4 Ways Entrepreneurs Are Problem Solving With 3-D Printing

| January 6, 2017

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Gartner’s famous hype cycle has landed consumer hype for 3-D printing in a period of decline, but this has had little bearing on the advance of the technology. Despite waning consumer interest, 3-D printing has continued to grow at a rapid pace, largely due to adoption from entrepreneurs who see the technology as an integral part of the future.

Spotlight

Testbook.com

The fastest rising startup in the EdTech space, Testbook is poised to revolutionize the industry. With a registered user base of over 56+ lakh students, 130+ crore questions solved on the Web and a knockout Android App, Testbook has raced to the front and is ideally placed to capture bigger markets.

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9 Tips For Starting a Digital Business as a Non-Technical Person

Article | June 17, 2021

How do you start a digital business as a non-technical person? To help you start a digital business as a non-technical person, we asked tech experts and digital business leaders for their best advice. From surrounding yourself with tech experts to finding expert content, there are several things you can do that may help your digital business run smoothly.

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The Four Most Conventional Small Business Legal Issues Confronted

Article | September 1, 2021

While small business owners are typically preoccupied with the day-to-day operations of their businesses, they frequently ignore the small business legal issues and obstacles that they are likely to encounter in the future. Thus, it is a pressing need of an hour, majorly after the COVID-19, to identify their legal challenges and be well prepared for them. The neglected or untimely addressing of the legal issues could cost you a big deal and prove disastrous, and might even be challenging to recover. This article will describe legal issues affecting businesses and how to avoid them tactfully. There are myriad essential aspects of the business to be considered, such as overhead costs, marketing, employee management, business & marketing budget, etc. Among all these, legal aspects of business also hold a similar level of importance but are usually underestimated issues for business. Legal counsel from a reputable legal firm can guide you in identifying prospective issues and preparing for the future. Spend time ensuring that your firm is legally solid. Here are the most common small business legal issues encountered, and you should be cautious about. Establishing the Wrong Business Structure Establishing the wrong business structure stands first in the list of legal issues and is also critical. The business entity is classified into sole proprietorship, partnership, LLC, S-Corp, or C-Corp, and each has its own set of tax structure and legal obligations. However, registering under the wrong ones has a severe repercussion. Business law issues are not limited to tax laws; state and federal legislation changes may also impact a company's risk profile. Contracts are another significant legal issue raised by COVID-19. Unfortunately, once the courts begin to normalize their work environment, precedence will be given to criminal and family law proceedings. Thus, resulting in delays in contract disputes, which will have to wait years to be resolved. Inadequate Protection of Intellectual Property Businesses are constantly developing new and distinctive ideas, technologies, products, and marketing strategies. However, many small business owners believe that intellectual property issues are not their responsibility and only large corporations deal with them. This is the reason often these legal aspects of business are a common issue among small businesses. It is advisable to do in-depth research before naming your business or launching any new products or services to avoid using and enforcing identical trademarks, which will count as infringement. The consequences of infringement are atrocious. The owner will have to alter their name and suffer legal consequences, including damages and attorney's costs. Without trademark registration, ventures risk losing the right to their branding, wiping out years of effort and investment. Securing a trademark registration precludes the occurrence of any of these issues and inconveniences. It is needful to protect intellectual property and law for small businesses. So, consult an expert attorney or business adviser to identify what should be secured by copyright, patent, or trademark. Improper Licensing Every business must have a valid license to operate. However, it may be perplexing and challenging for novice business owners. Before you may lawfully trade, you must obtain a license. Improper licensing leads to business law issues and is one of the most common small business legal issues. Government licensing requirements vary according to the kind, size, and location of the firm. Additionally, the business license is contingent upon the goods or services provided by the business. Therefore, licensing costs vary according to location. Obtaining a license for your particular business demonstrates that you are knowledgeable about your industry and are capable of operating the appropriate equipment. If you are discovered conducting business without the proper license, you may face severe fines or possibly have your business activities halted. An experienced small business lawyer will help you through the paperwork and ensure that your business is properly licensed. Not Hiring or Firing Employees the Right Way Among many legal concerns, one of the most frequent business legal issues for small businesses are improper employment or termination of workers. Unfortunately, numerous small business owners make the error of employing or terminating staff without proper paperwork or agreement. Inadequately executed agreements or employee contracts expose your small business to litigation. Having a written contract is necessary and differs as per the employees whether they are full-time, part-time, and casual. The written contract includes information about the employee and employment details such as: Stipulate payment Rights and responsibilities of the employees Benefits Termination clauses Date the contract was signed Potential reasons for termination The employment contract needs to clarify the terms of employment, conduct, grounds of termination, expected behavior from employees, etc. Employees are asked to abide by this contract. In case of violation, within your legal rights, you can terminate their employment and safeguard every small business's needs. If you have employees or contractors, you must adhere to small businesses' federal and state employment laws. Conclusion Dealing with the legal aspects of business is not a pleasant task, but you cannot ignore it, and if you do, you may have to pay the price. Small business legal issues are critical business law issues that impact a large number of small business owners. Few small business owners are familiar with the legal elements of a business. It is crucial to engage a legal team to assist you in navigating it smoothly and avoiding the danger of destroying the future of your business. Frequently Asked Questions: What are the primary legal issues that small businesses face? Small businesses face many legal issues in their business operation, but the major ones are: Establishing the Wrong Business Structure Shareholders' Agreement Improper Licensing Inadequate Protection of Intellectual Property Not Hiring or Firing Employees the Right Way Response to Changes in the Law and Regulations Employee Termination How can a business overcome legal issues? Below are few tips for businesses to overcome legal issues: Recognize your regulations Inform yourself about labor laws. Acquaint yourself with intellectual property Select the appropriate attorney Maintain Vigilance { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are the primary legal issues that small businesses face?", "acceptedAnswer": { "@type": "Answer", "text": "Small businesses face many legal issues in their business operation, but the major ones are: Establishing the Wrong Business Structure Shareholders' Agreement Improper Licensing Inadequate Protection of Intellectual Property Not Hiring or Firing Employees the Right Way Response to Changes in the Law and Regulations Employee Termination" } },{ "@type": "Question", "name": "How can a business overcome legal issues?", "acceptedAnswer": { "@type": "Answer", "text": "Below are few tips for businesses to overcome legal issues: Recognize your regulations Inform yourself about labor laws. Acquaint yourself with intellectual property Select the appropriate attorney Maintain Vigilance" } }] }

