If you're a new entrepreneur, an important task is ensuring that your business is compliant with all local, state and federal regulations. Some legal matters require immediate consideration, and you will want to address those issues as soon as possible. To help, Young Entrepreneur Council members share 10 essential tasks to handle right away when starting a business. When first starting your business, it's important to get all the legal matters in order as soon as possible. In your experience, what's one legal consideration new entrepreneurs should be sure to handle right away and why? 1. Set up a company mailing address It's important to set up a company mailing address, especially if you are a remote business and don't have a physical location. This address will be used in all of your email correspondence, legal documents, and more. You can set this up through a registered agent or through a company that handles mailboxes for businesses. Be aware you can't use a P.O. Box to receive certain government forms and you may need a physical mailing address. —Nathalie Lussier, AccessAlly 2. Check for preexisting trademarks One legal matter that needs to be addressed when starting a business is trademark issues. When creating your brand or developing a product, always check to see if someone has trademarked the name. If they have, you'll need to go back to the drawing board. The last thing you want to do is infringe on a registered trademark and end up in legal trouble before you get your business off the ground. —John Brackett, Smash Balloon LLC 3. Find a good, experienced lawyer Get a good lawyer who understands corporate law, finance, and mergers and acquisitions. It's impossible to know what future legal matters you will face at incorporation, but good lawyers will know what's ahead, even if you don't. A good law firm can modify existing documents and help with negotiations. Having a good lawyer who understands how to structure legal matters is important. —Sean Adler, GZI 4. Establish the business as an LLC or corporation When first starting out, one of the most important legal considerations to handle is establishing the business as a limited liability company (LLC) or corporation. That’s because every other step of the business-opening process will demand the legal name of the business. It’s what makes it possible to get a federal tax ID, which is also required for key financial elements like bank accounts and insurance policies. — Richard Fong, Trustable Tech 5. Put financial agreements in writing Always put financial agreements in writing. Money can easily break friendships and kinships, and you don’t want any misunderstandings to arise in the future. The agreement should include the nature of the return on investment. This is a serious expression of your commitment to the business and your intent to make money from it. —Bryce Welker, Crush The GRE Test 6. Publicize your company legally if necessary One of the first things you should do before starting your business is determine if you need to publicize your company legally. Some cities and states require business owners to publicly announce that they created a company before they're recognized. Failure to follow this step could result in hefty fines, confusion, and legal issues. —John Turner, SeedProd LLC 7. Understand your estimated tax payments Talk to a CPA about your estimated tax payments, especially if you offer professional services. It would be unfortunate if you lost your license because of the back taxes you owe. In the first few years of business, you don't want to underestimate your dues to the IRS or find yourself in a financial bind. Estimated tax payments per quarter are ideal. —Givelle Lamano, Lamano Law Office 8. Ensure you’re following the right payment rules Make sure that you're compliant with payment issues. There are many regulations that govern how you can accept payments from your clients. This is especially important if you work with clients who live in other countries, as you'll need to consider currency exchange rates and taxes. By working with a legal professional, you can ensure that your business is following all the right rules. —Syed Balkhi, WPBeginner Source: https://www.forbes.com Image Credit: GETTY
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Many professionals look up to entrepreneurs for their determination, perseverance and freedom to have more control over their day-to-day lives. But even entrepreneurs have role models they look up to. Whether they’re other highly successful entrepreneurs, billionaires or simply inspirational people, the world is full of those with amazing stories who serve as inspiration for today’s business leaders. Below, members of Young Entrepreneur Council each share someone they look up to in the business world, an important business lesson they learned from them and how that lesson has impacted the decisions they make as an entrepreneur. 