Adapting During Times of Crisis

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The concept of adaptability refers to the ability to adapt to new situations and circumstances. This is a skill that every person should have, as it allows them to function seamlessly in the world around them. Without it, they would be unable to adapt to the changes brought about by different situations. It has been said that the ability to adapt faster than others has allowed humans to flourish since caveman days.

There are many ways for companies and individuals to handle a crisis. The trick is knowing when to adapt and change and when to seek outside help.

Have Multiple Plans

Having multiple plans is one of many ways a company can quickly adapt to change and crisis. For example, look at how companies handled the pandemic. Those that shifted directions survived, while others struggled and failed.

Although many companies were able to alter their plans due to the outbreak, it’s still essential to have a Plan B in place before it’s needed. A Plan B helps people plan for the future and ensure they have the necessary resources to get through the situation.

Business Analysis

Before you start implementing a crisis management strategy, it’s important that you first analyze the current state of the business environment. This step will allow you to make data-driven suggestions. Besides the current situation, you also look closely at the market and the company’s potential risks. You can also get a better idea of how you can distribute your resources by researching the market and examining your customers’ preferences.

A crisis management tool is also known as business analysis, which involves constantly monitoring the environment and assessing the impact of the initiatives that have been carried out. It can help increase the value of your company’s services and products.

Be Ready to Tighten the Belt

One of the most critical components of a crisis management plan is the ability to manage finances in unstable conditions. This strategy can help prevent the company from going bankrupt. In this episode, we’ll talk about risk management, which is becoming more prevalent in today’s environment. This discipline can help managers identify and mitigate the risks they encounter while working on new projects.

Know Your Limits

After learning about the situation during the pandemic, many companies were able to develop effective protocols. These routines had to be changed, which involved time, learning, and sacrifice. Although building procedures for every situation has its limits, it’s up to businesses to decide when to adopt them.

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Critical Hiring Mistakes to Avoid

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During the hiring process, candidates will spend a lot of time preparing for the interview and the cover letters they will send out. They will also be thinking about how they will handle the various aspects of the interview and the potential mistakes they could make that could negatively affect their chances of landing a job. We all have the same fears about slipping up or oversharing something that could negatively affect our chances of landing a new job.

Many factors go into making a hiring mistake, and the people on both sides of the table can help prevent them from happening in the future. We spoke with several HR professionals and recruiters to understand how organizations and individuals can make mistakes in the hiring process.

Vague Job Descriptions

Your job descriptions should be updated to attract suitable candidates, and they should be current and accurate to ensure that they can catch potential employees’ attention. Besides writing your expectations, you should also include a variety of other factors that will help the candidate choose your company. These include the expectations of the candidate, the duties, and the soft and hard skills that the candidate should have.

Too Specific

Then there’s the opposite problem – getting too specific. If you see the same people apply for the same job over and over again – it’s time to start broadening the pool of potential employees. While some positions may require local candidates, most do not. A wider range of candidates can help you attract and retain a diverse talent pool. It can also help you diversify the staff by allowing you to have various skills and perspectives.

Today, candidates are not searching the local newspaper for jobs. Instead, they are using various online platforms to apply for their jobs. A resume feed system is one of the most effective ways to attract suitable candidates. This can help you expand your options when it comes to hiring. It can help you reach out to a broader pool of potential employees and increase the number of people who apply for your position.

Avoiding Technology

There’s a better way to approach the hiring process. When screening candidates, sifting through their resumes is like going back in time. A sound applicant tracking system can help you attract the ideal candidates by driving traffic to your website and then screening them immediately. Instead of going through a briefcase full of resumes, you can schedule in-person interviews and get the job done. Not only is it more cost-effective, but it’s also easier to use.

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4 Practical Ways to Boost Your Blog’s Performance

There are two kinds of bloggers: those who blog as a hobby and those who blog as a way to build a brand as a content creator. If you’re the former, you might not care too much about your website’s performance as long as it can remain your passion project. All the same, it’s always a good idea to appeal to your readers by maintaining an organized blog that’s both aesthetically pleasing and easy to navigate. 

