Winter 2021 Home Business by Home Business Magazine

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Home-Based Business & Opportunity Magazine

WINTER 2021

$PECIAL MONEY ISSUE

DURING

FINANCING

COVID19

Raising Start-Up Funds & Other Business Finance Demands During the Pandemic

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Contents

Home-Based Business & Opportunity Magazine

Magazine Winter 2021

FEATURES

During 10 Financing COVID-19.

Find Startup Funding and Get Financial Control Even in a Pandemic. Photo Credit: Boyz II Men

Interview with Boyz II 16 Men: Shawn Stockman on Their Charity, Tips for Aspiring R&B Artists, and More. Ideas 18 Business for Moms. Those Using Free Time Efficiently Will Love These Endeavors.

Business Financing: Small businesses have many viable financing options despite these uncertain times.

BUSINESSES & OPPORTUNITIES

avigating a N Recession. Steps for scaling and preparing a business for a profitable exit. Launching a New Venture. Why the new year is the best time to start a home-based business.

39 Letters to the Editor. 43 Classified Ads.

Success. SEO tips for

WORK-FROM-HOME SUCCESS STORIES

Beauty of Starting

Rock Stars.

Embracing Individuality 23 Through Style.

Business Exit: Do not get caught in the crossfire of a catastrophe.

28 30

Sharing Journeys and 28 Insights.

29 Reducing Waste in the Environment.

Designing and 35 Creating Pillows.

the new year, rebranding, and more.

Safe Spaces: David Shahan pioneers a cleaner future with sustainable products.

Winning New Clients. Grow your business with marketing automation.

HOME OFFICE SEO: Communicate to search engines what your website is about.

MONEY CORNER

Again.

Treating Everyone Like 22

MARKETING & SALES Search Engine 30

Boyz II Men: “Be authentic. Find a cause you're passionate about and put 110% into it.”

Securing

Your Company’s Financial Future. The importance of hiring an accountant for small businesses.

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Hire an Accountant: Get peace of mind on other aspects of your business.

Product Reviews. 34 Ideal products for home business owners.

Reevaluating the 36

Future of Work. Hybrid, in the office or fully remote: AR can enhance the “new normal” workplace.

Augmented Reality (AR): The way is paved for richer work and collaboration.

Winter 2021 | Home Business

Magazine Winter 2021 Issue www.homebusinessmag.com

The Home Business Team ®

Publisher Richard Henderson United Marketing & Research Company, Inc. Editor-in-Chief Stacy Ann Henderson Managing Editor Sherilyn Colleen Publicity Editor Shannah Carol Graphic Services Slice, Inc. Production Manager Jon Crossley, Ultra Graphics Digital Ad Production Angel Macias, Ultra Graphics Art Direction Richard Rabil, SliceWorks Advertising advertise@homebusinessmag.com Phone: 800-734-7042 Shannah Carol homebusinessmag.com/magazine-advertising homebusinessmag.com/online-advertising Digital Newsstand Jean Garcia, Zinio Newsstand Circulation Manager John Stratton Subscriptions Publication Fulfillment Services Int. Call 888-881-5861 - M - F 8am-4pm PST. For International, call 714-226-9782. Fax: 714-226-9733 Email: homebusinessmag@pfsmag.com Reprints Betsy White, The Reprint Outsource, bwhite@reprintoutsource.com Mailing Lists www.homebusinessmag.com (Click on “Mailing Lists” to order) Mailing List Manager Nancy Spielmann, Statlistics n.spielmann@statlistics.com List File Manager Travis McMillian, Lee Coats Newton Digital Media Manager Jim Clark, GTxcel Carolyn Rothenberger, GTxcell E-Readers Bob Mehta, Supremus Group Rachel Unclebach, Libre Digital Internet Manager Sam Ashton, Fixrunner SEO Emmylou Grimm, Logical Position Social Media Shelby Cara Home Business Expo Dan Storm, eDirectory IT/Computer Operations Jim Easton, letmefixyourpc.com Virtual Operations Mike Davidson, VDI Networks Eric Lampe, VDI Networks Online Security Sitelock Customer Service customerservice@homebusinessmag.com Phone: (800) 734-7042 Fax: 714-388-3883

Editorial Gerri Detweiler, Michelle Seiler Tucker, James Gilmer, Christine Carter, Mikkel Jensen, and others.

Distribution Texterity, Inc. 144 Turnpike Road, Suite 140 Southborough, MA 01772 Tel: (800)609-8994

Home Business® Magazine Home Business Magazine (ISSN 1092-4779) is published by United Marketing and Research Company, Inc., 20664 Jutland Place, Lakeville, MN 55044. 4 issue (1 Year) Subscription Rate: $9.99 8 Issue (2 Years) Subscription Rate: $15.99 For Subscriptions: 714-693-1866, M–F Periodicals Postage Paid at Lakeville, Minnesota, and at additional mailing offices. POSTMASTER: Send address changes to Home Business® Magazine, 20664 Jutland Place, Lakeville, MN 55044. Produced in the United States

LETTER FROM PUBLISHER

Coronavirus Pandemic Is Transforming How Companies Manage Finances and Access Start-up Funding The COVID-19 pandemic has impacted many business areas necessary for succeeding as a small business owner. These areas include sales, marketing, business operations, social media, and technology. One major area is financial management. Our cover story for this Winter 2021 issue will help you to meet the financial challenges brought by these uncertain times. An essential part of finance for a new business is start-up funding. Overall, the pandemic has reduced available capital through traditional funding sources (personal Always look for ways to diversify loans, credit cards, financial institution lending, etc.). This your company, particularly to creates huge challenges. But all strengthen it against negative of the additional government pandemic effects. funding, such as disaster loans and other lending sources, does provide opportunity for start-ups to access funding.

“

”

Small businesses that have accessed government financial support, such as the PPP loan, need to plan now for any expenditures connected to the accounts, particularly for PPP loan benefits for which tax liabilities will be assessed, or for any of the support funds that you will have to pay back. Always consult with your accountant. Pay close attention to support program terms and conditions for these funds, which may change. Some sectors of the economy have certainly prospered during the pandemic, spurring another funding source. Individuals or companies are investing their financial resources into promising startups. These investors want to get a rate of return on their money above today’s depressed saving rates. When it comes to financial management, challenges have increased, as many vendors that support businesses are not able to extend favorable accounts receivable terms, with more vendors requiring upfront payment for goods and services. This requires small businesses to better plan for their expenditures so that temporary cash-flow reductions do not impact their ability to fund ongoing operations. Always look for ways to diversify your company, particularly to strengthen it against negative pandemic effects. Adapting to the ongoing COVID-19 pandemic can present opportunities for business expansion, so make sure to financially plan for these opportunities.

Richard Henderson Publisher, Home Business® Magazine

Notice to Readers

HOME BUSINESS® Magazine is sold as information only. The publisher, United Marketing and Research, Inc., considers its sources reliable and verifies as much data as possible, although reporting inaccuracies can occur; consequently, readers using this information do so at their own risk. The publisher has not done a background check on listed companies (which includes advertisers), nor does it know people at all the companies. The publisher cannot assume any responsibility in any manner for the actions of any of the listed companies, and the publisher cannot guarantee the outcome of any correspondence, arrangements, or subsequent transactions the reader may make with any of the listed companies. HOME BUSINESS Magazine is sold with the understanding that the publisher is not engaged in rendering medical, legal, financial, accounting, tax, or other professional service. If medical, legal, or other expert advice and assistance are required, the services of a competent qualified professional person should be sought. The publisher, United Marketing and Research Company, Inc., assumes no responsibility for any changes of offers, nor for any companies/advertisers that may go out of business. All correspondence regarding questions or problems on a company’s (including advertisers) program, products, or services should be directed to the company, not to the publisher. Advertisers and advertising agencies assume liability for all contents of advertising and for any claims arising therefrom. It is up to the user of this publication to investigate the product or service offered, and to make sure the company is reliable and that the product or service meets the user’s requirements. United Marketing and Research Company, Inc., is not responsible for the delivery of merchandise, starter kits, supplies, or other products and services ordered from advertisers. ©1993-2020. Reg. # 4180563 and 4145799. TRADEMARKS: Home Business, Serial Number 74/713646 and Home Business Magazine, Serial Number 75-086596, issued by the United States Department of Commerce, Assistant Commissioner for Trademarks. Mark Type(s): TRADEMARKS: Conform to the minimum requirements set forth in 37 C.F.R. Sec. 2.76 (e); and formal requirements set forth in 37 C.F.R. Sec. 2.76(b) and (c). All rights reserved. No part of HOME BUSINESS® Magazine may be reproduced, stored in a retrieval system, or transcribed, in any form or by any means, photocopying, electronic, mechanical recording or otherwise, without prior permission in writing of the publisher, United Marketing and Research Company, Inc., Lakeville, MN 55044. Articles appearing in this publication express the opinions, experience, and research of its authors and not necessarily the opinion of HOME BUSINESS® Magazine. ®

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Money for Your Business Find Startup Funding and Get Financial Control Even in a Pandemic By Gerri Detweiler

F E AT U R E

t was bushels of apples after an afternoon in an orchard that prompted Diana Blaylock to launch her business, Mama’s Best Bakery, in 2017. She started by selling apple pies on Facebook and business took off from there. The pandemic didn’t slow things down; instead, she found herself busy baking bread and other comfort foods from her home kitchen in Twin Falls, Idaho. During Covid, “people have been eating their feelings,” she says. In order to truly grow and scale her bakery, though, Blaylock needs funding. She tried a crowdfunding campaign, but with no real guidance or experience, it failed. The Idaho Women’s Business Center connected her with Crowdfund Better (via their collaboration called Crowdfund Idaho) which is guiding her through the steps to create a new campaign, and she’s optimistic that this time will be successful. While we’ve had a lot of doom and gloom about the world this year, not all small businesses are struggling. And many people are taking the plunge to start a business. The number of business applications in the U.S. reached nearly 1.6 million in 2020. We haven’t seen numbers like that in memorable history. But while businesses are starting up in record numbers, that doesn’t necessarily mean those business owners will be able to find the financing they need to get off on the right foot. Like Blaylock, when it comes to raising money and getting financing, you “don’t know what you don’t know.” And that can mean wasting valuable time looking for the wrong type of funding.

Startup financing “through a bank or

credit union has always been a long shot for most earlystage businesses.

”

Small businesses have many viable financing options despite these uncertain times.

The lending landscape looks significantly different this year compared to last, thanks to COVID-19. Before the pandemic (and the Paycheck Protection Program, which provided small businesses impacted by the pandemic with forgivable loans), there were more than 44 different types of financing small businesses could choose from. Since then, many lenders have tightened criteria — and some have stopped lending altogether — mostly due to the uncertainty we’re all experiencing. If you’re one of the many new “covidpreneurs,” or even if you’ve run a business for a while, you may need guidance on where to look to find financing during these uncertain times. Here, we’ll look at how you can find financing when it seems that banks are reluctant to lend, as well as what you can do to get and stay organized financially moving forward.

Startup Financing During COVID-19

So you’ve started a new business and you need financing, but your bank is refusing to lend you money because your business hasn’t been operating long enough to qualify for traditional financing. Startup financing through a bank or credit union has always been a long shot for most early-stage businesses. Add in the fact that, because of the global pandemic, we’re seeing many lenders cut back on approvals, and it can be downright frustrating trying to find financing right now. It’s not impossible, though, even for brandnew businesses. The key is knowing where to look.

Business Credit Cards

A business credit card may not be a small business loan, but it is one of the simplest ways to get financing for a new business. Continued on page 12

Home Business Winter 2021 ®

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Winter 2021 | Home Business

Money for Your Business Continued from page 10

F E AT U R E

They don’t have extensive time in business or business revenue requirements, and as long as you have good personal credit scores (in the mid-600s or higher) there is probably a card for you. But it is worth noting that even credit card issuers have become more cautious in recent months. According to Comscore’s The COVID-19 Impact on Small Business Credit Card Applications report, there was a 6% yearover-year decline in Q1 2020 of credit card applications, which dove into a 41% yearover-year decline in Q2 of this year. Some card issuers are getting back to business and approving applications, so if you are seeking some form of financing for your business, it’s worth looking into. If you plan to carry a balance, the interest rate will be key. Otherwise you can choose a business credit card with rewards such as cash back. Business credit cards can also help build business credit.

Trade Credit

Another resource for financing is trade credit. I’m convinced this is one of the most undervalued forms of financing available to small businesses. Vendors and suppliers may give you time to pay for purchases interest-free. In addition to helping you improve cash flow, these accounts can also help you build business credit if they report your payment history to business credit bureaus such as Creditsafe, Dun & Bradstreet, Equifax or Experian. Not all vendors report, so it’s worth asking if they do — and maybe even requesting they do if they don’t. Where should you open trade credit? Start with the vendors you already use or that sell what you need to buy. You’ll find a list of vendors that are startup-friendly and help build business credit at Nav.com/vendors. You’ll also find your vendors to be some of the best creditors you’ll ever have. They are more likely to work with you when you’re in a cash flow pinch and will likely offer a discount if you pay your invoice early. Even if your business is new, you may qualify for trade credit. After all, they want your business to buy from them and not a competitor.