1. Anand Mahindra I admire Anand Mahindra, chairman of Mahindra Group. His dedication to ethical business practices, innovation and philanthropy is particularly inspiring to me as an entrepreneur. One important lesson I have learned from him is to always focus on the customer experience. This has had a major impact on my decisions as a business owner in that I strive to ensure every interaction with customers reflects my company's commitment to quality service and satisfaction. Through his example, I have also come to appreciate the importance of giving back. It has become a cornerstone of my mission as an entrepreneur—creating positive change by investing in people, communities and technology for long-term success. - Pratik Chaskar, Spectra 2. Bob Parsons I look up to Bob Parsons, the founder of the GoDaddy group. The story of how this Vietnam veteran went on to build one of the biggest domain registrar companies worldwide is inspiring. To quote him, “You got to go down a lot of wrong roads to find the right one.” This has been an important business lesson. I learned persistence from him and the knack for finding riches in the most unnatural places. When he started GoDaddy in the 90s, he tried many things like building networks and selling education, but it did not work out. He lost millions of dollars until the domain name registration business caught on. Any company has to reinvent itself again and again to stay relevant and successful in business. - Brian David Crane, Spread Great Ideas 3. Tim Cook I have deep respect for Tim Cook, the current CEO of Apple. He has continued to move the brand forward, even after the death of the legendary Steve Jobs. One quote that sticks out to me is, "Let your joy be in your journey—not in some distant goal." I think we would all do well to remember this advice. The suggestion is that if you spend all of your time focusing on the next goal instead of enjoying the journey, you'll never truly feel satisfied with your accomplishments. This advice helped me open up and enjoy my journey as a business owner instead of focusing solely on numbers and our next big win. - Chris Christoff, MonsterInsights 4. Sam Walton I look up to Sam Walton, the founder of Walmart and a man admired globally for his work ethic. His hard work and leadership paved the way for Walmart to be the massive brand that it is today. He grew the company and did it in a humble yet effective way. Walton's vision led Walmart to be one of the most recognizable brands in the world. The lesson I learned from him is that the key to making your dreams a reality is hard work. It can take countless failures and years for you to acknowledge success, but if you continue to work hard and believe in what you're doing, nothing can stop you from achieving your goal. - Stephanie Wells, Formidable Forms 5. Oprah Winfrey I look up to Oprah Winfrey as a businesswoman. She is a great example of someone who has achieved success through hard work and dedication. An important business lesson I learned from Oprah is that no matter how hard the journey may be, you must never give up. Her determination to succeed has been an inspiration to me. This lesson has impacted the decisions I make as an entrepreneur by reminding me to stay focused and never give up, no matter how difficult things may seem. It also reinforces the importance of taking risks in business and believing in yourself, even if others don't. Knowing that failure is a possibility, I am encouraged to make well-informed decisions and to remain persistent no matter the outcome. - Andrew Munro, AffiliateWP 6. Jack Ma I regularly cite Jack Ma, the co-founder of Alibaba Group, and his example of using his company vision to make business easier as a filter for every business decision he has to make. With all of the proposals brought to his attention, he would run each idea through the decision filter of “Does this make doing business easier?” Staying aligned with a clear company vision by using it as a filter for the choices you make keeps you on course with the direction you want your business to grow in. Having a vision, mission and core values is something I always have in the forefront of my businesses, but I also apply this practice to my personal and family life. By always making decisions according to the principles I devised for myself, I know my time and energy are conserved for what matters most. - David Henzel, TaskDrive 7. Dolly Parton Dolly Parton has a very "calculated risk" approach to business and life. She admits to having more guts than talent, and that is a brave thing to say as someone who became famous decades ago when women were often expected to play roles of mother, wife and supporter to the man of the house. Part of the reason why she is so successful in life, love and business is because of her courage, self-awareness and how she embraces failure as part of the process. She has thick skin and can take the pokes at her for being “too blond” or “ditzy” because deep down she knows who she is, what she values and what she wants to accomplish. She also has a program that mails books to kids for free, so she’s someone who uses her profit for philanthropy. - Givelle Lamano, Lamano Law Office 8. Bill Porter He isn't well known, but I've always been inspired by the late Bill Porter, a former salesman with Watkins. Porter's story was told in a book and the film Door to Door. He had cerebral palsy and had to beg to be allowed to work as a salesman for Watkins. He then asked to have the worst area for sales. Porter worked in that area for years and became the company's top salesman. He worked for Watkins for probably 40 years or more. It made me chuckle that he even plugged Watkins' sales at the end of the movie, asking people to contact him if they wanted Watkins products. The lesson I learned from his life is to not limit yourself. Stick with what you know you can do well and don't let the fear of failure stop you from doing it the best way you know how. - Baruch Labunski, Rank Secure 9. Arianna Huffington I take inspiration from Arianna Huffington. She is an inspiring entrepreneur who has built successful media companies that promote workplace well-being. She is an inspiration to many people, and I believe her success reminds us of the importance of finding balance and meaning in our work. - Benjamin Rojas, All in One SEO 10. Richard Branson Richard Branson stands out for his innovative approach to business and his ability to pivot from one industry to another. To pivot isn't necessarily something I strive for myself, but it does show an incredibly creative mindset. For example, Virgin Records was a very influential company in the music business, but Branson eventually sold it as the music industry evolved and new technologies began to replace record stores. Like many airlines, Virgin Atlantic has struggled the last few years, but I expect Branson will always find a way to land on his feet and offer services that are needed in the coming years. - Kalin Kassabov, ProTexting Source: https://www.forbes.com
