Five Ways to Find a Business Partner

2023-06-19
Entrepreneurship

Though most entrepreneurs start out alone, new businesses increasingly start as partnerships. Good partners share the workload, the risk, have complementary skills, and provide second opinions. Your sources for business partners will depend significantly on your previous experience. You may have to explore far outside your bubble, but if the business idea is good, then the right business partner is out there.

Networking

If you’re starting a business in a field where you have little experience, you’re probably going to have to do a lot of networking to find a business partner. You’ll be approaching people with more experience, so make sure you have good new ideas and a solid business plan to bring to the table. Having strong confidence in these ideas will help you get through.

Start making contacts at trade shows, local business association meetings, and professional associations, depending on the type of field you’re looking to enter. Make sure you can concisely break down what your business is, and don’t be shy about asking people for connections.

Consider also looking at volunteer and non-profit work to build up your resume and network. A wide range of energetic, confident people work at these organizations who might know important people or have the makings of good potential partners themselves. Coming into contact with a broad cross-section of people will also help you work out kinks in your business plans. Pitch your ideas to willing listeners, and take constructive criticism.

Former Mentors

If you’ve had good relationships with bosses and other experienced business leaders in the past, consider them as potential partners and ask them for advice. It might seem awkward working with a former boss in an equal partnership, but the additional experience they bring is often invaluable.

If former mentors suggest a partner, be sure to get to know them well before jumping in. Just because someone you trust recommended them, it does not necessarily mean they are the right fit. Maybe they worked well with someone you trust, but it does not mean they’ll work well with you.

Complementary Coworkers

Consider former coworkers as well. Their abilities should be easier to judge, and you’ll already know if you work well together, whether they share your vision, and whether you can trust them. However, avoid coworkers that are too similar in skills and experience. Consider people you know well, but who worked in separate teams or departments. For instance, someone from marketing might partner well with a coworker from design.

Different Skill Sets

Entrepreneurs tend to be big on vision, but uninterested in the nitty-gritty details of running a business. A more technically minded person, such as an accountant or an engineer, could help keep you down to earth when you get lost in the cloudy possibilities of tomorrow.

On the other hand, if you’re a tinkerer with a great idea, a good managerial type could help you get out of your box. They can take care of the long-term planning to bring your detailed idea forward into a more generalized environment.

Friends and Family

Many people avoid choosing friends and family as business partners, and often for a good reason. But just because it can be a bad idea does not mean it always is. More than any of the other suggestions given, you probably know your friends and family well, which means you probably know whether you can get along with them and whether you can trust them. Now, this does not necessarily mean picking your best friend or favorite sibling as your business partner; they must share your vision but offer their own set of skills.

 

Take advantage of all your contacts and search widely for a business partner, but don’t forget people closer to home. Someone is out there who shares your vision, can take the work, and offers complementary skills. It might take a little time and networking, but a good partner can take a business to places an individual entrepreneur can’t make it alone.

How to Start a Conversation With Anybody Regardless of the Situation

2023-05-15
Networking

What happens if there is somebody you want to meet, and you have absolutely no connection with them? How do you approach them and make the critical first move in meeting them?

Common sense and basic communication skills tell you the first thing you should do is seek out something you two have in common, something you can both initially bond over and continue to discuss. Even if you don’t know anything about the person, you can easily find common ground you share.

As luck has it, you already have a connection with everybody in the world, you just haven’t realized it yet. It’s something that everyone has in common: failure. Failures and learning lessons are the one life event that has been universally experienced, and thus, can be your link to conversing with complete strangers.

So, how do you go about capitalizing on that connection? Here’s an example of how an encounter could play out using this technique.

The first step is to approach the person and comment on something you both observed or experienced. For instance, if you are at a business meeting and see somebody you want to meet, approach them during a break and ask something innocent, such as “So, did you understand ______?” (Fill in the blank with some aspect of the meeting.) The idea is to ask an open-ended question and get a response from them.

After they’ve responded, keep them engaged by casually bringing up one of your failure stories. Here’s an example of how the exchange could go. (Note: The keys to this conversation starter are to speak casually and let everything flow. This isn’t a script. Your approach should match your personality and the conditions of the situation.)

