Why is Contract Review Important?

Contract Review

When you’re running a business, it’s important to make sure that the contracts you sign, and that you draw up to guarantee labor, expertise, or supply of goods and raw materials actually get you what you want, and don’t leave you liable for additional costs that you’ve not budgeted for.

In situations like this, not seeking legal advice is very much a false economy that could come back to bite you when you are least prepared for it. While you could make an appointment with a traditional business lawyer, there is a new breed of law specialists making life easier for people running a small business: people who might not have the time or budget to schedule an hour meeting with a lawyer whenever they want to have a contract or letter checked over.

Online lawyers are increasingly an attractive option: allowing you to schedule times to suit your needs and conduct your legal business without leaving your desk. If you need to have a single contract checked and returned to you promptly, this is likely to be by far a favorable option for you.

When a lawyer reviews a contract for you, they are making sure that any number of common sense provisions are included, and described in the correct legal language. It’s very important to make sure any agreements you’ve made in the course of negotiations are included in the contract: while you may discuss terms, concessions, and amounts while you are making a sale, or being sold to, the only way to guarantee you will actually receive those things – or give you yourself any legal recourse, is to make sure they are included in the contract you actually sign. The contract supersedes any informal discussions or emails you exchanged before.

A contract review, then, gives an expert in contract law access to your contract to break it down and then explain to you in layman’s terms exactly what that contract will get you. If this doesn’t match your expectations, you’ll need to get the contract amended before signing. If someone is trying to push you to sign a contract before you’ve had the chance to have it reviewed, this can be a sign that you need to read it in detail more than usual: there is no such thing as a ‘standard contract’, and you need to make sure it is specific to you and your situation.

How to Revive a Dooming Startup?

How to Revive a Dooming Startup

Having a start-up of your own is no more an uncommon thing. But sustaining it is a challenge at which many fail. To find that right balance between product, market, capital and employees is not a cakewalk. But do not feel dejected as failures are the stepping stones to success. Edison failed 1000 times before inventing the electric bulb. When asked about it, he said that he discovered 1000 ways by which a bulb cannot be made! Achievers need to have that kind of an attitude.

If your startup is on the verge of extinction and you are thinking of giving up on it then take a deep breath and rewind a little bit. The solution is hidden in the problem itself.

Two simple and best strategies to pump life back into your dying startup is are

  1. Re-evaluation
  2. Redefinition
  • Re-evaluation

Before taking any other hurried step re-evaluate the whole business first. This is crucial for the healthy growth of the company?. Re-evaluation helps in finding the root cause of the problem. It is basically self-assessment. The problem should be known first to find its correct solution. While re-evaluating keep in mind the following points.

  1. Vision

Is the company going in the right direction? Deviation from the determined path leads to chaos and ultimately failure. Focus is necessary. Check whether it has stayed up to its purpose, whether the right services and products are being delivered to the customers.

  1. Employees

The people who work for you are of prime importance. Your prosperity lies in their happiness. Workplace environment should be friendly and relaxed. Everybody is already enough stressed these days, work shouldn’t add to it. Are they able to deliver their 100%? For that right people must be hired for the appropriate job profile. Check for any moles who are leaking your trade secrets. Ditch the rotten apples!

  1. Market

Business will prosper if the right audience is targeted. Once you have found the perfect audience for your product then work on customer satisfaction. Happy customers will lead to increase in repeat purchases and the company’s reputation too will grow. The trust factor is very important. Customers are difficult to please. Competition cannot be eliminated completely. Give time. Be patient. Customers will soon flock towards you.

  1. Product

Product is the face that represents a company in the market. Is it unique? Is there no one else providing the same service at a better price? If these questions have positive answers then this is not your problem area.

  1. Process

Process should be cost effective and efficient. The business structure should be aimed at producing high-performance products and services. Policies shouldn’t be hindering the growth of the company.

  1. Money!

Finances, capital, inputs, costs all mean the one and the same thing, money! This is the most important factor to be considered?. Businesses fall down because of improper utilization of money. Shortage of money results in ugly cost cutting strategies which bring only loss to the company. Check whether cash is flowing in or not. Is the company in a loss making condition? Are you too indebted?

Once re-evaluation is done, the problem area will be known. The work is difficult till this point only. After that, all the failing startup needs is a bit of redefinition! Then be it financial crunch or dissatisfied customers or employees, every problem has a solution.

  • Redefinition

After the problem is sorted out, start working on it. This is when the whole face of the company is changed, new plans out to action.

Life is full of small and big bumps. These little bumps make us who we are at the moment. Look around. Every face has a story to tell, a story of their hardships and how they have managed to sort their lives despite all the upsets of life. Every failure is a story of your commitment and determination to do your task and not give up instead.

