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How to Choose the Right Payroll Management System

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Are you looking for a great payroll system for your small business?

Payroll can easily be one of the most strenuous aspects of running your business.

You want to make sure you always pay your employees on time. You want to make sure you always have sufficient funds in your bank account. Keeping in touch with payroll tax laws is another nightmare!

But with a payroll management system service, you can have all these tasks managed for you.

So how do you find the right payroll management system for your business?

Here are the criteria that you should know about:

It Offers Reimbursements and Additional Payments

You want to choose a payroll management system that lets you make additional payments.

These include payroll tips and other fees that supplement your employee’s wages.

These payroll services will let you add columns to pay these additional fees. You can leave a note for your employees so they can keep track of additional fees and why they were paid.

You can also look into PayActiv TimelyTips and Mileage to accommodate payroll tips and mileage reimbursement.

Crucial Features

Next, let’s look at some of the crucial features that you should expect from all payroll management systems.

Here’s what you should expect:

  • Direct Deposit: This feature will connect your payroll service to your employee’s bank accounts. This expedites transfers between bank accounts
  • Tax Compliance: The service should let you calculate payroll taxes, sales taxes, and withhold taxes from wages
  • Salary Options: This lets you handle different payment types such as a monthly salary, hourly wage, fixed wage, etc.

Make sure your payroll service has at least all 3 of these crucial features. If even one is missing, move on and find another option.

Advanced Features

Now let’s look at the advanced features that you want in your payroll management system.

Always opt for the payroll service that has more features, even if you feel it’s out of your price range. In the long run, you might depend on these advanced features.

Here are the advanced features you should expect:

  • HR Workflow: The service should help create invoices, pay stubs, and track working hours
  • Works on the Cloud: It’s easiest to work with a payroll service that works on the cloud. When you’re away from your work computer, you can check your payroll information through your internet connection. This makes your payroll services much more convenient!
  • Geo-Compliance: Make sure you find a payroll service that works for your geographic area. This means it can follow the payroll laws and taxes of your jurisdiction without you having to do any research
  • Tax Classification: It should work with W2 and 1099 workers

Efficiency

You want to choose a payroll management system that makes payroll more efficient. 

For example, how simple is it to onboard and terminate employees? If you hire an employee, you should be able to add them within minutes. The same goes for if you need to remove them from the payroll system.

You shouldn’t have to wait a few days to verify your employee bank accounts. This will postpone them from receiving their wages on time.

Employees should also have access to the payroll management system. They should be able to download PDFs of pay stubs and W2s when needed.

There should also be automation features. This way you can plan your payroll schedule in advance.

After you do it, your payments will get sent on time without you having to do any additional work.

Pricing

You want to choose a payroll management system that has tiered pricing. This means that there are different packages with different features. You can choose the tier that works best for your business.

This also means that the payroll management system is always working to improve its service. As such, you can upgrade your payroll package as you scale your business.

Make sure there are no hidden fees for the payroll service. The only fee you should pay is the subscription fee for your package.

Take your time to research different pricing options among payroll services. You don’t want to opt for the cheapest service as this will offer the fewest features. Conversely, the most expensive payroll service might be overpriced.

It’s best to choose a payroll management system that doesn’t exceed 10% of your monthly expenses.

Reputation

Make sure you also research the payroll service’s reputation online. This will tell you how other small businesses assess their features.

You should check product review sites to read reviews for the payroll service. You want to choose one that has overwhelmingly positive reviews.

If there are negative reviews, make sure you read them. These critiques might point out red flags in the payroll service.

You also want to see if the payroll service has reviews and testimonials on its website. The best payroll services will not hesitate to share customer feedback on their website.

Ask your fellow entrepreneurs about which payroll services they like the best. If you’ve dealt with a payroll service for your previous jobs, contact your former employers to ask them for their feedback.

Customer Service

It’s imperative that you choose a payroll service that has great customer service. If the features are great but the customer service is poor, you’ll get frustrated with the payroll service.