  • You: “So were you able to grasp everything that last speaker went over?”
  • Them: “For the most part, yeah.”  (If they continue the conversation, great. But if not, here’s where you step back in.)
  • You: “There were a few things I couldn’t quite wrap my head around. But I can’t fault the speaker. I once gave a presentation that I thought would resonate with the audience, but I ended up losing them early on because I spent too much time answering one person’s question, which went way off topic into an area I wasn’t familiar enough with. It was a good life lesson though. Now I make a conscious effort to stick to my outline, even if it means politely corralling questions back towards the subject matter.”

This is the point where you wait for their response. What they say next is your opportunity to connect with them. The worst thing they could do is not say anything and walk away. Very few people are going to do that. Most people are going to ask a question, or give some other reaction to your story. And that allows you to continue the conversation.

So go ahead and break the ice, and then don’t be afraid to reveal a past learning experience. The person you are speaking might be a little surprised by your story, but they will also find you genuine and open. And you never know – they could end up becoming the most influential person in your network.

How to Prepare for an Interview 

2023-04-17
Careering

Interviewing is a vulnerable experience. Interviewers will judge your employability after a short conversation, placing pressure on you to portray yourself as articulate, knowledgeable, and personable. But you can ease some of that pressure by putting in some time to prepare. Below are four preparation tips with specific examples of ways to get ready for an interview.

1. Research the company.

An easy first step to preparing for an interview is to perform company research. Part of this step means exploring the company website, browsing their social media channels, and looking for any recent news or press releases on Google. You should also keep an eye out for things that describe the company’s values. Not only will this help tailor responses to interview questions so they align with what the company is looking for, but it provides insight into the stated character of the company. If you and the company have a difference in values, it may not be an ideal fit. It’s also important to research and understand the product, service, or mission the company operates around. This will help you articulate educated and pointed questions during the interview, in addition to helping respond to questions with the proper context.

Looking up reviews from current or former employees could also provide some personal and often honest opinions that are helpful when evaluating the job.

2. Prepare your background story.

Most interviews start with you being asked to talk a little bit about yourself. This answer should be kept short and no more than a minute long. It’s an opportunity to set the tone and provide personal touches that may not have been present in your job application. A common mistake in this part of the interview is simply reciting your resume. Time is wasted going over information that is already known by the interviewer. You should touch on the “why” behind jobs you’ve taken as well as what prompted you to look for a new one. It’s also helpful to include personal information such as interests outside of work or a reference to where you grew up. This helps introduce you as a person outside of the confines of a resume or cover letter.

3. Create responses to interview questions.

A starting point for preparing responses to a variety of questions is to recall and list notable situations that have occurred, preferably in a workplace setting. Interviewers often ask for examples that were challenging, required teamwork, disagreement, or were under a tight deadline. By familiarizing with a couple of significant examples, they can often be applied to a variety of interview questions. For example, a story about how a teammate quit right before a deadline could be shaped to highlight skills related to teamwork, overcoming a challenge, or operating under time pressure.

A common mistake in this portion of the interview is to speak in vague or theoretical generalities. Interviewers want specifics, and without them, it portrays either a lack of attention to detail or preparation. You should thoroughly read over the job description and try to put yourself in the shoes of the interviewer. If roles reversed and you were asking the questions, what would you want to know?

4. Compile a list of questions.

Interviews typically end with an opportunity for you to ask questions. This is a critical part of the process, as it provides the chance to properly vet whether the job is a good fit, and it shows preparation and engagement. Ending an interview with no questions to ask gives the impression of a lack of interest.

You can use the job description as a starting point. If details about the responsibilities are unclear, this part of the interview is the time to ask. This is also the time to use background research. Asking questions related to recent developments or news shows curiosity. Questions about the products or services of the company show a serious consideration of the job. Additionally, since the interviewer works at the company, they should be used as a resource. Ask about what they like and don’t like about the company, the culture, or the challenges they faced when they were a new employee.

Taking a focused approach in preparing for an interview not only increases the likelihood of having a quality interview but will also decrease the anticipatory stress. By following the aforementioned steps, you can set yourself up for success on the big day.

