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HindSight https://hindsight.city a place to share the stories of lessons learned Fri, 11 Feb 2022 22:46:56 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 What You Need to Know About Being an Entrepreneur With Kids https://hindsight.city/what-you-need-to-know-about-being-an-entrepreneur-with-kids/ https://hindsight.city/what-you-need-to-know-about-being-an-entrepreneur-with-kids/#respond Fri, 11 Feb 2022 22:46:52 +0000 https://hindsight.city/?p=1436 At some point, nearly everyone considers what it would be like to own their own business. Becoming an entrepreneur can be very rewarding, but there may be certain things that keep you from taking the leap. If you have kids, it may seem like starting your own business isn’t a possibility. However, there is still plenty you can do in order to become an entrepreneur when you have kids.

Working Out a Balance

As with many things, you first need to find a way to create a balance. You want to make sure you have enough time to dedicate to your business while also taking care of your kids. To start off, you should make some sort of schedule for yourself so you can give both things your attention. One option would be to schedule your working hours when your kids won’t need you. This could be while they’re at school or after they’ve gone to bed. When it comes to creating a work-life balance, you might find yourself emphasizing your new business more. Make sure you purposely give yourself plenty of time with your kids. They need your time and attention just as much as your business.

Providing Financially

If you start a business when you’re single, you have a lighter financial burden. A failed business will only mean hard times for you. However, if you have a family you have more risks that you’re taking. If your business doesn’t work out, then your kids will suffer as well. You want to make sure you have a plan to financially care for your kids. Saving up plenty of money before starting your business, finding an investor, or getting a loan can help you have more financial security. You can also find ways to provide for your kids after you’re gone. Term life insurance is most affordable when you’re young. You can purchase a policy now, so you know your family will always be financially cared for.

Get Plenty of Support

The reality is that your business will likely keep you from being able to fully care for your kids. It’s important that you find some support as you balance work and kids. This can be someone to provide childcare or someone to help out around the house. You can hire someone or talk to your friends and family about helping to supplement the care you give.  

Being an entrepreneur with kids is not impossible. In fact, it’s far more common than you might think. It may be difficult at first, but once you find the right rhythm you can make it work for you and your family.

Check out this article on how entrepreneurs just starting out can save for their retirement

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How to Avoid Serious Mistakes When Running a Business https://hindsight.city/how-to-avoid-serious-mistakes-when-running-a-business/ https://hindsight.city/how-to-avoid-serious-mistakes-when-running-a-business/#respond Fri, 11 Feb 2022 22:44:37 +0000 https://hindsight.city/?p=1433 Running a business can be exhilarating, particularly if it is a business idea that you’ve always dreamed of. However, there are thousands of small businesses that have to close each year because they aren’t managed correctly. In order to find success with your business, you need to have a carefully made plan. Here are a few ways to avoid serious mistakes when you’re running your business.

Familiarize Yourself with the Law

First off, it is important to familiarize yourself with the laws that surround running a business. There are a lot of different steps that you need to take in order to manage your business legally. First off, you’ll need to establish your business as an LLC or corporation. Doing so will offer you legal protection from liabilities, and you also may have some benefits when it comes to taxes. You’ll also want to register your business name and apply for a federal tax ID number. Once you’ve obtained business insurance and the corresponding licenses, you’ll be ready to open a business bank account and start managing your finances. These preparations will make sure that your business is legally sound and will protect you from liabilities or legal risks.

Hire an Accountant

Another idea that could help you to avoid serious issues is to hire an accountant. Business finances can be difficult to manage, especially if you have no experience in that field. By hiring an accountant to help you to stick to a budget, you won’t run the risk of sinking your business financially. An accountant can also help you to manage things such as payroll, property tax, employee tax, etc. An S-corp has strict rules that you should hire an accountant to help you with.

Utilize Technology

One of the biggest mistakes that you can make is to ignore technological advances that could greatly benefit your business. There are many different types of technology that could help you from payroll software to online marketing to automated text notifications. If you are setting up a business or running an already-existing business in a way that doesn’t include these technological advances, you’re not taking full advantage of the opportunities available to you.

So, as you’re trying to avoid future problems when it comes to your business, remember the suggestions that have been made in this article. Being aware of business legalities, hiring an accountant, and utilizing technology will not only help you to avoid serious mistakes, but will also help your business to find success. If you truly care about your business, make sure to follow these steps, and do research or consult with a professional to find other serious mistakes that you should avoid.

