Tag: Freelancers

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Simple Strategies to Make a Safety Net for Your Business

Part of running a small business is preparing for unexpected issues that might arise today or years down the road. No one can predict the future and accidents are inevitable, but having a safety net in place will help you stay afloat while protecting your financial interests.

In other words, taking steps now to prepare for the unexpected can help ensure your business thrives amid adversity. UNOVA Coworking looks at some practical ways to create the perfect safety net for your small business:

Getting a Home Warranty

If you run your business from home, purchasing a home warranty is an easy way to protect yourself against unexpected repairs and replacements. A home warranty covers all major systems and appliances in the home, so if anything breaks down or needs replacing, you won’t have to worry about paying out-of-pocket.

Plus, since most warranties come with 24/7 customer service, you can rest assured that any issue will be taken care of quickly and easily. Give this a view if you need a good place to start comparing providers!

Establishing an LLC

Another way to protect yourself as a small business owner is to form an LLC (limited liability company). This type of business entity can protect your personal assets from being used to pay debts incurred by your business. If something happens and your business has to declare bankruptcy or face other legal issues, you won’t be held personally liable.

An LLC also protects you from potential lawsuits that can arise due to products sold or services provided by your company. Research the LLC rules in your state, and consider going through a formation service to save time and stress.

Keeping Digital Records

It’s also crucial to keep digital records of all transactions related to your business as well as any contracts or agreements you have with clients or vendors. Using PDF splitter tools can make your life easier when dealing with multiple documents at once.

Such a tool can help you keep all your documents organized and accessible if you need them for any legal disputes down the line. Splitting large files into smaller chunks makes them simpler to manage and store without taking up too much space on your computers or other devices.

Saving an Emergency Fund

No business owner likes thinking about worst-case scenarios, but you must plan ahead and create a plan for unexpected problems. Set aside money in savings each month to cover various costs associated with emergencies, such as sudden machinery or equipment replacements, major house repairs, medical incidents, etc. Aim to put aside enough money each month so it adds up quickly over time; don’t rely on credit cards!

Managing Your Cash Flow

One of the most important steps for creating a safety net for your small business is to manage your cash flow correctly and efficiently. Keeping track of income from sales and expenses associated with running operations allows you to minimize surprises context time — or worse yet if there’s an emergency situation where you need to access extra funds quickly. Set up automated reminders each month so that nothing falls through the cracks when it’s time to pay your bills!

Using a Coworking Space

Working in a shared office or coworking space can provide many benefits to the modern professional. From access to cost-effective facilities and resources to being around like-minded individuals, you can yield numerous advantages when renting a coworking space (whether occasionally or daily).

Working at home can quickly become isolating and lonely, but working at a coworking office can make it easy to get out and collaborate with new people, discover different work styles, and keep up with industry trends. Connect with UNOVA Coworking today to learn about our available spaces!

Wrapping Up

The last thing you want is for your small business to get caught off guard when unexpected situations arise. Establishing an LLC, maintaining digital records, building your savings, honing in your cash flow, and following the other tips above will get you off to a strong start. Remember that taking simple steps today can pay dividends down the line!

Would you like to read more helpful content or learn about our coworking spaces? Visit UNOVAcoworking.com today!

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How to Overcome Failure and Succeed at Your Startup

Starting a new business can be a daunting task. It’s easy to feel overwhelmed by the fear of failure and give up before starting. UNOVA Coworking explains that the right mindset and planning can help you overcome these fears and be successful at your startup.

Image courtesy of Pixabay

Begin With a Business Plan

Creating a business plan is one of the best ways to prepare for success, notes the U.S. Small Business Administration. Having a clear sense of your long- and short-term objectives is essential for planning. This document can assist you in defining your goals, strategies, and tactics for achieving them.

It can also help you stay organized and focused, essential when starting a new business. The plan should include a section about using technology to automate customer payments as a vital part of your vision.

An online payment system offers many benefits, including security, convenience, and assurance for your customers. A great option is Helcim, an online payment system with low fees.

Connect With a Mentor

Grand Canyon University points out that one of the best ways to overcome fear is to connect with someone successful in the industry you’re looking to enter. A mentor can provide invaluable insights and advice and help you avoid common pitfalls.

Look for someone who has started a business in your industry. A mentor can provide you with first-hand experience and knowledge about what to expect. You can also find mentors through online forums, social media, or your local chamber of commerce.

