Building the Perfect Team to Expand Your Small Business

4 Need to Know Tips to Growing Your Business Fast and Smart

Grow Your Business to Create
More Profits Every Year

When a small business owner is looking to grow his or her organization, one of the things to consider is bringing new talent into the fold to help manage the expansion. While the prospect of moving a business to the next level is exciting, the thought of hiring new employees can sometimes cause owners to become deer in the headlights. Having the resources to hire new employees is generally not the issue – the problems lies where making one little hiring mistake could mean big problems for small business.

Meeting federal regulations for hiring, putting out the right job description, making sure to choose the right person to fit the role as well as fit into the existing culture of the business – all of these things keep small business owners up at night when they begin the process of bringing in new talent. Luckily, there are some simple tips that business owners can follow to help make the process a little less stressful while also aiding in following all hiring regulations and finding the perfect person for the job.

Know and Meet All State and Federal Hiring Regulations

State governments and the federal government have laws and regulations that govern the hiring process. In many cases, violating these rules could lead to small businesses having to pay hefty fines for their mistakes. In order to make sure you are within the law consider researching hiring regulations for your state and the federal government through the Small Business Administration. Additionally, you can seek the advice of other professionals in the field to make sure all the bases are covered.

Make Sure Your Business’s Brand Comes Through in the Job Description

Creating a job description can be hard, especially when you are trying to attract new talent into the business and stand out from competitors. It is important to make sure you include all of the job responsibilities in the write up but it is also important to portray what your business is about. When potential employees are looking at job descriptions, they are not only considering what they will need to do to fulfill their role but also how their personality will fit into the business’s overall culture.

Be Honest During the Interview

As any business owner can tell you, small businesses face many different challenges than larger corporations do. When interviewing potential new employees, make sure to be upfront about the challenges and hurdles they may come across in this particular role without giving away any proprietary information. Being honest about what they can expect will help you to gauge whether or not they will fit into the role and will also help the candidate to decide if they are up for the role’s challenges.

If the job will sometimes include duties outside the "normal" job description, let the candidate know that he or she will be expected to help out during these situations. An example might be a small, family owned motel. If you are hiring a "general manager," his or her duties may sometimes including turning rooms or acting as the sales agent with new clients. These are duties that would not be typical in the corporate world, but are more than expected in smaller operations.

Consider if the Candidate Fits into the Business’s Culture

Culture, especially for small businesses, is an important aspect of how the organization operates. Since there are not thousands of employees working for a “small business,” chances are everyone will be asked to work with everyone else at one point or another. “One bad apple spoils the bunch” is a great saying that can be applied to small business culture – one new employee with a negative attitude, lack of efficiency or indifference about their role can have a ripple effect throughout the whole organization. Make sure to consider candidates personalities during the interview as well as their skill sets.

Do you need help with your small or work from home business? Whether you are just starting out, looking for a new opportunity, or just want to add some life into an existing business, Stacy O'Quinn may be able to help. Stacy has already helped dozens of people create a more profitable business and he would love to help you too. For more information about Stacy, please click here.

*Photo Courtesy of 401(k) 2012 via Creative Commons License

Old School Business Thinking No Longer Works on Today’s Consumers

Three Old Time Business Rules that are No Longer Effective

It is time to leave Old School
business practices behind

For many decades, the common definition of succeeding in business was being able to afford lavish items from the company’s profits, like expensive homes, fast cars, and shiny boats. Although many people still get into business for this reason of self-satisfaction, there has been a call among business professionals to reach beyond those traditional standards of business success and redefine what that term actually means. Here are three old business rules that should be redefined in the New Year.

Put True Value Over Expense

In decades past, businesses would put products that were cheap to manufacture but not the best quality to help increase profit margins by lowering production costs. While sub-standard products were the norm for old age consumers, new age consumers know better and are more likely to invest their money in a product or service that is quality. Instead of putting out the most products to make the most money, a business’ focus should be on putting out the best product to keep consumers coming back for more.

Allow Employees to Take Part

Older business professionals will tell you that back in the old days an employee’s job was to take orders from their boss and do nothing else. Creativity and inclusion of employees in business decisions was unheard of and those who did speak up were often let go from their jobs. Now, business owners are beginning to understand the importance of listening to their employee’s opinions and ideas since they work in the trenches and with the customers every day. Including employees in the business process is a great way to learn more about your business as well as create a working environment that is pleasant.

