Month: July 2022

There are 7 ways small businesses can manage their accounts without breaking the bank

There are 7 ways small businesses can manage their accounts without breaking the bank

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Let your accounting back as easy as owning a small business. Although difficult and time consuming, accounting is critical to the success of any organization. Maintaining balanced accounts allows you to better understand historical financial performance, where you made money and where you lost, and opens the door to better financial forecasting. The truth is that how you manage your accounting can make or break your business. So Skilled learning Accounting is promoted for small businesses. Here are some critical small business accounting tips to help you keep your books straight.

1. Maintain what you deserve

The most exciting aspect of having a business is being paid. Although managing your dues is not as enjoyable. When you issue an invoice, you make an acceptable record, which means you register that a customer owes you money.

When a customer pays you, the funds should be applied to their invoice and recognized as a payment. However, when trying to maintain orders, it is often left for a later date. This means you will have a lot of deposits in your revenue account and a report of your receivables that does not balance when the tax season revolves around it.

The implications are that you will waste time updating your inventory, pay extra on your tax return and may end up with a loan. This is why you need to keep track of your transactions when they happen. Balancing your customers’ monthly payments can save you a lot of time (and money) in the long run.

2. Create a cash flow statement

A cash flow statement can give you a clear picture of how money flows in and out of your business. If you prepare a weekly or monthly cash flow statement, you will be able to better predict your finances and allocate your budget. Regular cash flow statistics can help you develop financial direction.

Everything you need to know is easily included Cashflow template And helpful articles from the Association of Chartered Certified Accountants.

3. Consider your payment terms

Choosing the right payment terms is another important factor in managing the cash flow of your small business. Many businesses that sell directly to customers now accept payments. A restaurant, for example, pays when the client finishes their meal, but a plumber or electrician expects to pay as soon as their work is finished.

Businesses that sell to other companies often extend credit within the 7, 14, 30, 60 or even 90 day payment period. Extending credit to consumers and clients is an efficient way to attract new business and build trust, but it also directly affects your cash flow. For example, offering 60-day payment terms may be appealing to a consumer who can ‘buy now and pay later’, but how do you do when you’re waiting for money?

There is also the ongoing problem of late payments to consider. Late payments are a major source of cash flow problems, so consider how you would encourage your customers to pay on time. For example, you can use different techniques, e.g. Charging interest on late paymentProvide initial payment incentives to encourage clients to make quick payments, or to implement payment terms ‘on receipt’.

4. Track cash costs

When you are an entrepreneur, you must keep track of all business expenses. Then, when it comes time to file your taxes, you can deduct these expenses from your gross income.

This will give you a more realistic picture of your overall profit for the year. Cash-paid charges are easy to ignore. Instead, request a receipt from your seller or report the expense to confirm that it was recorded immediately.

5. Select Cloud Accounting Software

Almost all businesses except the smallest invest in cloud accounting software. Cloud accounting software can be an excellent choice for business owners who do not want to incur a professional hiring fee. Cloud accounting software is often used in conjunction with an experienced small business accountant to satisfy all accounting and tax duties through the expansion of a limited enterprise.

Such as accounting software Zero, QuickbooksAnd Free agent All popular options. They all offer a free 30-day trial, so you can determine the best match for your company before you commit. Keep your personal and business accounts separate.

Many small company owners use the same bank account and credit card for personal and business purposes. However, if you choose this method, you run the risk of missing critical commercial interactions. For example, having a separate bank account for your personal and company accounts will make it easier for you, your accountant, and your accountant to evaluate how you are spending your money in the long run. We also recommend having a second company credit card to keep professional and personal expenses separate.

6. Hire a tax professional

No one likes the tax season, but we all have to do it. Unfortunately, while DIY tax preparation may seem like a brilliant idea at first, it can cost you thousands of dollars if not more! Furthermore, if you are not an experienced tax accountant, you will probably avoid tax deductions or pay less or more tax than you should. In addition, tax regulations are constantly changing, and failure to stay can result in substantial income tax penalties.

7. Keep in touch with your accountant and bookkeeper

Make it a priority to keep in touch with your accounting staff even when you are busy. Consider them your trusted business advice and partners who can give you helpful ideas and answers to your questions regarding taxes, financial flows, budgets, etc. Also, if they send you an email or a document that contains a phrase you don’t understand, don’t hesitate to explain it to them. Always remember that information is power!

Summary!

Following the accounting recommendations of this basic but efficient small company can ensure that your finances are structured and on schedule. Preparation and organization are essential in all areas of business, including accounting.

Spending time getting organized will help you avoid costly accounting mistakes later on.

3 important things to protect your new business

3 important things to protect your new business

As a budding entrepreneur, you may have a great idea about a product or service to sell, but you may also feel intimidated by the thought of turning that idea into a start-up business. Taking that first step can be stressful, especially when you’re not sure where to start. Fortunately those who have gone before you, and if you pay attention, you can learn from them.

Here’s a general roadmap for transforming that great idea for starting a new business.

1. Make your business a legal entity

It is important to know the laws of your industry and follow them. Here are some tips to keep you informed and protect your business

Any permit, license, or registration required

Make your business legal You will do business by applying for a permit, license or registration from the state from which you may be required to work legally. Each state has laws to create a legal business entity depending on the product or service you are offering. Be aware of those laws and follow them strictly.