Keep Your Goals Achievable

One of the best ways to overcome fear is to set achievable goals. This small step can help you stay motivated and positive as you progress. When your goals are attainable, you can celebrate each milestone along the way.

Don’t Skip Marketing Your New Business

When you start a new company, marketing is vital, and you don’t have to hire an advertising agency. You can handle several parts of branding and advertising yourself. For example, it’s simple to create an ad for social media with this Facebook ads maker. You can include your logo, graphics, fonts and color combos to customize your offering and let the nearly 3 billion users of the platform know who you are and what products or services you offer.

Take Care of the Legal Requirements First

One of the most important and often most daunting aspects of starting a business is taking care of the legal requirements. These can include registering your company name and getting licenses and permits.

Many online services can help you take care of the legal requirements. For example, LegalZoom can help you register your business name and create your business structure. Flexibility, limited liability, tax benefits, and less paperwork are just a few advantages of having an LLC as your legal business entity.

Change Your Attitude About Failure

Failure is one of the biggest fears people have about starting a business. But you can change your attitude about failure and use it to your advantage.

Thomas Edison, the inventor of the light bulb, is an excellent example of someone who used failure to his advantage. Edison failed many times before creating the light bulb, but he didn’t let those failures stop him. He used them to learn and improve his invention.

Success Is Obtainable With the Right Steps

Fear of failure can prevent you from starting a business, but you can overcome it with the right mindset and planning.

UNOVA Coworking believes in fostering community to help spur the growth of small businesses and organizations in and around Western New York and the southern tier. Reach out for more info today!

Questions or comments? Have any additional tips or resources to share? Reply below or reach out to Marissa Perez.

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Wellness and Working From Home: Tips for Cultivating a Healthy Remote Work Life

From the 10-second commute to the endless snacks and pet snuggles, remote work certainly has its perks. However, making sure your home is a great place to work takes effort. Courtesy of UNOVA Coworking, here are some things you can do to improve your professional productivity and personal wellness as you work remotely.

Image via Pexels

Set a Schedule

Remote work often translates to more flexibility in your day, but that doesn’t mean there isn’t still value in keeping a schedule. Take breaks throughout the day, and have a hard stop at the end of your workday, so you don’t risk burnout or overworking. If feasible, get in the habit of temporarily removing any work-related apps from your cellphone during your off times to help foster a healthy balance between your work and personal life.

Additionally, look for ways to structure your day to optimize your time and effort. For example, it’s proven that taking on larger, more difficult tasks earlier in the day is best for productivity. You can even do a mock commute, which may involve a short walk, bike ride, or drive around the block or to your local coffee shop to help you enter “work mode” and get ready for the day.

Keep It Clean

When your home doubles as your workplace, keep your space as comfortable as possible, so you can focus on your job. If you feel negative energy creeping up in your space, try to declutter or reorganize your surroundings to create a more positive atmosphere. Spend a few minutes at the end of each day cleaning up your desk and work area. Invest in storage organizational furniture to keep nonessential items out of sight while you work to prevent distractions. If you need some extra help keeping your home clean, consider bringing in a professional housekeeper on a regular basis.

Eat Healthily and Stay Active

Working from home likely means you’ve got more time to cook healthy dishes instead of relying on quick microwave meals at the office. Develop a meal plan for each week, and always have healthy snacks on hand. Stay hydrated, and consider getting a water bottle with time markers to encourage you to maintain proper liquid intake throughout the day.

Be intentional about dedicating time each day to moving your body, as sitting for extended periods of time can be harmful to your health. Consider upgrading your regular desk to a standing desk to help improve your blood circulation and physical posture. An under-desk treadmill can also ensure you stay active while you work.

Staying Well While Staying Home

The rise of remote work has led to many opportunities to spend more time at home. As you optimize your remote work arrangement, keep your health and wellness top of mind. For more information on remote work, including how you can benefit from a coworking space in Springville, New York, visit UNOVA Coworking.

Questions or comments? Have any additional tips or resources to share? Reply below or reach out to Julie Morris.

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Easy Expansion: Hiring and Managing Remote Workers

When it comes to business, there’s always strength in numbers. If you want to take your company to the next level, you’ll need to put together a cohesive team and learn to manage them in the era of remote working – here’s how you can get started.