Existing Customers Are Just As Important As New Customers

Way back when, business owners believed that the faster a sale was closed, the more quickly it could leave it behind and the next sale made without ever following up with the original customer. In today’s business world, repeat business is a huge part of a company’s yearly revenue, so following up with first time buyers to add value to their purchases or get them to buy again is extremely important. Repeat business and strong consumer relationships are what keep many businesses going in today’s economy.

Be Transparent to Consumers

Older business professionals still believe that important information should be kept secret at all costs. With so many scam artists and bad products in the market these days, it is important to make sure that consumers trust your business and your brand. An important part of building that trust is being transparent and answering the questions they ask with honesty and integrity. If a consumer has more trust in one company over the other, price point will not play a role in from whom they decide to buy.

Old school business practices were, in many aspects, fast and loose and the majority of business owners opened their own companies simply to make money and self-satisfy. With consumers becoming smarter about what they purchase and becoming more strict about whom they purchase from and why, it is important to keep these new age business tips in mind. While some older business practices, like “the customer is always right” still apply, other can be changed or updated to fit this new age business world.

These rules of business apply even if  you have a work from home business. If you are struggling to retain customers or get new ones, let Stacy O'Quinn help you. He has helped dozens of work from home professionals realize their true potential and you could be next! To learn more about Stacy, click here.

*Photo Courtesy of Duncan Hull via Creative Commons License

What Are Your Business Resolutions for 2015?

Small Business Resolutions You Can Implement for the New Year

I hope your plan on doing
more than this dog in 2015!

With the first month of the New Year almost gone already, it is hard to believe that some business owners have not begun implementing new changes and improvements into their company. While many of our resolutions have already been made for 2015, there is still time for small business owners to decide to make positive changes for the New Year. Just like most of us make resolutions and goals that will change and better our lives, owners can do the same for the company each and every year.

But, what kind of resolutions should these small business owners make? What kind of goals should they set for themselves, their employees, and their business? The answer is not as cut and dry as you may think and each business will have unique resolutions based on what type of company it is, its industry, and future expectations. If you are stuck on making business resolutions for you company, here are some creative ideas to get you started.

Focus on Business Growth

If you ask any small business owner what his or her dream is for the company, the most common answer you will get is that he or she wishes to grow the operation from small to a larger organization. While growth will sometimes come naturally through an expanded customer base or increased sales, it is sometimes important to take a leap of faith to get the business to the next stage. Many entrepreneurs believe that growth is a result of hard work, but growth can also be achieved through strategic planning.

Business owners may be at a point in their professional life where they have a new, big idea or a plan that will grow their business into the next stage. The only problem that might arise is being able to fund this idea. While waiting for the financial aspect of launching the plan to grow on its own through sales is one way to approach the problem, another is considering taking out a loan to move the company through the next phase – but, make sure to weigh all the options and consult with a financial advisor.

Request Advice and Best Practices from Industry Professionals

No matter why type of business an owner has or what industry they work in, chances are there is another entrepreneur out there who has been where they are and done what they want to do. In the small business world, there is nothing wrong with reaching out to peers and asking for their advice on a project or best practices for expanding the business. Chances are, the peer you reach out to has been through everything you are going through already and will be happy to lend some needed advice.

Be More Involved with Social Media

Many small businesses simply do not have the resources to have a dedicated marketing professional handle their advertising and customer relations. When the business owner is in charge of promotions, ad campaigns, and other marketing efforts, it can be easy to get overwhelmed. In recent years, social media has become the easiest, most effective way for a business to connect with its consumers so, as a business owner, if you do nothing else, make sure you are present and active on social media sites.

If you are still looking for the perfect work at home opportunity, you need to talk to Stacy O'Quinn. Stacy has created a six-figure income with a legitimate home business. Today, he helps other entrepreneurs using his opportunity and/or Dani Johnson training techniques. If you would like to learn more about Stacy and find out how he can help you create your own successful small business, click here.

*Photo Courtesy of Miquel Angel Pintanel Bassets via Creative Commons License

How to Be an Entrepreneur

Entrepreneurship and Becoming Your Own Business Mogul

Stacy O'Quinn
Work at Home Mentor

Everyone, at one point or another, dreams of becoming their own boss. They have amazing thoughts of opening their own business, working their own schedule and, of course, making a profit while doing it. A simple definition of entrepreneurship is developing a business from the ground up or coming up with an original idea and turning it into a profitable company. While the definition of entrepreneurship may be simple, the process and execution of becoming an entrepreneur is much more difficult than it seems.