But if you’re the latter and you intend to set up a blog for your career, for the purpose of generating income, you’ll need to put in the work so that your blog—and you, by extension—can succeed. Some of the most important performance indicators to pay attention to are your site’s metrics, such as traffic sources, homepage visits, time spent on page, and the like. By analyzing the insights derived from this type of data, and then developing appropriate strategies to respond to your findings, you’ll be able to craft a blog with quality content. This will then further push your blog into relevance in an ever-changing, highly competitive landscape.

There are several ways that you can boost your blog’s performance, both on your own and with the help of professionals. Here are some practical tips to get you started:

Practice Good SEO

Literally millions of content creators around the world are trying to make their mark in online spaces, which can make it difficult for your blog to stand out. That being said, the task at hand won’t be impossible. You just have to be more conscientious about developing your content and your website overall. One of the things that can influence this is good SEO or search engine optimization.

By implementing SEO best practices into your blog content and into your website in general, you’ll gradually be able to make your way up to the top of search engine results pages (SERPs). Ideally, you should work with a reputable company that provides web design services on top of SEO. This way, you can ensure that your blog meets all of the criteria that search engines use to rank websites.

Of course, you shouldn’t leave everything to the capable hands of web designers and developers. You should also know a thing or two about good SEO so that you can abide by its principles every day. Some of the most important SEO practices related to blogging include:

  • Making original content
  • Making content that’s helpful to your audience
  • Optimizing your blog for mobile devices
  • Ensuring fast page load speed, even on slower connections
  • Add alt text to your images

Finally, make sure that you’re updating your blog regularly. Some bloggers post new content up to four times a week, but you can start small with a once-a-week schedule. After a month or so, check your site’s performance and see when it would be best to upload new content. The key is to be consistent so that your audience always has something to look forward to. Posting new content regularly also ensures that search engines will always have something to crawl and index from your blog.

Make Sure Your Content Is Easy to Read

Today’s readers have short attention spans. If your blog is difficult to read, they’ll probably leave immediately. Do note that “easy to read” in this case means two different things: easy to look at, and easy to understand.

Keep in mind that compared to pictures or videos, text often requires more mental effort to engage with. To make your blog content appealing across all formats, you’ll want to make your formatting as easy on the eyes as possible. Don’t just dump all your talking points into a giant block of text. Instead, use the conventional formatting practice of using sub-headlines to logically divide the content and to introduce a new subject.

It’s also better to write shorter paragraphs and allow the readers to have some visual space in between large chunks of text. If applicable, you can also use bulleted lists to further break up the text and emphasize important points. Visuals like photos, videos, or infographics charts can also serve as pleasant breaks from all the words.

Your blog posts should also be easy to understand. If the language is a little too long-winded or highfaluting, even those who are interested in the topic may be intimidated or even turned off from reading. To gauge the readability of your content, consider an online tool to rate a piece’s comprehension level. Many bloggers aim to reach the reading comprehension level of a 14-year-old for each of their blog posts.

Utilize Popular Keywords

Whether they’re driven by profit or not, the best blogs usually stand out for the creator’s meticulousness and passion for their field. If you don’t like what you’re doing, it will definitely show in the quality of your work. But you should also consider striking a balance between creating content that you like and creating content that delves into popular topics. This will be crucial when it comes to boosting the search traffic on your blog.

Fortunately, there are many free keyword research tools online that can help you get an idea of where to marry your niche with the latest concerns or issues. Make sure to check them regularly for popular articles, questions, and topics that you can write about. You should also pay attention to user intent, as this often influences how queries are typed (e.g., “how to,” “where,” “best”). Thoughtfully incorporating such keywords into your blog topics will allow you to create content that’s relevant to your audience.

Build a Network

Last but not least, you need to learn how to market your blog. If no one knows about it, then almost no one will be able to read it. (Again, you are competing with millions of others.) A good way to get the word out about your blog is to build a network for it. Some ways that you can do so include:

  • Writing insightful comments on other blogs
  • Linking to other blogs that are relevant to yours
  • Sharing your content on social media
  • Posting “guest blogs” on other sites
  • Joining blogging groups and being active in the community

Networking is an important part of any business, and a blog is no exception. Aside from improving your blog’s performance, your professional network may also pave the way for sponsorships, partnerships, and similar opportunities.