Crowdfunding

Another noteworthy (if often overlooked) source of capital is crowdfunding. There are several types of crowdfunding campaigns: 12

Home Business Winter 2021 ®

Crowdfunding requires a strong pitch and solid marketing campaign. ■

■

Rewards: Provide tangible rewards in exchange for contributions, such as early access to your new product or other perks. Debt: Borrow money you must pay back. Equity: Solicit investors in your business, often by giving them shares in your business. Donor: Solicit donations for your business.

Crowdfunding works best if you’re either trying to raise money to launch a new product or project that others may want to get behind, or building a business that will scale. It’s not going to be a good fit if you’re just trying to find the cash to buy a new computer or fund a marketing campaign. It requires a strong pitch and solid marketing campaign. Most that are successful raise a significant amount of money from their own network. Tip: The free Crowdfunding Cheatsheet at Crowdfundbetter.com explains the different types of crowdfunding, the pros and cons of each, and will help you identify platforms for each type of campaign.

Microloans

Sometimes you get turned down by a traditional bank because you just want a little capital. Banks make more money on bigger loans. Your $10,000 or $25,000 loan request may be considered small potatoes to them. Fortunately, there’s another option: microloans. These smaller loans are often made by

non-profit lenders. Kiva is one such lender. It connects borrowers with a network of over 1.6 million lenders who want to support small businesses. Right now, Kiva offers U.S. businesses negatively impacted by COVID-19 loans of up to $15,000 at 0% interest. The Small Business Administration Microloan program also offers microloans up to $50,000 (averaging about $14,000) through approved microlenders. Funds can be used for working capital, inventory, equipment, or supplies. Finding local microlenders can be tricky. Start your search with SBA Resource Partners such as SCORE and Small Business Development Centers, both of which provide free mentoring to entrepreneurs. Locate your local office at SBA.gov/tools.

What to Consider When Seeking Financing

There are several factors that go into whether a lender will approve you for financing, and that formula varies from one lender to another. But generally, the critical factors are: ■

Revenues

■

Time in business

■

Credit

■

Industry

Some alternative lenders look primarily at your revenues, so even a relatively new business, if it’s thriving, may qualify for a loan. Although there are a handful of lenders that will accept your loan application if your business is only Continued on page 14

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Winter 2021 | Home Business

Money for Your Business Continued from page 12

Stop keeping “receipts in file

F E AT U R E

folders and set up your accounting system correctly from the beginning.

”

Set up a system to invoice promptly and follow up on slow-paying clients.

six months old, they are the exception rather than the rule. Expect to provide three months of business bank statements, or better yet, allow the lender to connect to your business bank account to review activity. Time in business is a tricky one for new businesses: you’ll have decidedly fewer options if you’ve been in business just a few months, but as your business moves closer to the two-year mark, you’ll have more financing options to choose from. Some lenders rely on the business owner’s personal credit, others check business credit. Some check both, and only a few don’t check credit at all. (Those lenders are usually lending based on invoices or revenues.) If your personal or business credit are not strong, make it a point to really work on that. You can establish business credit even with low personal credit scores, starting with vendor accounts.

4 Smart Ways to Organize Your Finances in 2021

When Jendayi Stafford left the Navy with a medical retirement, her health was deteriorating to the point that she was in a wheelchair. She researched and applied wellness principles to get healthy and soon others were asking for her help. She formed Mission Counseling & Consulting, LLC, obtained therapy licenses and coaching certifications, and has been growing her home-based business ever since. She’s developed trademarked coaching programs and published an extensive workbook. She is also training and certifying other health coaches in her methods. 14

Home Business Winter 2021 ®

All that growth takes money. Stafford has a business credit card and business lines of credit that are helping her build business credit. She has been dogged about seeking out funding opportunities. She applied for and won a pitch competition, and also won money in a business sweepstakes program associated with a small business grant. Stafford is committed to organizing her business finances. She’s joined a small business mentoring program, BHVentures, and she recently hired an accountant and CPA. “I was doing the old school (method) of filing papers,” she laughs, “Because there has been so much growth, I definitely need to get legit.” She also expects these steps will help her with government contracting and grants she hopes to obtain. Businesses serious about success in 2021 and beyond will want to make sure they lay the foundation properly now. Then they’ll be in a great position to take advantage of the opportunities the coming year will offer as we move into Covid-19 recovery.

1. Stop looking backward

“Most businesses look at their finances in the rearview mirror,” observes Karen McCall, who pioneered money coaching and recently launched Moneygrit, an online money management tracking and planning system. “They review what they’ve spent after the fact, often when doing their bookkeeping or getting ready for tax time. Planning ahead for both needs and wants is critical,” she insists.

“Every successful small business owner I’ve worked with knows how much they need to pay themselves, how much they need to pay their business expenses, and how much they need to grow their business,” she explains. “They have a concrete number to work toward. Business owners who take time to plan and then track their spending often go on to exceed their financial goals.”

2. Dump the shoebox

Stop keeping receipts in file folders and set up your accounting system correctly from the beginning. “Most businesses do it wrong,” says Sylvia Inks, small business consultant and owner of SMI Financial Coaching. Even if you hire an accountant as Stafford did, Inks recommends you familiarize yourself with allowable business expenses listed on the IRS form Schedule C. Otherwise you may miss out on valuable tax deductions. Then use the expenses categories on that form to save and organize your receipts online. “Don’t save receipts by month,” she says, “and don’t keep paper receipts.” Instead, create an online folder with the name of each expense category as listed on the Schedule C form, such as: 15-insurance 17-legal and professional services 24a-travel If you’re audited, you’ll be easily able to find all receipts in that category. Continued on page 40

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Boyz II Men Group Member Shawn Stockman on Their Charity, Tips for Aspiring R&B Artists, and More By Shannah Henderson are truly helping to make the world a better place! Home Business Magazine recently had the opportunity to catch up with Boyz II Men member Shawn Stockman, who was happy to discuss what inspired them to launch their charity. He also shared tips for entrepreneurs who want to start and run their own non-profit, memories from Boyz II Men’s eminent career, and more! Home Business Magazine (HBM): You all started a charity called Boyz II Men House. Can you tell us about the charity's mission? Shawn Stockman (SS): “ “Our mission is to support causes that are important to us and impact our family, friends, fans and community. Also, as a father who has a son with autism, my wife and I created a charity, Micah’s Voice (http://micahsvoice.com), to help and support families affected by autism.”

It is amazing that even though Boyz II Men is very busy with their career — before the COVID-19 pandemic, they’ve held an acclaimed residency at the Mirage Resort and Casino in Las Vegas since 2013 — they still find the time to help better the community. Their charity, Boyz II Men House, lends support to individuals and organizations that focus on improving quality of life and helping to unlock human potential, while contributing to the health and vitality of those less fortunate.

HBM: What inspired you all to launch a non-profit? SS: “Growing up and throughout our careers, we had to work hard so we’ve never taken our success for granted. It has made us realize that so many people look up to us for inspiration, so we make it one of our goals to give back. This is why we created the Boyz II Men House.”

So besides giving fans a rich catalogue of timeless hits filled with smooth harmonies and enduring themes to this day, Boyz II Men

Boyz II Men are helping to make the world a better place with their charity, Boyz II Men House. 16

Home Business Winter 2021 ®

Photo Credit: Boyz II Men

HBM: What tips do you have for other entrepreneurs who want to start and run their own charity? SS: “Be authentic. Find a cause you're passionate about and put 110% into it.” HBM: Boyz II Men is the best-selling R&B group of all time. What have been some of your favorite memories from your eminent career? SS: “There are so many incredible memories from our nearly 30 years as a group. The fans have truly been the best part about our career. Hearing their stories about how our music has helped them through a tough time or been a soundtrack to the best parts of their lives, from weddings to proposals, is always a humbling experience.” HBM: What tips do you have for others

Boyz II Men redefined popular R&B and continue to create timeless hits that appeal to fans across all generations.

Photo Credit: Boyz II Men

F E AT U R E

hen you think of R&B, one of the first groups that comes to mind is Boyz II Men (http://www. boyziimen.com). Throughout their illustrious career that spans almost three decades, they have sold a whopping 64 million albums and are renowned as the best-selling R&B group of all time. Boyz II Men have also earned many accolades, including 4 Grammy Awards, 9 American Music Awards, and a star on the Hollywood Walk of Fame! Now, the legendary R&B trio is making waves in the non-profit arena with their charity, Boyz II Men House.

who want to get into the R&B industry? SS: “Perfect your craft and be persistent! As a group, Nate, Wanya and I used to spend our free time singing in the bathrooms of our high school because it had the best acoustics. We put on shows and made sure we did everything we possibly could for our voices. We never gave up and that is what I would tell any young artist to do today.” HBM: Where do you see the future of the R&B industry? What might change or stay the same? SS: “The industry is already shifting. When we started Boyz II Men, there wasn't social media, YouTube, or easy ways to be discovered. I think as more and more platforms become available for people to show their skills, the more R&B will grow.” HBM: What is next on all of your bucket lists? SS: “Next up, we want to have all of our fans drinking Harmony Wine — our latest venture — at a concert. Hopefully, we'll be able to make this happen next year!” Shannah Henderson is an advocate for small businesses and passionate writer who focuses on entrepreneurs, new products, lifestyle and entertainment pieces. Contact: shannahch@gmail.com

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6 Fantastic Business Ideas for Moms Mothers Who Use Their Free Time Efficiently Will Love These Endeavors By Christine Carter

ather than work a 9-5 job every day, what if you could be your own boss and make your own schedule? That's where business ideas for moms play a major role.

Amazon tends to be the easiest place you can earn affiliate status and start making commissions from redirecting people to products on their site. SEO copywriting is also something I urge you to look into, as it is a crucial skill to master if you ever plan on starting your own business as a blogger.

Starting a work-at-home endeavor is a rising trend that is only going to become more prevalent, especially with stay-at-home moms. This is because a lot of people appreciate their freedom, even if it means potentially lower wages.

3. Become a Tutor

Another sound home business idea is to become a tutor.

That said, sometimes the business is so successful that you wind up earning a lot more than you expected. While every mother's skill set may vary, I can assure you that there's something here for everyone. You just need to be willing to put time and effort into your business plan. Of course, the income, time investment, and difficulty of setting up the new business varies greatly from one company to another. However, with so many possible businesses to choose from, you'll undoubtedly find one that’ll fit you. Below are some options for moms. 1. Freelance Writing

This can end up being a profitable business if you know how to handle it and your grasp of a language is decent enough to hold a conversation. I'd personally recommend freelance writing if you're looking to make an actual career out of it, but do know that the market is now quite saturated and it might be hard to break into. You can either try setting up your own website or choose to advertise through the many thirdparty hubs (Fiverr, Upwork, and the like). Either way works, except the latter will require less effort to set up on your part – however, you'll still need to actively promote yourself and submit job proposals. If you have any experience in dealing with WordPress or have knowledge in web development and design, then I'd suggest the 18

Home Business Winter 2021 ®

Now, I'm certain many of you have degrees in something or you excel greatly at some aspects of life. Why not turn that skill into an even greater Patience is always rewarded in businesses asset by passing it on to a younger generation like these, as they take time to build up (unless you strike gold with a specific niche). while you make money off of it? former—you will have so much more freedom to customize your website to attract clients. The amount you earn solely depends on how many contracts you get as a freelancer. It can take a while until it blooms into something you could proudly call a full-time job with decent enough pay. 2. Blogging

Another venture in a similar vein as freelance writing is blogging. It’s the favorite pastime of many stay-at-home moms. The fun part about this is that the blog is its own site that becomes richer the more you write. Your blog can also be about anything, such as cooking, regular mom stuff, a major you've studied – any topic under the sun. Earning money with your blog is all about the connections you make: the backlinks, partnership deals, sponsors, advertisements, and, most importantly, the affiliate marketing connections. You can't expect these to come to you; you need to seek these connections out on your own. Send a ton of emails and make several phone or Skype calls to clinch deals with the right people who will help you grow and break through to the surface, much like in freelance writing.

