3 Ways to Protect Your Business Legally

If you are running a business, and you have a nice product that you sell and earn profit from it, there are chances that someone will take it away from you. Well, it is not like they will snatch your business from you, rather they can start selling it under their brand name. In this way, the traffic of customers coming to you divides as many of them will also buy from this new fake seller of the product. In this situation, you have to step forward and secure your business and its products.

This article is written to make people aware of different ways that can help them secure their business legally. It is need of present time because if your products are not legally secure, someone will come, take your product, and make it their copyright to sell. You will not be able to claim it as you’re in any way possible.

So, now stay with us, and learn about these ways.

1.  Register Your Product

The first thing that you have to do is to register your business, all its products and services. By doing this, it will be secured. You can claim that this is first introduced by you, so you are legally the owner of the product, and anyone who wants to sell it must take consent from you first.

Registration of business is very simple. You have to know the simple steps of application which you will submit to your state authorities, and then they will issue you the code that will be used as the registration number of product or services.

2.  Start With Your Website

Well, when you are securing your business, it is not like you call to 020 numbers and asking them to help you protect it, rather you do things that tell other that it is your product. One simple way to do this is to make your business website. As the business websites have their terms and conditions, and they declare their policies, so there is no chance that anyone could exploit you and your business.

You can also display the legal documents on your website so that anyone who is looking for any weakness might know that you are completely secure, and any wrong turn against you could be detrimental for them.

3.  Set Policies

Your policies should be very straightforward and simple. Everyone who has your product must read that policy mentioned in it. You can declare in that small section that your product has copyrights which if violated, would result in a bad situation for them. In this way, you can make your product completely secure from those who are planning bad or evil for it.

Conclusion

Business security is very important. If you do does not do it, you will face very bad consequences, and even you can lose your business. So, always keep yourself on the secure side, and take into account any of the above ways to protect it.

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Which Suits You Best: Employee Or Entrepreneur?

There are definite perks when you become your own boss. When you are the boss, you call the shots! This does not mean that you will disregard the opinion of others and that of your clients. Simply, you need to interact harmoniously with your team, your business partners, and the clients. No man is an island, no matter how many coconut trees you own.

Being a boss fits a certain type of mindset. Consider reinventing yourself as an employee if you do not meet the Entrepreneur mindset.

THOUGHTS ON INDEPENDENCE

An entrepreneur welcomes the idea of working independently. Business owners are willing to take full responsibility for completing their own tasks on schedule. Not to mention, self-employed individuals who work at home spend most of their time without a staff supporting them.

On the other hand, employees set their minds to tasks given by their bosses. They are expected to complete these tasks within a given schedule.

THOUGHTS ON GOALS

Business owners plan, market, and oversee the success of their businesses. Running a successful business entails formulation a well thought out business plan. Write a simple mission and vision statement for the company to direct their goals to it. Having a specific set of goals directs the actions to a unified path.

In contrast, an employee follows the short and long-term goals that someone else set.

THOUGHTS ON MONEY

Business owners need to operate based on the financial situation of the company. Are you knowledgeable about the operation costs and profits? Can you create a fair paycheck while tackling risks? A key factor in starting a business is being able to handle the financial ups and downs. Take money management classes or hire financial professionals to improve your financial support.

Image Credits: pixabay.com

Lastly, employees take away the responsibility of building a successful business. Sometimes, they overlook the financial risks of building a profitable business. When this happens, the business owner must step in to mend things.

Sources: 1 & 2

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Practical Ways To Save Money When Hiring Employees

The second chapter of the year is done. With 2019 in full swing, now is the time for business to open vacancies and focus on meeting their staffing needs. The hiring process can exhaust someone’s time, effort, and money. There is no doubt that hiring can be cumbersome!

On that note, here are practical tips that you can apply during hiring process.

BEGIN WITH THE INTERNAL CANDIDATES

One of the simplest ways to make hiring more efficient is to consider the talent within your company. Hiring internally entails that you do not have to worry about background checks or goodness of fit. Your current talent has already been coherent with the team and has already completed the reference checks.

If you are looking for a principal, perhaps you can source out from your current teacher pool! You just have to train him or her. Promoting existing employees will not necessarily help you avoid training. Instead, you are leading an employee to a smoother transition with his or her basic knowledge in mind.

SPEAK TO THE CANDIDATES THROUGH THE PHONE

Conducting multiple face-to-face interviews is a waste of time! Instead, you must filter out the applicant pile by conducting a phone interview. Screening through the phone is a quick, cost-friendly, and easy way to ensure that the employer’s basic requirements are met.

Image Credits: pixabay.com

Once you weed out the bright from the dull candidates, you can reserve a slot for the candidate to meet the Hiring Manager. This way, the Hiring Manager can focus on more important tasks at hand.

CONSIDER HIRING INTERNS

Many companies and startups can agree that interns carry a huge value in the team. Firstly, hiring them is cost efficient. You give them the substantial experience they need for the “real” world while they provide you with their inexpensive services. Secondly, you can train a potential employee. You will know all of his or her strengths, weaknesses, skills, knowledge, attitudes, behavior, and work ethics. Choose your interns wisely.

All the hard work is done! Consider hiring an employee from the interns that impressed you.

SCHEDULE THE INTERVIEW PERIOD STRATEGICALLY

It is no secret that the hiring process takes time. Screening the potential candidates or writing a job description can already take up your entire day. To ignite productivity within the hiring process, you must arrange for all key players to commit to being available within a week-long stretch. Doing so will prevent you from having gaps between the candidate phone screens and the candidate meetings.