Maintaining a successful blog takes hard work and a lot of patience, but with these tips at your disposal, your blog may eventually become a top-performing asset as well as a passion project. Be thoughtful and purposeful in your approach to maintaining your blog, and create awesome content that will mean as much to others as it does to you. 

 

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5 SEO Tactics That Can Hurt Your Rankings 

Whether you’re an up-and-coming online marketing agency or a business with your own marketing team, SEO practices are as important as ever. While approaches to search engine marketing have changed over the years, a sound SEO strategy is still vital for most, if not all, companies and brands.

When determining your SEO strategy and trying to improve your rankings, knowing what not to do is just as important as knowing what you should do. You want to devise a plan that caters to what the algorithms are looking for. You also want to avoid doing anything that could penalize the website.

So, if you want your SEO strategy to be better than ever, it’s vital to avoid the following five SEO practices. 

Note For Small Businesses

If you’re a smaller business trying to compete online, don’t get discouraged. Local SEO marketing is quite effective, so you don’t have to compete on a national scale. You just have to find your audience.

While the tips on this list are helpful for nearly any business, it’s also worth partnering with an experienced SEO company. Consider working with a company in your area that understands the local market. For example, a Long Island search engine marketing company can help if you’re in the greater NYC area.

Five SEO Techniques You Should Avoid

Now, let’s look at five specific things that can hurt your SEO rankings. Some things on this list fall under black hat SEO, while others are simply ineffective. 

The good news is that many of these techniques are easy to change, and doing so will likely help your business. 

1.  Keyword stuffing

Keyword stuffing is an SEO problem that persists, even though it has been a bad practice for many years. While keyword stuffing worked in the early days of online marketing, the algorithms are much more sophisticated now. Instead, you want to use keyword phrases strategically and sparingly.

2.  Clickbait

While some websites and brands still rely on this technique, consumers are becoming less impressed by this approach. While clickbait headlines may get some clicks, they are less likely to lead to conversions.

3.  Spam comments

Similar to keyword stuffing, spam comments used to be effective in SEO marketing, but this practice is long out of date. Spam comments involve leaving a bunch of comments on blog posts or social media posts to create backlinks. But today, quality backlinks from trusted sites are much more valuable.

4.  Writing for the algorithm

As online marketing has evolved, the algorithm and actual people have become much savvier. Writing to simply appease an algorithm can hurt your rankings. Plus, your audience won’t appreciate content that feels spammy or unnatural.

5.  AI-generated content

AI-generated writing is a big topic of conversation right now. While some people argue that AI can write great content that meets SEO best practices, most experts don’t think that AI is sophisticated enough yet.

The problem with many AI programs is that they may not be accurate, they aren’t up-to-date, and they may even plagiarize. Most AI content needs to be edited, and it’s less time-saving than you’d think.

Changing Your Approach To SEO

If you’re currently using any of these SEO techniques right now, you don’t have to fear. You can use this information to make some changes to your SEO strategy. Many of these less-effective SEO methods are easy to fix. 

With a few changes, you can make a better website that ranks and is more readable for your audience. 

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Elijah Norton: How to Start a Successful Business

Entrepreneurs need more than just a good idea to start a business that does well. It takes hard work, dedication, and a particular set of skills and traits. Not many people have what it takes to be an entrepreneur. Those who do can make a lot of money if they develop the right set of skills and apply them diligently. 

In this piece, we’ll talk about some of the things that all successful entrepreneurs have in common, and we’ll use Elijah Norton as an example of a successful entrepreneur who has these qualities.

Passion

Passion is one of the most essential qualities of a great business owner. Entrepreneurs are often driven by how much they love their product or service. They also generally have the desire to solve a problem or improve on a solution that already exists. Without passion, staying motivated during the long, tough process of starting and growing a business can be hard.

Elijah Norton is the CEO and founder of Veritas Global Protection Services. He is a great example of a passionate entrepreneur. Norton’s desire to help people led him to start his own vehicle protection business. He wanted to offer car owners protection plans that were both affordable and effective.

Persistence

Starting a business isn’t always easy, and entrepreneurs often face a variety of problems along the way. It takes a lot of strength to push through these problems and keep going. Successful entrepreneurs can change with the times, stay upbeat when things don’t go their way, and learn from their mistakes.