If everything in life comes easy to you, you will never learn anything. So, the more ‘waves’ the sea has, the better you get at sailing. Everything takes experience and patience.

Never treat challenges as obstacles in your life, use them instead to build character. Every experience polishes our personality and makes you better.

Just because the sea is calm and you are able to control the boat, you cannot call yourself a professional. It takes a stormy experience to realize that the practice you had in the calm seas cannot make your sail in the rough waters smooth. A skillful sailor is one who pushes through the storm and refuses to give up, someone who is able to manage to move forward.

Sometimes a bad incident hits to open our eyes to the good things and makes us realize their worth. We need to appreciate what we have, and let go of things which hold us back.

Also, have ambitions. Wish for the impossible. If you wake without a goal, go back to sleep. The passion for something is what keeps you going. Cut down the excuses and make sure you get up and do it. NOW. Because there would always be the ‘later’ time.

Keep on checking yourself. Keep on motivating yourself. Mistakes are opportunities. Look at them, own them, grow from them and move on. Do better, be better.

If we wait until we’re ready, we’ll be waiting for the rest of our lives.

Never limit your playtime, even if your brain is telling you otherwise. All of your best stuff comes from it if you allow yourself to remain open to the unknown.

Expand your horizons.

‘There’s nothing we really need to do that isn’t dangerous.’ Do the things that scare you on a regular basis. ‘Cause on the other side of fear lies freedom.

Success does not come easy. It takes an effort to reach the top. If everything was served to us on a silver platter, we would never bother to learn anything new at all. We learn when we make a mistake when we break a pattern when we experiment and fail. We learn not when we do everything right or the way the society wants it to be done.Without failure, success has no meaning. Behind every successful

Without failure, success has no meaning. Behind every successful attempt, there are many unsuccessful attempts.

Hope this article helps and guides you through all your problems.

Regain your Freedom: Top 10 Reasons you Should Start an Internet Business

The internet has transformed the way many things work, and business is undoubtedly one of the foremost areas in which the internet has become a sure-fire key to success. An internet-based business may or may not have a brick-and-mortar home in the real world (and if it does, it’s called a click-and-mortar business), but it can certainly provide a strong financial foundation. An internet business, once it takes off, can be a gift that keeps on giving. Read on and you will find even more reasons you should consider for starting your own internet business.

  1. Increased job security
    Corporate machines will often downsize and get rid of people just to cut costs, no matter how loyal they are. On the other hand, jobs are getting scarcer and suddenly losing one can be catastrophic if you can’t get another one soon. Job security is one of the top priorities to look at before entering any venture, and it should be no different for internet businesses. The good news is that since the internet is not going anywhere for a long time, job security with an internet business is almost always high. Just think of how long Amazon and eBay have lasted (and will last for years to come)!
  1. Do-it-yourself nature
    Pretty much anyone with internet access and business savvy can create an internet business. Access to the internet spreads wider by the day and the cost falls too. Even if you can’t code, you can either learn to or hire someone else to do it for you. So no matter what your age, educational qualification or skill set is, you can set up an internet business.
  1. Smaller startup costs as compared to traditional businesses
    With an internet business, you don’t need to worry about renting office space in a prime location: any real estate you need is virtual. Domain names can be registered for lesser money than take-out at popular restaurants – BigRock and GoDaddy offer .com domain names at Rs. 200-300 per year. If your business involves creating a large database, you can do that too! To take baby steps at the beginning, all you need is a computer connected to the internet.
  1. Wider range of products and information
    If you look at ads of websites like Flipkart and Snapdeal, they boast of a wide range of products and indeed, they do offer a staggering range of products online. When ordering these products and paying for them can be done remotely on the internet, you don’t have to worry about storing them yourself. Warehouses will do the trick and the possibilities of automation there are immense.
    In addition to this, considering the limitless space available on the internet, you can also provide more and more information to your customers.
  1. PR more manageable
    On the internet, websites get ranked based on how many legitimate connections they make and how positively they are reviewed. This makes public relations and managing the company’s image much easier. For instance, if you tweet in a friendly way, you’re viewed as a company with a soul. With just a little consciousness, you can make sure that your business puts its best foot forward.
  1. Put an end to limitations
    When you set up an internet business, you take charge of your profession: you decide how long for and how hard you want to work. Of course, you can reap more benefits the more effort you put in; but if you decide to just do enough to supplement your income, you’re free to do that. And when you’re free to do what you want, you end up loving what you do.
  1. Work from anywhere
    The internet is the same all over the world. This means that you can control your business from anywhere with a computer. Your customers can live in any part of the world yet reach you with just a click of a button. Geographical boundaries mean nothing on the internet.
  1. Open all day
    An internet business need not take lunch breaks, vacation or time off on holidays. Your business need not go to sleep with you; it can remain open and make money for you as you sleep.
  1. Control your income
    You can either make your internet business your primary source of income or just use it to supplement what you already make. Put in more hours, provide good products and services and you’ll make more money.
  1. Get a share of money spent on the internet
    How do you even make money online? Well, the convenience of ordering products online and having them delivered to one’s door means that people are increasingly spending money on the internet. Your salary can very well come from that; you just have to sell something people will want to buy.