Check out this article on expenses that can drag down your business if you’re not careful!

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How to Run Your Business from Abroad https://hindsight.city/how-to-run-your-business-from-abroad/ https://hindsight.city/how-to-run-your-business-from-abroad/#respond Fri, 04 Feb 2022 22:20:56 +0000 https://hindsight.city/?p=1428 Owning and operating your own business is the greatest move that you can make for your long-term financial health and wellbeing, as well as helping you gain financial freedom. One thing that many people cite as a reason for starting a business is their desire to travel, and yet many business owners struggle to travel as they do not understand how they can run their business from abroad. Running a business from abroad is not just like running it at home. In fact it offers the opportunity to grow your business endeavors internationally. Here are a few key tips to help you run your business from abroad.

Build Your Network

When you are running your business from abroad, you won’t be able to call on the same people back home who you are used to relying on for your business. This means that you are going to need to grow your network to make it a truly international network. This will help you when you need contacts in a particular country, or who speak a particular language, or who are in a certain time zone. Don’t underestimate the value of an international network to draw upon for help.

Buy Property

A great way to keep your business running while you are abroad is to continue to purchase property while you are abroad. Property is a great store of value since it almost always increases in value overtime, far outpacing inflation and even usually outperforming the stock market. You should try to look for countries that are welcoming of foreign investors in their country. Mexico welcomes international investments in their country. Some countries, on the other hand, are not so welcoming of foreign investors. Pick and choose which markets you want to enter and stick to your guns.

Keep Communication Open Back Home

The major problem that a lot of business owners run into when trying to run their businesses from abroad is the time change leading to a breakdown in communication between owner and the people on the ground at the business. You need to plan for how you can keep the lines of communication open for you and your business partners and employees wherever you are so that you can be reached when needed. Perhaps this means setting aside some of your time for emails or phone calls at a somewhat inconvenient time in your international time zone. Be prepared to make a small sacrifice like that for the well-being of your business.

Running a business is one of the greatest endeavors you can take on in your lifetime. Trying to run a business from abroad, however, brings about a myriad of challenges that you must tackle. Follow these tips to ensure that you keep your business running in tip top shape from abroad.

Check out this article on what you should know before entering international real estate markets!

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How to Invest Your Money in 2022 https://hindsight.city/how-to-invest-your-money-in-2022/ https://hindsight.city/how-to-invest-your-money-in-2022/#respond Wed, 02 Feb 2022 22:10:43 +0000 https://hindsight.city/?p=1425 With the market and economy seeing continued effects from the COVID-19 pandemic, many investors are eagerly looking forward to the next calendar year. The current global issues will have an impact on this next year’s investment landscape. Make the most of your investments in 2022 by finding value, looking for inflation hedges, and follow market sectors.

Find Value

While you cannot exactly foretell the future, finding value investments is great for getting the best future payoff. Finding value in your investments is a strategy for identifying undervalued stocks based on fundamental analysis. Value investors use financial ratios such as price-to-earnings, debt-to-equity and much more to discover undervalued stocks. No single stock metric can accurately determine whether a stock is under or overvalued. Using multiple metrics will help you accurately predict stocks that are undervalued, giving you time to invest in them and receive a higher financial payout.

Look for Inflation Hedges

An inflation hedge is an investment that is considered to protect the decreased purchasing power of a currency that results from the loss of its value that is due to inflation. Inflation hedging can be used to offset the anticipated drop of a currency’s price. Currency hedging is a common practice for investors today. Gold has historically been a hedge against inflation. Rather than relying on theoretical money, gold is solid and something that cannot be taken or devalued.

Follow Market Sectors

Certain sectors perform better than others. When investing, it is wise to pinpoint the hottest sectors leading the market. From there you can identify the best stocks within those sectors. Market sectors to look for should outperform the overall market. They should also contain the best-performing stocks within the outperforming sector. If your analysis shows that the market is in an uptrend and that it is likely to continue for some time, you want to buy stocks in that sector. If your sector begins to fall over multiple periods, you should consider rotating to a different sector. This will provide greater financial security and peace of mind when it comes to investing.

Ultimately, the investments you make in 2022 should align with your goals and ability to take risks. A healthy risk tolerance will give you the flexibility to make investments in areas that could pay high dividends or yield no return. Whatever you choose, investing your money will set you up better for the future.
Check out this article on what you should know before entering international real estate markets!