Elijah Norton’s path to success was not always smooth. However, he never gave up on his goals, even when things didn’t work out how he expected them to. He is a successful businessman partly because he is so tough and determined.

Creativity

Entrepreneurs need to think of new ways to solve problems. They must be able to find new chances, come up with new ideas, and think outside the box. Successful businesses can often come up with new ways to solve problems, which gives them an edge in their field.

Elijah Norton’s method of being an entrepreneur is creative and new. He started Veritas Global Protection Services with the goal of shaking up the industry of car protection by making a solution that was both cheaper and better. He got a piece of the market by focusing on the electric and hybrid markets much earlier than his competitors. Veritas now offers plans for electric vehicles, a first for the industry. His creativity and desire to take risks have helped him build a successful business making a big difference in people’s lives.

Flexibility

Change is a constant in the world of business. Even successful entrepreneurs need to be open and able to change their plans when needed. To do this, you need to be ready to try new things, take risks, think on your feet, and make decisions quickly.

Elijah Norton is known for being able to change and adapt to new situations. He has been able to handle the ups and downs of the auto business by staying flexible and changing his plan as needed. By being flexible, Norton hasn’t just kept his business afloat. He’s also stayed ahead of the curve by adapting to electric vehicle trends and expanding Veritas to be truly global.

Strong Work Ethic 

Succecsful entrepreneurs must have a strong work attitude. Starting a business takes a lot of time, effort, and commitment. Entrepreneurs have to be ready to put in the time and work needed to build their business from the ground up.

Elijah Norton is a great example of a hard-working businessman. He is known for working hard to build and grow his business, often putting in long hours and making personal sacrifices to reach his goals. His hard work and commitment have paid off, and he is now one of his field’s most successful business owners.

Resilience

Resilience is another important trait for businesses to have. Starting and running a business can be challenging, and you will face problems along the way. Entrepreneurs like Elijah Norton are able to get back on their feet after failing and keep going. They know that failing is not the end and use it as a way to learn how to make better plans and decisions.

In addition to these qualities, successful business owners are also great at solving problems. They can recognize problems and devise good ways to deal with them. To do this, you have to be creative, think critically, and be willing to put in the effort to make your solution happen. 

Perseverance is another important trait for businesses to have. It takes time and work to build a great business, and it can be easy to give up along the way. Successful entrepreneurs know that setbacks are part of the process and are willing to put in the hard work and commitment needed to reach their goals. 

In conclusion, you need more than a good idea or a desire to make money to be a great entrepreneur. It takes a mix of skills like creativity, willingness to take risks, resilience, problem-solving, persistence, and drive. 

By working on these skills, people who want to start their own business can improve their chances of success and make a positive difference in their field. Elijah Norton is a great example of a successful entrepreneur who has all of these qualities, and anyone who wants to start their own business can learn from his story.

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The Importance of Delegation

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One of the most important factors that businesses consider when it comes to delegation of authority is the development of conditions that will allow them to use their inner power effectively. This process can benefit a small business or a large firm.

A delegation is the assignment of some responsibilities to a subordinate by a superior. It usually involves the approval of the subordinate’s superior.

Frees up Time

Leaders must have the proper balance between their job’s tactical and strategic aspects to be effective. Delegation can help leaders focus on higher-value activities, and it can also free them from time-consuming tasks. It allows them to think critically and lets them concentrate on other essential tasks, such as coaching their teams.

Boosts Morale & Confidence

The relationship between a superior and a subordinate is built on the delegation of authority. When associates have authority over their work, they are more motivated to perform at their best. They also tend to be more cautious and put more effort into their tasks. This can result in the employees’ positive outlook on their work.

Prioritizes Tasks

The delegation process starts with identifying the tasks that can be delegated and those that can’t. It then prioritizes the important items that the delegated individuals should handle. One of the most effective tools leaders can use to develop a prioritization system is the Urgent vs. Important Matrix. This allows them to categorize their tasks according to their importance and time sensitivity.

Some tasks, such as responding to an urgent request from another team, can be delegated. Critical and crucial tasks can also be candidates for delegation depending on the experience level of the team member.

Finding that Team Spirit

The delegation of authority can help develop an efficient communication channel between subordinates and superiors. Both parties are expected to respond to each other’s questions and suggestions. This establishes a stronger working relationship between the two parties.