LinkedIn logos

Promoting Your Business With LinkedIn

2023-03-15
Social Media

LinkedIn is more than just a social network – it’s a tool that can help you grow your business. If you are not using it to its full potential, you are missing opportunities to connect with new people, expand your network, and learn from other professionals who share similar interests or goals as yourself.

Why should you take advantage of what LinkedIn has to offer? Here are five reasons why you should use LinkedIn to promote your business:

  • It helps you connect with potential customers
  • It helps you find employees
  • It can help you establish credibility as an expert in your field
  • It can help you get free publicity for your business through influencer endorsements and recommendations.
  • It can help you find new opportunities for partnerships

Now let’s look at some steps you can take to promote your business on LinkedIn.

Create a LinkedIn page for your business.

If you have not already created a business page for your brand, this is the first step to start building an audience on LinkedIn. Once your company has its own independent presence on the site, encourage others within your field or industry to visit it and “follow” the content you share there. You can do this using any number of promotional tools, including email marketing campaigns or even posters in local office buildings where potential clients might pass by them every day (and therefore see them multiple times).

Build a community of followers.

Every business needs a community, and LinkedIn can help you build one. You can connect with people you know, people interested in your business, people who have a connection to your business, or people who have a connection to other businesses relevant to yours. For example, you can connect with:

  • employees of companies that use the same software as you.
  • employees of companies that supply the materials you need for your products or services.
  • employees of companies where customers commonly visit or shop (for example, hotels).
  • individuals whose skills align with the skills required for your job openings.

LinkedIn is all about connections and building relationships with others with similar interests and goals. Use this to your advantage by creating groups based on topics relevant to your industry and encourage people to join them. These groups will help you build a community around your brand, which could lead to new partnerships or opportunities for growth down the line.

Build relationships with employees, leaders, and customers.

One of the most important things you can do as a business leader is build relationships with your employees and customers. Linkedin allows you to connect with people from all over the world with similar interests. This can help you find new customers for your business, or even find new employees for your company. How can you do this?

Get active in groups. Groups are one of the best ways to meet new people and engage with them. Join groups relevant to your industry and share content from other members in your feed or comment on other people’s posts.

Follow people who are influential in their field and you’ll have access to their updates and news, as well as their insights on topics related to your industry. If they follow back, you can send them direct messages with questions or comments about what they posted.

Network with people who work in different departments at your company. You might not have much in common with someone from finance or human resources, but there may be some overlap between what they do and what you do, which makes it easier for both of you to understand what each of you does for a living.

Document your company’s history.

Documenting your company’s history is an important part of presenting your business as a reliable partner to customers and suppliers. You can do this with a timeline, which you should include on your website, or with short stories about the milestones in your company’s history. For example, if you were to write about how product X came to be, who was involved in its creation, what challenges they overcome during development, etc. Such content gives people an idea of what it took to get to where you are today (and also helps them see that you’re not just another fly-by-nighter).

Cross-post content from your blog to LinkedIn.

LinkedIn is a professional network, so it’s not a good idea to post content that isn’t work-related. You can post content related to your business, but it should be professional. It’s also okay to share content related to your personal life or hobbies, as long as it doesn’t compromise your professionalism in any way.

You can even use LinkedIn to highlight what you have accomplished in the past and how it has helped shape who you are today. Post content that solves problems, too. If you create quality posts relevant to your followers (and their followers), they’re more likely to share them with their networks than if they were just being posted onto their profiles alone. This means more people will see it and engage with it

Post job openings.

Posting a job opening on LinkedIn is a great way to reach more people who may not follow you on other social media platforms. You can also use it to find the right candidates for your open positions. LinkedIn offers free tools for posting and reposting jobs, including a “jobs” tab that allows you to customize how your ad looks and where it appears (e.g. career sites, company pages). As a bonus, LinkedIn sometimes offers discounts when hiring through their platform. Just be sure the position is eligible before signing up!

Tracking down people on LinkedIn is not as easy as on Facebook, but the people on it are typically more engaged and have more professional success, so the payoff can be worth it.

Conclusion

LinkedIn is a powerful tool that allows business owners to connect more personally with their staff and customers. It’s also an opportunity for companies to share what they do and how they do it, giving insight into their culture.

