The 6 Deadly D’s of Business Partnerships

When starting a new business, people tend to join forces with trusted friends and family members. Don’t skip the partnership agreement because you trust your partners. Instead, draft a careful agreement that spells out what will happen in the event that you encounter one of the six deadly D’s of partnerships.

Divorce

Unless other arrangements exist, it’s the court who decides how marital assets get split during a divorce. This means that after your business partner gets divorced, you may find yourself in business with their ex, whether you want to be or not. Opportunity Knocks explains, “exes of business partners can be entitled to a share or portion of the business. This could be up to half. In many instances they will take a buyout, but that could sink an already struggling business.” It’s important to protect the business from this possibility.

If the business partnership happened before the marriage, require your business partners to get a prenup agreement that protects the business. If partners are already married, draft the partnership agreement in a way that requires spouses to sell back any shares of the business they are awarded during a divorce.

Default

If a business partner goes into debt, the bill collectors may have the legal right to seize their assets, including their portion of the business assets. When creating your company, consult with an attorney and choose a limited liability or corporate business structure to protect the business assets from individual creditors.

Drug Use

When establishing a partnership, remember that addiction is a disease that doesn’t discriminate. Anyone can find themselves battling an addiction, including you and your business partners. According to The Recovery Village, “it’s important to create boundaries, financial and personal, that protect you, your family, and others who may be negatively affected by an addict’s behavior.” Boundaries also help you avoid enabling your partner.

You should try, of course, to maintain compassion for your addicted friend. Stage an intervention and do your best to get your business partner the help he or she needs. Help the business as well. Add provisions to your partnership agreement detailing steps business partners can take to prevent the addicted partner from hurting the company.

Disinterest

Perhaps a once gung-ho business partner has found a new passion or must now devote themselves to caring full-time for an aging parent. Whatever the reason, one of your business partners may opt to leave the partnership at some point. Make sure your partnership agreement provides clear provisions for doing so.

Disability

Sometimes a business partner suffers an injury or disability that forces them to leave the partnership. Provide an exit strategy so that a partner can leave if they must.

Your partnership agreement should also detail when a disability can trigger a buyout. You’ll want to outline a strategy that lets a disabled business partner leave voluntarily and agree to the terms under which you can force a disabled partner out if necessary. Northwestern Mutual explains, “A disability overhead expense policy is designed to reimburse the business for certain operating expenses if the owner becomes totally or partially disabled. It’s a conversation that no one wants to have, but it’s an essential one for the long term success of a business.”  Business partners often carry disability insurance on each other so that one can afford to buy the other out if the need arises.

Death

It’s important to outline what happens when a partner dies. How you handle a death is up to you and your partners, but make sure you agree on what you will do before it becomes necessary. According to Collateral Benefits Group, “many times partners will invest in a policy where partners carry life insurance on each other so that a buyout is possible in the event of a death. That way in the event of an untimely death, the family of the person who passed isn’t burdened by a company they don’t know how to run, and the business can stay afloat with a sole leader.”

This six deadly D’s all affect business partnerships and can do so quite suddenly and unexpectedly. The best defense is to have a plan in place that takes all these possible contingencies into account.

There are many tools and resources out there for your business success. Take some time researching those on this list to help you be better prepared for business!

Starting a Healthcare Business: 4 Things You Need to Know

The healthcare industry is one that’s in need of innovative businesses that can fix broken ways and deliver effective solutions, but it’s also one that comes with its own set of complexities; substance abuse treatment centers are an example. At times, this can seem overwhelming. Fortunately, you took the first step to simplify the process of starting a healthcare business by ending up here. Here, you’ll uncover four of the most important things all healthcare entrepreneurs need to know when breaking ground within this industry.

Insurance Is a Bit Trickier

When you go to insure a healthcare startup, you’ll find the insurance regulations can be stricter than in other industries. This could mean that you’ll have to pay extra attention to the way you do business in order to ensure compliance. You should also be prepared to handle the insurance companies of your customers if your line of work involves using their insurance for your service offerings.

Marketing Needs Will Differ

Marketing in the healthcare industry has been a hotly contested topic the past couple of years. TD Marketing Solutions explains, “in the past year, there have been new regulations being passed and proposed in various states, and some of them include laws targeting digital marketing practices to new policies from advertisers such as Google and Facebook.” Substance abuse treatment centers are an example, as they’ve been a major focus of the federal government due to unethical marketing practices that were used in the past.