The payroll service should offer many ways to contact customer service. There should be an email address, phone number, and live chat option. There should also be a helpdesk and FAQ page.

After you’ve created your shortlist of payroll services, contact a support agent from each of them. Ask them about the payroll service and how it can help your small business.

Use this session to assess the quality of customer service. If you find that they know the product and are willing to help, you should consider the payroll service.

If they’re in a rush to “hang up” and sell you the product, you should move onto another choice.

Choose Your Payroll Management System

Now you can choose the right payroll management system for your small business. 

Make sure you first check that they have all the crucial features we outlined. Next, you want to make sure they have as many advanced features as possible.

You want a payroll service that’s efficient and has excellent customer service. If it has a great reputation and is reasonably priced, you should consider it for your business.

You can find more great business tips on our website!

You Got Mail! Your Step-By-Step Guide to Increasing Conversions on Your Email Campaigns

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We live in an era where the average person sees around 4,000 advertisements per day. To make sure your email campaigns stand out and lead to conversions, you’ll need to rethink the way you look at email marketing.

Curious to find out how you can start seeing better results? Keep reading for a quick and easy step-by-step guide on how to boost your email marketing without spending a fortune!

Only Market to Qualified Leads

As simple as it may sound, you can often chalk up the lack of response to an email marketing campaign due to a lack of interest.

Think about how you view email ads. How annoyed do you get when you open your inbox and see an email from a company you’ve only purchased from once?

Rest assured, a segment of your customer base feels the same way. However, that doesn’t mean you should throw the baby out with the bathwater.

Instead, it’s time to break out the analytics and find the most responsive customers. These are the people you’ll want to prioritize.

You can even use the emails clicked on the most as email campaign examples to learn from.

You’ll also want to pay close attention to those who open your emails but don’t follow through with a sale.

Members of this audience segment are known as marketing qualified leads. And as emailoversight.com points out, they’re some of the most integral potential customers as they’ve expressed interest in your business before.

Make It Personal

If you’re struggling to create attention-grabbing subject lines, here’s an easy trick: start personalizing! Data shows that personalized subject lines can boost email open rates by as much as 50%.

And adding personalization to your subject lines is easier than you might think. Most email marketing software has options for personalization, so it’s as easy as clicking your mouse or typing in the recipient’s name.

While it might be a smidge extra work, it’s worth it for a more successful email drip campaign.

Get to the Point

If you were to look at a collection of the most effective email marketing examples, you’d notice one thing they share in common: they get to the point, then they get out.

This is something to strive for. The shorter and more efficient your email, the better. You can also create email campaign templates to make the process even easier.

All marketing emails should follow a pretty basic premise:

  • Personalized subject line
  • Greeting/reason for contact
  • Information about the promotion
  • Call to action

It’s that simple! Each section of the body only needs two to three sentences max.

Optimize for Mobile Users

Most of your audience will see your email through their phone. Accordingly, you’ll need to ensure that all images, video, and GIFs come through as they would on a desktop email client.

There’s no reason for broken images, poor formatting, or long load times. What’s more, these aspects can make your business look unprofessional.

Optimization is easy and only takes a few moments, so there’s no excuse for poor-looking email marketing on mobile devices.

Improve Your Email Campaigns With These Easy Steps

Email campaigns are as effective and important as ever. With these tips, you can ensure your next campaign delivers fantastic results!

Plus, each of these tips only takes a few minutes to implement. So what are you waiting for? It’s time to make some great marketing emails!

For more helpful hints on strengthening your marketing, make sure to check out the rest of our blog!

4 Ways to Boost Customer Lifetime Value

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Customer acquisition is a top focus for most organizations. It’s not a bad strategy, especially for startups, but this focus misses out on one critical component to long-term success. While you’re busying enticing potential consumers, you’re neglecting the ones who are already loyal to your brand.