Protect personal assets by forming a corporation or LLC

Debt and liability can be a part of doing business. Decision a Business structure It can potentially protect your personal assets from any debt or liability that the company may owe. Choosing a corporation (as long as you follow certain procedures) or an LLC business structure will help protect your personal assets in the event of a lawsuit or other mishap. On the other hand, a sole proprietorship business structure means that your business assets are not separated from your personal assets. Both are in danger if one or both are put at risk by a creditor, lawsuit or other event.

2. Get business insurance

Business insurance works like any other type of insurance. It protects your business in the event of a disaster. Hopefully, you’ll never need it, but having business insurance can significantly reduce the impact if something happens to your business inventory, equipment, or employees.

Having insurance creates financial support for your small business. As a small business it is impossible to avoid all the risks. So, the next best thing you can do is make sure you have good insurance to keep your business running regardless of any obstacles.

3. Include cybersecurity and IT solutions

Now that you have a great business website, you need to protect it from cyber attackers who can destroy your business. Installing tools that enhance website security and adding an extra layer of security to certificate management will help you feel more secure against cyber attackers.

Strengthen website security

Here are some tools to help protect your business website:

  • Website firewall
  • Malware removal tools
  • Website scanning tool

Install a certificate management system for additional website security

A Certificate Lifecycle Management The system can complement the security of your business website. Installing a Certificate Manager as a cybersecurity solution will add an extra layer of security to the website when the system handles certificates like this:

  • Requests digital certificate of authentication
  • Constantly monitor the performance status of a certificate
  • Removes the certificate if it expires or is revoked
  • Destroys expired or revoked certificates
  • Certificate lifecycle management is repetitive

Now you are ready to launch your product or service

After absorbing this advice, you should feel more knowledgeable and confident about refining and restructuring your business strategy. Following these tips will help ensure that your start-up is open with the best chance of success. So go ahead and get rich.

Startup Mindset

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5 Reasons to Include Eco-Friendly Products in Your Business and Home

5 Reasons to Include Eco-Friendly Products in Your Business and Home

When you have your family or For your business, It is important to consider what impact it is having. The main purpose is to keep your loved one safe.

In addition to being responsible for choosing the best for our loved ones, we are also responsible for keeping our planet safe and healthy for the next generation. After all, we’re going to live here. This is our home.

We must always keep it clean and free from all possible damage.

We, humans, are the most intelligent creatures on earth. When we become the smartest or make the most intelligent, we should always remember that we need to behave smart. It starts with picking products that will not harm our nature, environment or the earth.

This is where the concept of eco-friendly products comes into play. But what are they?

Eco-friendly explained

Thai terms only describe products that are not harmful to the environment. It can be a little more complicated than it actually sounds. When we talk about environmentally harmful things, we have to keep in mind that there are many reasons.

There are many things that can have a negative impact on the environment, such as not choosing the right method when disposing of products. There are actually many benefits to using eco-friendly cleaning solutions that focus not only on the well-being and health of the world but also on the well-being and health of your family.

Reasons to include eco-friendly products in your business and home

The whole world is leaning towards eco-friendly cleaning solutions. And there are obvious reasons for this. Here we will talk about Due You should use eco-friendly products for your home.

Reason No. 1: Healthy lifestyle

The biggest reason to use eco-friendly cleaning products is that they are healthier than all traditional products. Common products that you are using because you do not know when they contain harmful chemicals, which are extremely dangerous and unhealthy for you and your family.

Reason No. 2: Low cost

Price tags for eco-friendly products may seem a bit expensive, but they save money at the same time. Usually, a small amount of these products will work for you. So a bottle floor cleaner can go much further than ordinary cleaners. Also, when your family is safe from harmful chemicals, you need to pay less to your doctor.

Reason No. 3: Free from allergens

As we have said before, we always want to give our loved ones the best solution. If any member of your family has allergies, the chemicals present in common products can be really dangerous. On the other hand, eco-friendly products are free from allergens, and they do not cause any danger or harm to your family.

Reason No. 4: Safe for your pet

We just love our pets. They are also an important part of our family. But the problem is they can’t speak for themselves; We need to understand what is good for them and what is not. You may not know that your pet is suffering from skin problems as a result of using your usual chemically induced products. Here, eco-friendly products are chemical free and completely safe for them.

Reason No. 5: Environmentally sustainable

As the name suggests; Echo… .Friendly.

Yes, they are true friends of the ecosystem of the environment. In the case of climate change, water pollution, air pollution, ozone depletion and many more, eco-friendly products are much better than normal products that are actually harming the environment. Eco-friendly products are a sustainable solution to most environmental problems.

How to choose an eco-friendly product

You will find companies and many of them Promise to be environmentally friendly. But not all of them are truly environmentally friendly. So, how do you know which is a fake and which is a real gem? Okay, here are some things you need to consider.

The green seal is for cleaning products, which is completely safe for the environment.
USDA Organic Seal, which is for food and cosmetic products.
Energy Star for electronics and appliances that save energy.
Forest Stewardship Council logo specifically for wood and paper products.

Choose eco-friendly, save the world!

Eco-friendly products can give you many benefits. Also, it will give you a peace of mind that you are actually moving towards a healthier and safer environment for your future generations.

The time has come to save the environment by choosing environmentally friendly products.

Startup Mindset

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6 differences between a business and a personal laptop

6 differences between a business and a personal laptop

Laptops are great tools for work or personal use. They are portable, easy to use and allow you to keep your work going More and more professionals are working from a distance, blurring the lines between life and work Many see that the boundary between the two is disappearing.

A Research conducted by Malwarebytes It has been found that more than 50% of remote workers are using their computers for personal and professional use. They found that many people use their personal laptops to shop online, access social media accounts, and install non-work related software. But should a personal laptop also be a primary work computer?