Since you’ll be in an industry that has a direct effect on the health of others, it’s mandatory that you’re careful when it comes to the wording and presentation of promotional materials. Below, you’ll see some of the ways you can ensure the most solid and ethical marketing approach possible:

  • Avoid making any false statements or statements that could be taken negatively.
  • Follow the rules and regulations set by the advertising platforms you use.
  • Make sure you diversify your promotions, as this allows for a backup if disaster strikes.

Healthcare Embraces Social Responsibility

Not every business can provide pro bono services to prove that they’re socially responsible. However, contributing to government research and giving back to the community in ways that are feasible will help your company. While the healthcare industry is projected to grow, companies that work to be socially responsible in the eyes of the public are always the ones that get further in the long run. 

Laws and Regulations are Constantly Evolving

This is one industry that’s continuing to refine the laws and regulations that govern it to ensure the most responsible way of doing business must be utilized. Young Upstarts recommends, “HIPPA, the Affordable Healthcare Act, the FDA…these are just some of the many regulatory bodies and reforms that you should consider. Many potential business owners just give up when considering all of these and more, saying it’s all just too much. That doesn’t have to be you.” Stay on top of blogs and news outlets to ensure you know about changes as they happen. By doing this, you’ll ensure that you don’t get surprised or find your company in non-compliance should a government audit of its practices occur.

If you keep an open mind and continuously educate yourself on industry standards, then this can be a prosperous line of business to be in.

For more information, help starting your next business, or if you’re just wanting to improve yourself, get in contact with us! We help professionals become their best selves.

Tips for Responding to Personal Injury While Working

Every professional in any field is a human, and as such, everyone will eventually need medical treatment at some point. When you’re working in an environment that is hectic, unpredictable, and maybe even competitive, it may be hard to convince yourself to receive medical treatment, even for injuries sustained at work. These can also be mentally exhausting environments that cause considerable stress. Here are some tips for responding to personal injury while working.

Make Sure You’re Okay

A personal injury at work can really catch you off-guard. While your injury needs to be treated regardless of its severity, you should first make sure you have your bearings. These physical health consultants explain, “it can be difficult to know if you are injured or are just in pain. What exactly happened to cause the problem? Check to see if you can move your injured body part freely or if you have any intense pain.” Even something seemingly small can be indicative of something worse happening. Don’t worry about getting back to work. You can’t be expected to be at your full capacity if you’re injured. You owe it to your workplace, your coworkers, and yourself to take plenty of time to recover.

Get Medical Attention

You shouldn’t hesitate to treat an injury, even if you’re working. This work injury consultant recommends, “if a work injury happens to you you need to: report the accident to your immediate supervisor and explain what happened, get medical attention immediately if it’s serious, or schedule an appointment with a doctor if it’s not as severe, and contact legal aid if you feel it is necessary.” It may be difficult in the moment to find an available doctor or clinic, which is why it’s important to have a primary care physician. If there were witnesses to your injury, they should be rushing to help you right away. Let your colleagues take care of you.

File a Workers’ Comp Claim

An injury at work needs to be followed up with a workers’ compensation claim. This should be done as soon as possible. Be sure to include all the necessary information, such as the date and time of the injury. It should be clear that you’re not at fault for your injury. You should hopefully be able to make a swift recovery and get back to work in a timely fashion.  

Sue for Injury

If your injury came from the fault of your place of work, or the neglect of another, and if there are substantial needs to do so, you can file a lawsuit against them or any other liable party. Look for a personal injury attorney who can help you fight your case. This legal information resource recommends to look for witnesses who can testify on your behalf. This can be a stressful time, but you need to make sure that anyone who causes you harm is held accountable. Sometimes this isn’t even about holding people accountable. Medical bills can quickly stop people’s dreams in their tracks. So this is making sure you aren’t going to be forever hindered by this incident.

You should be proud of yourself for your independence and your ability to provide for yourself and your family or loved ones, but you shouldn’t be so proud that you can’t ask for help when you need it. As a professional, you can’t expect to do your job effectively and be successful if you don’t take care of yourself. When a personal injury happens at work, you need to take action swiftly.