While it may not seem like the massive profits other business ideas for moms may be turning, it's a safe and surefire way to earn a decent wage through your own small business. The best part about tutoring is that starting your business is comparatively low-cost and low-effort. The market is also a lot less saturated, because it's more of a local business than global ones like online businesses (bloggers, freelance writers, Etsy craft sellers, proofreaders, etc.) are. Of course, you don't have to tutor others in person if you don't want to. You can hold online courses as well, which most kids tend to prefer over having to go to someone else's house (especially if it’s too big of a commute). 4. Virtual Assistant

Become an online assistant to a person who needs your services! Unlike a regular assistant, you won't waste your own precious time by fetching coffee or doing some other menial task. Rather, you will perform tasks relevant to the business or person who hired you. Some roles include social media manager, schedule planner, content writer, email sorter Continued on page 20

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6 Fantastic Business Ideas for Moms Mothers Who Use Their Free Time Efficiently Will Love These Endeavors Continued from page 18

and manager, and even dabbling in web and graphic design. It all depends on what qualities you offer them when they request your aid. This is why it's crucial to always expand and diversify the number of services you can offer as a virtual assistant to be able to stand out from the rest. Naturally, the usual factors apply as with other online businesses; it is a saturated market, so the quality of your services and a measure of luck will determine how long it'll take for you to make your business a successful one. 5. Running a Daycare

If you want your more maternal instincts to come to the forefront in your business idea, then you may want to consider using your home as a private daycare center for babies and toddlers. Why the youngins specifically? Well, because babies and toddlers are, oddly enough, easier to manage than older kids. And they occupy less space. Plus, babies are usually the ones in need of babysitting the most, so you'll stand a better chance of getting hired if they're your target “market”. The profit of this endeavor ends up being roughly the same as that of tutoring, though it can be higher depending on how big a workload you can take on. It also reaps the benefits of being more localized, meaning you have more chances of getting hired since you’re targeting a concentrated spot rather than competing globally. If you choose to go the daycare route, my best advice is to stay strong. It fortunately takes a lot less time to see the fruits of your labor with this endeavor than most other online business ideas for moms. 6. Craft Seller

If you're skilled with your hands, then you might want to try this vocation and then delve into the realm of e-commerce. Making crafts is popular across all generations, as people both young and old like having these little niche things on offer that they can buy. 20

Home Business Winter 2021 ®

keys to success “inThe the real world are

perseverance, creativity, and knowing how to categorize your expenses so you can further invest in what works.

”

These items make their lives just a bit more comfortable and lively. It's less than a few hours of effort a day to maintain a healthy business, and the startup costs are also almost negligible. It’s the ideal workfrom-home job if you’re craftsy. All you need to do is set up an online store or sell through sites like Etsy or even Ebay to get your name out there and get people buying. Again though, much like with many of the business ideas mentioned earlier, it can be tough to get going at the start and the first year might feel agonizing. However, patience is always rewarded in businesses like these, as they take time to build up (unless you strike gold with a specific niche). Business Ideas for Moms to Avoid

While this may carry a bit of bias, some of the income-generators I'll touch upon here are too hard to get into and too unstable to make a sustainable, long-term business out of. This usually involves things like becoming an influencer, a YouTuber, or a life coach. Not only do these endeavors have to deal with a saturated market, but also there's a lot of effort required to make these businesses work. This effort just doesn't seem like they're worth it in the end, especially because the first two (becoming an influencer or a YouTuber) stand on an ever-evolving field that can be exhausting to keep on top of. That, and some aren't really sought out too much, like life coaches. Naturally, if you think it's worth it, then feel free to give it a go. However, I'm here to warn you

to be prepared to stay on your toes and face disappointment here and there. 6 Key Components for Any Business Idea

If nothing here seemed to strike your fancy, you may be able to figure out something on your own by asking yourself the following questions: 1. Is this business idea something that can help others? 2. Is it something people are in dire need of? 3. How much time and effort do I need to invest in this? 4. How much is it going to cost me? 5. Is it something I like doing? 6. Do I see myself doing this for a long time? If you can answer positively to all these questions when pitching ideas to yourself, you may have found yourself a keeper. In Conclusion

Business ideas for moms are vast and plentiful, but most occupy rather saturated markets. This means they'll require a lot of commitment and proper planning on your part to get them to a level that you're going to be satisfied with. There is no such thing as quick-and-easy money, at least not when you’re looking to start a long-lasting, successful business. Keep that in mind so you don't get disappointed if your first paycheck isn't as massive as you'd expect it to be (from all those fake and misleading ads polluting the internet). The keys to success in the real world are perseverance, creativity, and knowing how to categorize your expenses so you can further invest in what works. And these tenets don’t seem like they'll be changing in the near future, so get those gears rolling and start working on building your own business. After working in corporate finance for eight years, Christine Carter knows all the money hacks and tips and she is willing to share them with everyone! You can find all her advice on how to earn, make, and save more money and enter the world of financial freedom at the Find your Mom Tribe blog (https://findyourmomtribe.com/). You can also stay in the loop and follow Find Your Mom Tribe on Facebook (https://www.facebook.com/FindYourMomTribe/) and Pinterest (https://www.pinterest.com/findyourmomtribe).

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Winter 2021 | Home Business

SUCCESS STORIES

Beauty of Starting Again Engineer Leaves Career and Establishes a Computer Repair Business By Alicia McCarthy

orm McLaughlin spent the first eleven years of his career in industry as a wellpaid engineer. But Norm wanted to do something different. He took a significant pay cut and moved to an entirely different role in a non-profit organization. Norm had twelve great years there before the itch to take on a new challenge set in. With his background in engineering, he’d always enjoyed sorting out people’s computer problems, and as he did so, some would suggest that this was something he could do professionally. So an idea was birthed. Norm decided to launch his own computer repair business. He registered a business name, acquired a domain, and began working on a website. Looking back now, he realizes he really had little idea about much of what he was doing, but he was learning on the fly and he kept moving forward. He dropped to part-time hours in his

day job at the beginning of January 2016. The hardworking go-getter soon made the decision to go full-time and for this he chose the first day of spring, symbolic of new beginnings. This was a tremendous achievement in just a few months, having started the business from nothing. After going full-time, Norm’s customer base continued to grow, comprised mainly of small businesses and seniors, which continues to this day. Norm’s level of activity grew to the point where he was earning a satisfactory income and also having a lot of fun. Then after three years, he made the decision to relocate from Sydney to Brisbane, which meant starting all over again. He changed the name of the company from Norm’s Computer Repairs to Norm’s Computer Services, to better reflect the range of services offered. “The beauty of starting again is that I’ve been

Norm McLaughlin is the Founder of Norm’s Computer Services.

able to utilize the lessons learned from the first time around,” Norm says. “This meant laying a much firmer foundation for longterm success.” For example, he’s now focusing on SEO as the most significant element of his marketing strategy, rather than SEM. Norm is driven by a strong desire to live his dream, and has the accompanying determination to succeed. He considers freedom from the restrictions of a regular job, and a more flexible lifestyle, to be a dream worth pursuing. With a clear vision of what the future looks like, there’s really no turning back. Visit https://www.normscomputerservices.com. au.

Treating Everyone Like Rock Stars Restaurant Mogul Shares Helpful Hospitality Industry Insights

s one of the founding partners of Innovative Dining Group (IDG), Lee Maen is a true visionary in the restaurant scene. Maen and IDG have launched some of the most successful and legendary restaurants in the Los Angeles, Scottsdale, and Las Vegas markets, such as Katana in West Hollywood and Sushi Roku (which pioneered the modern sushi movement). IDG also boasts international establishments, such as BOA Steakhouse in Abu Dhabi.

Lee Maen (LM): “All of our venues reflect bold, modern interpretations of traditional concepts, reflective of how we like to dine. We have amazing chefs that create menus with signature items that always land on the musteat list in each market. Each of our restaurants combine exceptional cuisine with beautifully designed atmospheres allowing for a true escape.”

Lee Maen brings extraordinary real estate and business talents to IDG, enabling the company to continuously expand their horizons. Home Business Magazine had the opportunity to catch up with Maen, who discussed the characteristics of a successful restaurant, tips for entrepreneurs who want to enter the hospitality industry amidst the COVID-19 pandemic, and more.

LM: “Food, service, and a cutting-edge design are key, but what sets us apart is creating a vibe, an escape, so to speak, that you can’t buy. We combined that with a commitment to treat everyone like rock stars, from the local secretary to the latest TikTok star, to the CEO next door. Everyone is special when they walk through our doors.”

Home Busines Magazine (HBM): Could you tell us about your company and the restaurants that you own? 22

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HBM: What are the characteristics of a successful restaurant?

HBM: How can an entrepreneur create buzz about a new restaurant he or she launched? LM: “The old adage of word of mouth being

Lee Maen is a Founding Partner of Innovative Dining Group.

Courtesy of Innovative Dining Group

By Shannah Henderson

key is so true. Giving people a great night out is going to generate far more buzz than any advertising campaign.” HBM: Do you have any other helpful tips for entrepreneurs who want to enter the hospitality industry, especially during the pandemic we are currently facing? LM: “You can’t go in thinking you are going to invent something completely brand new. Your goal is to reinvent and do it differently — better, faster, cheaper… whatever your goal. Your magic will be in altering something that already exists with your personal passion. Do something you love with the thought that others will love it too.” Visit https://www.innovativedining.com for more info. www.homebusinessmag.com

Embracing Individuality Through Style

“E

verybody wants to feel like the deities in today’s global pandemic social world and embracing individuality is the key to gaining that level of confidence. Since true beauty arises from the moment people choose to be themselves,” says Morati brand founder, Macho Jacques. The world is full of stylists, designers, and artists, but no visionary comes close to Jacques, an urban streetwear icon located in the small-town mecca of Neenah, Wisconsin. As an adventurous nomad, he captured innovative ideas throughout his life with a fiery passion for clothing as a creative art form. Jacques rebranded the very definition of modern vogue with erratically stunning attire. “Morati rejuvenates people’s inner divine gods and goddess energies,” says Jacques. The iconic designer’s vision entails revolutionizing how people see each other when they get dressed for any occasion with no limits to how much creativity one can achieve through style.

Morati World Inc. is currently designing a brand-new impeccable collection of apparel poised to break barriers in the new year.

For a family man born in Miami, this entrepreneurial road was never steady. Several challenges and sacrifices went into launching Morati streetwear brand in 2019. Jacques used an abundance of encouragement and personal inspirations to start his e-tailer home business. Jacques relocated his relatively new brand to the small town of Neenah to help people locally and around the globe expand their horizons and create bold art statements with limitless bounds. He encompassed the talents of exquisite graphic designers to www.homebusinessmag.com

By Shipra Roma

birth Morati World and introduce a fresh pop culture perspective unlike any other. With a background in creative art, a stellar fifteen years in digital marketing, and visual branding, Jacques successfully harnessed his expert talents. “Morati World provides an unparalleled opportunity to help fashion lovers improve their lifestyles by manifesting powerful divine energy through our streetwear brand,” says Jacques. Beyond working for a marketing company managing 160 highly reputable clients, such as Hyundai, Volkswagen, and Honda, Jacques branched into the realm of fashion to represent people wanting a different taste so they can describe the most compelling stories with the outfits he creates. Although his inspiration for creative designs originated from fulfilling people’s needs and reliance on everyday clothing, Jacques’ vision further evolved to helping the most daring express their desire for wanderlust, fearlessness and passion. These are the critical elements showcased through each astounding apparel on Morati e-tailer streetwear fashion website, moratiworld.com. When it comes to taking fashion risks, Morati styles have metamorphosed trends that integrate seamlessly into people’s lives in ways that no other brand has achieved throughout history. “Rather than a conservative and traditional approach, Morati designs exude a touch of elegance and sophistication by elevating people’s tastes to make desirable bold statements that never go unnoticed,” Jacques says. “Instead of playing it safe, Morati aims to channel people’s midichlorian and God-like energy to build dramatic momentum rather than just becoming another fleeting trend.” Morati is the ultra-phenomenal label that everybody wants to be noticed wearing. If you have a lust for pop culture style, you do not want to miss showcasing the hottest ensemble of streetwear consisting of ‘80s-inspired abstract sweaters, Morati Goddess workout leggings for women, geometric t-shirts, decora hoodies, and accessories. Men’s urban wear and streetwear for women was never this colorfully fresh and modernistic until Morati joined the big leagues. Jacques’ skills revolutionize how people view themselves

Macho Jacques is the Founder of Morati World Inc.

when they dress for any occasion. “There is no limit to what the gods or goddesses can achieve when their confidence skyrockets with the perfect outfit that truly embraces comfort and individuality,” says Jacques.

SUCCESS STORIES

Iconic Designer Conjures a New Era of Streetwear Fashion

With an exemplary line for both “Gods” and “Goddesses,” people have an outlet where their energies can visually manifest outwardly to put a resonating smile on mankind’s face. Imagine waking up each morning and feeling like you are in a dream state floating on rainbows because you are buzzing with positivity and faith, knowing that a stunningly put-together outfit can make our world a better place. This type of fashion brings all kinds of people together to embrace freedom and liberation, so they can always dress and feel their best to share that positive energy with those around them. The future of fashion is always unpredictable because uniqueness is never rooted in place. Therefore, Morati World is currently designing a brand-new impeccable collection of apparel poised to break barriers in the new year. Jacques recently reinvented popular characters, such as Bart Simpson with customers personalizing Fortnite gamer tag name, Daffy Duck and Darth Vader by showing them off on sensational apparels to evoke nostalgia with a hint of intrepid humor. Most Star Wars fans would never have imagined displaying Darth Vader dressed in his Sunday best and ready to skate across the galaxies on a striking gold, black and white glowing hoodie that always fits perfectly. “Fashion itself is a religion, and Morati World has consistently proven that the glorious Gods and Goddesses are the everyday people who bravely break societal molds to live on the edge,” says Jacques. Visit https://moratiworld.com. Winter 2021 | Home Business

BUSINESSES & OPPORTUNITIES

Navigating a Recession

Immediate Steps for Scaling and Preparing a Business for a Profitable Exit By Michelle Seiler Tucker

have spent over 20 years in the trenches specializing in buying, selling, fixing and growing businesses. When writing my first book in 2013, Sell Your Business for More Than Its Worth, I learned that 85-95% of all startups from 1-5 years are at great risk for going out of business, which is pretty common knowledge. However, when I wrote Exit Rich in 2019 and did the same research, I was flabbergasted at how drastically the business landscape had changed. Now, only 30% of startups will go out of business in the first 5 years. However, out of 27.6 million businesses, 70% will go out of business after being in business 10 years or longer. You hear about the big box public companies, such as Kmart, JCPenney, Steinmart, etc. But what you don’t hear about are the small private businesses that are dropping like flies on every street, in every town, and in every state across our great nation. Many of these owners are baby boomers and are having to sell their business for pennies on the dollar, close their doors, or, even worse, file bankruptcy. Many of these owners will not only lose their business assets, but family assets as well as they commingle the two. These are sad and startling statistics that baby boomers are facing, as they have made huge sacrifices along the way to grow and maintain their business. Small business is the backbone of the US economy. If we don’t save small businesses, we would lose numerous jobs, causing spending power to decrease dramatically which could push us into a recession. However, it doesn’t have to be all negative news as there are more buyers for good businesses than there are good businesses to buy.

this time, it “is During essential for firms

to evaluate their expenditures with a keen eye and cut costs wherever they can.