There are a few differences between a business laptop and a personal laptop that you may want to consider before buying one. We’ve created this guide to help you understand if it makes sense to you Purchase a Business laptops Above the personal one.

The difference between a business and a personal laptop

Speed

The speed of your laptop’s processor is measured in GHz or GHz. It measures how many cycles a processor can complete per second. The higher the GHz, the faster your computer can complete tasks. If you want to use your laptop for business, you will need more than 1.6GHz to run complex programs.

For business their employees need to be productive on the go, so they need a laptop to maintain their busy schedule. These are designed to run longer and faster than personal laptops. With a personal laptop, it’s easy to slow it down with files, software, and your browser’s cookies and cache.

Storage

A business laptop usually has a larger hard drive than a personal laptop for storage (where all your files are stored). It can come with an SSD (solid-state drive) that is faster and more reliable than an HDD (hard disk drive). Both types of drives perform well, but there are differences:

  • An SSD has no moving parts, while an HDD uses a spinning platter with a magnetic head actuator to read / write data on them. This speeds up tasks like booting up SSDs or loading applications because they don’t have to wait for running parts to start.
  • SSDs usually last longer than HDDs because they have no moving parts inside. So, if something goes wrong with one, it will not affect the USB port or other devices connected via the internal SATA port.

A business laptop’s memory (RAM) is often 512GB or more – twice as much as most personal laptops offer. They also have a solid-state drive (SSD), which means they process data faster than most hard drives can handle. When using your laptop for work, you should aim for 256GB to 512GB SSD memory.

Reliability (laptops designed for work usually have a long life)

Although most consumers use their laptops for fun, businesses often use them and need a device that can withstand constant wear and tear. Business laptops are designed to be more durable, reliable and secure. The average laptop will last about 3 years, business-grade laptops can last up to 8 years.

The hardware of a commercial laptop is made to withstand bumps and drops without breaking, as well as harsh conditions like extreme heat or cold.

If you run a business or often work from home, it is worth investing in a business laptop that will last longer than your normal personal laptop.

Security

Security is one of the most significant differences between a business and a personal laptop. Businesses want to keep their data secure, so they use computers with more powerful security features. You can access the website from almost any computer. Even so, if you want to securely access sensitive information from your business server or network, you’ll need a device that meets company standards.

This is usually done through an encrypted hard drive and other software that encrypts your data at both ends of the connection, so it is protected when transmitting to public networks – this is known as “two-factor authentication”.

Connection

A good working laptop should have an array of ports with USB, HDMI, SD card reader, VGA and DVI support. They should be connected to an external monitor and be able to connect to wired networking without the need for a separate dongle or adapter.

With this in mind, personal laptops only have one HDMI port, SD card reader and USB port. You can connect a keyboard and mouse with Bluetooth or USB. Lack of ports is not a problem for most people. But if you’re looking for something powerful enough for all kinds of work and portable enough to travel, a business laptop might be worth considering.

Price

Business laptops are usually more expensive than personal laptops. This is due to the additional security, and reliability businesses need, which is reflected in their costs. Personal laptops are cheaper because they do not have to include these features.

Business laptops range in price from $ 500 to $ 3,000, depending on the model, processing power, screen display quality, battery life, and how much RAM is created. Although some are very capable. Business laptops that are under $ 500Most devices are sold at a higher price.

A personal laptop can cost as much as 1000 on a budget. However, some models (such as the ASUS ZenBook) are available for around $ 800 and may be tailored to your needs.

Conclusion

As you can see, there are many differences between a business and a personal laptop. For this reason when purchasing one of these devices; You must know what kind of laptop is most suitable for your needs.

Jazmin Merriman on Twitter
Jazmin Merriman

Group Writer: Jasmine Merriman is studying to become a writer, family and marriage therapist. She loves to write about minimalism, business, finance and lifestyle. He likes to inspire people to live more intentionally by showing what he does as an example. Feel free to connect on Twitter @MinimalFE

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Find your way বাড় Grow your business তা Productivity · Technology · Your mindset

“Do you have any plans?”

“Do you have any plans?”

First, let’s agree that there is a problem.

It could be that I think we’re dealing with something serious, something expensive, something urgent – and you don’t.

We can have an honest conversation about the problem without thinking about whether there is a simple or specific solution.

Whether it’s a problem (there are solutions to problems) or it’s just a situation, something like gravity that we have to have with us we can also talk about.

Once we agree that we have a problem, the status quo will be seen. It will argue with every tool it has that any change from the current path is too risky, too costly and too painful to consider. The situation will stop. It will argue for the study and exacerbate the pain that will be for some as we try to make things better for everyone.

And status co is usually won. This is because the makers of change are now playing defense, being forced to justify every choice and overcome every difficulty.

Perhaps there is a more useful way forward.

There is a problem that we start with consent.

And then each team, each unit, needs to put forward a plan. A plan that either solves the problem or takes responsibility for not solving it.

And for each plan, we can consider the possible outcome. For each plan, we can ask, “Will it work?” And follow it, “Why?” And how? “

Perhaps you don’t think it’s a problem to solve. Before we ask you if you have any plans, it’s important to make them clear.

Delay may be the best option. But then let’s be honest and declare instead of just stalling.

Advantages and disadvantages of a franchise business model

Advantages and disadvantages of a franchise business model

There are many ways to go about business. How to start your business is a huge decision, and selection The perfect business model It will have a big impact on how things go. One of the options available to you is to run a franchise. When deciding whether this is right for you, like any important decision, you need to understand all the implications of which option you will choose.

