Archives for August 2021

3 Common Mistakes New Small Business Owners Make and How To Avoid Them

August 5, 2021 by Guest Post Leave a Comment

Approximately 20% of small businesses fail within their first year of business. While this isn’t as dismal as the often-proffered “50% of small businesses fail in the first year” stat, know that as many as 45% of SMBs fail within the first five years. Only 25% of small businesses make it to their 15th anniversary. Though there are dozens of reasons small businesses fail, some mistakes make failure much more likely.

Below are the top three mistakes entrepreneurs make, and what you can do to avoid them.

Attempting to Run a Business Without Any Business Knowledge

Too many aspiring entrepreneurs assume that all it takes to make a business a success is an idea and the passion for bringing it to life. While passion and a vision are undoubtedly important, they’re only two ingredients of a long list. One ingredient that is often overlooked is education.

Only 44% of entrepreneurs have a college education, which shows that you don’t need a college degree to succeed in business. However, just because you don’t need it doesn’t mean you should forgo it.

A higher education can help you develop the skills and connections you need to grow your business. For instance, a master’s program in business can teach you important skills that many entrepreneurs don’t have, such as business leadership, management and accounting. It can also give you a head’s up on which mistakes to avoid so that you don’t have to learn them the hard way. An online program can allow you to obtain the education you need while still having time for your business.

Choosing the Wrong Type of Business Entity

Per the Small Business Administration website, there are nine types of business entities you can form, each of which comes with distinct advantages and disadvantages. Those entities are as follows:

Sole proprietorship
Partnership
Limited liability company
C corporation
B corporation
S corporation
Non-profit corporation
Closed corporation
Cooperative

You can also combine different structures to benefit from the various advantages of several while reducing the number of pitfalls. Whichever route you choose, it’s essential that you seek legal help. A good attorney can advise you on the structure that will best help you achieve your goals, how to remain in compliance with local and state laws and how you can minimize startup costs while setting yourself up for the most potential profit.

Going Into Business With a Friend

Your best friend is your biggest champion, the person who helped you develop your business idea and the person who encouraged you to bring it to life. He or she also happens to want to invest in your business by becoming a co-owner. Before you jump on the idea, consider the various reasons going into business with friends or family members is a terrible idea. Among others, those include:

Disagreements over everything from finances to roles to goals could cause a relationship rift.
Your friends and family members may struggle to remain objective and, therefore, be unable to identify risks and weaknesses.
You may struggle to assess your partner’s performance and vice versa.
If your business fails, so too could your relationship, which may cause a divide between friend and family groups.

There are dozens of mistakes you can make as an aspiring business owner, each of which may cost you your time and monetary investment. Here’s hoping your business finds success by avoiding the top three.

How to Make Time To Work Out As An Entrepreneur

August 5, 2021 by Contributed Post Leave a Comment

Exercise is one of those things that everyone knows they should do, but it can get crowded out during a busy schedule. However, keeping fit is one of the best ways to stay healthy as an entrepreneur, both physically and mentally. While working for yourself can let you be more flexible with your time, your time is still precious. This means that your routine needs to work for you and your schedule, rather than the other way around.

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Set a Schedule

Setting a detailed schedule is important for any entrepreneur, as it’s the best way to correctly organize your work and your everyday life. This is also the best way to make sure that you get some regular exercise in, as you’re far more likely to stick to it.

The recommended amount of exercise depends on what you’re trying to accomplish. But there are some general goals to reach. Typically, you should be aiming for a total of 150 minutes per week of moderate cardio exercise. Or, you could choose to achieve at least 75 minutes of intense cardio activity per week.

As well as this, you should integrate two or three days of strength training per week, to achieve a complete workout. Finally, you need to schedule at least one (preferably two) rest days.

This sounds like a lot, but it can be as flexible as you need it. For example, you might have a little bit of “dead time” each day which can be dedicated to exercise. As little as 45 minutes of exercise for five days a week can add up to a respectable routine. Many people like to fit this in their morning routine, as it helps them to wake up for the day ahead and they can just wash after their workout as usual.

Find or Create a Routine

Speaking of routines, you need to figure out what you’re doing during that time. There are plenty of routines designed to help beginners which you can implement without worrying about your existing fitness or skill.

The main thing to consider when finding or creating a routine is to be balanced. Your workouts should exercise your whole body, and you shouldn’t be attempting an exercise that could injure you.

Over time, as you get fitter, you will find that this routine gets easier. At this point, it’s time to level up. The goal is to constantly push yourself so that you’re just outside of your comfort zone, without taking it to the point of injury.

The Importance of Recovery

Finally, remember to schedule your rest days with the same discipline as your workout routine. The recovery period of your routine is what helps your muscles to repair and build themselves up, as well as preventing injury. One way to really maximize your recovery and your workouts is to use supplements. Many of the products available at STEEL are designed with science in mind to help your exercise routine, your recovery, and other aspects of your life.

7 Essential Industry-Specific Considerations

August 3, 2021 by Contributed Post Leave a Comment

Image Courtesy of Pixabay

All industries are vastly different from each other, but some commonalities exist between them. Even though commonalities exist, however, there are industry-specific versions of them for every sector. For example, almost every industry uses computers. However, the type of computer, their internal components, and required software might be vastly different.