Although we all dream of becoming an entrepreneur, it takes a certain skill set and mentality to recognize a unique opportunity, implement the right resources, and make the dream a reality. It is also important to know that opening a business takes a lot more than having a great concept – long hours, high financial investments and being able to connect with consumers. This may make opening a business seem like the hardest task to complete, but having these traits can help the process get a little easier.

Have the Ability to Plan Ahead

In order to be a successful entrepreneur, you need to be able to create and develop an organized, detailed business plan. Some of the most successful business owners spend months hashing out plans and making changes before they even consider having a grand opening. This business plan should include a variety of different kinds of information, including what type of business you want to open, how to market it, who your target audience is going to be, and how to finance it, among many other things.

Have the Ability to Be a Leader

A big part of being a business owner is being able to develop a vision and being able to inspire employees and partners to join you in the journey to realizing that vision. Businesses whose owners and employees are passionate about what they do are much more successful than those businesses whose employees just view their work as a paycheck. Being a leader is much more than just instructing employees what to do – it’s about motivating them to be as proud to work for the business as you are.

Have the Ability to Communicate Effectively

A great entrepreneur is the best sales person in his or her business – the passion for what is being provided to consumers, whether it is a product or service, comes across when talking to potential customers and is often the key to making a sale. If a business owner cannot communicate effectively, he or she will often miss opportunities to gain new customers and grow the business. There is no shame in needing help being an effective communicator and there are resources available to help hone this skill.

Have the Ability to Market

Marketing is an essential part of any business, no matter the size or the industry. A successful business owner knows how to advertise his or her company to the right people at the right times to maximize sales and is constantly coming up with new ways to market the business and keep interest alive. Having these types of skills gives you an additional opportunity to grow interest in the business and make consumers want to purchase your products or services and tell their family and friends about it.

Stacy O'Quinn become an entrepreneur and eliminated tens of thousands of dollars of debt within months. Today, he is  one of the most sought after work at home mentors in the business! Stacy would love to help you too! All you need to do to get started is click here.

Maximize Your Small Business Tax Deductions

Helpful Tax Tips for Small Business Owners

With tax season right around the corner, many small business owners should be starting to gather information to file their taxes, whether they know it or not. According to a survey conducted by Small Business Optimism, taxes are the number one problem for business owners in terms of preparing their statements and filing them on time. In order to help avoid the last-minute rush this year, make sure to follow these simple tax preparation tips to help you file your business’s taxes correctly and on time.

Begin at the Beginning: Start-Up Expenses

If you have just opened and began running your business, make sure you pay close attention to this tip. The U.S. Government encourages entrepreneurs to open their own small businesses and even offer a $5,000 in write-offs on their taxes for it. This write-off is meant to cover the business’s start-up expenses and help business owners get off to a good start financially. Some of the activities that are recognized as start-up costs include purchasing the business, employee hiring, training, and marketing.

Know Your Deductible Expenses

Small businesses are allowed to deduct the costs of running there company as long as the expenses being noted are necessary for business operation and not considered out of the ordinary. For example, if you have an item that serves both a business and a personal purpose, it should be allocated in such a way that only the business portion of the purchase is deducted on the tax statement (such as utilities, Internet, and cell phone). It is also important to remember that assets should be depreciated as they run the course of their useful life.

What About a Home Office?

In years past, trying to figure out the deductions and calculations for a home office was difficult. Now, the IRS offers a much simpler way for home professionals but they also have changed the criteria for who may claim this home office deduction. It is important to remember that in order to claim this deduction on your taxes, a portion of your home must be used exclusively for business and also be used on a regular basis for business purposes. If this is the case in your situation, you should be in the clear.

Classify Employees and Independent Contractors Properly

For those small businesses that have employees, classifying workers can sometimes be a struggle. Taking the step to classify these workers as “independent contractors” can be tempting considering the cost savings associated with the classification. It is important, regardless of the savings involved, to make sure you classify workers according to the law – there are strict rules dictating the proper classification of employees within a business and violating these rules can come with some heavy penalties.

What About Retirement Plans?

Retirement contributions that business owners make to themselves or to their employees can be deducted on their tax statement. The positive aspect of making these contributions is that the growth of the amount contributed to the plan will remain tax-free until it is distributed to the account holder. Contributions can generally be made right up to the tax due date, which means business owners can continue to make additions to the accounts even after the previous year has ended.

If you are still looking for the perfect work at home opportunity, visit StacyOQuinn.com. Stacy has helped dozens of entrepreneurs create their own business and a six figure income. For more information Stacy and his business opportunity, please click here.

*Photo Courtesy of Chris Potter via Creative Commons License