A franchise business model is a business arrangement where an established company is given the right to open and operate a new location with its brand name, products and services. The franchisee (the person who owns the new location) pays royalties to the franchisor (brand owner) for using their trademarks, logos, recipes and other proprietary information.

In order to manage a franchise position, franchisees must meet certain characteristics, such as having a certain amount of capital or meeting the minimum experience requirements. They must agree to comply with certain standards set by the franchisor.

If you are thinking of starting your own business but do not have the experience or resources to create a customized business plan from scratch, a franchise may be a good option for you. You can learn more about how to get started Here.

But before you dive straight into starting a franchise, first consider the advantages and disadvantages of the franchise business model.

Advantages of a franchise business model

It offers an established business plan.

An established business plan allows owners to start their own business and move faster than a traditional startup. If you don’t know the best way to run your own business, franchisors also provide training on how to effectively run a new business. It is an invaluable resource for new entrepreneurs who do not yet have experience. Take the time to compare an established business plan with a startup business plan. Comparisons can help you in your decision.

There is less trouble.

A franchise can have less trouble than starting out as an independent entrepreneur due to its established reputation and proven marketability. If multiple locations already work successfully in one place, chances are good that your organization will do well too!

Easy to finance.

Having a third party stakeholder involved in your venture makes it easier for you to secure financing through banks or other lenders. They are more likely to trust someone who has been verified by experts than someone who has no experience in the field. You will also benefit from using resources you have already purchased, avoiding duplicate fixed costs, such as marketing materials or employee training programs that the franchisor may have already purchased.

JPMenard / depositphotos.com

Cons of a franchise business model

While a franchise model can be an effective way to grow your business and increase revenue, it is not without its difficulties.

You need to finance for high start-up costs.

One of the most significant drawbacks is that you may have to pay high startup costs up to M 5MM. However, some Franchises are under 25,000And you can read more about them Here. You will probably need to buy into an existing system, which may require a lot of initial investment in advertising and other marketing materials. You also need to consider how much marketing support you will receive from your franchisor and whether you will be responsible for ensuring that your stores have employees with highly trained staff who know how to maintain the standards set by the company.

You pay for any advertising and marketing costs, not the franchisor.

Franchisees may be required to pay for advertising or promotional materials produced by the franchisor. If you run multiple positions, it can add up quickly over time (in some cases, each franchisee will return a percentage of their profits). These types of fees are not uncommon, in fact, they are quite standard in the hospitality business, such as hotels or restaurants, but potential franchise owners must keep those costs in mind before borrowing or borrowing for their business.

You may have to pay a royalty fee to use the logo.

Franchisees may have to pay a royalty fee for using their franchisor’s name and logo on marketing materials or signs. These costs vary depending on the size of the franchisee’s operation. Some small businesses charge nothing while others charge thousands of dollars per month, depending on how much they sell through their location each month. Once you pay this initial fee, however, you will receive ongoing support (such as training and support) from your parent company to help ensure the success of your business.

Investing in a franchise can be a great way Start your own business With less risk than starting from scratch. However, whether this is the best option for you depends on many factors, such as your tastes, money and goals.

There Many types of business models Consider when starting a business. If you are considering opening a franchise, the key is to do your research and find an alternative that suits your needs. The franchise business model provides flexibility over time. If one market segment doesn’t work, try another one instead! It is best to start small and then expand slowly by investing wisely before expanding into other areas.

Jazmin Merriman on Twitter
Jazmin Merriman

Group Writer: Jasmine Merriman is studying to become a writer, family and marriage therapist. She loves to write about minimalism, business, finance and lifestyle. He likes to inspire people to live more intentionally by showing what he does as an example. Feel free to connect on Twitter @MinimalFE

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5 types of business risk you should understand

5 types of business risk you should understand

Business risk is inherent in the ownership and management of any business. Whether it is a small business or a large corporation, no business is completely free from the various types of business risks that exist. It is important that every business owner is aware of the different types of risks that exist and ultimately uses their knowledge effectively. Mitigate those risks As much as possible. In this article, we will explain the five most common types of business risk.

Operational risk

The risk that a business may face is operational risk. In contrast to risks caused by external factors such as politics or economics, operational risks are the result of disruptions that occur internally. A business may feel operational risk, for example, if it is faced with challenges related to internal procedures, policies or even employees.

Operating risk can affect the day-to-day operations of a business, thus causing significant financial losses over time, if a business fails to effectively mitigate internal barriers. Operational risk is a type of business risk that can affect any business, large or small.

Legal risk

Legal risk, also referred to as compliance risk, is another type of risk that business owners should keep in mind. There can be legal risks for a variety of reasons. In some cases, business owners may be unaware of the laws and regulations that apply to their business. Or, a business owner may be indifferent or show a lack of concern for laws and regulations that they must legally comply with. Why a business owner does not fully comply with established laws and regulations domestically and internationally, legal risks can cause significant harm to the well-being of any business.

There are serious consequences and penalties that a business must endure if they do not comply with all the legal requirements for its particular type of business. Legal risks can ultimately lead to financial and recurring losses for a business. Given that the legal landscape for each business is constantly changing and evolving, it can be difficult to ensure that every requirement is being followed. However, legal risk is not something that should be taken lightly and business owners should try to minimize legal risk as much as possible on a daily basis.