Digital Marketing

As a business owner, you undoubtedly also own a website as a means of customer interaction. However, you might not utilize your site to its true extent. Digital marketing uses SEO and various advertising methods to drive traffic to your site. While most of the discipline is generally used, industry-specific agencies are sometimes required, such as lawyer management (elitelawyermanagement.com) and sports agent marketing.

Tools and Equipment

For most industries, specific tools and equipment are required. Without essential tools or necessary equipment, successful company operation is impossible. For example, as a dentist, you need to require a medical examination chair for attending to clients. But the right tools for the job also play a more critical role. For example, if you equip your employees with inadequate or inferior cutting tools, you put them in immediate danger.

Licenses and Permits

While you can operate most machinery without licensing, some specific machines require them by law. To use a forklift or a JCB digger, for example, you need training and licensing. Additionally, permits are required for specific industries. For instance, chemical storage requires assessment to ensure that containers are adequate. And beginning construction work at a site requires numerous inspections and permits before work can even start.

Essential Software

Computers are used in almost every industry these days. For many industries, specific software is required that can assist with everyday tasks related to your business. On one end of the spectrum, there’s general software like office apps and accountancy. On the other end, you might require bespoke packages designed for particular tasks such as measuring forces in relation to aerodynamic performance in a wind tunnel.

Necessary Hardware

Concerning software, there’s also hardware. Computer hardware relates mainly to desktop PCs, monitors, and extra peripherals like printers and keyboards. However, your business might require more powerful PCs for CAD, CAM, and digital production. Also, computer-controlled hardware extends to network equipment for internet and intranet access or HMI consoles for controlling machines like a tablet press.

Cyber Security

Unfortunately, cybersecurity and the threat of malicious hackers are a top priority of a modern business.Yet surprisingly, it is estimated that only around 54% of small to medium companies have a sound cybersecurity plan. Given the vast reliance on computers by almost every business, security is crucial. At the very least, an excellent antimalware package is required. However, you can hire a managed IT service for a nominal fee.

Emergency Planning

Any site with employees is subject to disaster and hazard at any time. Recent events such as the European floods, Australia’s wildfires, and terrorism in many nations are prime examples. While the site owner is responsible for the installation and maintenance of emergency systems, you are responsible for the welfare of your employees. Even the best emergency systems are useless if employees don’t know what to do when they activate. Therefore, you should schedule regular fire drills and ensure that all employees know what to do in a situation.

Keep Your Employees Safe: 4 Easy Workplace Safety Tips

August 2, 2021 by Contributed Post Leave a Comment

What is your number one priority as a business owner? Is it making money? That’s good, but do you also want to make sure that all of your employees are safe and healthy while they’re at work? If the answer is yes, then this blog post should be beneficial. Here are four easy workplace safety tips that will help keep your employees happy and productive in their jobs.

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Guarantee Cleanliness

In the office, there are often threats to cleanliness in the form of germs and bacteria. In order to protect employees from these threats, employers should make sure that surfaces such as desks, doorknobs, and keyboards are cleaned regularly with disinfectant wipes or a surface cleaner containing bleach.

Employers can also install UVC germicidal LED disinfection lamps throughout the office space for optimal sanitation.

Additionally, employers can implement an office-wide plan that includes periodic inspections to ensure compliance. Employers should also make sure they’re following the Occupational Safety and Health Administration (OSHA) standards by providing employees with appropriate protective gear such as gloves, goggles, or masks when necessary for their safety.

Prepare Employees for Emergencies

Prepare your employees for emergencies by instituting an emergency preparedness plan. Plan the following:

– develop procedures and protocols, including evacuation routes

– assign emergency responsibilities to key personnel

– identify resources that your employees can use when necessary (such as fire extinguishers)

– provide training on how to respond during an incident using the emergency procedures

– plan for the continuity of business after an incident

– maintain current and up to date plans and documentation

Use a safety checklist as part of your disaster preparation. Make sure you check all items on the list, including (a) evacuation routes, (b) designation of responsibilities during emergencies, (c) fire prevention and extinguisher use, (d) emergency and disaster supply kit items.

The key is to go through the checklist every year, updating as necessary. Also, consider performing a mock evacuation drill with workers for an added layer of preparedness. Ultimately, you’ll positively impact your employees’ lives.

Implement Safety Protocols From the Start

It doesn’t take much effort to ensure your employees are safe from workplace accidents and injuries. The first thing you need to do is prepare for any emergency by developing a safety protocol.

Implementing a safety plan is the first step to ensure your employees always know what to do in an emergency that could lead to injury, such as:

– A fire or explosion in the office/warehouse space

– Exposure to hazardous materials (i.e., chemicals, radioactive material)

– Injuries from falls or slips on the workplace floor or stairs

Install Security Cameras

The first step in keeping your employees safe is to install security cameras. This is not only for protecting them from theft, but it can also help identify safety hazards like debris on the ground or a spilled chemical. In addition, cameras are inexpensive and easy to install, so there’s no excuse.

Conclusion

The four tips you’ve just read will help keep your employees safe. They may seem like small steps, but they can make a big difference in the long run. So, implement these safety measures to help ensure that your employees go home safely at the end of the day!