Contributed Post | Mike McRitchie | Resume and LinkedIn Profile Writer | Telecom Marketing Content Writer

Do You Really Need Business Insurance?

May 12, 2022 by Contributed Post Leave a Comment

As a business owner, you should try everything in your power to protect your company and the people working for you. Therefore, insurance shouldn’t really be something you debate.

Nevertheless, some business owners wonder if it’s actually needed. It feels like an extra cost because, if you run your business right, you shouldn’t ever have to deal with the problems associated with insurance. So, can you save money and reduce your expenses by skipping insurance?

Technically, you can avoid buying some types of business insurance. However, there are a couple of things you legally need to have. Plus, I’ll go over why insuring your business is more beneficial than you think!

What insurance do you legally need to have?

By law, every business in the US must have workers’ compensation insurance, unemployment insurance, and disability insurance. This is a requirement put in place by the federal government, so there’s no way of avoiding these costs.

Depending on where your business operates, the state government might have rules relating to other types of insurance you legally must have. The only way to find out is by visiting your state’s website, or contacting the local government directly.

What insurance isn’t legally required?

Put simply, any other type of commercial insurance that isn’t any of the tree mentioned above. This includes things like liability, bodily injury, property loss, malpractice, and business closure insurance.

How can you save money on insurance?

One easy way to cut the costs of insurance, while still protecting your business, is by picking and choosing the coverage options that make sense to you. As you can see on CommercialInsurance.net, there are plenty of coverage options available, many of which your business will not need. For example, malpractice insurance is usually only needed by businesses in the medical field.

Likewise, liability insurance isn’t necessary if you work remotely. You have no business premises, so there’s no chance someone will injure themselves in the workplace. Or, if you do all of your work online, there’s no chance of injuring someone while you work.

You see, it’s a careful case of analyzing your business and consideriny what insurance you actually need. You will soon realize that money can be saved by reducing the coverage to some essential things – rather than paying loads for umbrella insurance.

What are the benefits of insurance?

The obvious reason to get insurance is that it protects your business. You are financially protected when certain things go wrong, allowing you to avoid suffering massive losses that could lead to the closure of your company.

Secondly, some types of insurance can actively help you attract clients. If you display that your business is insured – particularly if you do contracting work – then it makes clients trust you. You’ll see more leads, meaning you make more money.

In short, certain types of business insurance are legally essential. As for everything else, it’s entirely up to you to decide what you need. Save money by picking the coverage that’s right for you, and protect your business!

Your Start-Up Can Compete With The Right UX: Discover More!

May 11, 2022 by Contributed Post Leave a Comment

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There is no underestimating how important the design of your company’s ‘product’ is – i.e. your website, mobile application, or software. This does not only relate to what it looks like, but also how long it takes to load and whether navigation is easy and effective. Unfortunately, there is no magic formula when it comes to getting the design right. However, there is a path that most designers seem to be going down, and that is user experience design – commonly abbreviated as UX design.

What is UX design?

In essence, this design centers on addressing the needs of your users at every stage of your product life cycle. Business owners are too commonly telling their users what they want them to know, instead of considering what the user needs. When it comes to UX design, everything from receiving an email invoice to the usability of the home page is considered with the user in mind. Several years ago this style of design was considered a niche, but now it is a well and truly a necessity.

Compete with big industry players

There are many reasons why UX design is so important. When it comes to start-ups, it gives you the chance to compete with the bigger players in the industry. Good design and user experience are not something that can be duplicated easily. Therefore, if you manage to achieve this, you can really set yourself apart from the competition – including the mature products in your industry.

Break down the trust barrier

Moreover, one area where startups also face obstacles is in relation to trust. After all, why should a consumer trust you when they don’t know anything about you and you have no track record? Design and UX help to create the atmosphere of confidence you require. You won’t be able to keep a loyal consumer base without it. Whilst a consumer may purchase a product based on its features, this will not keep them interested in the long run. They will only keep coming back if the experience is a good one.

Further benefits associated with effective UX design

It is evident that users are at the heart of UX design, and therefore to gain the advantages that have just been mentioned, it becomes imperative for you to get to know your clients if you are going to integrate this approach effectively. From ecommerce integrations to live chat, everything needs to be done with care. You need to be able to spot the problem of your future users. You need to define it and determine the issues it causes, and most importantly, you must eliminate it. This is the recipe for successful UX design.