Reputation risk

Another potential business risk that owners may experience is reputation risk. Reputation risks are directly affected by how satisfied a business’s clients and customers are with the products and services they offer. If a business does not effectively meet the needs and wants of its clients and customers, it will inevitably be affected by reputation risks. And if clients and customers continue to be dissatisfied with the products and services they receive from the business, they will eventually stop relying on that business.

There are many possible reasons why a business may be at risk of reputation, including failure to comply with laws and regulations, failure to protect the privacy of clients and customers, and failure to provide consistently good experiences to clients and customers. Ultimately, it’s important to trust the business that clients and customers are working with because building trust goes hand in hand with maintaining a good reputation.

Security risks

Security risk is a type of business risk that can be caused by internal or external factors. For example, if one of your employees decides to give confidential information to a competitor, your business will experience a security risk as a result of an internal factor. Or, an employee may fail to follow a business policy and procedure properly, thus compromising the safety of other employees and potentially even customers that business services.

In addition to internal threats to security, there are a plethora of external factors that can compromise the security of a business. External threats, such as phishing and malware, can compromise not only the security of a business but also those customers who purchase business products and services. In order to reduce security risks as effectively as possible, business owners must train their employees well and have a detailed safety plan.

Competitive risk

Competitive risk is another type of risk that every business owner should keep in mind when conducting their business. Regardless of type, each business exists in a market along with other competitors that offer similar products and services. Given that every competitor in a given market wants to succeed and differentiate themselves from the rest, it can be challenging for every business to succeed in a highly competitive market.

To minimize competitive risk, business owners must differentiate their business from other businesses that offer similar products and services. A strong understanding of the existing competition is important. Also, developing a good understanding of existing customers in a given market is crucial for any business that wants to reduce competitive risk. At the end of the day, there will always be competitive risks. What matters most is how a business owner responds and chooses to consistently reduce risk.

Conclusion

Whatever the internal or external factors, every business is constantly facing different risks and challenges. As a business owner, it is important to know and be aware of the different types of business risks that exist. Operating risk, legal risk, reputation risk, security risk, and competitive risk are many types of business risks that exist. Every business, big or small, needs to address all these risks on a consistent basis to ensure business stability and well-being in the long run.

Now that you understand some more common business risks, check out our article 8 Ways to Reduce Business Risk.

Melissa Leiba is on LinkedIn
Melissa Leiba

Melissa Leba is an educator and freelance content writer based in Los Angeles, California. She has a passion for learning and sharing her knowledge on a variety of topics, including business, education and international relations. In his spare time, he made songs and enjoyed traveling.

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Robert Herzavek deals with all the shark tanks and how well they are doing

Robert Herzavek deals with all the shark tanks and how well they are doing

To turn a small business or startup into a million dollar company, all Shark Tank investors have a wealth of good business opportunities and a wealth of business experience. Robert Herzavek is no exception. Harzavek Hall was one of the original sharks in ABC’s Shark Tank and was also a regular investor in Dragons Dane, the Canadian version of the show.

Herzavek was born in 1962 in Yugoslavia (now Croatia). He saw his father, Vladimir, being imprisoned 22 times for being anti-communist. Later, the Harzavek family moved to Halifax, Nova Scotia with only $ 20. The family eventually settled in Toronto, where they lived for 18 months in the basement of a family friend.

After graduating with a degree in English literature and political science from New College of the University of Toronto in 1984, Herzavek provided her with a minimum wage job, such as a waiting table and a newspaper, to help her family pay their bills.

Herjavec sold the IBM mainframe emulation board and applied for a position at Logiquest even though he was not eligible for the position. However he was able to get the job by offering to work for free for 6 months. He was eventually promoted to General Manager of Logiquest.

Later, he was fired from Logiquest. It became a lifelong opportunity as he decided to start his own company called BRAC Systems. BRAC Systems is a software company that specializes in Internet security.

BRAK Systems was later sold to AT&T Canada in March 2000 for 30.2 million.

He is an innovator in the world of technology and cyber security and has helped many entrepreneurs make their dreams come true on the show. In this article, we will look at all the current contracts made in the Herzavek Shark Tank. But first, let’s take a look at how it started.

Contract:% 250,000 with 25% equity

Buttercloth sells soft and comfortable shirts. The company owns a patent for the stretch fabric that they use to make their shirts. Danh Tran, Gary Falkenberg, and their investor, former NBA player Meta World Peace (Ron Artest), wanted $ 250,000 for 10% of the company. However, they have accepted an offer from Herjavec for 25% equity.

With Herjavec’s involvement, they have been able to earn রাজ 6 million in annual revenue from $ 500,000 before staying in Shark Tanks.

Deal: There was no shark deal while on the show, but Robert Herzavek got involved after the shark tank

The Bouqs Company was founded with the bold intention of bringing back romance and joy which was once a noble exchange: giving and receiving flowers. The company was founded by John Tabis.

When Tabis first appeared on the show, she wanted $ 258,000 for 3% of her company. Unfortunately for him at the time, he couldn’t get any of the sharks to invest in The Box Company.

However, three years later Robert Herzavek reached out to The Box Company for help with his upcoming wedding. Herzavek was so fascinated by flowers and company that he decided to get involved.

As a result of this partnership, The Bouqs Company raised an additional $ 85 million. Currently, its farm network has about 2 billion growing flowers, 10,000 employees and 4,000 acres of abundant flower fields. Since its inception, The Bouqs Co. Has provided more than 30 million flowers.

Now the business sees annual revenue of $ 59 million.

