If you want to build any business, you need to learn how to do it, the skills that require you to build a successful business. This applies to building a home based business too.Here are the 5 critical business building skills that you need to guarantee your success in your home based business.1. Marketing SkillsAll businesses need marketing. Marketing is about finding a group of people who are looking for a particular need, and you find solutions to provide for their needs. That’s where your business comes in. You must know how to target these group of people, and market to them effectively!Many people don’t know how to market their business and they just try to sell them to All people, which is wrong. They will then go ahead and pitch their deals to every person that they know, and thus losing friends and chasing people away from them! If you want to get sales and results, you have to know how to market.2. Relationship Building SkillsBusiness is about building relationships. You want to build strong and long-lasting relationships with business partners, with your team, and your customers too! Remember? People buys from people they know, like and trust! Only when strong relationships are built, there then comes long-lasting businesses.3. Leadership SkillsLeadership skills is crucial to the growth and success of a business. All successful businesses are led by leaders. In your home based business, you are your own leader. If you have a team of business partners, you have to be the leader to lead them, and groom them to become leaders, to lead their own people too!4. Communication SkillsI can’t stress this further. We all communicate, however, to be successful in your business, you have to communicate well. You have to be professional and present your benefits of your products or services to your clients the right way. You have to communicate well with business partners when doing business with them.Business fail when communication breaks down and misunderstandings occur. And hence, it is very important that you master communication skills too.5. Teaching And Coaching SkillsThis skill may not be very important in other industry, but it is especially important in the home based business industry. If you are working with a group of business partners, you must learn how to teach them and groom them to become independent entrepreneurs too. You must be able to coach them and make sure that they are able to learn and apply what you have taught them, without being information overloaded.Only if you know how to pass on your skills and grow them to become independent entrepreneurs, then your business can run and grow without your presence.These are the 5 really important skills you have to master, if you want true success in your home based business.
SEIS the Tax-Free Investment Opportunity for UK Investors
Enterprise Investment Schemes
An EIS is an investment vehicle that provides funds and capital to small businesses that, due to the tightening of the credit market, cannot otherwise get financing from traditional sources. An EIS is an unquoted company that is not on a stock exchange and is most likely managed by a venture capital firm. These firms manage the investment objectives to protect investors and maximize investment returns. A good firm will have been involved in venture capital investing for a number of years and be able to provide a solid track record of protecting principle and securing returns. Firms operate their EISes differently, some offering investments into single companies while others operate EIS funds in which you could invest into a fund of multiple companies, therefore diversifying your risk.
The benefit of tax protection that EISes offer has resulted in an increased demand among wealthier investors, with EIS being utilized as a strategic tool within their portfolios. The UK government increased tax relief from 20% to 30% and the annual investment amount has been increased from £500,000 to £1,000,000. With the added benefit that the investment is exempt from capital gains tax and inheritance tax, EIS is increasingly the perfect vehicle for certain investors. More and more EISes have become essential within many investment portfolios as an integral tax relief tactic.
Seed Enterprise Investment Schemes
Not quite as large as the EIS, the SEIS provides a similar benefit and experience. The main difference being the investment amount allowed annually which currently stands at a maximum of £100,000, but offers an unprecedented 50% tax relief on the investment’s gains and value. However this 50% is only applicable if the SEIS continues to comply with the SEIS rules and providing the investment is left for a minimum of three years. After three years the investor can sell their stake, incurring no capital gains tax against profit realized. Furthermore, loss relief applies to any losses incurred.
As of 2014, the upfront tax relief for the highest tax bracket investors equates to a 64% tax break and, when combined with a loss relief tax break of a further potential of 22.5%, equates to a total of 86.5% tax relief. The downside tax protection of almost 90% is unprecedented amongst all other investment vehicles and provides significant tactical value to certain investors.
Careful Consideration
As with any investment decision, you need to be careful in your consideration when choosing to use EIS or SEIS for your portfolio. You should be considering these tax relief options in your portfolio after you have exhausted other forms of tax mitigation. The first two that should be utilized are your pension and annual Individual Savings Account (ISA) allowance. These primary tax savings vehicles provide secure investment vehicles; ISAs offer amazing investment flexibility not available through EIS or SEIS. Another option includes VCTs – Venture Capital Trusts – which have similar strategic benefits to EIS or SEIS but are limited to £200,000 per year.