You will be able to make decisions smarter and sooner.

GET SOCIAL WITH THE CANDIDATES

Did you know that more than 90% of companies prefer to recruit through social media platforms such as Facebook, Twitter, and LinkedIn? Yes! Times have changed and you must too.

Have your Human Resources team (or do it yourself) analyze the social media presence of a potential candidate. You will be surprised with what you can uncover! This is a good strategy, especially if you are hiring employees in the Silicon Valley.

MAKE CLEAR AND CONCISE JOB DESCRIPTIONS

Last but not the least, you must create clear and specific job descriptions. There is a higher chance of attracting the right candidate when you invest your time in making sure that job listings are detailed and precise.

State the skills and qualifications that you are looking for. Furthermore, you may state the qualities or behavior that are deal-breakers for you. For instance, the candidate himself will skip through your listing when the skills you are looking for are not parts of his repertoire. The candidates will have a realistic sense of what they have applied for.

Image Credits: pixabay.com

Good luck with the tricky and complex period of hiring! 🙂

Sources: 1 & 2

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How Can The Chinese New Year Affect Your Business

One cannot deny that the Chinese New Year, or the Spring Festival, is the most celebrated festival in the Chinese calendar. It can fall anywhere between January 21 and February 20. This upcoming holiday is not only important in China as it also appears to be influential in other Asian countries including Taiwan, Hong Kong, and Singapore.

As China’s position in the business world is significant, the Chinese New Year will pose an international effect for the companies or people who do business with it. That being said, here some elements that you need to prepare before the CNY celebrations begin.

THE RED ENVELOPES

To accommodate for this festive period, companies dealing with Chinese manufacturers or retailers must adopt to the local practices. This accommodation shall extend to companies dealing with international trade.

For starters, you must prepare red envelopes with money inside. These red envelopes are usually given in the form synonymous to a 13th month salary. It is issued to employees in January as a bonus for CNY.

THE ADVANCE PURCHASES

Manufacturers in China will be closed for a month. Then, they will have a month to get back to their previous rhythm. To welcome the Chinese New Year in a blissful note, you must forecast the needs of your company and buy in advance.

Minimize the disruptions in your business operations by ordering a two-month supply to be delivered from China to Singapore. While it may seem difficult in terms of cash flow and storage space, this preparation will ensure that you will not run out of stock during the festive period. Remember that promotions tied to the holiday seasons can attract people to buy more. By forecasting your needs early, you may perfectly cater to the purchases of the customers. Furthermore, this preparation will enable you to safeguard your inventory.

THE BUSINESS TRIP

The general advice regarding business travel during or around CNY is to reconsider. It is not a suitable time to come to the country for business. Since most businesses will be shut down, it is not a conducive period to get things done.

However, there may be cases wherein a visit to China for business is essential. In this particular situation, you must take some precautions. Start by having your accommodations booked ahead of time.

Image Credits: IQRemix via Flickr Creative Commons

While the CNY may improve your business network in China, it goes without saying that family is the top priority at this time. From a business perspective, being prepared for the upcoming Chinese New Year will go a long way to avoid any problems!

Sources:1 &2

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How To Write A Business Plan For Your Small Business

Starting or running a business isn’t the easiest thing in the world. In order to gain traction with your newly developed small business you need to have a plan in place to know where to start and the direction you need to move in. What many unsuccessful business owners have in common is a lack of a business plan. If you’re looking to begin a small business, but don’t have a business plan in place, then you need these tips below.

What To Include In Your Business Plan

  1. Your Business Concept

Your business concept is where you discuss key areas like your business structure, your industry, particular products or services, and an idea on how to make your business successful long term. Without a basic business concept you run the risk of falling short in the direction you want to take your business.

  1. Your Strategy To Implement Your Concept

Your strategy to implement your concept is important. Why? Because it holds key elements you need to consider that will help you with the direction you want take your business. Your strategy should include things such as the goals you have for your business, how you plan to reach those goals, the actions you need to take in order to achieve this, any unforeseen complications that may occur during this journey, and when you hopefully plan to reach them.

  1. What You Offer and The Markets You’ll Pursue

What you have on offer and the target market you want to pursue also needs to be covered in your business plan. You need to have solid and clear information about your products/services, what makes then different, and why customers would want to purchase them from you and not your competition.  Along with this you need to know which markets you’re looking to target. Who will be your customers? What’s your target demographic audience? How will you attract and retain these customers? What sets your business apart from your competition? What methods will you use to capture your target audience? Answering these questions in detail in your business plan can help lay out the foundation to success so don’t be afraid to dig deep when writing this key area.

  1. Employee Plan and Strategy

If you’re a business that has key employees, it’s a good idea to have a strategy of where those employees will be in your business when you plan on implementing your strategy above. Key things to include is what they’ve done, the skills they can offer, and how long they’ve worked for your company. While this may not be as important as your business concept, it’s still an important factor. Without key personnel in place, your business won’t run as well as it could do.

  1. Finances

To grow your business and take it to the next level you need funding. It’s ideal to work out how much financing will be needed from your projected financial statements. These statements can give you an overall idea on how much you could make once your strategies play out. While it’s in some way guessing, it can give you a detailed footprint and rough estimate on how much you need to be making and spending to be able to make your business plan work for you.

Business plans are an essential part of any business. Without a business plan you run the risk of derailing the future success of your small business. We hope you liked these tips from Capstone Financial Planning. Are you ready to write your business plan?

 

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