Contract:% 150,000 for 20% shares

Adventure Hunt is a Utah-based company that seeks to inspire and inspire adventure by exploring and appreciating where you are, not just through travel. Shawn and Jared Bingham have created a unique Scavenger Hunt that they are great for party and corporate events.

The two individuals were able to earn more than $ 700,000 in sales within 18 months of being in business. They accepted an offer from Robert for 20% equity. The agency had a slowdown after the epidemic but they are slowly returning to regular activities.

Herzavek Adventure Hunt was able to help corporate clients such as USAA, Orange Theory Fitness, Keller Williams and even the US Army.

Agreement:% 150,000 for 15% equity (Laurie Greiner and Robert Herzavek)

Men’s on a bench is a version of the popular Christmas elf on the shelf. Moses the Menace tells the story of Hanukkah and is designed for Hanukkah to bring families together and to promote the values ​​of being a man or a good person.

Herzavek shares the investment with associate shark Lori Greiner. The company has sold more than $ 7 million in retail sales in just 5 years.

Contract:% 75,000 for 25% equity

Doc Spartan is a veteran-owned company based in Portsmouth, Ohio. They produce 100% all-natural products for your skin and beard. Most notably, they created a product called Combat Ready Ointment. This ointment cuts and heals scraps that may occur during work, yard work or any other type of activity. The company was founded by Renee Wallace and Dale King.

Since its appearance in Shark Tanks, Doc Spartan’s revenue has grown to $ 4 million a year.

Agreement:% 110,000 for 10% contingent in the licensing agreement

Nowshad Ali enters the tank to find $ 110K for 15% of his company drain strain. A drain strain is a product that keeps pipes clean and prevents valuables from getting lost under the drain, while fitting all sinks seamlessly.

Sharks seems to agree that this particular product is the most suitable for a licensing agreement. Kevin O’Leary offered Ali 20 110,000 for 20% equity. Herjavec calls “Greedy” takes 20% to make phone calls. He countered with an offer of $ 110,000 for 10%. Ali accepted Robert’s offer.

The company is now earning about $ 3 million a year.

Agreement:% 750,000 for 13% equity

This smart vent was designed to increase comfort and reduce energy consumption by controlling the temperature in your home. It adjusts the airflow in the over-conditioned chambers and redirects the airflow to the chambers where it is most needed. With the smartphone app, you can set schedules, set specific room temperatures, and control compatible thermostats.

In July 2019, Keen merged with Ecovent and was acquired by ConnectM Technology Solutions Inc. as part of the merger.

Agreement:% 200,000 for 15% equity

Sand Cloud Towels is a beach lifestyle company. It sells beach towels and beach blankets with unique patterns and functions. Their unique selling point is that their towels are made of 100% Turkish cotton. A pillow is also inserted into each towel for extra comfort while sleeping on the sand.

Herjavec has helped the company grow revenue of about $ 7 million annually.

Agreement:% 300,000 for 20% equity

Bad Birdie Designs sells uniquely designed golf shirts and clothing. The company’s founder, Jason Richardson, went to Shark Tank to pay% 300,000 for 10% of his company.

He received an offer of 25% from Herjavec for $ 300,000. Richardson countered by asking Robert to bring the equity down to 20%. After Harzavek refuses, Richardson challenges the shark to make a put. If Robert Putt, Richardson agrees to a deal for 25%, if Harzavek misses, he will have to bring his equity down to 20%.

Harzavek missed the put and accepted the condition of taking 20% ​​equity. Bad Birdie now has an annual income of over $ 6 million.

Agreement:% 375,000 for 25% equity

Pat Yates wanted $ 375,000 for a 15% equity in his company Happy Fit. The company sells comfortable slippers that look like sneakers. Yates has been in business since 1996. Yates was able to sell 2.6 million but only managed to make $ 660,000 from it.

After a bidding battle, Yates decided to take an offer from 25% Herzavek. Since appearing on the show, Happy Fit has been able to sell 5 million annually.

Tips Elves

Agreement:% 100,000 for 10% equity

Tipsi Elves is a holiday-themed clothing company. It sells holiday sweaters and other holiday themed items through its website and other online retailers. Tips Elves initially sold Christmas-themed sweaters but has now expanded its line to include clothing for various holidays.

Agreement:% 250,000 for 35% equity (Mark Cuban and Robert Herzavek)

Almond-N-More was founded by fitness and nutrition experts who were looking for safe peanut butter and other healthy sources of protein for themselves and their clients. All-natural butter can be crunchy and difficult to spread.

Almond-‘N-Moor has created a unique recipe for our preserved butter and is a natural process that involves simply crushing the almonds and mixing the ingredients in a way that achieves the best texture.

Founder Peter Ferreira was able to strike a deal with both Mark Cuban and Robert Herzavek for 35% equity. Ferreira was able to earn $ 100,000 from sales before the deal with the sharks. The company now sees annual revenues of over $ 6 million.

Deal:% 100,000 for 10% of business

Hungry Harvest was started by Evan Lutz. Lutz realized that more than 6 billion pounds of products are wasted every year for not looking good. Although the food is perfectly edible. Hungry Harvest delivers “ugly food” to customers and donates food to a family in need of each box supplied to a paying customer.

Barbara Corcoran, Kevin O’Leary and Laurie Grainer were all interested in the company and were even more interested in the Corcoran business before the public interest effort. Herzavek made an offer of% 100,000 to Lutz for 10%, which he accepted

Hungry Harvest now generates রাজ 4 million in annual revenue.