Cash may be losing its luster as a payment tender, but it's a 'must have' when it comes to rewards program benefits and will be for the foreseeable future. Cash as a payment tender may no longer be king, especially with the rapid shift toward online shopping and digital wallets. Nevertheless, today's consumers clearly prefer cashback rewards as their loyalty program currency. At the same time, cashback and coupon rewards programs are becoming more critical to consumers: when times are good, saving money is a nice-to-have, but with an uncertain economy and high inflation, cashback rewards and discounts are essential for most consumers. Rewards for shopping are now expected on everything from groceries to financial services and travel. At the same time, customers seek expediency and frictionless shopping while immersed in their online experience. However, not all reward programs are created equal or meet consumers' preferences. For one, they want simple, user-friendly experiences. They also want rewards embedded seamlessly within their shopping experience, and discounts automatically applied at checkout. What they don't want is to detour from their shopping experience or search through a directory of brands to "turn on" an offer. Long story short: the easier it is to obtain rewards from a loyalty program, the better. Retailers and payment enablers (financial institutions and card issuers) who make their rewards programs naturally accessible and seamless within the shopping journey will achieve the most success in inviting — and sustaining — prized consumer relationships. The growth of loyalty and rewards programs Loyalty programs are a win-win for both retailers and consumers. Brands offering rewards programs usually see stronger brand loyalty, better customer retention, lower user acquisition cost, and increased revenue. Consumers, in turn, benefit from lower prices and ease of use, including earning cashback on purchases and using coupons as they check out. In industry surveys, roughly 83% of consumers say that they are more likely to do repeat business where a rewards program is present than a comparable business without a rewards program, TidalCommerce reported. Almost 2/3 of internet users believe that earning rewards and loyalty points is one of the most valued aspects of the shopping experience. Consumer expectations for rewards programs, and their online shopping behavior, have evolved to the point they now help drive retail loyalty. While consumers will always find ways to shop, many in the current economic climate now seek more ways to stretch their budgets by participating in loyalty and shopping rewards programs to earn discounts and cashback rewards. In a recent survey commissioned by Wildfire, 90% of consumers say that, because of rising prices, they are more interested in getting discounts, using coupons and earning cashback rewards when they shop. In effect, shoppers consider rewards to be a key part of their shopping experience, whether directly through a retailer's program, credit card company or even through a third-party program. Third-party programs, including online shopping companions such as PayPal's Honey, Capital One Shopping, the Acorns Earn program and even built-in discount alerts offered by the Microsoft Edge browser and Bing search engine, have gained in popularity. These help direct consumers to coupons, discounts and cashback rewards right as they shop. What makes using these programs even more appealing to consumers is that they are embedded within the buying process and activated within the natural flow of users' online shopping experience. Another data point from Wildfire's survey indicated that most consumers expect coupons to be applied automatically at checkout during the natural flow of the shopping experience. They also prefer cashback rewards via direct payment, with about half of the consumers choosing it as a credit to their banking account or credit card and about 30% of customers preferring to receive it through a service such as PayPal, Venmo or Cash App. Cash as reward currency — offered simply Speaking of coupons, discounts and points, while those shopper incentives might be nice, most consumers prefer cash as their reward currency. In Wildfire's consumer survey, eight out of ten consumers surveyed indicated they prefer rewards in the form of cashback rather than points, miles, or other types of credit. Many retailers have realized that offering incentives — such as cashback, coupons and shopping rewards — can influence consumer purchase behavior, sales conversion, and even where consumers choose to shop. Over 80% of the consumers we surveyed report they'd be more likely to shop at a store where they could earn a cashback reward on their purchases vs. one that doesn't, and 79% are more likely to complete a purchase when they can earn a reward. The good news is that many retailers are starting to listen to customers, as indicated by a recent report from Comarch, which shows that almost half of the direct-to-customer retailers currently, or intend to, offer cashback rewards as part of their loyalty program. How to implement cashback in your loyalty program What are the takeaways for online businesses seeking to capitalize on the consumer demand for cashback rewards?