Man checking bankbook with "tax" underlined

Small Business Tips for Easing Your Tax Burden

2023-02-21
Financial Wellness

As every small-business owner knows, taxes can quickly gobble up a huge chunk of revenue. As such, it’s a good idea to take advantage of deductions and credits to reduce the tax burden. Here are some not-so-obvious tips to help you reduce your tax bill this year.

Understanding deductions and credits

Unbeknownst to most small-business owners, knowing the difference between deductions and credits may save you a lot of money on taxes. Simply put, deductions reduce your taxable income, while credits reduce your tax liability directly.

Let’s say your business raked in $50,000 last year, and you had $5,000 in deductible expenses. In this case, your taxable income would be reduced to $45,000. In other words, you will owe less tax on your income. On the flip side, if you owe Uncle Sam $5,000 in taxes but are eligible for a $1,000 tax credit, you would only owe $4,000 in taxes.

Understanding deductions and credits is important because it can help you save money on your taxes. However, it’s also important to make sure you’re eligible for the deductions and credits you’re claiming and to keep accurate records of your expenses.

Keep accurate records

As a rule of thumb, always keep track of all business expenses, including receipts, invoices, and bank statements. The accurate records will help you identify deductible expenses at tax time and make it easier to file your taxes.

For example, if you purchase a new piece of equipment for your business, you can claim a depreciation deduction for the equipment’s cost over several years. However, you need to keep a record of the equipment’s purchase price, date of purchase, and other relevant information to claim this deduction.

Similarly, if you use your vehicle for business purposes, you can claim a deduction for the business use of the vehicle. To claim this deduction, you need to keep a log of the mileage driven for business purposes, including the date, purpose of the trip, and the starting and ending odometer readings.

Without accurate records, you may miss out on eligible deductions and credits, which can increase your tax liability.

Don’t overlook home office deductions

One of the most commonly overlooked deductions by small business owners is the home office deduction. If you use a portion of your home exclusively for business purposes, you may be eligible to claim a home office deduction on your tax returns.

However, it’s essential to meet the IRS requirements for claiming a home office deduction. For starters, the space must be used exclusively and regularly for business purposes, and it must be your principal place of business or where you meet clients or customers. Additionally, the space must be used solely for business purposes and cannot be used for personal purposes.

To claim a home office deduction, you need to calculate the percentage of your home used for business purposes and multiply it by your total home expenses. For example, if your home office takes up 10% of your home’s square footage, you can deduct 10% of your rent, utilities, and other home expenses.

Hire a professional tax preparer

Navigating the tax code and filing taxes can be a laborious and time-consuming process, especially for small business owners who may not have experience with tax preparation. The solution is to hire a professional tax preparer. A tax preparer does more than just file your returns. They can also provide valuable guidance on tax planning and strategies for reducing your tax liability.

When choosing a tax preparer, you must do your homework and choose a reputable and experienced one. Look for credentials such as a Certified Public Accountant (CPA) or Enrolled Agent (EA) and ask for referrals from other small business owners.

Working with a professional tax preparer can also give you peace of mind and reduce the stress associated with tax season. They can even handle communication with the IRS on your behalf and help you avoid audits or other tax-related issues.

File your taxes on time

As a small-business owner, it’s important to understand the deadlines for filing your tax returns and any applicable extensions. The tax-filing deadline for most businesses is March 15 for S Corporations and April 15 for partnerships and sole proprietorships. However, if you need more time to file your returns, you can request an extension by filing Form 7004.

Failing to file your tax returns on time can result in penalties and interest charges, which can quickly add up and increase your tax liability. Additionally, filing your returns late can delay any refunds or credits that you may be eligible for, which can impact your cash flow.

To ensure that you file your returns on time, it’s essential to keep accurate records throughout the year and stay organized during tax season. Consider using accounting software or working with a professional tax preparer to streamline the process and ensure you meet all IRS requirements.

Conclusion

Running a small business is hard enough. As such, it’s best to get a professional tax preparer to help file your taxes. They will help you take advantage of provisions in the tax code that will give you some reprieve. More importantly, a professional tax preparer will ensure you are not at loggerheads with the IRS.