Yet, it means that you need to take a different approach to the one you are likely to have now. You need to actually talk to your clients and get to know them. If you fail to do this, you are merely guessing what your customers feel, and so you fall back into the trap of providing them with what you think they need, rather than what they actually need.

Tips to Consider When Investing in a New Development

May 10, 2022 by Contributed Post Leave a Comment

When you are looking to invest in a new development, it is essential to consider all of your options and make the best decision for your business. There are many factors to consider when making this decision, such as budget, timeline, and purpose. This blog post will discuss some essential tips to keep in mind when investing in a new development.

Via Pexels

Location

One of the most important factors to consider when investing in a new development is its location. After all, the adage of “location, location, location” exists. Of course, the developers might be offering a fantastic project at a great price point. Still, it might not be worth your investment if it’s in an undesirable neighbourhood or far from critical amenities.

Do your research on the area where the development is located. Consider things like the crime rate, public transportation options, schools in the neighbourhood and proximity to amenities like grocery stores and parks. These factors can impact both the resale value of your unit and your enjoyment of living there.

Another essential factor to consider is whether the development is located in an up-and-coming neighbourhood or an already established one. Properties in gentrifying neighbourhoods can be a good investment, as you may be able to buy low and sell high once the area has been revitalized. However, there is also more risk involved in these kinds of investments, as the redevelopment might not happen as planned. So if you’re considering investing in a gentrifying neighbourhood, do your homework and understand the risks involved.

Financing

Another essential factor to consider when investing in a new development is how you will finance your purchase. If you’re taking out a mortgage, shop around for the best rates and terms. If you’re paying cash, be sure to have a financial advisor help you determine if this is the best use of your money.

Repairs And Renovations

This is also an excellent time to start thinking about how you will handle any necessary repairs or renovations. Structural repairs can be expensive, so it’s essential to factor that into your budget. If you’re unsure where to start, click here to learn more.

Track Record Of The Developer

When considering investing in a new development, one of the most important things is the developer’s track record. How many stories have they done in the past? Have they been completed on time and within a budget? Are there any complaints or lawsuits against the developer? Doing your research on the developer ahead of time can give you a good idea of what to expect and whether or not the investment is worth it.

If you’re thinking about investing in a new development, you should keep a few things in mind:

Make sure you have a clear idea of what you want to get out of the investment. Are you looking for income, appreciation, or both?
Do your homework on the developer and the project. Ensure they have a good track record and that the project is well thought out.
Don’t be afraid to negotiate.

There’s usually room for negotiation regarding price, terms, and conditions. By keeping these things in mind, you’ll be able to make an intelligent investment decision.

5 Steps You Must Take When You Need To Cut Your Losses And Sell Your Business

May 10, 2022 by Contributed Post Leave a Comment

Almost every business owner has faced a time when they needed to make a tough decision. A key player has asked them to leave the business, and they’re unsure if they’re ready to walk away. Or perhaps the company isn’t generating enough revenue, and it’s time to end the chapter and move on to something else.

Whatever the reason, selling your business is never easy. It can also come with a lot of uncertainties and risks. If you need to sell your business, this guide can help you get started. Follow these 5 steps to successfully execute a sale, and minimize the fallout of selling your business.

Image by Tim Mossholder via Pexels

Step 1: Define What You’re Selling And Who Will Buy It

Sometimes even future proofed businesses don’t make it. You should cut your losses and start anew. And the first step to selling your business is to identify what you’re selling and who will buy it. This may seem simple, but it’s not as cut-and-dry as you think. What are the core values of your business? What do you want to get out of the sale? What kind of buyer will be interested in your product or service? These are all questions that must be answered before proceeding with a deal. Once you know what you want to sell, the marketplace will help guide where to look for a buyer.

Step 2: Decide When To Sell

The second step to selling your business is deciding when you will sell. This may seem like an easy decision, but it can be difficult. The most common reason for delaying a sale is the fear of giving up control. Unfortunately, by not giving up control and selling the business, you’re also not doing anything to better it. Other reasons people put off a sale are waiting for a better time or situation, wanting to get more money back from their investment, or waiting until they can see some other form of return on their investment. But if you wait too long, it could cost you more in the long run.

