Tips On Starting Your Own Home-Based Business

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Putting up a home-based business is one of the best decisions you can make. In fact, according to the Small Business Administration, 52 percent of all businesses in the U.S. are home-based. There are many advantages in starting one, from more tax benefits to lesser commute time and flexible work hours. Here then are some tips for those keen on beginning this entrepreneurship.

First is to use free or low-cost services that will lessen your monthly overhead. Even though working at home already saves office-space rent, using, say, Google Voice for your business line instead of getting a new landline helps a lot in cutting down on bills. Another option is using cloud-based software like FreshBooks for accounting or Wave Accounting for invoices.

You should also join professional groups of like-minded people who can give you advice and tips for your home-based business. You don’t have to limit your social interaction when doing work at home; these groups help gain you connections and spread the word about your product or service.

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Another sound advice is to outsource jobs to further free up your time. Though most home businesses begin as a one-person work, you’d need to hire a helping hand as your business grows. Consider looking online at sites like PeoplePerHour or oDesk for affordable freelancers and independent contractors. Of course, during the lean months, you can save money and just do the work yourself.

Finally, you’d have to shell out some money for marketing. It’s understandable that you’re trying to be thrifty, especially at the beginning. But don’t skimp on marketing as a quality campaign can lead to huge returns.

Dougherty Marketing helps people unlock opportunities for success with mentorship and training services for improving entrepreneurial and leadership skills. For more business tips and insights, visit this blog.

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Organizational Culture: Creating a Positive Workplace Atmosphere

Every week, full-time employees spend around 40 hours at their workplace; some of them spend more time in the office than at home. Creating a positive atmosphere is necessary because it impacts the workers’ professional lives, as well as their personal lives. One way to establish such an environment is the implementation of organizational culture.

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Culture in the workplace involves the beliefs, ideologies, values, and principles shared collectively by everyone in the organization. For some, organizational culture has become a mere buzzword because while it is frequently mentioned, there are people who do not fully understand the concept.

Its significance, however, cannot be understated as it shapes the way individuals behave with others inside and outside the organization. It sets and maintains the values that members manifest, influencing how they interact with those around them.

This is important because it is normal for organizations to employ workers from different demographics, which means that these people hold different attitudes, mentalities, sensibilities, and tendency.

A strong organizational culture will help these employees adjust well and accept their roles and functions willingly. It can bring out the best in them, and cause them to go the extra mile.

Organizational leaders should then make sure to prioritize the creation and implementation of a strong culture. It is their responsibility to shape the organizational culture and empower everyone to abide by that culture.

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Dougherty Marketing provides training services and mentorship programs that aim to help leaders and entrepreneurs create opportunities for success. Visit its official website to understand the company better.

The Common Accounting Pitfalls of Business Owners

Business owners have more responsibilities than the ordinary employee. They’re lucky if they have spare time to relax. With all the things they have to think about and take care of, mistakes are unavoidable. It’s okay to make small mistakes in a business, but you can’t afford to make big ones. Here’s a list of a few accounting mistakes that business owners need to be aware of.

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Book entries

Sales taxes, checking statements, credit card statements, income and expenses—- all these should be put in the books on time. The more current the information, the less risk of making the wrong business decisions.

Accounting technology

Business owners need to learn how to use the latest accounting software out there to save themselves hours of work. Overlooking technology only shows a failure to adapt to changing times, and that is fatal to a business.

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Personal finances

Business owners should always keep personal transactions separate from business dealings. Mixing both could ruin accounting, and worse, catch the eye of the IRS. Vacation receipts, and other luxury expenses charged to the company are usually questioned.

Receipts

Receipts are powerful. They can clarify expenses and be used as justifications for accounting items. They should never be discarded.

Dougherty Marketing was founded by Brian and Jenny Dougherty to help business owners with their own businesses. For more about Dougherty Marketing visit the official website.

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Understanding The Risks Involved In Starting a Business

Starting a business can be a rewarding journey with the startup economy experiencing an abundance of opportunity, innovation, and potential. However, it is not without challenges, as risks come along with creating, growing, and seeing a business succeed. It is, therefore, essential to have the right game plan to overcome obstacles – and this includes understanding the risks involved.

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Market risk

Any product or service offering is dependent on the market. Competition, oversaturation, economic uncertainties, customer preference – these are just some of the risks that are inevitable and uncontrollable for most businesses. Creating an extensive market analysis, forecast, and plan can help manage or even avoid risks altogether.

Financial risk

Managing company finances requires the correct knowledge, skills, and experiences. And the ability to sustain the financial standing of the business can make or break its success.

Various financial risks accompany startups, such as insufficient capital, miscalculation of startup and operation funds needed, the wrong projection of cash flows, and unforeseen calamities.