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How to Keep Your Premises Safe and Healthy for Customers https://hindsight.city/how-to-keep-your-premises-safe-and-healthy-for-customers/ https://hindsight.city/how-to-keep-your-premises-safe-and-healthy-for-customers/#respond Wed, 02 Feb 2022 22:03:29 +0000 https://hindsight.city/?p=1421 When you own and operate a business, the very first concern that you need to have is for the health and safety of your customers. If your business can’t keep customers safe and healthy while they shop, then you cannot run a successful business. But finding ways to continue to keep your premises a safe and healthy space for customers can be difficult, especially when you don’t know how to recognize health and safety risks that are difficult to spot. Here are three things you can do to keep your business premises safe for your customers.

Take Care of Spills

The first thing that you need to do to keep your premises safe for customers is to take care of all spills that occur. Wet floors and spills are one of the largest sources of injury and accidents for customers at businesses. They pose a significant slipping and falling risk for customers, and if they are not clearly labeled and cleaned as soon as possible, your business could be found liable for the injuries that occur. It is your responsibility to provide a safe environment for customers, and spills and wet floors are not a safe enough environment for customers.

Keep Pests Out

It is also your responsibility to your customers to keep pests out of your premises to ensure a healthy and safe environment. Pests can easily spread disease and germ in your business due to issues with sanitation that arise from pests living in or around your business. Pests can do physical damage to your business if you let the problem fester. If you have a pest problem at your business, it should absolutely be your number one priority to get that cleared up right away.

Clean Communal Surfaces Often

All surfaces and items that are going to be touched by the public at any sort of frequency need to be cleaned often and thoroughly to keep customers safe and healthy. This has only become more true during pandemic times where the spread of germs has become a part of shared consciousness. If you are not regularly cleaning the shared surfaces and items that customers may be interacting with at your business, you need to start right away. It is unsafe and unhealthy otherwise; you don’t want your business to be the center of a breakout.

Protecting your customers’ health and safety at your business is the most important responsibility you have as a business owner. You need to do everything in your power to keep things safe and healthy. Follow these three tips to ensure your business premises are as safe as possible.

Check out this article on how to protect yourself against lawsuits at your business!

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Business Expenses That Are Worth the Cost https://hindsight.city/business-expenses-that-are-worth-the-cost/ https://hindsight.city/business-expenses-that-are-worth-the-cost/#respond Fri, 21 Jan 2022 18:00:32 +0000 https://hindsight.city/?p=1417 You have to spend money to make money, as the saying goes. You as a business owner should not be afraid of spending money, it is a necessary step to earning money. But, you shouldn’t be spending frivolously on unnecessary things that won’t further your business success and run you into the red.There are some business expenses that are necessary and can launch your business to new levels of success by harnessing their impact. Here are three expenses that are always worth the cost for the benefits they bring your business.

Professional Accounting Services

Unless you are yourself a professional accountant, you should hire a professional accountant to handle the finances for your business. Business is about money, and understanding where your money is going, how much you have, and the best ways to use it is essential for growing your business correctly and quickly. Understanding everything about your money makes it possible to reinvest more into your business. A professional accountant specializes in finances and knows exactly how to balance your books, keep track of your expenses and profits, and make the proper use of that money. Hiring professional accounting services will always be worth it for business owners.

Insurance Costs

Your business needs insurance, and the cost of an insurance plan is never a good excuse to forgo having one that will take care of your business through even the worst scenarios. There are a lot of things that can go wrong and cause ruin at your business, reputations damage, lawsuits, liability, the list goes on and one. But insurance for your business can cover you against all these potential potholes. Insurance can also protect you in the event of a data breach. Make sure you have robust insurance for your business to ensure that any snag can be handled effectively.

Hiring Costs

Your business needs workers. But it doesn’t just need any workers, it needs the right workers who can get the job done, go above and beyond, and bring the business to new heights of success. Finding these workers is never easy and keeping them is even harder, which is why you should always do whatever you can to keep your best workers at your business. Whatever you are paying them, it is certainly more than being made up for in their productivity.

Running a business involves a lot of expenses. Some of these expenses should be trimmed and eliminated as much as possible, but others are essential to the success of your business. These three business expenses will always be worth it for your business.