”

Home Business Winter 2021 ®

The biggest mistake that business owners make is they do NOT plan their exit! They find themselves caught in the crossfire when a catastrophic event occurs. The current economic climate is far from optimal. Unemployment levels are high, the vast majority of the stock market is unstable, and there is a coin shortage. All signs point to the United States entering a recession. If businesses adhere to advice provided by Seiler Tucker and outlined in Exit Rich, you can rest assured that your business will not only survive, but will thrive during these unprecedented times. There are two key mechanisms through which an entrepreneur can keep their business afloat and exit rich. These include implementing the “Seiler Tucker GPS Exit Model” and making sure your company is operating on all six cylinders, or the “ST 6 Ps.” The “ST GPS Exit Model” is extremely crucial for the success of a company. As Exit Rich notes, “Without a specific plan, the company will continue to wander along and the goal of selling at an optimal price will be gone.” As such, implementing a plan from the getgo is vital. Similar to a real-life GPS, the “ST GPS Exit Model” helps a business understand its current location and final destination. The model involves 5 steps. First, one must know their destination, their end game. Second, a business must evaluate its current location to derive its current value. Third, a business must determine who their buyers will be and build to suit these buyers’ criteria. Fourth, determine a timeframe to reach the company’s destination. And finally, a company must know its “WHY.” When a business follows these steps, they are far more likely to build a business that will be attractive to many buyers who are willing to pay top dollar for their business. It is of utmost importance that the GPS exit model is implemented even when operating during a recession. The model provides a framework for businesses to follow, thus preventing them from veering off the path and becoming a statistic. Beyond simply planning an exit, it is also imperative for businesses to make sure they are operating at an optimal level. They can

Planning an exit can help a business avoid getting caught in the crossfire when a catastrophic event occurs.

Buyers want to “ know that the engine under the hood of your company runs efficiently and isn’t held together with twine and baling wire.

”

ensure they are doing so by making sure they are functioning on all six cylinders, otherwise known as the “Seiler Tucker 6 Ps.” 1) P eople: Do you have the right team? Is your team composed of individuals that are ready to adapt, pivot and innovate? Under the circumstances of COVID-19, it is necessary that your employees are flexible and able to think outside the box, thus keeping the company afloat even during uncertain times. Buyers want to buy a company with tenured employees and an excellent management team in place. 2) P roduct: The next step is thinking about your company’s product. Does your product have Continued on page 26 www.homebusinessmag.com

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Winter 2021 | Home Business

BUSINESSES & OPPORTUNITIES

Navigating a Recession Continued from page 24

a niche or intellectual property? It should be refined and streamlined so that you can expand your brand across the market. During COVID-19, competition is growing even more intense as companies vie for the same clientele, placing an even larger emphasis on having a superior product. Buyers want to buy a business in a thriving industry, not dying. They want to ensure the company has multiple congruent revenue streams. 3) P rocess: Is your process efficient and productive? A great product can’t save a company that doesn’t have proven processes to market the product, collect payments due, or schedule meetings with clients. Buyers want to know that the engine under the hood of your company runs efficiently and isn’t held together with twine and baling wire. 4) P roprietary: Do you have intellectual property? (Brands, Patents, Trademarks, Databases, Transferable Contracts in Place, etc.) As aforementioned, the competition in industries has grown more intense because of the coronavirus. Due to this, having a product with the rights to dominate an industry gives it a significant leg up when compared to other companies. 5) P atron: Do you have a loyal, diversified client base who will go out of their way to purchase your products and services? Having a loyal, diversified client base is difficult to maintain during a pandemic because money grows more and more scarce, leaving individuals on the hunt for the least expensive product. Therefore, maintaining a strong customer base is vital to ensuring your company’s success. 6) Profit: Are you paying attention to your KPIs and operating at the highest profit margin for your specific industry? The coronavirus pandemic has put pressure on every industry, making it difficult for companies to squeeze out profits. During this time, it is essential for firms to evaluate their expenditures with a keen eye and cut costs wherever they can. However, keep in mind that lack of profits are not the problem, but rather a symptom of not operating on all the “ST 6 Ps!” If you don’t have the right people in the right seats, it will cost you more money. If you’re in a dying industry, you will lose market share, causing profits to decrease. If your processes are not efficient and productive, it will cost you more in overhead to run your business which will also decrease profits. If you do not

Home Business Winter 2021 ®

Remote Management Tips for the Home-based Business Owner By Kishshana Palmer, CFRE, CGT

Here are three ways you can effectively manage your team as an entrepreneur working from home. 1. You’re officially in a long distance relationship. And like a long distance relationship, your commitment is outsized because of proximity. Since you can’t slide down the hall and have a quick chat, communication — clear, honest and frequent — will help you keep a strong connection. 2. Like any relationship, your team members are looking to you to be seen and heard. Working from home can seem like a vortex you go into but never escape from. I use tools like The 5 Love Languages to help identify what my team needs and how I can show appreciation for their work and who they are as people. Whether it's checking in via Voxer just to tell them they are amazing (words of affirmation), sending them a lunch (acts of service) or an updated tech tool (hello gifts), being plugged in to what makes them tick shows you have your pulse on your team. 3. Take a beat to reassess, frequently. Involve your team in planning and

protect your IP, it will cost you dearly in legal battles and market share, again causing you to lose money. If your clients are aging out and you have customer attrition, your profits will also decrease. The only way to build and sustain profits is to drive your company on all 6 cylinders, on all the “ST 6 Ps!”

Maintaining a strong customer base is vital to ensuring your company’s success.

doing time. Move meetings beyond running the ‘to-do” list for the week and bring your team into your business. This is an opportunity to leverage your team's strengths and give them a runway to dream, think and do. This will do two things. Your team members will be able to operate in their zone of genius and will be able to think strategically without the pressure of results today. This is where innovation happens. Kishshana Palmer has an 18-year background in fundraising, marketing, and talent management. She’s a supernova on any stage due to her charismatic and candid delivery. It doesn’t matter if she’s speaking about philanthropy, living your most authentic life, or diversity, the energy she brings to the stage is always entertaining and edifying. Kishshana is the founder of The Rooted Collaborative (https://therootedcollaborative.com) — a global online community for Women of Color in Fundraising. She's the author of "Hey, I'm New Here", and the host of the podcast Take it Offline. When an organization wants to grow, find and retain people on their team, and raise money, she is the philanthropic fairy godmother they have on speed dial. She is a NYC girl and mother of one wonderful teenage daughter. Visit https://kishshanaco.com.

It is unequivocally true that the coronavirus pandemic has taken a significant toll on our lives and businesses. It has been a public health crisis and moreover plunged the US economy into a recession. However, it is not all doom and gloom. Fortunately, it is possible for businesses to remain open if they adhere to the guidance provided in this article and learn how to PIVOT. Using these proven, trademarked methods will surely help all businesses to stay in business, even through something as detrimental as the COVID-19 pandemic. For more strategies and tips please visit exitrichbook.com. Michelle Seiler Tucker (https://bit.ly/2KFQy62) is the author of EXIT RICH: The 6 P Method to Sell Your Business for Huge Profit (https://exitrichbook.com) and the Founder and CEO of Seiler Tucker Incorporated. She has sold hundreds of businesses to date and currently owns and operates several successful businesses. She is a leading authority on buying, selling, and improving businesses, as well as increasing business revenue streams. A formidable force in her industry, Michelle closes 98% of all offers she writes and, on average, obtains a 20 to 40% higher selling price for her clients. Her remarkable track record proves her persistence and dedication to creating win-win situations for both her buyers and sellers. She has appeared in Forbes, Inc., CNBC, and Fox Business. She has also been a “celebrity judge” on “Pitch Tank” alongside Steve Forbes and Whole Foods CEO John Mackey. She lives in New Orleans.

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SUCCESS STORIES

Sharing Journeys and Insights

Successful Journalist Owns the Ultimate Lifestyle Publication for Growing Entrepreneurs By Priya Sharma

he road to entrepreneurship is often mystifying and treacherous. It is filled with roadblocks, hindrances, and deadends that sometimes make people wonder how successful entrepreneurs were able to overcome all these challenges. Well, the journey wasn’t easy for Coffe’ Iman Summers, who once struggled to find a 9-to-5 job in the corporate world. But with her hard work, dedication, and determination to create her own path, she managed to become a successful journalist and the proud owner of a lifestyle magazine for entrepreneurs. Today, Coffe’ narrates not only her own story of failures and success, but also provides a creative platform for others to share their own entrepreneurial journeys, stories, insights, and experiences. She has interviewed and covered stories on several industry leaders, such as Robin Kelly, Luxury Law, Lisa Price, Chrishon Lampley, and TJ Jackson. Prior to starting her business, Coffe’ worked in the retail industry for several years. She started working in a department store when she was 16, then a shoe store, a call center, a gas station, etc.

Since she has hands-on experience in almost every retail sector, she understands the ins and outs of customer service very well. According to Coffe’, the college experience expanded her thought process and taught her that thinking outside the box yielded more opportunities. Coffe’ says that while pursuing her bachelor’s 28

Home Business Winter 2021 ®

degree, she tried to create a checklist that could help her become competitive enough to work in corporate America. However, when she graduated in 2003, the declining employment opportunities (the nation was still recovering from the devastating 9/11 event) shattered her hopes. After facing constant job rejections, she finally decided to launch something of her own. Coffe’ started documenting stories about what inspired others to start their own business ventures, which ironically began to inspire her too. Later on, she finally launched her own lifestyle magazine, Coffea, in 2009. Coffea is a lifestyle magazine for growing entrepreneurs. The magazine shares the stories and experiences of entrepreneurs, who are either already established or are evolving in their industry. Coffea engages readers with helpful insights and tips to reach their goals, and also provides useful resources to help them overcome challenges in their own entrepreneurial journey. Candid Convos is a live version of Coffea. Coffe’ Iman engages in conversations with entrepreneurs on various topics, such as how they are coping with being an entrepreneur, strategies they use to grow their brand, challenges they have conquered, and much more. These interviews can also be found on Coffea’s official website. Coffe’ Iman can also be heard on her weekly podcast, No Sugar No Cream. Along with the invited guests, she shares stories on life, love, lessons learned, and lots of laughs. Her podcast can be heard on 11 different outlets, including Apple Podcasts and Spotify. Coffe’ says that at first, she found it challenging to promote her brand, as she comes from an era of flyers and commercials. Even though she now leverages social media to enhance brand awareness, she still believes in person-toperson contact or word-of-mouth promotion. Coffe’ says, “I try my hardest to listen to my loyal readers and give them excellent customer service as well as encourage their feedback.” She also works with publicists to generate buzz and awareness of her magazine. Coffe’ likes to connect with post-college/precareer entrepreneurs, as this is the milestone

Coffe’ Iman Summers is the Founder of Coffea, a popular lifestyle magazine for entrepreneurs.

where people have to make career choices or change their path. She adds, “This is when you have managed to finish college and work a while in corporate America, but realize that you would rather start your own company and would enjoy hearing from others like you.” Coffe’ believes that her life’s biggest achievement is having the courage to keep going. She says, “When I first started over 10 years ago, I probably would have wished for a more tangible business achievement. For example, a certification, a trophy, or a spot on a ‘Top 5’ list, but achieving in business is more than that. I've failed plenty of times, but the idea of starting my own magazine and not giving up is my biggest business achievement.” Coffe’ says that the biggest advantage of working from home for her is being available to her children. She adds that being a single mother of two, she often finds it hard to trust others when it comes to her children. She also mentions other advantages, such as having effective breaks, saving money on food, creating a motivating work environment, and having the freedom to multitask. Coffe’ has a very positive outlook on the future of her business. In the next three years, she visions herself with several teams nationwide that will report and research the lifestyles of entrepreneurs from different sectors and walks of life for Coffea magazine. She also expects to expand her business horizons and collaborate with similar media companies. Coffe’ says, “I desire to be a bigger force in media, where I am able to assist others who are where I am today.” Visit https://www.coffeamag.com. www.homebusinessmag.com

