnaround. Usually, it can take up to three weeks for an insurer to give you policy approval. However, in some cases, the result may be quicker.
3. There is no paperwork involved when you compare and buy policies online.
4. Enjoy complete transparency throughout the process.
5. You may be able to buy the term plan without the need for a medical checkup if you fall within a predetermined age group or for a certain sum assured value.

Why Choose Term Insurance Plans?

Term insurance plans are simple. They are the purest form of life insurance plans. But if you are wondering why you need to invest in them, these reasons below will help you make an informed choice.

• Term plans are more affordable than any other life insurance plan.
• You have the flexibility to choose coverage that is most suitable to your income and lifestyle requirements.

You can expand your policy coverage by adding rider benefits, such as critical illness, accidental death, and so on. These riders are available at nominal prices and help provide an added layer of security to your savings

• You can get discounted premiums if you follow a healthy lifestyle or buy a policy at a young age.
• It is pure life insurance. This means that all the money you pay toward your premiums accumulates to provide death benefits.

Which Is the Best Term Insurance Plan?

The best way to know about suitable insurance plans is to assess your needs first.

After that, you can do online or offline research to learn about available policies that meet your budget and lifestyle requirements. Most of this information is available online these days, but you can also call the insurance companies to get more guidance.

Finally, it is advisable to make an Excel worksheet with all the details you gather through your research efforts. This will help you see the benefits and cost analysis in an objective way. Once you have all the necessary information, you will be able to make the most prudent investment decision.

This is a tried-and-tested method to calculate life insurance quotes. It is also the easiest.

Make sure you have all the information you need before you finalize a policy. Following a systematic process to compare plans will help you choose the highest sum assured at the most affordable premium option.

Keep all these points in mind when you are looking to buy life insurance.

Featured image by rupixen.com on Unsplash

Moving out of India, whether for business or personal reasons, involves a lot of changes. This includes the way you manage your finances. As a non-resident Indian (NRI), if you want to continue investing back home, you can do that easily with an NRE (Non-Resident External) Recurring Deposit account. Here’s a guide to understanding how an NRE RD works, including NRE recurring deposit interest rates and more.

What Is an NRE Recurring Deposit Account?

While non-resident Indians can bank in India, there are some special rules and regulations in place. Under the Foreign Exchange Management Act (FEMA), non-resident Indians cannot have bank accounts similar to those that resident Indians can have. However, several NRI accounts can meet your investment and savings needs. These include NRE RD accounts. This type of account, maintained in rupees, offers attractive interest rates on maturity.

With this account, you can invest small sums in India every month. A predetermined amount gets added to your deposit every month. It earns the same interest during a specific term.

On maturity, you receive the accrued value of all your installments along with the earned interest. Another significant advantage of investing money in an NRE RD is that the interest you earn is not taxable in India.

What Features Are Important When Choosing a Bank for an NRE RD?

The NRE recurring deposit interest rates and other available benefits can vary from one bank to another. That’s why, before choosing a bank to open an NRE recurring deposit, there are certain features you must consider. For example:

• Your Funds Should Be Repatriable:
  Your funds, both principal and interest, must be fully and freely repatriable.
• The Bank Must Offer Ease of Funding:
  You should be able to transfer funds with ease from your NRE savings account every month.
• Your Funds Should Be Maintained in Indian Rupees:
  Your funds should be maintained in the Indian currency.
• Interest Should Be Exempt from Tax Deductions:
  The interest your deposits earn should be exempt from tax deductions.
• The Bank Should Offer Suitable Deposit Tenure:
  You should have the freedom to choose a suitable deposit tenure. For instance, with IndusInd Bank, you can take advantage of competitive NRE recurring deposit interest rates. Terms range from a minimum of one year up to a maximum of ten years.

It is important to note, however, that banks will pay no interest income if you close your NRE deposit account within twelve months.

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How Do You Open an NRE Recurring Deposit Account?

Opening a recurring deposit in India from abroad may sound like a lengthy process. However, nowadays it is easy to do.

For instance, all you need to do is follow a few quick steps to open an NRE RD account. State-of-the-art digital banking features make this possible today. Start by checking the prevailing NRE recurring deposit interest rates. Check also to see if you meet the specified eligibility criteria. Then get your deposit account running.

Once you meet the criteria and understand the paperwork requirements, you can apply online through the bank’s website. Or you can download the deposit opening form.

Fill out the form, upload it along with any relevant documents, and submit it online. Alternatively, mail the completed form to the bank address. If you cannot file the application online or download the necessary form, you can connect with the bank and request help with your application.

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Conclusion

As you can see, starting an NRE recurring deposit helps you set aside funds every month. This enables you to earn interest without the risk of facing market fluctuations. Moreover, opening an account is a cakewalk. So what are you waiting for? Open your NRE RD today.

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