For more info on business finances, check out this article on what entrepreneurs need to know about using debt!

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Business Opportunities That Are Attractive Right Now https://hindsight.city/business-opportunities-that-are-attractive-right-now/ https://hindsight.city/business-opportunities-that-are-attractive-right-now/#respond Fri, 14 Jan 2022 22:30:56 +0000 https://hindsight.city/?p=1414 If you have always wanted to have your own business, you may want to think about the kinds of businesses that are most successful right now. With a better idea of the kinds of businesses you could run, you can make a plan that will help you to reach your dreams and have the best chance of success. Below you will see a few great ideas that are excellent business options in the current financial situation.

Start Dropshipping

One of the struggles that new business owners face is dealing with inventory management and getting products to their customers. Dropshipping allows you to avoid this problem by giving you the opportunity to work with a supplier who will take care of the actual fulfillment. That means that you can sell products and a third party will take care of storing them and eventually delivering them to customers. This can take some of the pressure off new businesses and make it easier for you to find success.

Become a Real Estate Agent

If you want to work for yourself but you don’t really want to make products or provide services, working in real estate can be a great idea. As a real estate agent, you can help customers to find homes they love. It can be incredibly rewarding, especially if you like working with people and helping them to find satisfaction in their future homes. You want to make sure that it is easy for potential clients to find your business, so every real estate agent these days needs a website to be successful.

Pet Care

People love their pets and they want to take care of them. That’s what makes pet care one of the most appealing businesses to start today. You can open a kennel to house animals while their people are away or you can get into animal grooming. You could even open a pet store where you sell food and toys for people to give to their pets. This kind of work can be very exciting and a lot of fun if you like animals.

Starting a business comes with many challenges, so you want to do something you enjoy. Finding the balance between liking your work and meeting the needs of others is the key to good business. You can make your dreams come true if you start a business that you are excited to run.

Check out this article on what entrepreneurs need to know about using debt!

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How Fintech Software is Changing How Businesses Are Run https://hindsight.city/how-fintech-software-is-changing-how-businesses-are-run/ https://hindsight.city/how-fintech-software-is-changing-how-businesses-are-run/#respond Fri, 14 Jan 2022 22:28:53 +0000 https://hindsight.city/?p=1411 Businesses are quickly discovering the advantages of fintech (financial technology) software in managing their financial operations. These apps offer an easy-to-use alternative to traditional financial services. Whatever the size and nature of your business, fintech can help you be more organized, efficient, and secure in your finances.

Financing

Conventional financing can involve long, tedious processes with piles of paperwork. With fintech, businesses can greatly expand their access to financing options to find financing products that best meet their needs. The process is streamlined and fast.

Fintech can benefit small businesses and startups that face obstacles in obtaining financing. Banks and traditional lenders often set the bar too high for entrepreneurs who have been in business for only a short time. Fintech can connect businesses to sources for microloans, peer-to-peer lending, unsecured financing, crowdfunding, and other alternatives.

Payments

Payment processing is another way fintech is revolutionizing small businesses. Fintech enables fast, secure, and instant payments, not only from customers but also business-to-business. This allows for transactions around the clock, seven days a week. This is essential for e-commerce platforms to function.

Whether used online or in a mobile app, digital payments are growing in popularity with consumers and businesses alike. They can be used for both sending and receiving payments. One of the largest is Apple Pay, which can be used on iPhones or any Mac device. Apple Pay is available to more than 250 million users around the world.

Security

Security is perhaps the most attractive feature of using fintech. Although financial platforms may need access to bank account information, account numbers are never shared between parties in a transaction. Only essential personal identification is used. Moreover, any financial information is encrypted before transmission or storage.

Fintech software makes use of secure data storage methods, including decentralized blockchain systems, which distributes “blocks” of encrypted information across several hard drives for safety against would-be hackers. Many fintech software platforms have also developed their own cloud storage for easier access and better security.

Over the past decade, digital technologies have changed the way businesses have managed their financial needs. Increasingly, businesses owners are relying on fintech for day-to-day monetary concerns and long-range financial planning. The possibilities of this fast-growing field will continue, as software makes more use of AI and machine learning to refine and expand what they can offer the business owner.

Check out this article on what entrepreneurs need to know about using debt!