Reducing Waste in the Environment

ever in history has cleaning been such a critical conversation at all levels. Cleaning is no longer a chore, but a vital necessity. David Shahan has over 30 years of experience in all aspects of cleaning, from managing large apartment complexes, to innovating an Uber-like dry cleaning service that was on the drawing board to become a franchise model, to researching cleaning product development. Through it all, he began noticing a trend that was doing more harm than good. Shahan saw a cleaning industry that was largely utilizing chemicals and packaging that were harmful for humans, pets, and the environment. Backed by his degree in finance, Shahan wanted to develop a company that made a positive environment and financial impact every step of the way, disrupting the unsustainability of the traditional cleaning industry. By condensing his proprietary natural cleaning ingredients into coin-sized tablets that offer wildly effective cleaning solutions, Shahan was able to decrease the cost to the consumer and reduce the plastic waste that often ends up in our oceans. Seemingly always on track for entrepreneurship, Shahan ran a couple of businesses while studying business at the University of Tennessee and after graduation began overseeing a successful dry cleaning business as a financial analyst for a real estate company. Shahan moved on to grow his own dry cleaning business into a several location operation and a delivery franchise model. When his wife became pregnant, the reality of the health risks caused by harsh chemicals used in dry cleaning factories set in, and Shahan was inspired to begin looking towards a cleaner future. Shahan spent the next 20 years working in management for a commercial janitorial company and expanding his expertise in the cleaning industry. During his time in commercial janitorial services, Shahan learned about the chemicals and technologies required to clean effectively, including cutting-edge innovations that were better for both human and environmental health. Shahan also realized during this time that consumers were paying too much for home

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SUCCESS STORIES

Businessman Pioneers a Cleaner Future with Sustainable Cleaning Solutions By Jacqui Somen

cleaning products. Given his background, Shahan understood that many cleaning products sold to consumers are composed of up to 95% water. Consumers were (and still are) footing the bill to ship bottles filled primarily with water to their doorsteps, while also being forced to buy and discard a plastic bottle each time they refilled their cleaning cabinet. Shahan’s revelation about consumer plastic waste was exacerbated by his life experiences, from seeing plastic waste floating in the ocean near his Florida home to watching it being sent to the landfill from recycling plants. These experiences drove home Shahan’s desire to use his expertise to create cleaning solutions that are simultaneously effective and safe for the environment. He knew that he must create innovative solutions that would protect his family, in fact all families, and the oceans.

Shahan founded his business, Sunstate Laboratories, in 2012 with the mission to protect all we love through pioneering products and technologies that create safe spaces and reduce waste. In this endeavor, he created his product, DAZZ Cleaning Tablets, to revolutionize the cleaning industry. DAZZ cleaning tablets use natural ingredients that are safe for humans, animals, and the environment, offering the planet a brighter and cleaner future. DAZZ’s effervescent tablets are formulated with a combination of Sodium Bicarbonate (baking soda) and Citric Acid (derived from citrus fruit) that makes a satisfying fizz and offers highly effective cleaning properties from both spectrums of the PH range. DAZZ cleaning tablets also include a detergent that is naturally derived from coconuts (and is necessary for effective cleaning) as well as

David Shahan is the Founder of Sunstate Laboratories.

a very small amount of food-grade, natural oil-derived fragrance to brighten the cleaning experience. Shahan spent several years using his expertise in cleaning to formulate DAZZ into an effective cleaner that protects homes, families, pets, and the environment, and using his business acumen to identify the ideal distribution channels for their pioneering product. DAZZ did a soft launch on Home Shopping Network (HSN). Though it was wildly successful, selling approximately 12,000 units in 11 minutes, Shahan realized this wasn’t a sustainable business model for DAZZ. Shahan spent the next year talking with buyers and working to get DAZZ on the shelves in brickand-mortar stores. Everyone he spoke to loved the concept, but didn’t think that consumers were ready — at that point, plastic waste had not yet achieved its large-scale global concern. David and his team relaunched DAZZ in 2019 and their persistence paid off. In 2020, DAZZ closed a round of funding with investors from 54 foreign countries where there is tremendous global concern for plastic waste, health consciousness, pricing, and exporting costs. DAZZ has the magical formula to create an effective cleaner that overcomes all of these pain points while also succeeding in the direct-to-consumer, brick-and-mortar, and global markets. By building DAZZ, David Shahan is truly creating a brighter, cleaner future for all. Visit https://www.dazzcleaner.com. Winter 2021 | Home Business

MARKETING & SALES

Search Engine Success SEO Tips for the New Year, Rebranding, and More

hen operating a home-based business, one of your biggest hurdles is awareness; that is, getting your products or services in front of the right people. With over 4.2 billion people online and almost no barriers to entry, the internet is often the best place to start and grow your business. The question is, how do you compete with the almost 2 billion other websites out there? If you don’t have the budget to flood the internet with ads or the expertise to know how to do this effectively, SEO is a safe bet. These days, whether you’re running ads or not, it’s extremely important to rank highly on search engines. And with Google owning over 70% of market share, a relevant and high first page ranking on Google alone could make your business a success. Let’s start with a thorough explanation of what we mean when we refer to SEO. As you may already know, SEO stands for “search engine optimization” and is a method of increasing your website's visibility in search engines like Google or Bing, based on factors like the speed, content, structure, and backlinks — essentially the ecosystem around, and the structure of, your website. SEO is how you communicate to search engines what your website is about, so they recognize when and where to show it. Below are a few tips on maximizing SEO for your home business’s website.

Competitor Research There’s a fair chance someone out there is also providing the service you’re providing or offering the product you’re selling in one form or another, but this is a major benefit when it comes to SEO. In the world of SEO, you can dissect what your main competitors are doing to identify what works and what doesn’t. This is known as competitor research. You can figure out what searches they’re ranking top-ten for, what type of content they’re producing, and what types of links they have from other websites back to their website (known as backlinks). If you don’t have a direct competitor, you can instead look at businesses whose goods or services overlap with 30

Home Business Winter 2021 ®

By Tosin Yussuf

often comes “ SEO down to what

keywords you’re targeting with your website and how, so keyword research can be a powerful tool in your arsenal.

”

yours and still get an idea of what more you could be doing. Pay close attention to whether they have Google search ads running, and what searches they are running ads on. These searches are known as “keywords” or “search terms,” and running ads on a particular keyword can be indicative of high value.

Keyword Research This brings us to a major cornerstone of SEO: keyword research! SEO often comes down to what keywords you’re targeting with your website and how, so keyword research can be a powerful tool in your arsenal. Whether you’re starting your home business or attempting to grow it, it is always worth brainstorming initially what words and phrases are related to your business and/or your competitor's business. You can then make use of any competitor research you’ve done to add the list of keywords they are currently targeting too. Once you have a list, you can identify which of these words and phrases could mean that someone intends to make a purchase. An example of this could be someone searching for handmade cards. A phrase like “handmade card ideas” is significantly different than “handmade cards for sale.” The first indicates someone looking for a how-to guide, whereas the second would appear to be someone who wants to buy a handmade card. This is called purchase intent.

SEO is how you communicate to search engines what your website is about, so they recognize when and where to show it.

Knowing the difference between keywords that indicate purchase intent and those that don’t can help you prioritize which words you focus on first.

On-page Optimization There are two main areas on each webpage to focus on: first, the content on the page and how you’re structuring it; and second, the efficiency (how quickly the page itself loads), which is affected by factors like the size of the images, but more on this later. First, let’s think about the content on the page, as it is the easier of the two. Ensuring the content on each page of your website is fully optimized will make a significant difference in your search engine rankings. The structure of the content combined with other factors like keyword placement could boost your traffic. A well-organized site with easy navigation helps Google index your pages. The fewer number of clicks needed to reach a product or service page, the better. Depending on the nature of your business and the type of products you sell, you may require multiple categories, with several subcategories under each. Make this clear and logical. www.homebusinessmag.com

Product descriptions should always include the main keyword, and don’t forget to use alt tags in all product images that include the keywords and key information. Over 20% of searches in the US alone are done on Google Images, and both Google and Bing check alt text in their algorithms. This is particularly important if your home business sells a physical product. Cross linking is another effective SEO technique. Cross link pages with similar content as well as related products or services. Visitors will stay on your site longer and you’ll be sending a clear signal to search engines that they are relevant. Fresh content that's useful and engaging will also keep visitors on your site, so you should update content as often as possible. This can be done with a “Blog” section. A bonus tip is to update any content you have on your website that specifies a date, e.g. “Best … 2020” to “Best...2021.”

Page Efficiency and Site Speed The speed of your website is how long it takes for a chosen page on your site to load

SEO When You’re Rebranding By Tosin Yussuf

hen you're rebranding, it's important to avoid losing ground.

1. You can check your website's SEO positioning with tools like Majestic. com or Semrush.com. This will tell you how many links you currently have to your site and your actual website ranking. 2. When you’re rebranding, you’ll likely have a new domain. The absolute best thing to do is to retain ownership of your former domain, as this will stop others from being able to purchase it and benefit from all the work you’ve done in the past. Holding on to your former domain also allows you to keep your customers in the loop and control what happens when they go to your former domain instead of the new one. 3. Remember to let your customers know that you’re rebranding. I’d suggest having a “splash page” on your previous website to let people know that you’ve moved over to the new one. 4. For the new domain, the ideal thing to do, if you can, would be to move over (or “migrate”) all the content from your previous site to the new one and use a 301 redirect on your former content to let search engines know that the same content is available on this new site — you can request this from your web developer. If you redirect in the correct way, you won’t lose any of your domain (or page) authority, as all

up completely once clicked on. This includes images, text, and any other resources you may have on the page. Google uses site speed in its ranking algorithm, and a website that loads faster will outrank those that are slower.

In the world of SEO, you can dissect what your main competitors are doing to identify what works and what doesn’t. www.homebusinessmag.com

MARKETING & SALES

Using the main keywords in the page title, headings, and subheadings makes it easy for search engines to understand what your content is all about. Longer keyword phrases can be ideal subheadings.

You’ll need to use images in optimized formats and avoid using overly large images where possible. But don’t forget that depending on what content management system you’re using (for example, Wordpress or Squarespace), there may be plugins that slow down your website and additional pieces of code. This can all sound complex, but luckily Google has a tool to help you determine how well any page on your site is performing. The tool, PageSpeed Insights, grades your website speed on a scale of one (bad) to a hundred

the links that pointed to your previous domain will now be treated as pointing to your new one; provided you don’t make any major structural changes, everything else should remain the same. 5. You’ll also want to keep search engines in the loop by sending clear signals of your association with your former website. Try doing this with your page title and homepage first, for example, by adding “formerly” and your previous brand name after your new brand name whenever possible. To go further with this, you could crawl the content you moved over from your former website to find any mention of your former brand name, adding this same phrasing there as well. 6. Finally, if your business has been mentioned anywhere online with the former branding, it’s worth reaching out to find out if they’d be willing to update this. Keep in mind that not everyone will be willing or able to do this, but this can be a significant win if they do.

(excellent). Google PageSpeed Insights clearly shows you which parts of your website may be costing you points and what you need to do to improve. It’s worth mentioning that you will more than likely get different results for your performance on mobile devices compared to desktop devices. You should generally focus on your mobile performance, since over 50% of traffic online is mobile and this continues to trend upwards. In addition, improving your mobile performance generally improves your desktop performance simultaneously. Tosin is a marketing specialist and Founder of Lean Marketing (https://weareleanmarketing.com/), based in the UK. A former web and app developer, when she's not helping startups grow, she's tinkering with tech.

Winter 2021 | Home Business

Securing Your Company’s Financial Future The Importance of Hiring an Accountant for Small Businesses By Mikkel Jensen

MONEY

hen a small business begins to experience growth, an accountant is not only recommended, but also a necessity. Every entrepreneur, small business, or start-up must ask themselves how they can benefit from the services of an accountant, and consider how they can assist with the nittygritty financial aspects of the business. The thought of filing taxes and general bookkeeping is something that can cause feelings of dread to business owners who increasingly want to be able to dedicate more time to big-picture tasks, rather than the day-to-day. However, while these tasks are undeniably tedious, they are not something that can be breezed over or rushed through. Mistakes and omissions can get you in trouble with tax regulators, and pleading ignorance over innocent errors won’t excuse them. As your business starts to grow, it’s easier to see the hiring of an accountant as a longer-term investment that will allow you to free up your days and dedicate more time to undertaking income-generating ventures instead. There’s no need to stumble through the dark when it comes to thinking about your company’s financial future. An accountant may be the impartial business mind that your company needs. While the task of finding one may seem daunting, fortunately, there are companies out there like Ageras, a matchmaking service that helps small businesses find the perfect bookkeeper or accountant.

Accountants offer “auditing insurance to reduce the possibility of an audit, covering the costs of responding to their government review, inquiry, or investigation.”