More Efficient

The delegation of authority can also help employees make the necessary decisions to resolve their problems. It eliminates the need for them to go to their superiors for any day-to-day issues. This eliminates wasted time and helps improve the efficiency of an organization.

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An Inside Look at 2023’s Athleisure Trends

Athleisure clothing only improves as time passes, especially as more people experience its many benefits. The styles are fun yet comfortable, and it is easy to wear them in various casual situations without feeling like you do not look put together. So, let’s explore 2023 athleisure trends that are as beautiful as flattering.

Biker shorts

Biker shorts have been a hot trending item for a while, a resurgence of the clothing trend from the 80s. This popular athleisure item comes in many colors, allowing you to pair them with tops in complementary hues. 

You can wear them as they are with items like t-shirts, tank tops, sports bras, crop tops, or a blank Bella+Canvas unisex raw seam crew pullover. You can also wear them under clothing ranging from maxi skirts to baggy sweatpants. 

Before leaving the house, check that the skin-tight shorts are not see-through, especially in the daytime. Some shorts may seem opaque, but when you step outside in the sun, it is different. Do a check on your own, but getting a second opinion from a trusted individual can also be a good idea. Expect to see biker shorts more often–as you probably guessed–once the warmer weather approaches in spring and summer.

Strategic cutouts

Strategic cutouts are an excellent option for sporting peek-a-boo detailing comfortably. For example, there are leggings with small cutouts at the ankles or down the sides of each leg. These cutouts can add cute detailing in a subtle (or not-so-subtle) manner, transforming simple athleisure clothing into an outfit that is a little more daring yet still low-key.

Secondhand athleisure clothing

Anyone who loves fashion knows there has been a considerable push to transform the industry into one that shows more care for our planet. As a result, there has been a boost in shoppers finding joy in secondhand shopping, thereby keeping many clothing pieces from ending up in the garbage.

Secondhand shopping is an affordable, cost-cutting option to paying retail while still getting trendy, well-made pieces. In some cases, the tags are still on the clothing, indicating the items were likely never worn. However, before buying any secondhand athleisure clothing, thoroughly inspect it to ensure there are no rips, stains, frayed seams, misspelled wording, or anything else you would not be able to fix quickly.

Flared yoga pants/leggings

Flared yoga pants and leggings are another athleisure trend that has been a massive part of 2023. Although in the 00s they were going by “yoga pants,” nowadays they either go by yoga pants or flared leggings depending on the company selling them and the shoppers buying them.

The cute flare at the bottom offers a different look than the straight-leg varieties that have been popular for years. However, like with the biker shorts mentioned, you should check that the pants are not see-through before you go outdoors.

Consider today’s styles to have much of the classic look as before but revamped in specific ways, such as using more durable material. There is no doubt that fashion is constantly evolving and changing, and it is no different regarding the quality of materials used to make flared yoga pants and leggings. 

Workout dresses

Workout dresses are no longer just for sporting on tennis courts. These sweet, sassy athleisure options are showing up in force in 2023 as they have within the past year or two. You will likely see them even more once the warm weather starts again. Some even have much-loved pockets, making it easy to keep small items on your person without it looking obvious that you are carrying anything.

From the “skort” (skirt and shorts) combo to the flattering silhouette, there is a lot to love about workout dresses (a.k.a. exercise dresses). This athleisure clothing can be a comfortable addition to your wardrobe when temperatures start rising and you want to wear a comfortable outfit that will also help keep you cool.

One of the most significant benefits is that it is an entire outfit. Throw on complementary footwear, like street sneakers, wedges, or sandals, and you are ready to go. Like many athleisure wear pieces, you can sport them in many situations other than just for working out. 

Wear them to the beach while grabbing an iced coffee in the sultry summer heat, to a backyard barbecue, or while dining outside in a casual setting.  

Matching sets and one-piece outfits

Matching athleisure sets have been going strong for a while, but in 2023, expect to see more one-piece outfits like jumpsuits. 

Many styles of matching athleisure wear sets are available, and they usually consist of the same material and color on the top and bottom. Some general types include a cropped top and relaxed-fit pants, a long-sleeve top and shorts, and a long-sleeve top and joggers. 