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Work-From-Home Tips to Keep Your Business Running Smoothly https://hindsight.city/work-from-home-tips-to-keep-your-business-running-smoothly/ https://hindsight.city/work-from-home-tips-to-keep-your-business-running-smoothly/#respond Thu, 30 Dec 2021 22:29:16 +0000 https://hindsight.city/?p=1407 There are few challenges that require as much planning and upkeep as allowing your employees to continue to work from home. There are tons of benefits that come with working from home, like offering flexibility to employees and saving money on unnecessary physical space for your office, but there are also some drawbacks that require constant attention to stay on top of. When working from home and having your employees work from home, there are a few additional things you need to do to keep your business running smoothly. Listen to these three tips when trying to optimize smooth operations when working from home.

Stay Connected with Employees

The worst thing that you can do when letting your employees work from home is to lose communication with them. While your employees work from home, they already may feel separated from your business, and you are going to need to work extra hard to make sure that your employees stay connected. You as the owner and employer need to be the point person to get your employees to communicate and feel connected. Try sending personalized emails, using a group text app to send messages every morning to your employees, and be sure to be responsive to employee contact.

Keep Your Data Secure

The next concern that you need to tackle as a business owner dealing with work-from-home employees is protecting your cybersecurity. When employees are all working from the same desktop computers it is easier to keep data secure and off the internet or behind firewalls and other cybersecurity protection. Using a VPN can increase security at your business. A VPN hides your IP address when using the internet for you and your employees, which can help keep your information and data secure for your employees working from home.

Promoting a Work/Life Balance

When having your employees work from, they can easily grow concerned that they are losing their ability to maintain a work/life balance in their lives. When employees come to and leave the office, there is a useful separation for them between working, but at home they can and may find themselves working strange hours and struggling to turn away from work when it is after hours. You should set policies to help set examples of a work/life balance for employees. Make it clear that they are not expected to respond to work emails and communication after hours, and that they are encouraged to work their normal hours from home. This will help alleviate any stress from your employees about a work life balance.

Working from home is a unique challenge for businesses in the 21st century. If your business is operating a work from home system, then you are going to need to focus on new areas to keep things running smoothly. Try these three tips to ensure that your business stays running during a work-from-home period.

Read this next: 3 Ways in Which You’re on Your Own as a Solo Entrepreneur

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How to Create a Frictionless Experience for Your Customers Online https://hindsight.city/how-to-create-a-frictionless-experience-for-your-customers-online/ https://hindsight.city/how-to-create-a-frictionless-experience-for-your-customers-online/#respond Thu, 30 Dec 2021 22:27:37 +0000 https://hindsight.city/?p=1404 From ages of old until this digital today, being able to move your customers quickly has been critical for business owners. Ideally this means going swiftly through the checkout, making a brief stop at the registers, and on back to their lives. How can you make a smooth, frictionless experience for your customers?

Make the UX Intuitive

If your UX design skills are a little bit flustered, it’s a great time to study up and make sure that you are making your websites as intuitive as possible for your customers. You want your consumer clients to be able to wander smoothly, and almost without thinking through your website. This can mean simple things like sticking an “add item” button where they will always have it handy and visible. It might mean using visual design ideals- squinting or twirling and seeing which item which stands out.

Offer Their Payment Methods

Apple Pay has more than 250 million users around the world. It would be neglectful to forget about those users in your cart design, right? Forgetting about Visa would be a mistake, but so would neglecting PayPal. Consider the payment options you are giving as being in an international market, your tent set up in an alleyway that gets heavy foot traffic. Not being able to sell to varied consumers because you were unfamiliar with the types of currency offered would be a mistake. Familiarize yourself with the most used digital options in the US and internationally, which you can then incorporate into your site.

Make Sure It Loads Nicely

In order to increase sales, you’re going to want to find all the ways possible to improve what is called your Bounce Rate. This means the number of pages your customers go to shop before “bouncing” away to other websites. The longer they stay, the higher the likelihood that your customers will enjoy completing a purchase from your website. This means your pictures and data needs to load quickly and easily, and all information should be easy to find.

Making sure your customers have a smooth, beautiful experience makes sure they stay longer on your website! For every second (yes, second) your page takes to load, customers wander off elsewhere, as well. Make sure your design is comfortable to use, friendly, and most importantly, make purchases simple to use and complete. Your business will thank you for it!

Want more tips on running a great business? Click here to learn more about financial aspects every entrepreneur needs to know!

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