Agreement:% 500,000 for 15% equity (Kevin O’Leary, Laurie Greiner and Robert Herzavek)

Aira offers wireless charging surfaces with free positioning functionality with the help of free power technology.

Aira created the world’s first most innovative “free positioning wireless charging pad”. With it, you can charge multiple devices at once and place them anywhere on the pad.

Eric Goodchild and Jake Slatnick went to Shark to offer 7% of their startups for $ 500,000. But they accepted an offer for 15% instead. Harzavek shared the deal with fellow sharks Laurie Greiner and Kevin O’Leary.

The company is now making more than 4 million in annual sales.

Agreement: .3 200,000 for 33.3% equity (Mark Cuban & Laurie Greiner & Robert Herzavek)

Goverre is a portable wine glass tumblr with a silicone sleeve and a drink lid. Bring your favorite glass of wine with you. No dropping. Just wine.

GOVERRE is a glass, portable, stemless wine glass with a silicone sleeve and drink-through lid. With GOVERRE, you can now bring your favorite glass of wine with you Yes

Goverre has sold $ 4.6 million in retail sales in just 2 years since it aired on Shark Tank.

Thomas Martin

Tom is a member of the editorial team at Startup Mindset. She has over 6 years of experience writing on business, entrepreneurship and other topics. He mainly focuses on online business, digital publishing, marketing and ecommerce startups.

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How to use your MacBook publicly and securely

One of the advantages of technology in becoming an entrepreneur is the ability to run a business without locking in the office. Many businesses can be run from a bookstore, cafe or even the beach. All you need is a decent laptop and Wi-Fi.

But with the ease of being able to work remotely comes some security risks. By using your laptop in a public place you may be exposing yourself to hackers, device thefts and noisy people sitting next to you in cafes. Since between the MacBook and the MacBook Pro The best business laptopAvailable, it is important to know how to protect yourself while working from a distance

In this article, we’ll share how you can safely use the Apple MacBook, one of the most popular devices, safely and publicly.

1. Use a VPN

When using your MacBook publicly, you need to make sure you are using a VPN (Virtual Private Network). A VPN is essential because it gives you encrypted connections that cannot be easily hacked. Also, VPN protects your browsing history, email, passwords and social media activities from hackers. Therefore, your data cannot be easily collected by external servers. However, it is not right to use free VPN service.

This is because free VPN providers are quite insecure and their performance is low. Various cyber-security companies offer reputable VPN services. Some of these companies include ExpressVPN, CyberGhost, and NordVPN. Therefore, Stupid VPN will help you use Mac safely in public.

2. Disable sharing options

To use a MacBook safely in a public place, make sure you have disabled all sharing options. For example, when you’re on your home network, you can use these different sharing options However, on a public network, these sharing options may be used by external parties to access your data. To disable sharing options, go to System Preferences> Sharing Then, make sure that the ‘File Sharing’ option is disabled

In addition, you should ensure that other sharing options are disabled. For example, make sure ‘Screen Sharing’ and ‘Remote Login’ are also disabled. You can re-enable these sharing options on your secure home network Disabling all sharing options will help you safely use a Mac while on a public network.

3. Use complex passwords

Most people use quite simple passwords to lock their devices. For example, general repetition of numbers like date of birth, anniversary, or 1234. However, these types of passwords make your MacBook quite insecure. It may be easier for external parties to access and manipulate your personal information from your MacBook. Complex passwords that include a variety of characters, numbers, and statistics will make your device more secure.

Also, you should be set to lock your MacBook within seconds of inactivity. To set a foolproof password, go to System Preferences> Security & Privacy> General. Additionally, make sure you disable automatic login on your Mac. To do this, you go to Preferences> Users and Groups. These options will help you use a Mac safely in public

4. Turn off Bluetooth

Turning off Bluetooth is an important step in using a Mac safely. While MacBooks may not be easily affected by Bluetooth attacks, it is wise to disable them. This will protect you from unnecessary invitations to connect while in public In addition, disabling Bluetooth will ensure that the person next to you does not disturb or distract you with unnecessary messages and requests. To turn off Bluetooth, go to System Preferences> Bluetooth.

Pictures of Lisa Photios from Pixel

5. Turn on your firewall

Launching the corresponding firewall will help you use Mac safely in public. Firewalls are important because they protect your MacBook from unauthorized parties to external software or public networks. Apple MacBooks have built-in firewall protection that protects the device against these threats. To make sure your firewall is enabled, go to System Preferences> Security & Privacy> Firewall. There are other firewall options that you can enable.

For example, go to Firewall Options> Enable Stealth Mode. This specific setting will hide your MacBook from the public network. Firewall options give you the option to block all connections except the required ones

6. Use 2 factor authentication

Two-factor authentication is an effective way to secure your online information. 2FA works by requesting a unique six-digit code from a connected mobile device. This unique code is requested whenever you try to login from a new location Moreover, when entering this code, the device requires a specific password.

Therefore, for an external party to access your MacBook, he or she must know your specific password and have access to your mobile phone. You need to have a reputable 2FA application installed on your MacBook to get started. For example, free OTP and Google Authenticator provide better 2FA services. This will help you use a Mac securely on public networks

7. Use secure browser extensions

Apple MacBooks have a built-in feature that protects them from most malware on the Internet. However, there are some public networks for which you need to connect using a page so that third party ads can be harmful. This malicious content can be blocked using browser extensions.

For example, Adblock Plus is a browser extension that protects your MacBook from this threat. Also, you can install extensions provided by the Electronic Frontier Foundation (HTTPS Everywhere). This enables your browser to secure your Internet connection through encryption. A secure browser extension will help you securely use a Mac on a public network.