One-piece outfits are the same color from head to toe. The top half can have sleeve lengths ranging from spaghetti straps to 3/4 sleeves to long sleeves, while the bottom half can vary in fit from skin-tight to wide-leg.

Like dresses, the sets and one-piece outfits are easy to wear. They look just as fashionable on their own as they do with extra clothing or accessories, making them a must-have for quickly getting ready in the morning. If you get chilly or want to revamp the look, putting on another item, such as a denim jacket, is simple. 

Some matching sets and one-piece ensembles are skin-tight, while others have a roomier fit, so it is up to you which option makes you feel more comfortable. There are certainly a plethora of different styles (and colors) from which you can choose. Depending on the style, you can wear a bomber jacket and sneakers during the day and gold jewelry and strappy gold heels for the evening.

Some also come with the fantastic feature of pockets. But, once again, it is worth the reminder to check that the fabric is not see-through, regardless of whether you wear the skin-tight or roomier style.

Let comfort reign in 2023 with the previously mentioned athleisure trends or others you love. Of course, you cannot help but appreciate looking fashionable while being comfortable. Now more than ever, many fashion-forward athleisure styles simplify putting together a fabulous outfit.

 

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LLC – Top Benefits

If you’re a budding entrepreneur with a great business idea and plan, you may be trying to decide what business entity type to form. A popular choice for many is a limited liability company (LLC) because it offers a host of benefits. 

Here you’ll learn the benefits of an LLC so that you can decide if it’s the right choice for you.

Personal Liability Protection

Perhaps the number one reason that many entrepreneurs choose an LLC is the personal liability protection that it offers. Unlike with a sole proprietorship, an LLC and its owners, called members, are considered distinct entities. The LLC can have its own assets and obligations and is solely responsible for those obligations, while the members are not. This means that if the LLC cannot pay its debts or is sued, the members do not have personal liability, therefore, the personal assets of the members are not at risk.

Some exceptions to personal liability protection can occur, however. If you or another member commits fraud or acts recklessly in managing the business, you may be held personally liable.

Additionally, if you personally guarantee a business loan, which is common, you are personally responsible for that debt. If you do apply for a business loan and are asked to personally guarantee it, be sure that you want to take on that risk.

Management Flexibility

An LLC has very few legal requirements when it comes to management. A corporation, on the other hand, must create corporate bylaws, appoint officers, and elect a board of directors who will have oversight of the company. An LLC does not have those requirements. You simply have to decide if you want your LLC to be member-managed or manager-managed. 

In a member-managed LLC, all of the members are active in the management of the business on an ongoing basis. No non-members are appointed as managers.

In a manager-managed LLC, some members may be silent partners while others are appointed as managers. A non-member may or may not also be appointed as an official manager of the LLC.

This does not prevent a member-managed LLC from hiring, for example, a sales manager. That manager will not be an official manager of the LLC with the power to enter contracts for the business, obtain financing, or make key decisions for the business. They will be a middle manager, so to speak.

Some states require that you disclose your management structure and manager names and addresses on your LLC formation documents. 

The bottom line is that other than making your management structure choice, you are free to manage the LLC any way that you wish. 

Taxes

LLCs have an advantage over corporations because the LLC itself is not taxed. Corporations are subject to corporate taxes at a federal rate of 21%, and the dividends of the owners, called shareholders, are also taxed. This is commonly referred to as double taxation since some profits are taxed twice.

With an LLC, on the other hand, profits of the business simply pass through to the members to be reported on their personal tax returns and are taxed at their personal income tax rate. However, LLC members are also subject to self-employment taxes at a rate of 15.3%.

But an LLC has the distinction of being able to elect an S-Corp tax status. With an S-Corp, profits are still passed through to members but are not subject to self-employment taxes. Instead, members must be paid a reasonable salary as defined by the IRS before they can take additional distributions. Salaries are, of course, subject to employment taxes, which are essentially the same as self-employment taxes. However, profits above and beyond salaries are not subject to employment or self-employment taxes.

Paying salaries brings payroll expenses, and an S-Corp is subject to corporate requirements and thus is more expensive to manage. This means that for S-Corp status to be beneficial, the saved self-employment taxes must be greater than the additional corporate and payroll expenses.

The decision is best made with the help of a tax advisor, but the uniqueness of an LLC is that you have a choice about your tax status.