7 Payment Options Every New Business Need to Consider

7 Payment Options Every New Business Need to Consider

Technology has changed the landscape on how businesses can accept payments for goods and services. The old days of collecting cash payments and then taking them to the bank to deposit them into a business checking are becoming outdated, as new forms of payment processing take hold.

If you are starting a new business, here are seven payment options you need to consider to make your payment processing easier and faster.

  1. BACS

The BACS (Banker’s Automated Clearing Scheme) payments system allows you to accept direct debit authorisations from customers and it allows you to make direct credit payments to the bank accounts of your suppliers and employees. You need to get a SUN (Service User Number) number to set up an account up before you can use the BACS service.

The SUN number is used to track the debit and credit transactions your business makes and to ensure that your payments are processed efficiently. You must be sponsored by a major bank based in the U.K. to qualify for a SUN number. As a new business, you typically won’t qualify for sponsorship until you have been in business for three years and you’ll have to rely on a third-party who has a SUN number to process your BACS payments.

  1. PayPal

PayPal is useful to send and receive money from many different areas of the world through your website. PayPal is also useful if you are going to do auctions on your business website as they will bill the buyers and send them reminders about ongoing auctions you may be doing. You need to set up a premier or a business account with PayPal to take advantage of its services.

A premier account is useful for businesses that expect to do a lot of credit card transactions per day through the website. The business account allows you to accept credit card payments and send out mass payments. Signing up for PayPal is easy and is done online. You’ll pick the services you want to use at the time you sign up for an account.

  1. Faster Payments

Faster Payments allow customers to send money directly to your bank account. The customer will need the sort number for your bank and the account number you want the payment to be deposited in. The payments typically get deposited on the day it is sent by your customer. You need to be a member of a bank that utilises the Faster Payments system to take part in the program. You should also be aware that there are limitations on how much can be sent at one time over the Faster Payments system. The limits vary depending on how the payment is sent.

  1. CHAPS

CHAPS (the Clearing House Automated Payment System) is another system people and businesses in the U.K. can use to make payments to accounts housed at member banks. The CHAPS system is typically used when a business has to make high-valued payments to suppliers. CHAPS is particularly useful if you are establishing a real estate business where fund transfers typically have to take place on the same day you are signing the paperwork to consummate a real estate transaction.

The CHAPS system transaction happens in real-time and the recipient doesn’t have to wait for the money to clear. They can use it the moment it is deposited into their account.

  1. Android Pay

Android Pay allows your customers to pay you through their Android phones. You will need to have an account with Google’s mobile payments system and have a Point of Sale (POS) device that accepts contactless credit and debit cards. The customer needs to download an app from a participating bank and enter the debit or credit card information into the app. All the customer does is swipe the phone over the monitor on the POS device and the transaction is automatically processed without handling cash and debit or credit cards.

  1. Apple Pay

Accepting the Apple Pay system over an iPhone is very similar to the process used to set up the Android Pay system. You will need a contactless POS terminal system to accept the Apple Pay system.

  1. Nochex Online Payment Services

You are able to accept online transactions with a Nochex account. You will need to set up either a merchant or a U.K. Trader Account in order to utilise the Nochex system. The U.K. Trader Account is good for new businesses as the account doesn’t have any set-up or monthly fees while you are starting out.

If you’re just starting to break into the world of business, the above are a just some of the key payment options you should consider implementing.

Kick Start Your Career as an Online Entrepreneur: What to Do and What to Avoid

Kick Start Your Career as an Online Entrepreneur: What to Do and What to Avoid

Starting an online business is in many ways similar to setting up a brick-and-mortar store. You must firs identify a need and a market for it, draw a strategic and practicable business blueprint, arrange for funding, develop a unique and value added product and get to work on branding and marketing for sales and profits.

However, there a few unique differences when running an online-online outfit you need to consider as an entrepreneur.