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A Complete Guide to Overhead Costs for Small Businesses

Article | July 29, 2021

The first and crucial part of building your small business is setting up finance for your business. Overhead costs for small businesses are also included in this broad category of business finance. An old proverb, “You need to spend money to make money,” gels perfectly with the business notion. Business owners spend a lot of money creating a product or service, which is considered “direct costs.” Some expenses are not directly related to the creation of a product or service but aid in the operation of your business; these are referred to as "overhead costs" or "indirect costs." However, from an accounting standpoint, overhead costs are not considered expenses at all. Small business owners have a lot of costs to consider especially overhead costs. Here are a few examples of overhead costs: a business license, accounts payable, invoices, office supplies, accounting, and legal fees, bank fees, and many more to pen down. Business owners are behooved to be careful and make sure that their expenses should not outweigh their income. Business overhead is one area that most businesses face, and it is worth investigating further and managing it accordingly. Overhead expenses consume most of the remaining space on your profit and loss statement. However, cutting your overhead costs will improve your business finances. Let us further discuss few aspects of overhead costs and how to reduce overhead costs for small businesses. What Are Overhead Costs? Overhead costs are the indirect but requisite expenses for running a business. These costs do not directly generate revenue for the company, but they do not change as your business grows. Overhead costs must be borne even if no products or services are produced or sold for a period and cannot be be avoided. Here are few examples of overhead costs for small businesses: Electricity bill, gas, water, internet, etc. Rent for office spaces, warehouses, etc. Business licenses and permits Marketing and advertising materials. Office supplies Lawyer fees Salaries and wages Loan interests Insurance for vehicles, employees, and properties. Property taxes The key is to keep track of your overhead costs and not let them interfere with your efforts to grow your business and turn a profit. Once your concept of direct and indirect costs is cleared, the calculation of overhead costs becomes relatively easy. Types of Overhead Costs The overhead costs are divided into three main categories that can directly affect your small business fixed costs, variable costs, and semi-variable costs. Fixed costs are easily trackable. Below are few types of overhead costs for small businesses. Fixed Overhead Costs The majority of your business expenses fall under fixed overhead costs and do not change regardless of the profit earned by the company or change in the level of output; it remains the same each month. Fixed costs are easily tracked and managed as well. Fixed costs are pretty predictable and are required to keep a business running smoothly. Few examples of fixed overhead costs Renting a manufacturing facility or a corporate office. Insurance. Fixed asset depreciation expenses. Mortgage payments. Administrative salaries. Property taxes. Software subscription fees. Fixed overhead costs are stable and do not deviate from the amounts budgeted for them. However, there are a few exceptions, such as if sales exceed what the company budgeted for, in which case fixed overhead costs may rise as new managers and administrative staff are hired. More employees are added to the company. Similarly, if you decide to purchase a few additional pieces of machinery to increase production, this will result in a permanent change in fixed overhead costs. Variable Overhead Costs Variable overhead costs are those that change depending on the business activity, such as sales volume. Variable costs rise as your sales rise and fall as your sales fall. Variable overhead costs, as opposed to fixed overhead costs, vary from month to month. Here are some examples of variable overhead costs: Legal expenses. Overtime. Shipping costs. Consultation fees. Office supplies. Commissions. Maintenance of equipment. Unless the number of workers increases or decreases with production volumes, the labor involved in the production, or direct labor, may not be a variable cost. Semi-Variable Overhead Costs Semi-variable overhead costs have qualities of both fixed costs and variable costs. A business may incur such costs at any time, though the exact cost will vary depending on the level of business activity. Utilities are classified as a semi-variable expense. These costs are only fixed up to a certain level of output. For example, the office’s electricity bill is a monthly cost but varies as per the season. Semi-variable overhead costs include: Utilities (power and water costs). Company vehicle expenses (i.e., gas). Travel expenses. Hourly wages. Ways to Reduce Your Overhead Costs Go Paperless Going paperless is a simple way to save money. Although it may not appear to be a high cost, paper and ink do add up. Instead, adopt technology such as a cloud-based system to store all of your vital corporate data online. This will save you time and money while also allowing you to keep track of details for a more extended period. In addition, going paperless is cost-effective too. However, going digital also reduces clutter and makes it easier for business owners to stay organized. In the event of a computer or program failure, make sure you have a backup of all your documents. Going paperless is an intelligent decision to reduce overhead costs for small businesses because of few advantages such as being environmentally