8. Disable guest users

Apple MacBook’s operating system has a feature that provides a ‘Guest’ account. This ‘guest’ account can be accessed by your friends, family and coworkers. They can use programs and browse without access to your files and folders. However, it can be a dangerous bug that can weaken your MacBook. Therefore, when using your MacBook publicly, your guest users should be disabled. To disable this feature, go to System Preferences> Users and Groups Disabling guest users will help you use a Mac safely while you’re on a public network.

9. Quick lock up

It is important to lock the device when not in use. This will protect your device from the spying eyes of unauthorized parties. To do this, type Command-Control-Q or click the lock screen in the menu. Moreover, you can set your MacBook to lock itself when you press or swipe at a certain hot corner. To do this, go to System Preferences> Desktop and Screensaver and select Hot Corner. In the Hot Corner option, select Lock Screen. This will ensure that your MacBook will be locked automatically when you swipe to that hot corner. A quick and easy locking will help you use a Mac securely on public networks

10. Use a security lock

If your MacBook is stolen while you are using it publicly, it is possible to find the laptop using “Find My Mac”. However, if you first want to prevent it from being stolen, use a Mac security lock to secure your device.

These locks can be locked and secured to a table, rail or chair to prevent theft. When choosing the right lock, you need to decide if you prefer a lock that requires a key or if you prefer to remember a combination.

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Thomas Martin

Tom is a member of the editorial team at Startup Mindset. She has over 6 years of experience writing on business, entrepreneurship and other topics. He mainly focuses on online business, digital publishing, marketing and ecommerce startups.

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4 Business Opportunity Options to Build Your Business for Success

4 Business Opportunity Options to Build Your Business for Success

In today’s entrepreneurial landscape, it is essential to research and understand which business opportunities are out there and which will work best for you and your potential business plan.

While there are many ways to run a successful business, understanding the different business opportunities available to you will help you find direction and grow your own business, be your own boss and make your goals a reality.

Running a successful business means offering a product or service that someone needs, either through a brick-and-mortar store or online — or in some cases, a combination. There are a variety of business opportunities বা or entrepreneurs can find ways to deliver their products to consumers most efficiently and effectively যে that you should research first before you begin.

There are 23 states in the United States that have business opportunity rules that you need to be aware of when setting up your business plan. This will help you avoid any legal issues down the road.

Here are four types of business opportunities you should explore when deciding to start your own business.

1. Franchise

One of the most well-known business opportunities comes in the form of a franchise. This Business model type, Individuals or groups may combine financial investment and labor with the franchisor and in return, the franchisee will receive the rights / licenses granted by the company to market or sell the franchisor’s products in a specific area.

There are currently more than 3,000 franchise ideas in the United States, including well-known fast-food franchises such as McDonald’s or Chick-fil-A. This means that there are many opportunities to bring well-known businesses to areas where their products may not be readily available. This model allows a business owner to save money on marketing because the consumer is already familiar with the brand. Instead, your priority shifts to providing the highest level of service that customers expect from that name.

2. Dropshipping

As more consumers have access to the Internet, and the cost of brick-and-mortar stores is rising, dropshipping has become a more common business opportunity. Dropshipping allows business owners to sell products from third-party vendors to consumers and then deliver the products directly to the customer’s doorstep. This reduces overhead and advance costs, which allows the business owner to start building capital quickly.

This is a great business opportunity if you want to add A side rush In your life with low overall cost. However, growth will depend on how much effort and effort you put into it, as well as the demand for your product.

3. Servicing (self-service business)

As more and more customers move away from the product and focus more on service and experience, this business opportunity is one that experts predict will grow rapidly in the coming years.

Providing a service like plumbing, lawn care, housekeeping, or life coaching gives the client something that really helps them but they don’t have to find a place in their home for which they have to dust off later.

Many businesses use this as an opportunity to build Current customer loyaltyAs well as marketing to new potential customers by offering subscription boxes, managing services through the company’s app, sending out special coupons or sales flyers, and other promotions to encourage people to buy their business.

Suppose you subscribe to a business e-mail newsletter and you get a special 30% discount coupon which is only good for a certain period of time. Even if you don’t plan on going to the store, coupons encourage you to plan your next trip to the store. This is a successful service based business opportunity.

3. Licensing

Let’s say you have a great idea, but you don’t really have time to make it a full-time business because you already have a lot more on your plate. In this case, you can use the licensing business opportunity to make money without doing all the work.

With licensing business opportunities, you can create an agreement to use your patent idea or trademark, design, copyright and any assets related to your business for another business in exchange for a certain percentage of the revenue and fees they receive. It is important to make sure you are comfortable with all aspects of the licensing agreement before signing any paperwork.

This can be a great option for business owners who are looking for ways to add revenue while their brand exposure continues to grow. But, they also have to be willing to give up some profit in exchange for less legwork.

Conclusion

The business sector offers a variety of ways to succeed and there are multiple ways to get there. Researching and learning about the different business opportunities available to you will help you develop the best business plan and give you the right structure to get your business off the ground.

Katie Bud on Instagram
Katie Bud

Katie Budd is a full-time 8-5er in the commercial insurance industry and works to build her freelance writing business. He enjoys creating compelling content for people to read. She enjoys working at home by programming street parking, encouraging her kids to follow what they are interested in and spending as much time on the farm with her extended family as possible. Follow him on his blog and Instagram as he continues to think in words

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