The Importance of Building Positive Relationships in the Workplace

2023-01-17
, Human Resources

Positive workplace relationships can help employees be happier and more engaged in their work. According to a study by Gallup, people who have a best friend at work are seven times more likely to be engaged in their jobs. In addition, people who have a good friend in the workplace are more likely to be satisfied with their jobs.

This article provides tips on building positive relationships in the workplace and the benefits that can be achieved as a result.

Tips for Creating Workplace Relationships

  • Build Trust—Trust is the foundation of any good relationship. If you trust your colleagues, you are more likely to enjoy working with them and be honest in your communications. To build trust, make sure you are dependable. Stay true to your word by completing any tasks you agree to on time and to the best of your abilities.
  • Show Appreciation—It’s easy to get caught up in your day-to-day tasks and take your colleagues for granted. Make sure to compliment your co-workers when they do something well, or even write a quick thank-you note when colleagues help out to let them know they are appreciated.
  • Be Positive—Being around negativity can be draining. Instead, focus on the good things about your job and life. Positivity can be contagious and can help you become someone that others enjoy being around.
  • Avoid Gossiping—Gossiping can cause mistrust and animosity. If you have an issue with a co-worker, talk to them directly about the issue in a mature and respectful manner. Be considerate of other people’s opinions and try focusing on the positive characteristics about co-workers rather than the negatives.
  • Take Time to Build Relationships—Finding time to connect with co-workers can be difficult when workloads are high. However, even taking five minutes to talk with someone over coffee in the break room can be a great way to connect with colleagues.
  • Be Aware of Others—If you share an office with others, be considerate of their preferences. For instance, some people prefer to work in silence, so wear headphones when you’re listening to music instead of playing it through your computer’s speaker.
  • Support Each Other’s Work—Ask your co-workers to get involved in a task you are working on and volunteer to join others’ projects. Collaborating on a shared assignment gives you the opportunity to get to know one another better.

Advantages of Workplace Relationships

Below are the benefits of positive relationships in the workplace:

  • Less Turnover—Employees with friends at work are more likely to be engaged in their work. Engaged employees are less likely to look for a new job, which can help reduce turnover-related expenses. In addition, engaged employees are likely to be more productive.
  • Develop Careers—Getting to know your co-workers can help build trust. Being on good terms with your co-workers and managers can also open the door to new promotions and opportunities that you may have otherwise missed out on.

By following the tips mentioned in this article, you can start building healthier workplace relationships and enjoy your job more.

How to Ask For a Raise

2022-12-12
Careering

Are you feeling undervalued and underpaid at work? Are you ready to make a case for a salary increase but unsure of how to go about it? Asking for a raise can be a nerve-wracking prospect, but by following a few key steps, you can increase your chances of getting the salary you deserve. In this article, we’ll provide insight on when to ask for a raise, the best way to plan for it, and how to present your case.

Is the timing right?

Knowing when to ask for a raise is an important factor in the success of your request. Generally speaking, these scenarios are ideal:

  • You’ve made significant contributions to the company.
  • You’ve taken on new responsibilities.
  • You’ve received a glowing performance review.
  • You’ve been with the company for a certain amount of time. (At least 6 months; it takes time for a company to get to know you and understand your value.)
  • You’ve received a better offer from another company.

If one of these applies to you and you’re ready to move forward, make sure you step back and take a pulse on things first. Is your boss especially stressed right now? Is the company in the middle of a new business deal? Is it the holiday season? There will be times when delaying your request is in your best interest.

How to prepare.

In order to make a compelling pitch for a raise you’ll need to arm yourself with information that demonstrates the value you have added to the company. This could include performance reviews, letters of recommendation, customer compliments, before-and-after metrics such as sales figures, and other quantifiable statistics on the success of your work. Gather evidence of your achievements and successes, and be prepared to show how they benefited the company.

Employers typically have their own ideas about how much their employees should earn, so you’ll also want to conduct research on salary trends in your industry. Utilize published salary data and reports from resources such as salary.com, payscale.com, and LinkedIn. When comparing industry data, make sure you consider factors that may influence the numbers — such as location, education level, and experience. (For example, salaries for a similar job may be higher in a city with a higher cost of living than yours.) Taking the time to research salary trends will give you a better understanding of the current market rate so you can make a more convincing argument when asking for a raise.