Those loyal, or high-value, customers are the key to boosting business growth as well as your bottom line. The trick is customer value management, and it allows you to turn an already loyal customer into one that will love your brand for a lifetime. Here are four ways you can boost their lifetime value. 

Getting Started

Before you can implement these tactics, you need to identify who your most valuable customers are. They fall into four main categories with each being equally as important as the next. Those are:

  • Big spenders – Customers that regularly buy high ticket items
  • Regulars – Customers who routinely shop with your brand regardless of dollar amount spent
  • Social Sharers – Customers who advocate your brand on social media
  • Feedback – Customers who willingly provide feedback and opinions

All four groups share loyalty as their common theme. Regardless of your business model or industry, learning how to build relationships with these high-value customers increases their lifetime value for your brand, ultimately increasing your bottom line and fostering massive growth potential. Follow these next four steps and you’re well on your way to making this a success.

1. Gather Your Resources

Isolating those four groups is the simple part, and you likely already have the data you need to do so. The next step is making the investment to foster the relationships you need with those groups, which starts by dedicating a team to them.

This team utilizes sales data, competitive analysis, market trends, and more to create strategies that boost lifetime value. They will also measure the success of their efforts in deliverable results. Without a dedicated team, your efforts are going to offer half the return they could. So, create this valuable resource first.

2. Leverage Relationships

Your high-value customers already possess brand loyalty, but it’s up to you to grow that connection. Leveraging the existing relationship they have with your business is vital to boosting lifetime value. The trick, so to speak, is simply engaging with them.

Personalized emails, loyalty/point programs, and even something as simple as checking in with a big spender to see if they are satisfied with a high-ticket purchase all create the type of meaningful engagement that builds increased loyalty. Treat your most valuable customers with special care and their lifetime value continues to grow.

3. Creating Brand Advocates

Word-of-mouth continues to be the most powerful marketing channel available to any business. Leveraging your relationships will lead your most loyal customers to advocate your brand to their friends and family, but businesses have a new avenue to make this happen thanks to modern technology.

Social media likes, shares, and comments all act as word-of-mouth marketing. You goal here is also engagement, like leveraging existing relationships, strengthening the relationship you have with customers online. As that relationship grows, they advocate your brand via those likes, shares, and comments. 

4. Create Feedback Loops

Finally, you need to let these high-value customers know that their voices are heard. Take the feedback you’re already receiving and add it to feedback you’ve solicited, then take action. By taking their suggestions to heart, you create a better customer experience while continuing to build your relationships with them. All the while, you’re boosting their lifetime value as loyal brand patrons. 

4 Tips to Improve Your Family’s Health as a Whole

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The social distancing restrictions that have been imposed means that families are spending more time together than ever. This can be extremely stressful especially for parents that are now taking on teaching roles due to digital learning being implemented. The benefit of spending this time together is that the entire family can work towards the goal of becoming healthier. If you want to be held accountable, try eating dessert near a child that understands you are trying to lose weight. The accountability system that is established can allow each and every member of the family to reach their health goals. The following are tips to improve your entire family’s health.

See a Nutritionist 

There are some families that just need a few tweaks in their diet to make it extremely healthy. Others are going to need a complete dietary overhaul if they are dependent on things like potato chips or fast foods for survival. The nutritionist is going to be able to give you a meal plan that you can make your own. You will find that you can eat nutritious foods that are also tasty. There are so many recipes online that are healthy yet delicious that you can try. You might find that you have a new specialty dish after cooking it a few times. Nutrition classes are available so you can learn about how to live in a healthy manner when it comes to food for years. 

Start Exercising Together Daily 

There are so many restrictions in place that require social distancing that you might have to think outside of the box when exercising. Working out  as a family can be done in a variety of ways from a weekend bike ride to family walks. You might want to invest in home gym equipment especially if you are in an area where gyms are scarce or closed at this time. Look for used equipment that is in good condition as getting brand new equipment can be extremely expensive. Getting fit as a family can be a great way to bond as you will be working towards a common goal. 