The bottom line? Cashback rewards programs drive both top-of-funnel shopper visits and bottom-of-the-funnel sales conversion. Source: https://www.entrepreneur.com
Not a fan of New Year’s resolutions? Here’s something to try instead: gratitude. Practicing gratitude is simply stating the things you are thankful for. This may seem a little like a fifth grade Thanksgiving assignment, but trust me: it’s a fantastic exercise you can use in your business any time of year. Here’s how gratitude can help you in business. 1. Gratitude reframes negative situations If you’re like every entrepreneur on the planet, you likely often focus on what’s going wrong in your business. That late-paying client, the computer that’s on its last leg, the client who texts you after hours and on the weekend . . . you know what I’m talking about. Considering what you’re grateful for doesn’t erase those stressful parts of running your business, but it can reframe them. Consider: Late-paying client—I'm so grateful that I have a client who pays me so well! 2. Gratitude puts you in the right place to manifest what you want Gratitude is high-vibration energy. So is manifesting. If you generate all this positive energy by considering what you’re grateful for, it’s easier to slide into thinking about what you want in the future. When you want things, you can sometimes come from a state of lack, especially when it comes to money. When you say “I want” something, the Universe hears that you don’t have it and therefore will keep you in that state of lack, especially if it feels a sense of desperation in the wanting. But once you’re in that state of flow and abundance that gratitude provides, you get out of that place of lack, and the Universe may be happy to deliver what you want, be it a new client or bigger retainers. 3. Gratitude in business builds our connections with others When we’re truly grateful for the people around us, we can foster better relationships with them. Showing gratitude to a business client by telling her how much you love working with her, for example, could come as a pleasant surprise to her. Down the road, she refers more business to you. Remember that expressing gratitude needs to come naturally and that it should never be forced. Too often we don’t tell people the pleasant thoughts we have about them, and that’s a shame. By sharing how thankful you are for someone in your world, you foster that bond. How to build a gratitude practice Think about what you're grateful for There are any number of ways you can create a ritual around gratitude. Personally, I list three things I’m grateful for that are coming up in my day each morning, and then I do the same in retrospect in the evening. This helps me see what’s really going on in my life with a positive lens. After I list my morning gratitude, I also state one thing I’d like to manifest in my day. It could be big, like closing a deal, or small, like getting a pleasantly surprising piece of mail. There are gratitude journals you can use to write yours down. It’s always fun to read them years down the road to see what was going on in your life! You can also use the full moon as an opportunity to list what you’re thankful for. If I’m feeling particularly overwhelmed, I will sit in meditation and list every single thing I can think of that I’m appreciative of, from the soft, warm cat in my lap to the sunshine outside, and everything in between. Speak your gratitude out loud I touched on this above, but it’s important that you share your gratitude with others. Don’t keep it in! If you have employees, thank them for their hard work. Elaborate on exactly what it is that you are appreciative of, whether it’s them taking initiative in a meeting or simply brightening up the office with their happy personality. With clients, make a point to make them feel special. This can be as simple as emailing an article that made you think of a client or sending a gift basket for a holiday or birthday. Don’t overlook yourself! While you’re telling everyone else how much you appreciate them, don’t forget about the person who makes your entire business and life possible: you! Rather than berating yourself for mistakes you’ve made, try showing appreciation for all the hard work you’ve put into your business. I’ve even gone so far as to physically mail myself a letter (or sometimes flowers) and thanked myself for specific things I’ve done. When you’re a micropreneur or solopreneur, there may not be anyone else to give you a pat on the back, so you’ve got to do it yourself! Gratitude benefits your business and your personal life Expressing gratitude is a wonderful practice in both your personal life and in your business. The more you can see what’s good in your world, the more you can open up to even more success in the future. Source: https://www.allbusiness.com
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