Hiring Smart

Before you begin the hiring process, it’s important to outline exactly who and what the company requires to succeed. Many new ventures begin with just a CEO and an accountant but, as you begin to expand or take on new investment, you may need to accommodate your growth with a few key additions. At this crucial stage, your new personnel need to represent immediate value – for example, marketing generalists or sales representatives can help increase revenue or spread brand awareness, or a product manager could help to develop your product range and supply chains.

When it comes to actually hiring, the process can be as simple or complex as you need it to be. Generally speaking, however, it’s worth taking time to plan and structure – write out the desired skills, available budget, and experience required. There are hundreds of forums and platforms to help you discover talent. If you find that you’re time-poor, it could be worth hiring a recruiter to help filter out the best candidates and remove the burden of scrolling through resumés. If you’re a microbusiness, try to avoid larger recruitment agencies as you’ll find more affordable fees attached to smaller companies.

Planning Ahead

It’s crucial that new hires understand exactly where you intend to take your company and what their role is in its development. Maybe your priority is to generate high-quality leads and establish your brand within a particular demographic, or to dominate an emerging market, spreading the word as quickly and indiscriminately as possible – whatever your aim, it needs to be communicated clearly, as confusion can quickly lead to lapses in productivity. Create a process map to help to alleviate this issue and enable you and your team to analyze your shared processes and outcomes, helping everyone to stay organized.

To make life easier for everyone, it’s also important to do some work independently. This means taking everything you already understand about your business and your industry and writing the information down in the form of a mission statement. Until now, much of your company’s brand values, work practices, and long-term objectives have lived inside your head – if you want to successfully transition into a team-based business, you’ll need to be generous with knowledge and prioritize patience and clarity.

Managing Remotely

Even with all the right preparation, you’ll never know exactly what you’re undertaking until the team is formed and the work is underway. There are believed to be three primary management styles and up to ten sub-styles – it’s up to you to recognize your own strengths and apply these accordingly. It’s also important to remember that the world of work is changing rapidly and, in this day and age, talent often recognizes its own value. Familiarize yourself with the latest trends in company perks, mental health awareness, and paid leave/vacation allowance.

Remote working can make management tricky at times but you’re likely to turn off good workers if you insist too strictly on in-person attendance. A good strategy is to divide the week up with some days given for remote working and others for office work. With the right communication tools, there’s no reason why virtual management can’t work, just be certain to check in regularly and make use of collaborative software.

It’s always a nervy moment for a company when it comes time to expand, but if you can provide clarity of vision, keep an open mind, and collaborate with your new hires, there’s no reason why your business shouldn’t thrive.

UNOVA is a coworking space established in 2018, offering a range of facilities for emerging businesses. Learn more at www.unovacoworking.com

Questions or comments? Have any additional tips or resources to share? Reply below or reach out to Marissa Perez.

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6 Invoicing Practices for Faster Payments

An efficient invoicing system gets you paid faster and keeps you on customers’ good side (and vice versa).  Bad billing practices, on the other hand, cause revenue leakage, slow cash flow, and hurt customer satisfaction.

Image via Pexels

What sets good billing systems apart from the bad?  Use these tips from UNOVA Coworking to set up an accounts receivable system that’s built for growth.

1. Start with a professional invoice

A standardized invoice template is an essential component of any billing system.  Include your business logo, name, and address, and clearly state payment terms and due dates to eliminate confusion.  Always itemize services and products provided and note the types of payment accepted.

2. Choose an invoicing platform

If you’re still using spreadsheets, upgrade to cloud-based invoicing software.  Cloud-based apps are a boon for all types of business processes but especially finances.  Many of the leading platforms like Xero, Zoho Books, FreshBooks, and Quickbooks Online start at $20 a month or less.

Instead of manually inputting data, cloud-based tools automatically populate invoices to streamline invoicing and reduce errors.  Most include automated reminders so you can remind late-paying customers without any of the awkwardness.  You’ll get paid faster and set a high standard with customers.

3. Establish your payment terms

Clear expectations eliminate payment confusion.  Plainly state payment terms in contracts and invoices and include specific due dates.

How soon should customers pay?  It depends.  Net 30 used to be standard but shorter terms of Net 15 are becoming more common especially for new accounts.  A frequent late-payer might call for cash-on-delivery, while reliable customers might receive more generous terms.  Factor customer history and your cash flow needs when setting terms and consider late payment penalties and incentives to motivate on-time payments.

4. Enable recurring payments

Customers are more likely to pay on time when you make it easy.  Online payments and ACH transfers eliminate the delays and hassle associated with mailing a check payment.