Focus on Dental Health 

The family can always do a better job when it comes to dental health. The beauty of dental health is that you just have to put in the time. An extra minute or two of brushing per day can make a huge difference. Flossing is something that most people know that they should do but either forget or opt not to do it. Flossing can be painful for those without healthy gums but after some time the pain will decrease. Mouthwash should also be used daily as there are so many options compared to the past when there was only harsh mouthwash available.

The family’s health should be a priority at all times but it should not take over your lives. Eating healthy doesn’t mean you cannot order pizza once in a while. Skipping a day of exercise to do something else that is active is perfectly fine. Just take steps to live healthier in the areas mentioned above.

Would You Benefit from Loan Consolidation?

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Loan consolidation can be a great tool to get your finances on track, but it isn’t the right choice for every situation. To better understand if your debt could benefit from this financial move, it is helpful to understand more about the process, the benefits, and the drawbacks.

What is a Loan Consolidation?

Consolidation involves taking multiple debts and rolling them into one repayment plan. Most commonly, you move to one that has a lower interest rate. The existing debt is paid off, and you are responsible for repaying the new loan. Moving your existing debt to a single loan with a lower interest rate allows you to lower your monthly payment, have a shorter repayment period, or both. It is a great tool for freeing up money in your budget.

What Types of Loans Can You Consolidate?

Student loans and credit card debt are frequent targets of this type of repayment plan. A student loan consolidation allows you to roll into a single repayment plan. If this sounds like something you would benefit from, but aren’t sure where to start or even what information the lender may need, there is an available guide that will answer all your questions and help you decide if this is right for you.

Debt can creep up on you slowly. If you find yourself making minimum payments, routinely charging living expenses and not paying them off in full, or if looking at the amount you owe makes you nervous, consolidation may be a good choice. Credit card debt is particularly painful because it typically comes with a high-interest rate.

If you are only making the minimum payments, it can be difficult to pay down the principal due to the interest added to your account each month. Consolidation is perfect for breaking this cycle. Consolidation allows you to pay off your existing credit cards and repay these expenses at a much lower interest rate.

After Consolidation

Once you take the initial steps toward consolidation, it is important to maintain your financial health. After consolidating your student loans, you will probably have the extra money in your budget. You can choose to direct that toward other, existing debt, target the remaining principle, or strengthen your emergency fund.

After paying off your credit card debt, it is important to put your credit cards away so you do not end up repeating the cycle. As long as you feel comfortable that you can avoid using your cards, do not cancel them.

Good credit is important, and one thing that has a tremendous impact on your credit score is the length of your credit history. If you cancel your cards, you will need to rebuild that history from zero.

Stick the cards in a drawer. By not carrying them around, you are less likely to spend impulsively. Another trick is to delete your saved payment information from your computer browser, online stores, and any apps. It is much easier to talk yourself out of spending if you have to physically go into another room, get the card, and enter the information.

How to Prioritize Your IT Budget for 2021

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The COVID-19 pandemic forced many businesses to allocate more funds to their IT departments to accommodate technology changes like working remotely. This year, companies have to use last year’s experience to identify the areas that need prioritization. Companies that have been forced to make major changes during the pandemic include:

  • Airlines
  • Restaurants
  • Health
  • Leisure industries
  • Manufacturing industries
  • Banking 

Many small and medium-sized enterprises are likely to focus on improving network security to prevent malicious breaches while enabling their workforces to operate remotely. Also, most businesses will focus on implementing long-term solutions by getting expert technology help from companies that do IT in Southern California.

If you own a business, here are useful tips on how to prioritize your IT budget for 2021.

Train Your Employees

Because of the increasing incidences of cyber-attacks, it is essential to train your employees to prevent potential network breaches. Security awareness training can help your workforce spot and prevent phishing and other social engineering attacks that often come with ransomware and malicious software. 