Home Business Winter 2021 ®

Reducing workload In the early stages of a start-up or small business, most people learn to be a jack-ofall-trades, having to manage every aspect of the business to some extent. But as a business begins to take off, as well as needing to dedicate more time to the day-to-day, the bookkeeping will also get more complex. It will reach a point when an accountant becomes necessary to keep up with growing finances and to even just free up the rest of your time. The right accountant should give you peace of mind and allow you to concentrate on other aspects of the business.

Buying or selling a business Rather than starting a business from the ground up, you may be interested in buying an existing one and managing it as a start-up. In this context, a small business accountant is essential to help you avoid hidden pitfalls like inheriting debt. Hiring an accountant will remove the fear of the unknown, as they will conduct a full and detailed study of that business, while also assisting with the technicalities of business acquisition through working with a lawyer. If you are on the other side and selling a business, an accountant will have all of the paperwork in order for prospective buyers.

Working with an accountant who has a specialty If you want to work with someone who will be an asset to your business and offer practical advice, it’s important that you hire someone who has specialist knowledge about your sector. Every industry is different and will utilize different methods of maximizing financial planning, such as tax deductions and business growth. The right accountant will be specialized in your industry, have experience in working with those businesses, and understand the unique ins and outs. This will also give you the best chances of having pre-warning of any regulatory changes that may affect your finances.

Helping aid sustainable growth While your business’s growth may seem manageable, a new client may require rapid expansion. Even though this is an obvious positive, sudden growth can be problematic.

An accountant may be the impartial business mind that your company needs.

An accountant can help make the transition process as smooth as possible, from getting new employees on the payroll to tax management, to practical matters like office space and property tax. Their expertise can extend as far as seeking out funding and the longer-term well-being of the whole company, such as financial incentives during a busy time.

Measuring performance It’s a common pitfall for new businesses to be so preoccupied with trying to get things off the ground that they forget to actually put measures in place to help them monitor performance. In the early stages, many businesses don't keep track of how they are performing against objectives that every start-up should set. An accountant can help put evaluations in place, which allows business owners to understand how their ventures are actually doing and how they can change based on the key indicators they consider important.

Legal business structuring It’s crucial that every business gets its legal structuring done right. The structuring of www.homebusinessmag.com

Auditing When your company is selected for a government audit, having a good accountant in place will make the process as stressfree, streamlined, and efficient as possible. Accountants offer auditing insurance to reduce the possibility of an expensive audit, covering the costs of responding to their government review, inquiry, or investigation. Audit trails can also be an effective way of preparing companies to trace past transactions.

Applying for loans When dealing with financial institutions such as banks, it’s important for businesses to have credit facilities established. Showing that your business is well-established, sustainable, and can present accurate facts and figures will all help aid a favorable credit score. An accountant can produce projections and expected revenue when applying for a business loan. Not to mention, any business owner would rather have an accountant handle the small print, terms, and conditions. When it comes to growing a small business, it may be tempting to cut corners and reduce costs wherever possible. However, as they say, a stitch in time saves nine. Your future self will thank you for making the smart decision to hire an expert to manage an aspect of the business that may seem dry, but in reality, is the most important thing to get right for so many reasons. No matter how competent you may be with managing finances and bookkeeping, some aspects of it probably still cause you dread. There’s no reason to continue investing time and energy into something that can be handled competently by an expert. Also, by becoming aware of the greater benefits that exist around hiring an accountant, you can see them as a means for increased strategic planning and sustainable growth. Even better, the free matchmaking service from Ageras will connect you to the right fit for your business fast. The delegation of tasks, reduced workload, legal security, and sustainable growth are not www.homebusinessmag.com

Additional Quick Tips to Consider By Mikkel Jensen

f you've never considered bringing an accountant on board for your small business, here are some key points to consider that will open your eyes to the extent of the benefits they can bring.

1. Meet government regulations An accountant can deal with the fundamentals of tax returns and can also assist in government interactions by filing legal documents, registering companies, handling the company’s formation and share allocation, and handling payroll.

MONEY

your business is determined as soon as an accountant is involved. They can help you determine a realistic structure, deciding whether yours is a limited company, sole proprietorship, limited liability corporation, or partnership. As businesses grow, changes to tax implications can result in hefty fees if not monitored properly. An accountant can assist by providing advice on invoicing under your name and working as a self-employed person.

2. Stay ahead of trends A good accountant shouldn’t just be able to effectively complete the dayto-day tasks; they also have to keep up with trends, changes in rules, and regulations that may affect your business. They should be able to produce financial forecasts and make you aware of potential issues that may crop up well before they do. After a thorough financial evaluation, they should present you with tools and solutions to manage such an issue should it arise, and continue to carry out regular checks.

3. Improve cash flow Without a proper hold on your business’s cash flow, you will be in the dark about what potential decisions you can make. A good accountant will ensure that you have proper cash management strategies in place and equip you with all the essential information to make well-informed decisions regarding business management and investment to maintain positive cash flow. Business owners should always have a sound grasp of what kind of spending they can make for both immediate needs and longer-term plans.

4. Get deductions When the tax man comes around, it can be hard to understand exactly why certain amounts of money are being taken from your hard-earned income. Most businesses wait until it’s too late to try and make deductions, but an accountant can spot these things early on in the year and advise on the best way to make strategic decisions to avoid unnecessary taxation. Even tracking and accounting for things like home office space, expenses, and depreciation can make a huge difference when the end of the tax year rolls around again.

5. Work with a specialist If you want to work with someone who will be an asset to your business and offer practical advice, it’s important that you hire someone who has specialist knowledge about your sector. Every industry is different and will utilize different methods of maximizing financial planning, such as tax deductions and business growth. The right accountant will be specialized in your industry, have experience in working with those businesses, and understand the unique ins and outs. This will also give you the best chances of having pre-warning of any regulatory changes that may affect your finances.

only desirable for businesses, but also totally attainable with the right tools. A change that seems so small can bring the biggest results. Mikkel Jensen (https://www.linkedin.com/in/mikkel-jensen-1247752) is the US Director of Ageras, a matchmaking service that creates a transparent market for accounting, bookkeeping, and tax services for the benefit of both clients and the industry. His focus is to help create an eco-system that can deliver a holistic group of accounting services for small- and medium-sized companies. Currently, looking for an accountant

is a hassle. You can easily spend hours searching online, checking directories, reading reviews, and calling around to multiple offices to find the right match. With Ageras, you simply submit the details about the accounting help you need, and our personal consultants will handpick three qualified professionals from our broad, nationwide network to provide you with free quotes. You'll receive quotes from accountants you can trust and are able to compare them right within our platform by easily seeing ratings, reviews, bios, and more. You will also be able to have confidence that you are going to speak with three people who specifically work with a business like yours and provide the exact service you need. Mikkel and Ageras truly focus on delivering a “Wow!” customer experience. Visit https://www.ageras.com.

Winter 2021 | Home Business

et’s face it — the current COVID-19 pandemic has caused major, frustrating disruptions in our everyday lives. One huge issue has been the closings of gyms to halt the spread of the virus. Due to this, many entrepreneurs are now setting up their own in-home gyms to stay fit without having to venture outside. For those searching for the perfect exercise equipment for their home gyms, NordicTrack’s iFit-powered Commercial S22i Studio Cycle will guarantee outstanding workouts!

(up to 20%). This is a patented iFit feature — no other platform can do it! The sessions also feature a live workout leaderboard so you can compete in real-time. You can also access thousands of on-demand cycle workouts, as well as crosstraining options like strength training, yoga, and bootcamps.

The S22i Studio Cycle also offers yoga and mindfulness sessions to help you maintain a healthy state of mind. So whether you want to cycle through Grand Teton National Park in Wyoming or practice yoga on a serene beach Entrepreneurs will love blowing off steam in Bali, the S22i offers exactly what you need. with NordicTrack’s iFit-powered You will love exercising with the S22i The cycle also provides in-depth, personalized Commercial S22i Studio Cycle. Studio Cycle throughout the pandemic and workout stats so you can stay plugged into your beyond. It is like having your own personal progress and crush your goals. cycling coach in your home! Featuring a 22” HD Smart Touchscreen Even better — the S22i includes a pair of 3 lb. dumbbells so you can that rotates 360° and has a tilting display, the S22i allows you to do work out your arms and shoulders. Also, there is no need to sign up live-streamed studio cycling sessions with elite iFit trainers on your for expensive monthly cycling memberships, as you get a whole 1-Year own schedule! You can also cycle on trails worldwide, from New iFit Family Membership (you can create up to four profiles) for free! Zealand to Japan, as the S22i has integrated Google Maps™0 workout After this, the membership is just $468 a year. In all, NordicTrack’s technology. Commercial S22i Studio Cycle is an absolute must-have for all fitnessTo help you stay focused on your workout, your trainer will digitally minded entrepreneurs. It retails for $1999 (plus a delivery fee) at adjust your resistance (24 levels), decline (up to 10%), and incline www.nordictrack.com. Photo Credit: NordicTrack

PRODUCT REVIEWS

Stay on Top of Your Health with NordicTrack’s Commercial S22i By Shannah Henderson Studio Cycle

Amplify Your Work-from-Home Life with Elephant in a Box’s Dynamic By Shannah Henderson Working Sofa

s a business owner, don’t you love innovative products that make the work-at-home experience much more productive and enjoyable? If so, you will go gaga over Elephant in a Box’s portable Dynamic Working Sofa — it is an incredible, comfy couch that features a convenient desk that pulls out from the armrest. With this pioneering 2-in-1 couch + desk, there is no need to set up a whole separate office in your home!

and then easily fold it back in once they send their final email at 5pm. Featuring strong and soft fabric, this couch is also super comfy for lunch-hour naps and all of your weekend Netflix binges.

The Dynamic Working Sofa’s fabric is also maintenance-free, as it is wrinkle-resistant, pet-friendly, and machine-washable — there is no need to worry about spilling your morning Elephant in a Box’s portable Dynamic coffee on it! Elephant in a Box also offers fast, Working Sofa is a must-have for anyone free shipping that you can schedule (your working from home. A breeze to move and assemble (it all arrives sofa will arrive in 2-4 business days). It is also in one box that is smaller than expected!), virtually 100% risk-free to try out this sofa, as it the Dynamic Working Sofa is also a must for features a limited lifetime warranty, 30-day free everyone working remotely due to the COVID-19 pandemic. Using trial, free returns (they will pick up the couch whether it is in or out of Elephant in a Box’s ingenious honeycomb technology, this highly the box), and no restocking fees. durable sofa easily unfolds to fit any sized room. The honeycomb The Dynamic Working Sofa offers the utmost convenience and technology is traditionally used in aircraft and allows the couch to functionality for your work-from-home lifestyle. The desk measures be light and flexible, yet strong enough to withstand 3,000 lbs. (more (H) 25.8” x (L ) 37.8” x (W) 7.1” and the sofa measures (H) 26.2” x than any conventional sofa on the market). (L) 83.5” x (W) 37.8”. Available with stylish Grey, Charcoal, or Navy This product ensures that entrepreneurs will spend less time Blue fabric, the Dynamic Working Sofa retails for $1,298 online at assembling their sofas so that they can spend more time on business www.elephantinabox.com. Cost-conscious entrepreneurs should also projects! They can pull the desk out from the armrest for the workday use the discount code WORKINGSOFA to get 10% off!

Home Business Winter 2021 ®

www.homebusinessmag.com

Designing and Creating Pillows

Photo Credit: Public 311 Design

Designing and creating pillows had been a passion of Lauren’s since the moment she was gifted Grandma Elsie’s vintage sewing machine. In fact, pillows were the first thing Lauren learned how to sew. Eventually, her husband began researching fabric vendors in their area and sent Lauren off with a list of places to visit. The first stop on her list was a showroom in West Hollywood, Hollywood at Home. From the second Lauren began feeling their different fabrics, she knew she had found her calling. She immediately lit up and found herself transforming, both personally and professionally. Lauren even began buying new clothes to help her look on the outside how she was feeling on the inside. Being a stay-at-home mom for so many years, Lauren really dedicated her entire life to her children and did not spend much time filling up her own cup. The minute she gave herself permission to do exactly that, www.homebusinessmag.com

there was no stopping her. Lauren drew out their first logo, had it digitized, and then ordered tags and stickers for packaging. Prior to launching, Lauren would work with a professional branding studio who would help her refine and recreate her branding package. Lauren ordered yards and yards of fabric, and would spend every waking hour she had sewing pillows from home. After creating about eighty or so pillows, Lauren realized how crucial it was to her business that she found a manufacturer. This would be one piece of the business she could easily get off her plate. Lauren’s plan was to launch her business with a wide variety of in-stock pillow options, meaning they would ship out within a day or so of the customer ordering them. In order to do that, Lauren needed tons of pillows and she knew she could not make them all on her own. She began calling every cut and sew shop she could find in the Los Angeles area and was met with no after no. Since many of these cut and sew shops in LA make apparel for large companies such as Bloomingdales and Nordstrom, they unfortunately did not want to bother with a brand-new pillow business. However, Lauren was not going to take no for an answer. After weeks of searching, she finally found a shop that agreed to make her pillows. Lauren spent countless hours at the shop, mapping out the most efficient way to use each yard of fabric she had. Of course, there were a few hiccups along the way. For example, they ran into quality issues and if Lauren did not call the shop multiple times, she would have never received her pillows. She even ended up at the shop owner’s home at one point throughout the process. Eventually, however, Lauren had enough pillows to launch the shop! She worked with an incredible team in Los Angeles to help build their website exactly the way she had imagined it. Lauren found the importance in investing in their branding, photography, website, and packaging before

Photo Credit: Public 311 Design

auren Meichtry was a stay-at-home mom for five years, but always had a passion for design. She thought that she had to choose between the two — being a mom or pursuing her passion, but she soon realized that she could do both. Lauren was gifted a vintage sewing machine from her Grandma Elsie and had begun creating pillows for her own home. Eventually, a good friend and old co-worker of Lauren’s, who had witnessed her passion and potential, asked her if what she was doing was enough for her. When Lauren took the time to really think about the question and be honest with herself, she had found that the answer was no. Lauren wanted more and she knew that she was the only person that could make that happen for herself.