Recurring payments are the gold standard for efficiency because they ensure you get paid.  Overdrafts are the biggest danger when subscription billing — no one appreciates a surprise fee! — but you can avoid overdrafts by verifying account balances using Plaid’s Balance API before initiating a transfer.

5. Monitor accounts receivable

Software takes a lot of the hassle out of invoicing, but it’s not totally hands-off.  Keep an eye on accounts receivable and don’t be afraid to pick up the phone when a client isn’t responding to friendly reminders.  Late payments can cause you to miss your own payment deadlines so it’s important to follow up.

Monitoring accounts receivable also draws attention to strengths and weaknesses in your billing system.  Do you have a lot of risky customers or a high turnover ratio?  You may need to tighten up collection policies to improve cash flow.  Are your best customers regularly maxing out their credit limits?  Raising the limit could encourage reliable customers to spend more.

6. Make sure it’s secure

Putting a customer’s financial data at risk can ruin a business relationship fast.  Security remains a top priority any time you’re handling customer payment data.  Verify that your payment service provider uses the latest security standards to prevent data breaches and protect customer data in the event it’s compromised.  Use strong passwords throughout all business systems and follow cybersecurity best practices to secure devices and networks.

Getting paid on time is easier said than done.  If you’re still relying on slow, manual processes to bill customers and accept payments, you’ll spend more time chasing payments than making money.  Optimize your accounts receivable with tools and tactics designed for the 21stcentury and start getting paid faster.

Questions or comments? Have any additional tips or resources to share? Reply below or reach out to Marcus Lansky.

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From Great Idea to Detailed Plan:  Your Business Destiny Awaits

When an awesome idea hits, entrepreneurs are often ready to pounce, particularly when it is a unique business idea with a lot of potential.  Sometimes the small details of management planning are lost along the way, but those tasks are important parts of the daily management of business.  Fortunately, there are many tools and tricks to help business owners manage the minutiae of administrative tasks.  Read on for UNOVA Coworking‘s tips to make your business destiny come true.

Courtesy of Pixabay

Getting Goods and Supplies

Placing orders for supplies and managing your inventory is a crucial aspect of running your business.  If you are making drastic changes to the business and its goods or services, it may be necessary to identify alternative vendors specific to what you have in mind.  Often specialty vendors can be found through trade magazines.  Shop around to make sure you are accessing good prices and watch out for shipping costs, which can drastically impact your profit margins.

Inventory Assists

Maintaining inventory once your business is established can be a less-than-exciting task.  Fortunately, business owners can use inventory programs to stay ahead of their supply needs.  The best part of an inventory system is the automation that saves a ton of time and misery.  There are many programs available at a range of prices, depending on the size of your business and how much automation you require.

Business owners may be able to delegate some tasks to trusted employees if there is a question about whether there are adequate funds for an inventory program.  Inventory may be a good task to delegate initially.  As business increases and you get your sea legs under you, it may feel like a better time to invest in a program for inventory.  Sometimes there are tasks that business owners take on independently to save capital, and others are more vital to the functioning of the business, such as payroll.  When it comes to payroll, using an established, automated system can spare you hours at a computer and a lot of frustration.

Payroll Simplicity

Most business owners do not relish endless hours crunching numbers for payroll.  To avoid errors in manual calculations, automated platforms can be an ideal solution.  When you use a timesheet calculator, it creates a more accurate account of your worker’s time, including breaks and overtime usage.  Automated systems are also great for keeping track of the varying classifications of workers, which reduces the likelihood of human error.

Another factor to keep in mind regarding payroll is that if you have employees in other countries, you’ll need to find reliable methods for paying them.  One option is to use a money transfer service like Remitly, which allows you to streamline safe and secure payments to people at guaranteed delivery dates in many countries, including Mexico and India.

Technology has offered business owners a wide range of time-saving tools that can change operations for the better.  You can decide which ones meet your needs and whether they are worth the investment.  As your business continues to grow, you may find that automated systems are a time and energy saving way to operate.  Regardless of the systems you choose, consider ways to make your business sustainable and reduce your stress as an entrepreneur.

Questions or comments? Have any additional tips or resources to share? Reply below or reach out to Courtney Rosenfeld.