Moreover, training upholds your business’s reputation since clients are confident that their data is safe.

Implement Multi-factor Authentication

Multi-factor authentication is an authentication mechanism that requires a user to provide two or more verification factors to gain access to a system. For instance, you might be required to answer a security question after typing in your password.

For businesses, this authentication method improves data security, both on your premises and on the cloud. The good thing about multi-factor authentication is that it is easy and effective in preventing common cyber-attacks. 

Invest in Cloud-based Applications

A cloud-based application is a program that runs on the internet. And some or all of its processes are executed on the cloud. According to Cisco, the cloud will host 94% of computing processes this year. These apps are gaining popularity among businesses because they use cheaper equipment, enhance productivity, reduce traffic costs, and improve scalability.

Furthermore, cloud applications streamline your operations and offer unrivalled flexibility, regardless of your business’s size. This is why you need to prioritize them over desktop and web applications.

Install Software-Defined Wide Area Networks (SD-WANs)

A software-defined vast area network is a virtual network architecture that allows businesses to use a combination of transport services, such as broadband and LTE, to establish a secure connection between users and applications. Unlike standard WANs, SD-WANs provide high-level security, have no bandwidth penalties, and improve control, performance, scalability, and visibility.

By investing in an SD-WAN, you can improve your productivity significantly. Despite its many benefits, a software-defined vast area network is inexpensive compared to its standard counterpart. This is because it uses less equipment.

Use Enhanced Collaboration and Productivity Tools

Effective collaboration is a priority for many businesses since most people are now working from home. This is why every organization must invest in collaboration tools to enhance teamwork and increase productivity.

In business, every year has its demands – you can’t use the budget you used in 2020 to get through 2021, even if it was sufficient previously. With a well-prepared budget, you can adhere to a roadmap for the year ahead. If you don’t plan, you might find yourself behind your competitors.

Why So Many Small Businesses Fail

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It is small things that matter the most! So, goes one wise saying. As much as you would like to agree with the thinking behind that proverb, some small things like small businesses might fail to observe such. Consequently, many companies flop prematurely to the discouragement of the entrepreneurs at stake. Ironically, some people seem to be successful serial entrepreneurs- jogging from one achievement to the next. Admittedly, no small business entrepreneurs start a venture with the mission of failing. All are usually excited about their new sojourn and would go breaking the news to everyone. 

Why small businesses fail

Words from Dr. Graeme Edwards summarizes the most significant reason for small business failure; it is not the plan that is crucial- the planning is. Guessing from those thoughts, the area where problems emanate is at the entrepreneurial level.

Inadequate planning

Or should we say, lack of planning? Short-term and long-term planning is essential to any business. All ventures that do not incorporate future operations in their drafting are going to fail before they realize. In fact, long before they fail, those with experience will be able to cite several reasons for failure. In your plan, envisage in writing where your business will be in every quarterly period to annual projections. Ensure to enlist the goals for your business. Draft a to-do list and alternatives for your business.

Leadership problems

Leadership is comparable to the backbone of an animal. Assuming we are such with a malfunctioning backbone, we can’t do much. To avoid being in such a scenario in which you cripple your business, you do well to have the skills and competencies to oversee your industry. 

For a fact, you can’t forgo this essential skill in business if you would like to see your business plan run through its short-term and long-term goals. Financial and employee management requires your tight grip on leadership to control with good results. Leadership inadequacies will trickle down the chain affecting every aspect of the industry.

Forgoing customer needs

Almost all companies agree to the idea that the customer is always right -even when he/she is not. As such, they claim that you should put your customer as the number one entity of the business –sometimes even before the entrepreneur. Theoretically, many business owners would preach that message, but a small percentage will remember to follow it to the latter. Losing a grip on the customers is the worst thing that any company would want to experience. Be quick to respond to their dissatisfaction positively and promise an improvement next time. Many businesses that fall fail to keep in touch with customer-needs provision.