In deciding on further tax mitigation, you need to consider the portion of your portfolio that these tactical investments would make up. Conventional wisdom dictates that you should not put more than 20% of your holdings into risky opportunities, but that 20% could realistically be surpassed with correct use of the right investment vehicles. If you are hedging your portfolio against a known event that will increase your capital gains taxes or inheritance taxes, EIS and SEIS would be a viable way to mitigate those taxes in a given year. In this way you could max out your contributions to these two tactical strategies in order to mitigate the known tax implications from another portion of your investment portfolio. It is these considerations that you should be aware of before deciding on a specific EIS or SEIS company.
Another concern that you should be aware of is the fact that EISes and SEISes are essentially “locked-in” products. You need to be able to leave the investments locked in for a period of at least three years (and in some cases longer) in order to access the tax relief benefits – managers will generally look for an exit in or around year 4, but an exit could realistically take longer and is subject to market conditions. In this way, many EIS and SEIS companies are illiquid and the secondary market for selling EIS/SEIS shares is therefore small. Taking the long view on these investments should be a natural consideration.
Choosing the Right EIS/SEIS
When deciding on the right company to invest for the purpose of tax mitigation, not all EIS/SEIS companies are the same. Choosing a company should not be done on impulse and requires effective due diligence to ensure that their investment philosophy is in line with your own. At the time of consideration, ask all the same questions of the company as you would when investing in any stock. By ensuring the company has a solid and proven track record of investments, open reporting functions that promote transparency and an investment philosophy you agree with, you can feel comfortable with your investment.
By considering an EIS/SEIS investment you are considering an investment option that has a real potential for investment loss. It can be the right option for those looking for a high risk option with an effective tax mitigation strategy as a small portion of their overall portfolio. EIS and SEIS investments can also be an excellent way for investors to dabble in venture capital investing without having to put up too much capital.
Plan To Succeed With Information Product Creation: Why You Need To Split Your Process Up
One of the keys to succeeding in information product creation is to break the process up into discrete steps. This frequently isn’t an instinctive reaction for the typical information marketer. Especially on the internet where small sized learning products are the norm.
However, it is extremely important to your ultimate success. In fact, I would go so far as to say that if you don’t do this you probably won’t succeed… even when you are starting out let alone as you move forward.
Your product creation system should do this for you if only to help you to understand the overall task.
But why?
In this article, I’m going to ignore chunking and focus on the practical aspects. That’s not to say that chunking isn’t important. It is. It’s important to understanding and to learning the process. But while you can use the same chunks as you move forward, long term your focus needs to be on the operation of the system not the understanding of it. Unless of course you are constantly training new people!
So why is chunking important to long term use of the product creation process? (Yes, I know systems design uses a different term for this process but I’m not teaching you systems design. So I’m going to use the word learning content designers use.)
The first reason that having individual discrete tasks is important is one of schedule estimation. Frequently it is very difficult to estimate how long the total task of creating a product will take. After all, the size and type of the products matters as does the number of products in your product funnel. And those are just the most obvious elements. However, estimating a discrete task is often much easier. The total can then be estimated as the total of the discrete tasks.
Secondly, scheduling a large task can be problematic. However, by segmenting the task into a number of discrete tasks, you gain a much greater flexibility in scheduling. Not only that but as your business begins to add people you are able to schedule multiple people to the product creation.
Finally, segmenting a large task into smaller discrete tasks allows you to have much better control over the product creation. This affects two different areas — status and quality.
By segmenting your process into discrete tasks you are able to schedule and record the progress at much more detailed level. As a result you are more in control of the status of the product creation. You know what everyone is doing. When they should complete it. And how much it should cost. You also know exactly what has been done.
You also improve your overall quality. Instead of waiting until everything is done you can check quality as you go. This allows you to immediate react to low quality products without absorbing their costs. This means that you have less rework and your rework costs less. And if the product is not going to meet its quality requirement you will know about it in time to stop the development, change the requirement or fix the product.