7 Smart Ways to Leap Into Entrepreneurship

As an aspiring entrepreneur, you understand that you’re going to wear several hats. Figuring out how to juggle it all while managing to stay sane is the key to understanding how to successfully take the leap into pursuing your dreams. KJH Financial Services shares some ways that you can make your entrepreneurial ideas happen.

Outsource Administrative and Technical Tasks

There are certain things that you can pay other professionals to do without compromising your company. Small businesses use outsourcing to reduce expenses and plan to increase their efforts in the future. 

Outsourcing administrative and certain technical tasks reduce costs and provide you with the necessary support. For example, you can hire video editing services to help you create and edit promotional videos for your business through online platforms. Additionally, you can hire a web designer or a virtual assistant to take care of simple administrative tasks.

Standardize Contract Templates

Creating contract templates cuts negotiation time and business risks while speeding up the approval process, because all parties are aware of the benefits and risks involved. For example, if your business needs office supplies, such as toner, a contract with a supply company guarantees regular supplies delivered every month so you don’t run out.  

Incorporate Project Management Software

When it comes to business, good communication is paramount. In the report, Top Ten Email Blunders that Cost Companies Money, Debra Hamilton states that small businesses lose about $450,000 annually due to miscommunications. 

Investing in project management software facilitates communication and collaboration between teams. In fact, businesses that enlist project management practices made 28 times more money than those that didn’t.  

Use AI Chatbots

AI chatbots are great customer engagement tools. In fact, they handle close to 70% of customer chats from beginning to end. In addition to that, they provide valuable insight into your customers that you can use for future marketing strategies. There are several platforms you can use to design AI chatbots for social media or your own site or choose to hire a Miami-based company to design one for you.  

Have a Mentor

Behind many successful startups and small businesses is a mentoring relationship that puts them on the path to success. In a recent study, mentors and mentees were promoted six and five times more often respectively , which shows just how impactful the relationship can be on both sides. If you’re searching for a business mentor, working on your networking habits is a great place to start. The key is to find quality mentors who have achieved success in your industry and can help you focus on the major issues facing your business. Having this insight is like having a personal guide for your business.  

Market More

A lot of a business’s success depends on getting your name out there. Marketing can do this. You likely developed a marketing strategy in your business plan, so return to that regularly to make sure you are staying on track and making adjustments when needed. If you didn’t develop a logo, or if it doesn’t really match with your company or purpose, take some time to rebrand and redesign. You can make a custom logo online for free. Then use those colors and styles across your marketing platforms to build consistency, so that people will recognize your business when they see your materials.

Create a Realistic Financial Plan

Whether you’re coming up with your business plan or need to come up with a budget for a loan, it’s a smart idea to create realistic financials based on historical information. Take a look at your fixed, variable, and one-off costs and track your sales to measure your performance. An important metric to track in your level of debt payments to income. Tracking this will give you an indication about when your business is becoming financially overextended. This will guide your business and put you in a better frame to manage unexpected challenges.

If you’re searching for a deeper understanding of your business costs and even cut them down, contact Kimberly J. Howard, CFP. She has a wealth of experience and knowledge to help you get in better financial shape.

Take the Leap

Behind every successful business is a set of rules that entrepreneurs need to follow. One of the most important ones is if it can be automated or streamlined for greater efficiency, it should.

Five Elements of Preparing for a Profitable Estate Sale

Estate Sale

Estate sales can be challenging endeavors. If you are facing the prospect of planning and undertaking an estate sale, you undoubtedly have an array of questions and concerns. In anticipation of an estate sale, these questions and concerns tend to be magnified because you necessarily are needing to pursue this type of project in the aftermath of the death of a family member or other loved.

 

Understanding the unique challenge you face in anticipation of an estate sale, there are some specific elements of the overall process you are well served to better understand. These include a series of five interconnected elements that comprise the process of planning, preparing, and pursuing an estate sale, as are discussed in detail in the Definitive Guide to Plan and Execute a Lucrative Estate Sale.

 

The Probate Process and Authority to Conduct an Estate Sale

 

The preliminary step in mounting an estate sale involves the legalities of the probate process itself. The specific facts and circumstances surrounding the estate of the deceased individual governs how the probate law in a particular state will apply. Detailed attention is paid to the legalities of an estate sale to ensure that you have a clear understanding of what generally is involved.

 

Every state in the U.S. has its own set of probate laws. With that noted, probate laws in nearly all states are quite similar. Indeed, most states have adopted what is known as the Uniform Probate Code, or some derivation of it.

 

As mentioned a moment ago, the probate legalities and process needed to be addressed in advance of planning an estate sale stem from the nature and extent of the deceased person’s estate. The initial consideration in this regard is whether or not a deceased individual had a last will and testament.

 

If a will exists, its terms and conditions generally govern the course of the probate process. There are two primary purpose of a will. First, a will directs how the assets of an estate are to be distributed and who is to receive what. Second, a well designates what is known as an executor. An executor vested with the responsibility and power to carry out the directives in the will. The executor is the person responsible for seeing that a probate sale is carried out, if necessary.

 

If the deceased individual died without a will, the assets of an estate are distributed in the manner set forth by a state’s probate code. The probate court appoints an administrator or personal representative to oversee the affairs of the estate.

 

There are instances in which an informal probate process can be utilized. This occurs in a situation in which an estate has a smaller amount of assets. This type of process necessitates little involvement of the probate court.

 

There are estates that require a formal, or “full-blown,” probate process. In such a situation, the probate court will be more directly involved in the case. For example, there will be at least one court hearing, if not more, before the planning for an estate sale can occur.

 

Strategically Organize Personal Property

 

Once legal niceties have been addressed, personal property of the deceased needs to be organized and categorized to identify what items will be part of an estate sale.

 

The Definitive Guide to Plan and Execute a Lucrative Estate Sale identifies five categories into which a deceased person’s property is to be categorized as part of the process of preparing for an estate sale:

  • Items to keep
  • Items to store
  • Items to donate
  • Items throw away
  • Items to sell

Engage Professional Assistance

 

Beyond retaining a probate attorney, the need may exist to hire other experienced professionals to assist with an estate sale. For example, a professional service may be needed to provide a dumpster and to remove items that are designated for disposal in the organizational process. Depending on the type of estate sale planned, a professional auctioneer may be required. There are even concierges that can assist with the planning, preparation, and execution of an estate sale.

 

Managing the Actual Estate Sale

 

In addition to tending to legal matters and identifying property that will be sold at an estate sale, the sale itself requires thoughtful, coordinated management. This includes everything from promoting an estate sale to providing assistance to those individuals who elect to participate in the estate sale as buyers.

 

Accounting for the Proceeds from an Estate Sale

 

Whether or not a formal probate process is required, there must be an accurate and thorough accounting of estate sales process. In a formally probated case, the court must have this information. In an informal situation, heirs of an estate are entitled to this information. The accounting obligation underscores the need for a complete, comprehensive, and accurate inventory of personal property in the estate.

 

By paying attention to these five elements associate with estate sale planning and execution, the process itself will be smoother. Tending to these matters best ensures that all legalities associated with the probate of an estate are fully met.