  1. Plan your business

Like every serious business, you need a roadmap that draws up the path that originates with your vision up to your mission and expectations. Your business plan will include a market analysis, your funding plans, as well as a SWOT analysis to properly position to gain market leadership.

  1. Write your business plan

After you’ve come up with a unique business concept and plan, you will need to write it down. It’s also important to keep your business plan lean, except of course if you’re planning to get a big loan from the bank. A lean business plan is easier and quicker to write and breaks done the plan to basics.

  1. Register your domain name and set up your website

Next is to create a brand-able and a keyword-rich domain name and register it using the right TLD, most preferably .com or your country-specific TLD, such as co.uk to achieve better market visibility and recognition.

  1. Make it legal and insured

There a number of guidelines to legalising and insuring your business. It is also important to get the right insurance cover to ultimately protect the business to ensure it outlasts any crisis or even the owner.

Generally, the same rules and principles apply, but there are still a few subtle differences you should take note of.

In online entrepreneurship, the most important legal requirement is the online business law which essentially aims to protect customer’s personal data, as well as their privacy and intellectual propriety.

Make sure to get yourself familiar with the aspects of business law applies to you.

5. Don’t hesitate too long to launch a product/service

There’s a common rut a lot of online budding entrepreneurs fall into when setting up their business outfits: They get stuck for months and are unable to produce or create something the market needs.

Many entrepreneurs make several excuses forgetting hung-up, but whatever those reasons are which may also resonate with you, shake it off quickly and create value and make sure your product has a solid USP and with a tangible market.

Understandably, your first attempts at creating a product or service may have some flaws, but it gets better with time, along with its money-earning prospects. It’s important to remember that success is not something that comes instantly. Many of our greatest business minds have only been able to get into the positions that they’re in today after making a series of failures, learning from their mistakes, and building a business that is successful.

How Much Time Do You Give your Ecommerce Business Before You Adapt

How Much Time Do You Give your Ecommerce Business Before You Adapt

The famous American baseball player Yogi Berra once said, “It ain’t over ‘till it’s over.” This truism has found its way into the world of business and has been reinterpreted to mean that even when things get tough, it’s not over until you’ve tried everything.

If your enterprise e-commerce site is suffering from insufficient sales, you may want to rethink your strategy. But how do you know when things have finally hit an impasse? Is it possible to change things too soon?

This is an interesting question. On one hand, you want to be agile and productive; but on the other hand, hasty decisions could bury what otherwise may have been a successful venture. Below we will discuss some of the important factors leading up to this decision and what you can do to ensure a smooth transition.

Cosmetic Changes

If your e-commerce store is struggling, you might want to examine your website through the eyes of your customers. Something as simple as a clunky and cumbersome user interface could sink your sales.Take advantage of A/B testing to see features are working and which ones are holding you back.

Remember that consumers love a clean website design. Don’t try to overcrowd your homepage with flashy sales, new product offers and distracting banner advertisements. At most, you should display just one featured product or special offering on your page. And ensure that your search bar, FAQ section, ‘about us’ and contact pages are simple to find as these are vital to the success of your e-commerce site.

Marketing Makeover

If your company is starving for sales, it might behoove you to revamp your marketing strategy. Are you taking advantage of email newsletters, on-page blog posts, SEO conversions or social media marketing? If the answer is no, you are probably missing out on large audiences of interested shoppers.

While it isn’t necessary to use all these, your business should at least be employing one or two of techniques listed here. Use social media to establish two-way conversations with your customers and encourage them to share your offers with friends and family. Entice one-time buyers to regularly check out your site for new sales and offerings with an email campaign. It might take a little practice to find the right balance, but in the end, you’ll be happy with the results.

The New You

Sometimes it’s not what you are selling, but how you are selling it. An often quoted mantra in the world of marketing is that you should be selling ‘ideas, not products.’ For example, there is a lot of competition out there when selling jewelry, but if your business sells “posh accessories for the modern woman” you might have a better chance at building a dedicated fan base or finding a specific niche.

Developing a brand identity will require a little experimentation, but do your best to incorporate the same feel in all your products and promotions.

Hitting the Reset Button

However, if none of the above methods have improved your sales, it might be time to rethink your business model. Maybe the products you are selling just aren’t appealing enough to online shoppers. In this case, it is time to hit the reset button and start over.

Some enterprise e-commerce platform providers, like Shopify, make it easy to rebuild an e-store using a straightforward template. Others might prefer to build an entirely new website before closing the previous one. It’s really up to you and your business needs.

While no one likes having to rebuild the wheel, a fresh start might be just what you need. Be sure to employ the same technique above from the get-go to put your e-commerce site on the right track.