Absence of a succession plan

Businesses that aim at running for a long time and lack a succession plan are pending failure. Without a future team to manage the industry, the business remains at the mercy of the existing management. Additionally, such businesses might fail to recruit or train the next in management to establish it in the future. Family companies especially need to train the next of kin to manage the industry if the old ones recline from management. 

Old age, departures as in resignations, retirements, and death might unexpectedly hit small businesses that have no succession plans pulling them to the ground.

Inappropriate geographical location

Choosing the wrong location for a business has been one reason for small business failure. Having the right product but not knowing the market nearby to sell your goods is a problem that is difficult to go around. If the infrastructure is wanting, that renders a small business inaccessible to clients. As such, others in the industry add pressure by outcompeting the former out of operation. 

Many businesses resort to raising the commodities price to get sufficient funds to run, which makes product acquisition more difficult. Instead of playing to the company’s advantage, it down-plays it.

Lack of operating capital

As is common to small businesses, lack of capital can make the business go out of operation. Capital is essential in the whole operation of a company. Money is critical in paying operational bills, ranging from water, electricity, etc. remitting loans, licenses, rent, and salaries is a requirement that capital settles. In fact, for small businesses, capital is not the only thing- it is almost everything. A lack of it is the genuine root cause of small businesses’ failure.

Premature scaling

Small companies fail due to scaling problems. Being overambitious leads to hiring people prematurely and failing to account for their operational cost. For small industries, mass hiring is a killer to avoid. Unfortunately, some companies have done premature scaling and found themselves out of operation even before landing on the market scene. Additionally, spending too much on marketing strategies is deadly since most might require a lot of financing, crippling the young company.

Low or no profits

Most small businesses pending failure suffer from profit’ malnutrition.’ As such, they cannot grow due to a lack of funds to support it.If a company makes no profit, it is impossible to attract investors who are always interested in the profitability of the industry. Consequently, many starve out of operation due to having no returns to their resources.

Macroeconomic factors

I saved this reason last for good reasons. Just in case you would know, you have no grip on its impact. As Dr. Edwards put it regarding the significance of planning, this aspect stands on its own. Small businesses have seen destruction due to macroeconomic factors such as war, inflation, business cycles, recessions, natural disasters like earthquakes, etc. For instance, the current COVID-19 pandemic has affected many businesses. To learn about profitable business to start this season, visit instant loans 

Conclusion

The worst that can happen to a newbie in the field of entrepreneurship is having to fail and never get back. The discouragement that comes with a failed-venture can be hard to overcome. Many small businesses that fail will do well to learn from their mistakes and inadequacies to spring on their feet again. As we have briefly discussed, the majority of problems that cripple businesses are associated with the skills in planning and management. 

Additionally, entrepreneurs who do a prior market search are in a better position to avoid many pitfalls, such as the inappropriate location of the business.

Can I Get Car Insurance Without a License?

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To some people, getting car insurance without a driver’s license might seem like a strange concept. After all, you need a driver’s license to drive a car on public roads legally; yet, there are plenty of reasons why people without a license want to insure a vehicle.

What’s more, the reasons for doing so will make complete sense once you understand the motivation. In short, yes, you can get car insurance without a license and you can even find cheap auto insurance in the process. But why would you want to do that? Here are some reasons:

You Bought a Car as a Gift for Someone

There are many occasions where someone buys a car as a gift for a spouse or family member. For example, parents might buy a car for their teenage child and present it to them on their 16th birthday.

In those circumstances, they want to ensure that the car has insurance to protect it against theft or accidental damage. Parents don’t legally need to have a driver’s license to buy a car for their offspring.

What’s more, they can have the vehicle delivered to them from the dealership or seller and ask them to park it in their garage.

You Want Someone to Drive You Around

It’s no secret that many people who did have driver’s licenses find they can no longer drive a car due to medical reasons. The thing is, those individuals may not want to relinquish ownership of their vehicle as it gives them independence.