By Whitney Litz

SUCCESS STORIES

Stay-at-home Mom Follows Passion and Builds a Successful Brand from Home

Lauren Meichtry is the Founder of Elsie Home.

she introduced her designs to the world. She wanted to avoid having to play catchup down the line and felt that her investment at the start would be worthwhile. Lauren believes this may have been the single best decision she has made in terms of her business. From the original idea of creating this pillow business, to the day her website launched, was just short of one year. On November 1, 2019, their website went live. Elsie Home’s first customers were, of course, members of their family and good friends of theirs. This allowed them to work out the kinks of the business with individuals who loved them and supported their business. Presently, Lauren handles every aspect of their business besides the actual making of the pillows. She did an immense amount of outreach to interior designers to help grow their business and in fact, interior designers make up approximately 75% of their current business. Elsie Home has been featured in Forbes, Martha Stewart Living, House Beautiful Magazine, and South Bay Home Magazine, just to name a few. Lauren’s business is still in their infancy and they are excited to have the opportunity to continue growing in the coming years. Visit https://elsiehome.co. Winter 2021 | Home Business

Reevaluating the Future of Work Hybrid, In the Office or Fully Remote: AR Can Enhance the “New Normal” Workplace

HOME OFFICE

By Remi Del Mar, Product Manager, Digital Experiences – Augmented Reality & Commercial Display Solutions at Epson America, Inc.

usinesses and organizations of all sizes are in different phases of reopening offices and are constantly evaluating — and then reevaluating — what is safe, what is not and what the future will look like. While plexiglass dividers, floor decals and one-way walkways might not be permanent, one thing that is certain — the hybrid remote work environment is here to stay.

be exchanged. AR provides visual details or 3D models for collaborative design and reviews, regardless of where each user is based. AR smart glasses can also be used with conference and meeting platforms, like Zoom, for training and remote assistance. For example, in the healthcare industry, using AR smart glasses, on-site doctors can get advice from a remote expert to help provide a diagnosis.

Whether working from home, safely from an office or a mix of both, teams are quickly realizing they must work in different ways and with different tools to communicate and collaborate effectively. As organizations face the next normal, technology has made working from home a seamless reality and advances in Augmented Reality (AR) are paving the way for richer work and collaboration experiences.

■ Concept and Design Visualization: During an initial concept or design phase, AR enables users to bring products or a design to life by pulling the idea or object out of the screen and dropping it into the real world at full scale. For example, architects, engineers and landscaping contractors using AR smart glasses to support conceptualizations and final appearances of their design ideas, can merge the computer-generated design directly onto the area and determine any last-minute changes before beginning construction, ultimately saving time and costs for future job site revisits and rework.

Remote Reality: AR Smart Glass Applications for Hybrid Remote Work

AR technology allows users to see digital work assets superimposed or positioned within the real world and can be delivered through a handheld or hands-free device. Unlike hand-held devices such as mobile phones and tablets, coupling AR technology with a hands-free solution like AR smart glasses enhances the hybrid work from home (WFH) environment in several ways: ■ An Additional Screen in Less Workspace: AR smart glasses provide an additional screen or heads-up display that is projected into the wearer's line of sight, minimizing workspace by eliminating the need for a second physical monitor. Integrating AR smart glasses can help streamline daily tasks that require a “second screen” such as the comparison of multiple spreadsheets or the simultaneous use of multiple programs, as well as the need to monitor incoming emails or social media feeds in real time. ■ Immersive Remote Collaboration and Training: AR smart glasses can create a multi-dimensional immersive experience by digitally transporting users into a virtual meeting room where information can 36

Home Business Winter 2021 ®

Benefits of Integrating AR Smart Glass into Hybrid WFH Environments

Incorporating AR smart glasses into the dayto-day hybrid remote work environment can provide the following benefits: ■ Productivity: The heads-up and handsfree design of smart glasses allow for streamlined workflows. Depending on user needs, there are AR solutions available that enable switching between apps or “screens” based on the user’s head movement. Several AR solutions also offer features such as voice control, hand gestures and eye tracking for greater efficiency and control of workflow needs. AR smart glasses provide a more natural way for teams to review, edit and collaborate on work from a living room or home office, and sharing AR views enables multiple team members to edit 3D models from two perspectives simultaneously, resulting in an accelerated design development process. ■ Digital Privacy and Security: Remote work presents a unique challenge for information security. In addition to your

Advances in Augmented Reality (AR) are paving the way for richer work and collaboration experiences. organization security protocols for safeguarding data, an important rule of thumb when working remote is to pay attention to your sight lines. When working with sensitive or non-public business information materials or legal documents, smart glasses provide a private view of content, enabling users to work without concern of outside views or access. ■ Remote Flexibility: Whether traveling on a plane, via public transportation or in an autonomous car, users can continue to work during their commute using AR smart glasses. Additionally, remote users have the flexibility to seamlessly move from rooms in a house or another venue without the need to move around a physical monitor.

The Flexible Future of Hybrid WFH

Hybrid WFH is not going away anytime soon and recent projections from Global Workplace Analytics estimate over 25 percent of the workforce will be working from home a few days a week by the end of 2021. Circumstances have forced businesses to evolve at a faster rate, and companies have expedited incorporating collaboration tools into the day-to-day to improve communication over the long haul. And while there are new workday rhythms that need to be established and recognized at the individual level, AR smart glasses can enhance the hybrid WFH environment by creating a super-powered augmented workspace with multiple customizable screens, unrestrained from the limits of physical monitors. Remi Del Mar manages the developer community for Epson's Moverio AR smart glasses, partnering with third-party companies looking to enhance digital experiences and drive the AR category forward. For additional information about Epson’s AR smart glass solutions, visit https://epson.com/moverio-augmented-reality.

www.homebusinessmag.com

Why the New Year Is the Best Time to Start a Home-Based Business

By James Gilmer, Harbor Compliance

n 2020, the COVID-19 pandemic sparked upward trends both in remote work arrangements and the number of startups registering in the United States. As individuals increasingly turn to entrepreneurship as a source of income in uncertain economic times, 2021 could be a record year for business formations in the United States. Historically, the beginning of the year has always been a great time to start a new LLC. Whether you’re a new or seasoned entrepreneur, this article will discuss the benefits — and logistics — of starting a new venture at the beginning of the year. We’ll also connect you with resources to start your business from your own home.

Beating the Bureaucracy at the End of the Year

Most entrepreneurs know there’s paperwork involved to form their LLC. Starting a business is exciting, but don’t skimp on your homework here. Taking the right approach will save you lots of time and money down the road. The exact steps vary in each state and your unique situation. However, every business will generally go through a few key steps: ■ File articles of organization with the sec-

retary of state to create your company and establish its name.

■ Appoint a registered agent to protect

your privacy and avoid receiving legal documents at home or in front of clients.

■ File with the IRS to obtain an EIN for

your new business.

■ Establish organizational record, such as

your LLC operating agreement.

■ Apply for any state or local tax accounts

or licenses needed to do business.

At the beginning of the year, new business-

es face yet another factor: delayed processing times. With so many people rushing to start their new LLC in the new year, state agencies end up with mountains of paperwork on their desks. Offices that normally take a few days to approve business filings often take weeks until their staff catches up. www.homebusinessmag.com

For many entrepreneurs, the secret is to file in the last few weeks of the year, but to declare what is called a “future effective date.” This simply means that the state receives your business filing and processes it now, but the company won’t exist until the date you choose. By doing so, you beat the rush of paperwork and get your business up and running faster. Think of it like making a restaurant reservation, but with even more benefits! The only caveat is that a small handful of states do not allow businesses to choose a future effective date. If that applies to your state, you just may need to wait until January.

Tax Benefits of Forming a Home Business at the End of the Year

This time of year, many entrepreneurs will tell you they prefer starting their business with a “clean slate.” By this, they simply mean that a January or even February start date makes business bookkeeping easier. It can also result in conveniences and deductions when filing business and personal income tax returns. In general, businesses (and their owners) must report profits and losses on the tax return for the year in which that activity took place. By declaring a start date in the new year, the business is not required to file its first federal income tax return until the following year. At the same time, the business owner still may be able to deduct startup costs from the previous year. Those startup costs may include state filing fees and other legal or accounting expenses. If you are starting a business from your home office, you likely have other expenses, such as equipment, software, utilities, and supplies. You may have even dedicated a room or portion of your home (or rental) to doing business. Depending on your situation, you may be eligible for additional deductions on these home office expenses. Note, these deductions only apply to the self-employed. Employees working from home during the pandemic generally don’t qualify. One additional benefit of starting a business in the new year is simplified compliance obligations with the states where you have registered to do business. Once the LLC is formed,

The beginning of the year has always been a great time to start a new LLC.

BUSINESSES & OPPORTUNITIES

Launching a New Venture

most states require that it file a secretary of state annual report to stay in good standing. Usually, the first annual report is due in the calendar year following the date of formation. By forming in January, the business can defer its first report and associated filing fee to the following year. For businesses that form and register in multiple states, the benefits of waiting tend to add up.

Charting a Course of Action

Whether it’s your New Year’s resolution, a way to create another stream of income, or a way to occupy your newfound free time, starting a business from your home is an exciting venture. By now, you should realize there are plenty of advantages to starting your business at the end of the year. Of course, every business is unique, and the date you choose to start has important legal and tax considerations. We encourage you to do your research proactively. Before you act, speak with an attorney or tax professional for guidance on your specific situation. Together, they will help you launch your business and start 2021 on the right foot. James Gilmer is a Compliance Specialist at Harbor Compliance (https://www.harborcompliance.com/), a leading provider of compliance solutions for companies of all types and sizes. Founded by a team of government licensing specialists and technology trailblazers, Harbor Compliance has helped more than 25,000 organizations apply for, secure, and maintain licensing across all industries. James is passionate about helping nonprofit organizations leverage compliance to enhance their fundraising and program activities and educating the sector on compliance issues. James is also a Co-Founder of Berks Sinfonietta, Inc. (https://www. berkssinfonietta.org/), a nonprofit chamber orchestra located in Reading, Pennsylvania. Harbor Compliance does not provide tax, financial, or legal advice. Use of our services does not create an attorney-client relationship. Harbor Compliance is not acting as your attorney and does not review information you provide to us for legal accuracy or sufficiency.