If you’re looking for ways to be more productive, or if you’ve been injured, and are trying to make your way back into the workforce, we know you’ll be able to learn something truly revolutionary with “Money is a Consequence”. Check it out today!

4 Ways Serving Others Actually Serves You

As a professional, you may often wonder how you can make yourself more marketable to potential employers and others in your community. Your single greatest asset is your character — so what can you do to improve its value?

Giving your time to others in an effort to make a real difference is one of the best ways to serve your community while also building valuable skills and showcasing your character. Here are four ways that show how serving others can also help you serve yourself.

Give Back to Others

The most obvious benefit of serving others is the good that comes as a result of your time and work. Donating to serve the youth of your community will inevitably help many children placed in differing circumstances. As some of the most vulnerable people in society, disadvantaged youth can greatly benefit from positive role models and volunteers eager to make a difference in their lives. The involvement in the youth of your community demonstrates that you care about your customers and their backgrounds.

Read More: Big Brothers Big Sisters | Empowering Your Community

Demonstrate Positive Character Traits

By personally volunteering your time, you demonstrate to others that you are kind and compassionate. Working in your community is an ideal way to show others that you are invested in the people around you.

Volunteering will also expose you to a wide variety of people, helping you to meet others in your community that might be outside of your usual sphere of influence. Building a network in your community has the potential of paying big dividends in the future.

Relevant: MissionSelf | 10 Most Important and Desirable Character Traits

Bring About Intrinsic Happiness

Serving others has been shown to bring about an intrinsic happiness not replicated by other activities. By giving back, you naturally give your life a purpose and higher meaning. This knowledge translates to an inner peace and happiness.

Build Leadership Skills

By serving others in your community, you will organically build valuable leadership skills. Because volunteering activities often require you to step outside your normal comfort zone and skill set, you will naturally have to step up to new challenges.

Good leadership skills are a vital need in any industry. Cultivating these skills now will make you more marketable to potential employers as you forge ahead on your career path.

More Info: Tony Robbins | 7 Ways to Improve Leadership Skills

By serving others, you will not only help those around you, but you will also give back to yourself. The benefits of volunteering are so vast and varied that it is shortsighted to not consider using your time in such a positive way.

4 Careers That Today’s Job Market Desperately Needs

In today’s competitive job market, it can often be difficult to find a career that is a good fit for your talents and interests, and that also meets your salary requirements. If you are looking at launching a new career, it is important to know what jobs are in most demand. Here are four desperately needed careers in today’s market:

Accounting

Despite the automation now present in many industries, there is always a need for good accountants. Accounting professionals are at the top of the organizational chart in many companies, making this an excellent field to pursue for those wanting to strive for upper management positions.  The field of accounting comprises a vast number of specialties including financial analyst, auditor, controller, and bookkeeper. Because of the different skills needed for each of these subsets, it is vital to ensure that you have the necessary qualifications.

Cybersecurity

In today’s increasingly wired world, the demand for cybersecurity experts has continued to grow exponentially. The threat of viral attacks and compromises in computer networking have made the field of cyber-security one of the most in-demand industries in the world. Because of the increasing demand, more schools are adding these specialized degree programs to their offerings of IT studies. Careers that rely on a strong background in cyber-security include security consultants, cryptographers, security analysts, and more.

Communications

With many companies moving their business to the internet, the need for a strong communications department goes with it. Whether it’s creating a marketing campaign that speaks to a specific audience, or a content writer delivering information to the public, someone with a strong communications background is highly being sought by companies. The U.S. Bureau of Labor Statistics projects job growth in communication careers, especially for media professionals who can create, edit, and transmit content on a variety of platforms. The greatest growth is for public relations specialists, where 22,900 jobs are expected to be added from 2016 to 2026.

Healthcare

Like education, the need for quality healthcare professionals will never diminish. Not all jobs in this industry require a doctorate degree. Nursing assistants, medical secretaries, pharmacy technicians, respiratory therapists, and radiation technologists are just a few of the career opportunities available to those wanting to pursue a path in healthcare. With robust growth, jobs in the healthcare industry continue to skyrocket thanks in large part to a host of emerging technologies opening doors for new specializations. In addition, new forms financial aid and physician insurance make the career choice of healthcare more feasible than ever.