A person might surrender their driver’s license, but it doesn’t mean they must also sell their car. Instead, they can insure the vehicle and ask a family member or friend to drive them around in it.

You Collect Vintage Cars

There’s no law preventing you from buying cars if you don’t have a driver’s license. If you have no intention of driving a vehicle on public roads, you don’t need a license. Some people may have a love of cars but don’t want to drive them around.

It might surprise you to learn that some people collect vintage cars, either as investments or as restoration projects, yet have no intention of driving them.

Your Driver’s License Got Suspended

If a person’s driver’s license got suspended, the state or court might require them to submit an SR-22 or FR-44 filing before they can get it back. In the meantime, their vehicle is likely sitting in their driveway, or the road outside their home.

They want to make sure their car still has insurance to cover against theft or damage (accidental or deliberate).

You Want to Learn to Drive

Finally, if you’ve never driven a car before, but you want to learn how to drive, you may wish to buy a car first before applying for your provisional driver’s license or learner’s permit. You may decide buying the vehicle first makes sense, especially if you want to buy a rare model.

Having a car on your driveway or in your garage can motivate you to get driving lessons and pass your driving test sooner rather than later.

The Different Ways to Buy an Existing Business, Explained

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Do you dream of being a business owner? Do you love the idea of working for yourself and being your own boss?

But, at the same time, you realize just how hard it is to start a business from scratch. The idea of doing so doesn’t appeal to you, but you don’t know how to get to the point where you run your own business without first starting it yourself.

Well, in this article, we’re here to tell you exactly how to do that: buy an existing business. When you buy a business, you forego the uphill battle that is starting a company from scratch and can instead focus on growing a company. 

There are a couple of different ways you can buy a company, and we’ll explain them here.

Share Transactions

First and foremost, one of the best ways to buy an existing business is through a share transaction. A share transaction is a purchase in which you buy a majority stake in the company’s ownership.

If the company is public, you can make this purchase via the stock exchange that the company is listed on. However, the more of a company you purchase, the higher up its share price will go. Keep that in mind when doing the budgeting.

Within share transactions, there are two different methods. The first one is to notify the current owners of your intent and coming to an agreement on the purchase. The other method is a hostile takeover, wherein you make the share transaction against the current owner’s wishes by accumulating more stock than the current principal owners.

If you don’t have the capital to make this investment in a share transaction upfront, then you can consider borrowing money for it (this purchase is called a leveraged buyout).

Asset Deals

When learning how to buy an existing business, you should also learn about asset deals. Contrary to a share transaction, in an asset deal, you do not buy the legal entity of the business itself but rather purchase their assets.

Such assets could include intellectual property, manufacturing equipment, and the like.

For companies that produce goods, this can be a great buying strategy, particularly if you want to rebrand the product with your own style. However, if the value of the company is more in its existing contracts with clients and the relationships that it has built, then purchasing the assets of it won’t do much good for you.

How to Buy an Existing Business, Made Simple

There you have it. Equipped with this guide on how to buy an existing business, you should now have a far better idea of what method you will use to buy a company. If the brand name of the company is important, then a share transaction is the way to go. Otherwise, you could get by with an asset deal.

For more business advice, be sure to check out the rest of the articles available to read on the website before you leave!

How to Create an Inviting Trade Show Display

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Trade shows can be very lucrative events for companies that manage them the right way. Sending people to attend exhibits to learn or work the crowd and make new business development connections can be great ways to improve sales. 

Learning and making connections are important for tradeshows, but nothing is more important than the booth companies choose to make. Creating the right trade show display is important if you want to attract the right people to your booth. Even the best trade show booth ideas will fall flat if they aren’t set up correctly. 

If want to know the right way to set up your booth, you’ve come to the right place. Regardless of what industry you’re in or what show you’re attending, be sure to follow these tips when you’re thinking about trade show exhibit design and set up. 