Ease of Formation

LLCs are much easier to form than corporations. Forming an LLC requires filing a simple form with the state, while corporation formation documents are more complex. When you form an LLC, however, you also need to create an operating agreement which defines member ownership percentages and much more. 

You can check this step-by-step guide to forming an LLC, as well as state-specific LLC formation guides and other LLC tips and information. 

Profit Sharing Flexibility

In a corporation, dividends are paid based on the amount of ownership of each shareholder. In an LLC, profits are often shared the same way, based on ownership percentages. However, in an LLC, you can structure profit allocations and distributions any way that you choose. This might occur if one member is more actively involved in the business. Members might decide to allocate a higher share of profits and distributions to this member. 

Again, the great thing about an LLC is that you have a choice. 

Credibility

If you operate as a sole proprietorship, you and the business are considered a single entity and your business name must be your name. Having an LLC instead gives you a level of credibility and makes your business seem more “real” to vendors, customers, and potential partners. Perception makes more of a difference than you might think. 

Choosing a Business Entity Type

If you’re looking for the simplest, least expensive option, a sole proprietorship is your best bet, since there are few requirements, and no state registration is needed. If you’re starting the business with a partner, a partnership offers similar simplicity. However, with either option you will not have personal liability protection.

If you’re planning to raise investment capital for your business, you might want to choose a corporation. Corporations are more appealing to investors than an LLC because ownership, since it’s in the form of shares, is easier to transfer to the investor in exchange for the capital invested.

If you’re not planning to raise capital, as you can see, an LLC offers many benefits, particularly personal liability protection. You want to, of course, think that your business will go smoothly, but things happen that could put your personal assets at risk if you don’t have the personal liability protection that an LLC offers.

In Closing

If you decide to choose an LLC, you should read up on the formation process so that all goes smoothly. Alternatively, you could turn to an LLC formation service to help you. They can handle your document filings and offer other services that can be beneficial to your business. If you’re still in doubt about the type of business entity that’s right for you, consult with your attorney and tax advisor. 

 

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How Windows Can Give You More Than A Better View

The double glazing industry has often been the butt of jokes, and has long suffered from a poor reputation. The industry probably didn’t do itself any favours during the early days of the eighties and nineties, when cold calling and hard selling tactics produced a number of bad news stories. 

However, in the UK alone, the fenestration industry is worth £4.6 billion, and $12.4 billion in the USA, and with the supply of housing such a contentious issue, there is still ample growth opportunities for entrepreneurs who are willing to put in the time and hard work to grow a stable business.

But what are these opportunities?

BUILD AN INSTALLATION TEAM

The quickest and most low cost way of creating your own window business is to set up an installation team. Because of the volume of sales across the UK and the USA, rarely does an installation team have a week with no work. In fact, retailers are crying out for good, experienced, knowledgeable and competent installers who work on a contract basis and can get the job done quickly and professionally.

A windows retailer in the West Midlands, for example, may be overwhelmed with orders, but the lack of a good installation team means that they are having to give long and longer lead times. Meeting this need with your own installation business will guarantee you with regular, well paid, work.  And once you have established your reputation as a reliable, professional company, the demand on your own services could put you I the position to grow and scale your own business, whereby you are running several teams across the region.

GET THE MARKETING RIGHT

Every property, every building in every country across the world needs windows. Older properties might need their windows to be replaced. Brand new properties need brand new windows. Windows that were replaced thirty years ago, might need replacing with the next generation of windows. Domestic or commercial, the window industry will never be short of demand.

With the online world now so firmly entrenched in our psyche, establishing a marketing funnel that produces leads is a low cost method of creating a consistent income stream. Either you could follow up the leads yourself, generating orders to feed through to manufacturers and earning a commission, or you could sell the leads as a package direct to another retailer.

Creating a good funnel is not an easy – it requires commitment and dedication to follow through a structured process which will require split testing, and constant tweaking until you have achieved the right balance in terms of cost per lead. However, once you have got the balance right, it will be a powerful and healthy source of potential, high quality leads that many companies will pay top dollar to bring into their own businesses.