Now that you have all the data and information, it’s time to practice. Develop a practice guide using these tips:

  • Create an outline of your pitch and memorize it.
  • Go through the motions of what you’re going to say and present.
  • Take notes along the way so that you can edit and improve on the fly.
  • Record your practice run to ensure that you aren’t coming off too aggressive or entitled.
  • Make sure you have a clear idea of what you’re willing to accept.
  • Be ready to negotiate; practice negotiating skills with friends or family.

Make your case.

You’ve done all the prep work and now it’s time to make your case. A few quick pointers for your delivery:

  • Make sure your tone is respectful and positive from the start.
  • When presenting your accomplishments it’s critical that you explain how they have benefited the company.
  • State why you feel like you are underpaid, and what you feel a reasonable salary increase would be.
  • Try to anticipate any questions or objections your boss might have.
  • End on a positive note: thank them for their time, and tell them you’re looking forward to their response.

Making your case in this manner will demonstrate your professionalism, show that you’re confident in what you’re saying, and give you the best chance of success.

If they say no.

If, after you’ve made your case, your employer still says no, the best thing you can do is stay positive and remain professional. Even if you don’t get the raise you were asking for, it doesn’t have to be seen as a failure. It’s important to understand that it takes time and effort to gain the trust of your employer and that a successful negotiation requires both parties to come away feeling satisfied.

As such, it’s important to graciously thank your employer for their time and for listening to your proposal. This shows that you understand their perspective and that you’re willing to continue the conversation in the future. It’s a good idea to ask if there is any specific feedback you can use to improve your case next time. If they’re willing to discuss, take notes and ask specific questions to ensure you have a clear understanding of their feedback. In the end, it’s all part of the process. Your employer wants to ensure that the salary increase you are asking for is fair and equitable, and that it’s in the best interests of the company.

Improve Your Networking Skills During the Holidays

2022-11-14
Networking

The holidays are a time of celebration and togetherness with friends and family members coming together to share gratitude, goodwill, and cheer. It’s also when many people take some time out from their hectic schedules to reconnect with loved ones. And while it’s tempting to retreat into our own private cocoons for the duration of the season, we should also make sure that we’re not isolating ourselves so much that we miss out on opportunities to build new relationships or strengthen old ones. To help you embrace the holiday season and walk away with more than just happy memories, here are five tips on how you can better your networking skills during the holidays:

Make an Effort to Engage

We’re so busy in the hustle and bustle of day-to-day life that we often forget that it’s our efforts that make networking opportunities happen. We may be a bit protective of our time, but if you want to get more out of your social interactions you have to put yourself out there. Starting off with an informal greeting will help break the ice and establish rapport with others. Asking someone how they are doing or if they have any special plans during the holidays will show you have a genuine interest in them before you get into any conversations related to business.

Pay Attention to Body Language

People tend to focus on their families during the holidays so it’s important to remember that not everyone may respond positively when you try to connect with them on business matters. Taking note of a person’s body language may help you get a feel for how open they are to conversation. Sometimes people will just not be interested in chatting, but if they do happen to be open for conversation, embrace the opportunity. And don’t forget to be mindful of your own body language. People gravitate towards confidence, not nervousness or uncertainty.

Dress for Success

Holiday parties tend to be more dressy than a dinner with friends on a Tuesday night. Put away your jeans and sneakers and opt for a festive dress or tie. Looking your best will also help you feel more confident in social settings and give off the impression that you are there to socialize.

Stay Connected Via Email and Phone Calls

One of the best ways to stay connected with your network is by regularly checking in over email or with phone calls. Consider sending your connections a “happy holidays” email this year so that you’ll be on their minds. By keeping communication channels open, there’s always a chance a connection could reach out to you with a business opportunity or question during the holidays or beyond.

Conclusion

Networking comes down to believing in yourself and your abilities. You have to be willing to put yourself out there, knowing that while it may not always be easy, it could pay off in the future. Networking isn’t easy but it is worth it. The holidays are a great time to grow your business and expand your social circle, so take advantage of the opportunities available to you.

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