Winter 2021 | Home Business

MARKETING & SALES

Winning New Clients Grow Your Business with Marketing Automation By Heath Bertini

arketing a business is a critical component of raising brand awareness, providing information on products and services, and winning new business. However, between strategizing and executing tasks like sending emails, a successful approach to marketing can take up time and resources. Instead, streamlining and automating the marketing lifecycle can give back some of that time to focus on other important tasks crucial to the success of the overall business, such as ensuring better service. Digital marketing automation can help drive business growth through prospects, sales, customer satisfaction, and advocacy. The Role of an Automated Process Marketing automation helps companies with their marketing initiatives and efforts by streamlining everyday, tedious processes. For example, companies no longer need to carve out time in their days to send follow-up emails to clients and prospective customers. Instead, automated outreach can send pre-crafted emails at a set time after initial outreach. Email marketing is still the most efficient way to reach out and interact with both current and prospective customers. With automated email outreach, businesses can increase productivity and generate leads in less time. For companies thinking about automation but are not quite sure where or when to begin, here are some factors to consider: ■ Prioritize and automatically send messages to highly targeted audiences, including both existing and prospective customers. ■ Continue to nurture and connect with leads and prospects. ■ Remain relevant to customers and maintain or even increase your touchpoints. ■ Emphasize personalized communication, especially when mass communication is required in outreach. ■ Optimize opportunities for cross-selling and up-selling. ■ Manage the success of marketing campaigns. Dynamics of Marketing Automation Marketing strategies are made up of campaigns that promote businesses and reach prospects. Within the campaigns, there are

Home Business Winter 2021 ®

to hit touchpoints along a workflow. These could include education material such as how-to’s to show expertise in a field or provide more targeted information in order to help guide customers on the next steps. Automation tactics with these emails include scheduling a pipeline of information for guided emails as the process continues. These emails can be sent every day, every week, or whenever companies see fit to distribute the necessary information. Streamlining and automating the marketing lifecycle can give back time to focus on other important tasks crucial to the success of the business.

breakdowns on what companies will do when moving forward with their initiative. There are also factors such as how they will reach their customers and potential customers, what they will do to reach these audiences, and why they are doing it. When it comes to choosing the right campaign and what to do, a common first step is choosing between digital or traditional methods of outreach. As new tools and technologies are continually evolving, digital marketing outreach has become a primary source for marketing initiatives. Everything from email campaigns to social media campaigns all require effort in getting the word out there about businesses. Since emails provide direct outreach to targeted individuals, they can help drive communication and grow businesses. There are two ways that emails can be optimized for outreach strategies and initiatives: ■ Blast or One-time Emails. Blast or onetime emails can be sent to pre-existing contacts already in communication with a company. These emails could include anything from sales announcements to new services provided. Automation tactics with these email outreach strategies can help with scheduling in advance the communication expected to go out, eliminating the need to plan a day around this message while also hitting all the targeted audiences without having to copy and paste a message over and over again. ■ Drip Campaigns. Drip campaigns are multiple, time-based emails that are used

Self-manage vs. Co-manage Efforts When it comes to marketing automation, sometimes it is necessary to ask for a little help. As business owners have a lot on their plate, software tools aren’t the only option when it comes to marketing efforts. This is where seeking out a co-managed solution, like an agency, can actually be more efficient and effective for businesses. When deciding between self-managed and co-managed marketing solutions best suited for a business, it is important to consider factors like budget, experience in creating marketing materials like emails, and time available for marketing campaign management. For companies implementing digital marketing automation, there are many benefits such as a decrease in stress and time commitment, with an increase in outreach and productivity. On top of the benefits, successful marketing automation can and will include necessary components for a company, such as goal metrics, a defined target audience, educational materials, workflow structure, ongoing optimization, overall reporting and analytics, and so much more. With these factors, digital marketing automation can engage customers and drive the growth of a business. Heath Bertini is Product Manager of WorkWave’s WorkWave Marketing solution. For nearly 40 years, WorkWave has been building best practices into its market-leading field service and last mile software solutions to help companies increase revenue and profit and become best-in-class operators who can outpace their competition. Its solutions empower service-oriented companies to reach their full potential through scalable, cloud-based software solutions that support every stage of a business life cycle, including marketing, sales, service delivery, customer interaction, and financial transactions. WorkWave is a trusted partner for thousands of customers across a wide variety of industries, including pest control, lawn care, cleaning, HVAC, plumbing and electrical, and last mile delivery. WorkWave’s award-winning culture and solutions have been recognized in the SaaS Awards, the Cloud Awards, the American Business Awards, the NJBIZ Best Places to Work Awards, and the Stevie Awards for Great Employers. WorkWave is a division of global enterprise applications provider IFS. For more information, visit https://www.workwave.com.

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Reducing Stress and Staying Mindful While Traveling The holiday season is typically the busiest time of the year for traveling. People enjoy going to see family members or exploring new locations as they have time off from their jobs and schoolwork. This year, traveling may come with a bit more stress and anxiety due to the pandemic that people are facing around the world. The good news is that there are some things you can do to help reduce the holiday stress, as well stay safer while traveling. There may be fewer people traveling this holiday season, but there will still be a lot who do, and they need to know how to make it more enjoyable. Mindful travel is the key to reducing stress, staying safer, and making the most of your time traveling. This year will be a great exercise in mindfulness, which is something to be excited about. By remaining mindful, travelers will go about their experience in a way that is conscientious and intentional. Just as many things in life, this is an issue that comes down to learning to be more focused and plan ahead. Katie Sandler Personal development and career coach https://katiesandler.com

Creating Effective Video Advertising People love to watch videos. In fact, YouTube reports that there are over 500 hours of content uploaded to the site every minute. It also reports that every day, people watch over a billion hours of video on the website. The fact is that for smart marketers, video advertising is a literal goldmine. The problem, however, is that most marketers don’t know how to create video advertising that is effective. Marketers who don’t know how to create successful video advertising often just waste

their money. To get a great ROI, it’s imperative that you know how to create video advertising that is effective. It’s so important. One of the biggest challenges with video advertising is determining its effectiveness. A good place to start is to consider how time is valued. Everyone is competing for time, so it’s crucial to ensure that you get the viewers' time and attention, as they are the most valued assets. Source Digital has created Source Activated Moments (SAMs), a new ad technology that autonomously allows interaction and removes engagement guesswork. Focusing on the “four P’s of marketing,” which are price, promotion, product, and place, SAMs optimize all of those and do so at precisely the right time. Despite the pandemic, there are no signs that video advertising is slowing down, if anything, viewing has increased, making it even more important that advertisers strive to become more effective. Source Digital, Inc. Innovative video advertising www.sourcedigital.net

Combat WFH Burnout It’s no secret. As we approach the end of 2020, people are burned out. Working from home has created unforeseen challenges, and the holidays don’t make it any easier. Allowing employees to keep their calendars private could help with stress and burnout. Allow your teams to analyze their calendars and determine where they can block off time for undisturbed, focused work. Perhaps there is a thirty-minute segment at the beginning and end of each working day that is theirs, used simply to catch up and plan. Whatever you decide, “Me Time” is a time behavior that protects people from feeling overwhelmed by having too many meetings and too much busy work. Dan Pontefract CEO and leadership expert Known for working with Salesforce and A&W Author of Lead. Care. Win.

Shape the Team Culture You Want It’s an instant gratification world where people/ employees/leaders want things to change immediately. They want progress to be a flip of a switch. They want the easy button. Every leader, team, and organization want to snap their fingers and magically arrive at their desired outcomes.

However, developing people and culture doesn’t happen like that. There is no quick fix or hack to developing leaders and the team culture you desire. It's a process. It takes commitment, discipline, and focus. The most compelling team and organizational cultures invest time, energy, and resources into shaping the culture they want, not just the culture they've experienced in the past. They know that one of their greatest competitive advantages in today’s day is not just WHAT they do as a company, but the culture of HOW they do it. People want to be a part of a compelling culture and contribute their skills to something greater than themselves. Jason V. Barger Speaker, leadership coach and organizational consultant Author of Thermostat Cultures, ReMember and Step Back from the Baggage Claim Host of The Thermostat podcast Founder of Step Back Leadership Consulting https://jasonvbarger.com

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Step Up Your Gratitude Game It might look a little different for your employees this year. They may not be doing much traveling due to COVID-19, and their family gatherings are likely to be small, quiet affairs. But leaders can make the holidays special by giving workers the heartfelt “thankyou” they deserve and need right now. Saying “thank you” isn’t just a nice thing to do during the holidays. It’s smart business year-round. It positively impacts everything from employee well-being to job satisfaction to motivation to productivity. It’s a powerhouse tool for building engagement. It may even be a pathway to a more empathetic and emotionally intelligent workplace. When a leader begins saying “thank you” on a regular basis, it truly can boost positive emotions throughout the workforce. In fact, it can unleash a chain reaction of gratitude in which everyone becomes more appreciative of each other. In hard times, this can make the workplace a haven. Deb Boelkes Entrepreneur Author of The WOW Factor Workplace: How to Create a Best Place to Work Culture Author of Heartfelt Leadership: How to Capture the Top Spot and Keep on Soaring www.businessworldrising.com

We appreciate your feedback and work-from-home success stories for review and consideration. Please send both via e-mail to: editor@homebusinessmag.com, or via postal mail to: HOME BUSINESS® Magazine, 20664 Jutland Place, Lakeville, MN 55044.

www.homebusinessmag.com

Winter 2021 | Home Business

Money for Your Business Continued from page 14

F E AT U R E

“The IRS won’t likely ask you for a specific receipt,” she says. “Instead it may ask you to produce all receipts in a certain category — such as travel and meals — for the last three years.”

3. Get paid the right way

You don’t make money until you get paid. Jason Vitug, founder of phroogal.com, says he learned that the hard way. “I was managing multiple affiliate networks and programs through Excel and another project management tool that just wasn’t cutting it,” he says. “I was missing revenue opportunities and delaying sending invoices.” He now uses Airtable to create data sets and generate reports. “It allows me to easily identify revenue trends and missed opportunities. It also helped me keep track of affiliates that require an invoice,” he explains. Now he can invoice on time and get paid faster. As a business, you want to minimize the risk of a slow (or no) paying client. Here are 3 steps that will help: 1. Have your client sign a solid contract.

Some lenders “ rely on the business owner’s personal credit, others check business credit.

”

“Working with a contract that you’ve pieced together from free samples found online or borrowed from others is like driving a car with four mismatched tires,” warns attorney Annette Stepanian. “Your ride is always a bumpy one and you’ve got this nagging worry that you’re going to blow out a tire and get stranded on the side of the road.” While working with an attorney to draft custom contracts is ideal, if that’s cost-prohibitive, Stepanian offers affordable contract templates for a variety of businesses on her website, YourLegalBFF.com.

5 Tools to Organize Your Business Finances in 2021 By Gerri Detweiler

1. Expensify A leading expense management tool that lets you scan and upload receipts to easily create expense reports. Integrates with Quickbooks and Xero. Expensify.com

Home Business Winter 2021 ®

4. Pay yourself the right way

Smaller businesses often forgo paying formal payroll and simply take money out of their business whenever they feel they have enough to pay themselves. Paying yourself a regular salary, though, even if it’s small to start, recognizes your contribution to your business. Additionally, owners of certain business structures, such as an S Corporation, may run into tax trouble if they only take “owner’s draw” out of the business but don’t pay themselves a salary subject to payroll taxes. Some accounting software programs offer a payroll option, or you can work with a Professional Employer’s Organization (PEO) to outsource payroll, compliance, and even to get benefits.

5. Foster a more consultative relationship with your accountant

2. iScanner This AI enabled mobile app from BP Scanner turns your smartphone into a scanner. Turn documents and receipts into images and more. Available for Android and iOS.

4. Gusto Online people platform that helps small businesses onboard, pay, insure, and take

3. C heck business credit. You can check business credit on current and prospective clients; no permission is needed. If a client’s commercial credit report shows late payments or other problems you may want to ask for a larger deposit, or even pass on the job.

Whichever approach you choose, make sure you get a business bank account and don’t use it to pay personal expenses. Many lenders will insist on reviewing your business bank statements and a bank account that’s a hot mess will do you no favors when it comes to getting approved.

Here are 5 tools that will make managing money in your business a breeze:

3. Freshbooks Accounting software for non-accountants that makes it easy to generate professional invoices. Freshbooks.com

2. I nvoice promptly. Set up a system, like Vitug did, to invoice promptly and follow up on slow-paying clients. Consider adding an incentive (such as a discount) for early payment or a penalty (such as a late payment charge) for paying late.

care of themselves and their teams. Payroll, benefits, and more. Gusto.com 5. Nav Check and monitor your business and personal credit for free, and get matched to financing based on your business data. Nav.com

Next to you, your accountant probably knows more about your business than anyone else. What’s more, he or she may be able to see opportunities to both save money and reap additional profits. Make an appointment after tax time to dig into the weeds of your business finances with your accountant. It may prove to be a profitable investment in your business. Gerri Detweiler has been guiding individuals through the confusing world of finance and credit for 20+ years. She is the author or coauthor of five books, including her most recent, Finance Your Own Business: Get on the Financing Fast Track. Today, Gerri serves as the Education Director for Nav (https://www.nav.com), an online platform that matches small business owners to their best financing options and gives free access to personal and business credit scores.

www.homebusinessmag.com

Checklist from Home-Based Business Start-Up Guide Questions

Yes

N/A

■ Are the people living with you on board with you working from home?

F E AT U R E

■ Are you the sort of person who can work at home despite distractions there? ■ Do you know how much space you need to operate your business from home? ■ Do you have sufficient space for your business needs? ■ Will your home office meet tax deduction rules? ■ Do you have or can you get the right desk and chair? ■ What electronic equipment is needed for your business? ■ Do you have enough storage space? ■ Do you have the right lighting for your business needs? ■ Do you have to accommodate business visitors to your home? ■ Did you decide how to decorate your office? ■ Did you think about personalizing your office? ■ Do you have enough Internet speed at home for your business needs? ■ Do you need an additional telephone line? ■ Do you have the software you need to run your business productively? ■ Do you have security devices to protect your home office? ■ Have you made plans for data backup? ■ Do you have an IT expert you can call upon for help? ■ Can email marketing help you? ■ Do you have a marketing budget? ■ Are you going to use paid ads online? ■ If you are using paid ads online, which venue(s) will you use? ■ Are you going to use paid ads in other media (e.g., local newspaper)? ■ Do you have a plan to regularly review your marketing efforts?

* This Checklist excerpted from Home Business Magazine’s “Home-Based Business Start-Up Guide.” To order your paperback or eBook version, go to Amazon.com or visit HomeBusinessMag.com

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Winter 2021 | Home Business

Home Business Winter 2021 ®

Winter 2021 Home Business

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Launching a New Venture. Why the new

MONEY CORNER 32

Navigating a Recession