Management risk

Human capital remains to be one of the riskiest resources a business manages. This is more evident in businesses that are in their initial stages. Hiring the wrong or misfit people and mismanaging employees can hurt business functions as well as the company’s overall performance.

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Dougherty Marketing offers mentorship and training services to those who aspire to level up their entrepreneurial and leadership skills. Through these program, the company’s clients develop and grow the successful business they are striving for. For more information, visit this website.

The Major Pitfalls Of First-Time Business Ownership

For businesses to succeed, owners need to be on their game. They need to know (and do) several things at once. They need to get the job done and done right. Business owners also need to avoid making mistakes that could potentially cost them their businesses, or a whole lot of money. Here are a few major pitfalls that first-time entrepreneurs should avoid:

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  • It takes time for most businesses to take off. Many businesses fail within the first six months because their capital only allows them to survive in deficit for four. Ideally, business capital should take care of operational expenses for a year, or at the very least six months. This is a safety net that business owners should have.
  • Some business owners become overconfident that they ignore the competition. This is a huge mistake, since all the competition needs to do is offer a similar product or service and slash their prices. That alone could prove devastating to smaller businesses.
  • Some businesses fail because the owners put all (or a majority) of their eggs in one basket. Business owners should always have a back-up plan for when their biggest clients decide to terminate their contracts.
  • For businesses with more than one owner, if partners aren’t flexible enough to meet halfway especially on issues that could potentially affect the future of the entire company, that could mean the end. When the decision-makers of the company are at odds with one another, time, effort, and money could be lost. And before anyone knows it, the company could be going under.

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Dougherty Marketing is a company that has helped hundreds of groups and individuals start their business and achieve success through leadership skills training. Find out more about Dougherty Marketing by visiting its official website.

Looking Ahead: Expanding a Small Business

The innovations in technology and business have opened many opportunities for small business to thrive. The thought of expansion is no longer a far-fetched dream. With the right tools and an action-oriented mindset, growing a business is achievable. Here are some ways on how entrepreneurs can go beyond their current resources:

Pioneer and offer the business as a franchise
If there are many people who believe in a business model or idea, they will try their best to copy it. Instead of dealing with copycats, entrepreneurs can retain their status as trailblazers by offering their business as a franchise. This will also prove to be more convenient for those who want to start a business of the same nature. More people will be involved, which could result in more ideas and breakthroughs.

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Open a new location
For business owners who want to keep the management team exclusive, opening a new location is a good way to expand. Especially when a business is starting to grow an interesting consumer base that is far from the original location, it would be practical to get another space to welcome more patrons.

Use the internet
When it comes to selling unique products, bringing them to the Internet’s attention is a sure-fire way to increase sales. This is especially true if the products are reliable. If word-of-mouth fueled businesses in earlier generations, word online is the way to increase awareness nowadays. Entrepreneurs shouldn’t fear the online world but embrace it instead, as it opens them up to millions of potential customers. Creating a social media account and an online store is one easy way of expanding a business.

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Business owners aspiring for growth must take action in order to bring their services and products to the world’s attention.

Brian and Jenn Dougherty are the founders of Dougherty Marketing in North Carolina. To know more about its services, visit the company’s official website.

The Power of Mentorship in Business Success

Every successful entrepreneur credits a mentor. Even accomplished business owners reveal that somewhere along their journey of building a company, they have received advice and support from a mentor who has bolstered their success. Mark Zuckerberg, the tech genius behind Facebook, named Apple founder Steve Jobs as an important mentor who has helped him start his company and build his management team.

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A mentor is one of the most powerful weapons an entrepreneur can have. Finding a good mentor and accepting guidance is the first step to growing a company and increasing its odds of success. Mentors help entrepreneurs think through a business idea and spot holes in their plans. Additionally, they offer solutions to anticipated business risks. Mentors can identify potential problems more effectively because they have an unbiased look at the business. A great mentor can help business owners avoid predictable mistakes and to start off with more confidence and certainty.

Mentors play an important role in a company’s success. They suggest ways to generate capital and provide the wisdom and experience every startup or seasoned entrepreneur needs. They also help widen a business’ professional network through strategic partnerships and connections. Mentors guide entrepreneurs in every step of the process of building a successful business.

An entrepreneur guided by an experienced mentor is more likely to succeed. Accepting criticism, learning new habits, and taking sound business advice from a veteran business mentor has numerous benefits. A good mentor is a valuable asset who helps business owners find stability and success.

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Dougherty Marketing helps individuals start their business and achieve success through mentorship and training. Learn more about the company’s vision of creating opportunities for success through its official website.