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11 Essential Apps for Business Owners to Have More Free Time

Business Apps
Image via Unsplash

If you’re a small business owner, entrepreneur, or coach who’s working hard to get your passion project out into the world, but you also want more free time in your day-to-day life, then these apps are perfect for you. They’ll help you get organized and work efficiently so that all of your essential tasks don’t fall through the cracks. UNOVA Coworking offers a list of the top 11 apps that will help increase your productivity and give you back some precious free time!

1) Google Drive. It’s the perfect app for collaboration with colleagues, sharing documents, and storing company information. You can also create a document in seconds that will allow several people to work on it together in real-time.

2) Slack. This collaborative workspace allows individuals to work together with their business teams from wherever they are while retaining complete control over who has access to your conversations. It also offers integrations with other apps such as Dropbox so users can sync files across platforms without switching back and forth between different screens or programs.

3) Trello. Trello is a great way to manage projects. With its clean and straightforward interface, you can create boards for different tasks with cards representing the steps needed to complete those tasks.

4) Adobe Spark. When it comes to creating professional level designs for your social media or website, this app makes it easy to tap into your creativity. For example, you can use their banner generator to quickly craft a compelling design with fun graphics and fonts that give the impression it was made by a graphic designer.

4) Dropbox. This app allows users to store files in the cloud and access or share them from any device, anywhere. It offers integration with many other apps and desktop or laptop computers, making it a handy cloud app to have.

5) Zoom. This app is now a classic video conference and screen-sharing service that offers many of the same features as Skype or Facetime but has some great extras like recording meetings.

6) QuickBooks Enterprise. QuickBooks is distribution software for wholesale businesses that helps you keep track of inventory and optimize your wholesale distribution. It can automatically tally up purchases, record stock updates to ensure you have the correct information to fulfill our orders, avoid out of stock, and provide analytics on sales data for an easy view of how your company is doing financially. Integrations to leading e-commerce platforms are also a welcome feature.

7) QuickBooks. A flexible accounting app, QuickBooks allows you to manage expenses and invoices, track payments, and stay on top of all of your essential financial metrics and help curb your spending, among other things. It offers multiple integrations, as well as the ability to send reminders for overdue payments.

8) Scanner app. This app turns your phone into a document scanner, letting you quickly digitize paper documents. The ability to scan anywhere will make it easier to have your office on the go without needing to carry around endless bits of paper and post-its that inevitably end up getting lost.

9) Asana. This cloud-based work management app is excellent for people with many individual tasks or different projects to complete. It helps you keep track by providing reminders, and it also lets users share lists so that they can collaborate on projects together.

10) Evernote. Dividing up tasks among team members can save time for everyone. This app lets users share notes, lists, and files across devices to work together on projects efficiently.

Do you already use some of these, or do any of them sound like they could benefit your company? If so, give it a try to see if you can get a little help to free up your time.

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GRAND OPENING!

Join us on Saturday, April 6th, 2019 for the official Grand Opening of UNOVA Coworking! 

Explore our space! Be sure to check out our private offices, brand new kitchen, and breakout lounge.

Talk to current members! Don’t just take it from us — listen to real testimonials and see what our space can offer you.

Bring your friends and family! Come for the free giveaways, appetizers, & refreshments, and stay for the all ages trivia, games, and good company.

Stop by anytime to celebrate our official GRAND OPENING with us!

RSVP HERE

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UNOVA Coworking’s Open House!

UNOVA Coworking Open House Flyer Front

I know what you’re thinking — we at UNOVA Coworking have been very quiet on the communication front.  Well, get ready, because that’s about to change.  You see, we’ve been hard at work renovating the space for valuable community members like you to come in and start getting work done.

It all begins on Small Business Saturday, November 24th!  Join Joe & Ashley and other potential members as we mark the official opening of UNOVA Coworking!  Be the first to tour the space, enjoy some snacks, and learn more about what our space can offer you.  Bring your friends and family, stay as long as you’d like, and be sure to ask for a free trial membership!

In the meantime, check back on our website and sign up as an online community member on our JOIN page — it’s easy to do and completely FREE!  Just enter your email and pick a password, that’s it!  From there you can create your profile and start connecting with others.

Here’s the pretty flyer we made for the Open House.  Please help us spread the word and share with your friends, family, colleagues, neighbors, mailman, accountant, favorite store cashier — really anyone who enjoys free stuff and good people.

  • UNOVA Coworking Open House Flyer Front
  • UNOVA Coworking Open House Flyer Back

We thank you for your patience, and hope to see you on November 24th!!! 

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