Step 3: Organize Your Assets

Organizing your assets ensures that you know what you’re selling and have all the necessary documentation to back up what you’re saying. This is important when negotiating a sale price. Suppose your business has a complicated history or needs to go through multiple steps to get ready for sale.

In that case, it can be helpful to put together a timeline of events with important dates, figures, and decisions that lead to your current situation. The timeline should include information about the company’s history, significant transactions, financial statements, employee numbers, and any other pertinent details that may impact the value of your business. The more detailed this document is, the better informed potential buyers.

Step 4: Develop An Effective Marketing Plan

Marketing is the key to a successful sale. It’s not enough to post an ad on a website or in the newspaper and hope that someone will come along and buy your business. You have to actively market your business, so potential buyers know it’s for sale, and they can be encouraged to pursue it. You should also include all of the information about your business in the ad. For example, potential buyers need to know how much money you want for your business, what type of property you own, how many employees you have, etc. This way, they know before they even contact you if they are interested in pursuing a purchase.

Step 5: Find Purchase Interest

Once you’ve created a solid plan, it’s time to find interested buyers. You need to start by creating a list of potential buyers who could potentially afford the asking price. But how do you make this list? An excellent first step is to go through your existing customer base and ask them if they want to buy your business. Then take the next step and reach out to people in the same industry as you but different from those on your customer list. The more people you speak with, the more likely you will find someone who wants to buy your business.

If you’re struggling to find interest, approach a company like TAGeX Brands. They can help you close the business and extract assets for future use or sale.

Conclusion

Selling a business can be daunting, but it doesn’t have to be. To ensure that you’re successful, you need to be prepared. If you go into the process without a plan, you’re likely to make mistakes that could cost you money and time. We’ve outlined these 5 steps to make the process as easy as possible. You’ll have an easier time attracting buyers and getting a fair price for your business — and you’ll avoid any costly mistakes in the process.

4 Valuable Tips on Simplifying Your Next Home Building Project

May 10, 2022 by Contributed Post Leave a Comment

Are you in the market for a new home? If so, you’re probably trying to figure out how to simplify your next home building project. When building a new home, there are many things to consider, and it can be overwhelming if you’re not prepared. This blog post will discuss four tips that will help make your next home building project simpler and less stressful!

Photo by Elina Fairytale:

1) Start by making a list of your must-haves.

This will help you narrow down your options and make the decision-making process more manageable. Once you know what you need, you can start crossing off potential homes that don’t meet all of your criteria.

If you’re not sure where to start, sit down with your family and brainstorm a list of essential things for everyone. Consider things like location, school district, lot size, and home features. Once you have a good idea of what everyone wants, it will be much easier to find a home that meets all of your needs.

If you’re working with a limited budget, prioritizing your must-haves is also essential. For example, if you need a three-bedroom home but can’t afford to spend a lot of money, you may have to sacrifice some other things on your list.

2) Hire the right contractors.

One of the most essential steps in simplifying your home building project is hiring the right contractors. First, you want to make sure you’re working with someone experienced and trustworthy.

To find a good contractor, start by asking for recommendations from friends or family members who have recently built a home. Then, once you have a few names, do some research online and read reviews from past clients.

You should also meet with each contractor to get a better sense of their work style from forestry mulching to laying the foundation. Make sure you’re comfortable communicating with them and that they understand your vision for the project.

3) Get organized from the start.

Another way to simplify your home building project is to get organized from the very beginning. This means creating a detailed plan and timeline for the entire process.

Sit down with your contractor and go over every step of the project, from start to finish. Make sure you understand what needs to be done and when it needs to be done. Having a clear plan will help keep everyone on track and make the overall process smoother.

You should also create a budget and stick to it as much as possible. This will help you avoid any unwanted surprises along the way. Be realistic about what you can afford, and don’t be afraid to ask for discounts or negotiate prices with contractors.

4) Be prepared for the unexpected.

Even if you do everything right, there’s always a chance something will go wrong during your home building project. This is why it’s important to be prepared for the unexpected.

Set aside some money in your budget for unforeseen expenses, such as repairs or additional materials. You should also have a contingency plan in place if something happens to your contractor or you need to make last-minute changes to the design of your home.

Building a new home can be a daunting task, but it doesn’t have to be stressful. By following these tips, you can simplify the process and make it much easier for yourself!