CONSIDER TAKING ON ADDED VALUE PRODUCTS

Windows are just one side of what could be a very lucrative business. The most successful fenestration businesses tend to include other home improvement products that give them a larger slice of the pie. These could include roofline products such as soffits and fascia, roofing, solar panels, entrance doors. There are also larger, higher ticket offerings you can incorporate such as garden rooms and orangeries. 

The industry itself is already well established, but the skills shortage is indicating a looming crisis in terms of their being enough labour to fulfil the demands of the industry. If you have the energy and passion to work hard, and the intelligence to spot gaps in the market which need filling, then this booming industry will always look after those who look after it. 

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Should You Turn Your Garage into an Apartment? Maybe…

No matter how the housing market fluctuates, one thing remains the same: people want good deals and are willing to live in a small space to save money. With that said, you might be wondering if you should turn your garage into an apartment

Many people do it, and it seems like a great way to earn some extra income if you don’t mind having a tenant living on your property. 

However, there are rules you’ll need to follow if you choose to turn your garage into a living space.

 A garage space has to be livable

 First and foremost, if you’re going to rent a garage to a tenant, it must be habitable according to state and federal laws just like any other dwelling. It has to meet building and fire code requirements along with other specifications. For example, you’ll need to provide heat, plumbing, and electricity. This seems easy, but it’s not actually that simple.

 Most likely, your current garage isn’t livable and will need some major improvements to make it rentable. Even if you’ve insulated the space and added drywall and furniture, that’s not enough to make it legal.

Before you even think about publishing ads for your garage rental, you’ll need to hire an inspector to evaluate the building and make recommendations for getting it up to code for habitability. Once you do that, you’ll have to get the proper permits and make those changes, which can cost more than $100,000 in some areas.

 General costs for a garage conversion

 If you choose to convert your garage to an apartment, you can expect these general expenses:

  • Design fees can range from a few thousand to more than ten thousand dollars
  • Builder’s risk insurance can be around $2,000
  • Fees for applicable energy efficiency calculations (these will vary by state)
  • Waterproofing, insulation, building retaining walls, etc. can cost several thousand dollars
  • Construction costs can be upwards of $100,000 or more
  • Appliances and fixtures that don’t come with the build can cost a few thousand dollars
  • Permits and fees can run between $5,000 and $15,000

Why you shouldn’t skip building codes

As tempting as it is, never skip building codes when converting a garage into an apartment, no matter how busy you are. If the building itself is unsafe, your tenants might become injured. 

However, skipping codes also leaves you open to lawsuits. For instance, a tenant can sue you just for not being up to code, but that’s not all. Say your illegal garage tenant starts a fire and ends up injured. They can sue you for their medical bills. On top of that, you’ll also be on the hook for all the damage.

If you don’t want to build a full bathroom or kitchen in your garage, you can agree to share these spaces in your home with your tenant. However, you’ll have to make them accessible 24/7, which means your tenant will be coming in and out of the house frequently. If you’re already going to spend the money converting your garage, it’s more convenient to add a bathroom and kitchen than to coordinate shared living space.

The benefits of renting a converted garage

There are many benefits to renting out your garage once it’s been legally converted to an apartment. The most obvious advantage is generating extra monthly income from rent. Another benefit is having your tenant close by, which means you can keep a better eye on your rental property. It’s also cheaper than buying a brand-new property.

Another benefit you may not have considered is reduced liability for discrimination lawsuits if you share a common area in your home, like a bathroom or kitchen. Normally, the Fair Housing Act (FHA) prohibits landlords from rejecting applicants based on their gender, faith, or other personal factors. However, the FHA doesn’t apply when a tenant and landlord share living areas.

If you share space in your house with your garage renter, the U.S. District Court of Appeals ruled that you can discriminate regarding who you rent to, however, you can’t advertise discriminatory preferences. There are workarounds that will help you find the right match.

The downside to renting a garage apartment

Other than having a tenant close by if you prefer privacy, the main disadvantage of renting a converted garage is the cost. It’s a major investment, so make sure you’re committed to renting it out long-term.

Should you convert your garage? It depends

If you don’t need your garage and you want some extra rental income, converting your garage to an apartment can be worthwhile. On the other hand, if it was just an idea and not part of your investment strategy, you’re probably better off keeping your garage for storage. If you need extra money without taking on the expense of a remodel, you can always rent your garage as storage space.

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