Understand Your Area

Before you start planning any displays, make sure you have a clear understanding of the booth area you’ll be using. Know what size area your company paid for, and know what amenities (tables, outlets, surge protectors, etc) the trade show organizers will be able to provide. 

You may have a large area that could easily accommodate a table, standing displays, and even some extra chairs if you want to sit and talk to someone. Others may have you squeezed in tight next to other exhibitors. 

The space you have is going to affect what you can do with your tradeshow setup. Starting off with a clear understanding of space can help you find a way to best utilize what you’re given. 

Go With an “Exhibit” Mindset

Trade shows can get a little boring if you don’t put thought into what you want to do. Everyone is going to have a standard table, some business cards, and maybe some promotional pens. Companies that want to make an impression are going to have to do a little work. 

Don’t go to a tradeshow with the idea of strictly telling people about your business. You’re going to have to think of a hook that will help attract people and keep them engaged. 

We find that thinking of your tradeshow booth as more of an exhibit can help you create something that’s truly dynamic. What is an exhibit? An exhibit is something that’s meant to entertain or inform people that attend. 

Don’t think of your trade show area as another place with a booth or table. Think of it as your exhibit area that you have total creative license to shape. 

Go Digital

Your company probably has an extra laptop, monitor, or iPad to spare. If you want to create a truly dynamic visual display, consider going digital. 

There’s a lot you can do if you incorporate computers into your display. You could create a cycling slideshow that shows off all of your company’s best work. Custom videos can stand out in a crowd, or you could simply let people explore your website on a laptop. 

Sometimes trying to show and not tell can be best at tradeshows. You never know when your booth workers will get tied up with other people, or when the main floor will be loud. Video displays, computers, and tables can give booth visitors something to do that allows them to engage with your brand without having to talk to you. 

Include the Basics

You could be doing a traditional set up that has nothing more than a few giveaway items. It’s possible that you could be thinking completely outside the box and might be planning something completely off the wall and interactive. Either way, know that trade show exhibits and booths need to have some basic elements to be successful. 

You’re going to want to ensure that anyone that visits your booth or table leaves with an understanding of your company and brand. Luckily, there are a lot of subtle ways you can do this with the right foresight. 

Name sure your name and logo are on any display and collateral you have. Sales sheets, high-quality swag, and even employee’s shirts are great places to show off your logo and company name. 

If you have a banner or signage, we always recommend adding some contact information (email address, phone number, etc.) and your website. Trade shows can get very crowded and busy.  Giving them contact info they can easily write down or snap a picture of can be incredibly helpful.  

Make Your “Big” Element 

If you’re at a popular tradeshow, you’re not going to be the only business trying to grab people’s attention. Find something to include in your tradeshow that’ll bring people around and make them want to stay. 

Some people have thought about offering free consultations at their booths. Others may promise a discount or even a product giveaway. We’ve found that it can be very helpful to include something that isn’t necessarily directly tied to your business. 

Photobooths, massage chairs, and tasty snacks may not have anything to do with your company. However, they’re great ways to bring in people that may want a break from typical tradeshow activities. 

Keep Everything Organized

A tidy table and booth is an area that’s sure to get plenty of visitors. Make sure that you take the time to keep your table organized and neat during the entire show. 

Arrange items in a way that makes them easy to reach. Putting a stack of business cards behind a large table display obscures them and makes them awkward to grab. 

We also recommend keeping spares of everything somewhere out of sight during the show. You’ll want to be able to discretely reach for company swag, sales sheets, or business cards with ease.

Rock Your Trade Show Display and Experience 

When you’re making a trade show display, a little creativity and practicality can come in handy. When you take time to think critically about the space you’re given, think outside the box, and come up with fun elements, you’re sure to have a great trade show experience.

Do you want more tips on how to handle professional events? Have you given any thought to how you’re going to promote your presence on social media? 

We have a lot of content available for people that want to improve their professional game. Be sure to browse our posts so you can learn how to rock every trade show your company attends.