friendly, easy access, and digital file system easy to organize. Create a Systematic Purchasing Process It's a good idea to appoint one person in the company to handle, examine, and authorize purchases so that he can see all the expenses that management plans to incur before they're paid. In addition, negotiating contracts and placing office supply orders should be the responsibility of this person. By putting one person in charge of purchasing, that individual can devote all of their time to finding the most incredible deals. The individual in charge of purchasing should be a skilled negotiator who is not hesitant to ask for a discount. Request that your purchasing manager go shopping for better prices on the things you buy frequently. Consider rewarding your purchasing agent with a bonus if they achieve specific cost-cutting goals without sacrificing quality. Lease Equipment Purchasing equipment such as computers, photocopiers, and other necessities every year is a significant expenditure. As a result, leasing equipment is frequently the best option for businesses looking to reduce monthly costs. Renting or leasing equipment makes it easier to upgrade to newer versions of computers and other equipment. Additionally, while leasing, costs such as equipment repairs and maintenance will be reduced if not eliminated. Tax benefits are frequently available for equipment leases. In addition, depending on the lease, you may be able to claim your payments as a business expense by utilizing specific legal provisions. Leasing equipment is one of the most productive ways to reduce your overhead costs for small businesses. Market to Your Existing Customers Marketing to your existing customers can be a good strategy to reduce costs. This step reduces your marketing costs and shows that you care about rewarding loyalty, which gives your brand a boost. Customers who are happy with your products or services are more inclined to tell their friends and family about them, and word of mouth is still the most effective marketing method. Organic promotion from peers is more likely to be trusted by potential customers than paid advertising. Choose a Business Credit Card That Suits You Choose the best business credit card that suits you for your business expenses. Your company can benefit from credit cards in several ways. For example, Cash-back benefits, travel miles, or a point system are all available on cards targeted for corporate use. When buying office supplies and paying for travel expenses with a credit card, these incentives can pile up quickly. First, examine the annual fees and interest rates associated with your credit card. Then, it could be time to apply for no-fee credit cards with lower interest rates. Choose a credit card that is ideal for your company, particularly in credit limits, interest rates, and fees. This could be one of the methods to your cost-cutting. Frequently Asked Questions: What are typical overhead costs? Overheads are business costs associated with the day-to-day operation of the business. Accounting fees, insurance, advertising, legal fees, interest, labor burden, rent, supplies, repairs, taxes, travel expenses, phone bills, and utilities are examples of overhead expenses. How do you calculate overhead costs for a small business? Divide the total overhead costs of the business in a month by the monthly sales to calculate the overhead rate. To calculate your overhead rate, multiply this figure by 100. A lower overhead rate indicates greater efficiency and profits. Are overheads fixed costs? Typically, overhead does not fluctuate with increases in product production, which is why it is a fixed cost. Mortgage or rent for buildings such as the corporate office are examples of fixed costs. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "How to write resolutions for small businesses?", "acceptedAnswer": { "@type": "Answer", "text": "Examine all aspects of your small business from the previous year to create a solid list of resolutions for the coming year. Consider your successes and failures and work to alleviate them." } },{ "@type": "Question", "name": "What is a resolution for a business?", "acceptedAnswer": { "@type": "Answer", "text": "In business, a resolution is a proposal made during a meeting of the company's shareholders or directors. It is discussed, and its approval represents an official confirmation of any action that the company will take. Resolutions are classified into four types: elective, extraordinary, unique, and ordinary." } },{ "@type": "Question", "name": "Why should every business have a resolution?", "acceptedAnswer": { "@type": "Answer", "text": "Resolutions help to focus your efforts and energy on new goals and reaching new heights. In addition, resolutions enable business owners to understand where they can increase efficiency and grow over the coming year." } }] }

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The Practical Google Analytics Guide for Small Businesses

Article | May 18, 2021

Google Analytics is indispensable for business.It’s estimated that the big data and business analytics marketwill reach $105.08 billion, and it shows no sign of decreasing in growth. However, Google Analytics is software with quite a steep learning curve, and it can be challenging for small business owners to get the most out of it.

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Spotlight

Testbook.com

The fastest rising startup in the EdTech space, Testbook is poised to revolutionize the industry. With a registered user base of over 56+ lakh students, 130+ crore questions solved on the Web and a knockout Android App, Testbook has raced to the front and is ideally placed to capture bigger markets.

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