With research and careful planning, you can ensure that you are choosing a career path that will provide enjoyment and job security for the remainder of your working years.

Looking to start your own business? Nuts about social media? Find out how you can start a multi-million dollar social media company!

7 Savvy Ways to Save Money for Your Business

As a small business, saving money is a top priority. You don’t have as much wiggle room as larger businesses may have, and you need to allocate each penny wisely. In order to save money for your business, it will benefit you to focus on employee retention, manage printing costs, get office supplies, minimize food costs, get less office space and also hire contract workers. These things will help enable any business to keep their costs to a minimum and conserve their funds for expansion and improving your product.

Employee Retention

One of the best ways to save money for a business is to focus on employee retention. Since each employee costs a considerable amount of money, it is essential to keep them with the company on a long-term basis. In order to do this, it will help to provide incentives such as bonuses as well as good working conditions. You will also want to pay each employee a fair market value salary so that they are getting the compensation that they seek. As a business, it will also help to offer them generous benefits as well as health insurance, dental insurance, a 401K plan and even vacation time.

Office Supplies

Another way to save money for your business is to be smart about the office supplies you use on a daily basis. One of the best ways to get inexpensive office supplies is to get them in bulk. By getting these items in bulk, they will last longer and give your business more time to use them. A company will also want to consider going to retailers that sell office supplies at discount prices and also take advantage of occasional sales. By taking advantage of these options, your costs of office supplies will be much less.

Printing

Along similar lines as general office supplies, printing documents and marketing materials can be quite costly, so monitor your office’s printing habits. In order to do this, you will want to conserve both toner ink and paper. Can you print double-sided documents? Can you print in “draft” mode rather than full-quality? Print out documents and promotional materials that you need, but consider switching to digital documents wherever possible. You will also want to look into discounts on printer ink and a more efficient “smart” printer.

Utilities

How much do you spend on electricity, heat, and water for your office? If you’re like most, you probably just flinched. It takes a lot of these resources to keep things like computers and printers running and to keep your employees comfortable. And if your office has high ceilings or is a fairly large space, your office electric bill is probably higher than what you pay for your house’s utilities. Fortunately there are many energy-efficient ways to cut down on utility use while also being environmentally-friendly. Smart thermostats, smart lighting, solar panels, automatic shutdown sockets, and smart water management can all make a big difference in the check that you write to your utility company.

Office Space

One of the best ways to save money as a small business is not to pay for office space that you don’t use or need. Rent is expensive, so anything you can do to minimize this monthly expenditure will add up fast. Definitely consider the different kinds of rooms that you actually need for the size of your business; there’s a difference between meeting rooms and conference rooms, for instance. If you need to expand, consider outsourcing rather than hiring more employees. If you’ve had to downsize, move into a smaller office. If you have an extra conference room, consider renting it out.

Contract

Whenever a business is looking to save money, contracts are another thing to consider. With a contract, a business can have a legal promise of getting paid for service rendered as well as agreeing to work with a particular vendor. This will help with ensuring a commitment between multiple parties and ensure that payments are made on time. As well as contracts, hiring contract workers can also save money for a business. These individuals will not require a company to pay payroll taxes as well as benefits. As a result, a business will have more money available to use for other things.

Accounts Receivable

Use a form of mobile payment systems and invoicing services in order to save on overhead for chasing down the money owed to your company. Most people are constantly immersed in their phones these days and if the reminder to pay you isn’t on their phone, it rarely gets done on time. With mobile financial services, you can text your customer reminders and directly send them secure bills with their reminders. It takes 90 seconds, on average, for a person to respond to a text message which means, it becomes easier for them to pay their bill to you. This reduces the time needed to constantly call and follow up on unpaid invoices and increases the likelihood that your customer or client will pay sooner if all they have to do is click on your text message instead of going to a whole new location to make the payment.

Saving money wherever possible is smart practice in business finance as well as personal finance. There are many ways to slim down your company expenditures on regular costs such as food, office supplies, and office space. By strategically cutting costs in critical areas, any business will be in the position to make more profit without making noticeable sacrifices.

Another way to save money in your business is to take advantage of free resources. Check out Chance + Confidence’s free business stuff here!

Resources: