There are a few key considerations when launching an insurance startup and focusing on these areas should improve your chances. So, if you plan to launch a new business anytime soon, here are a few main areas to focus on.

Go Over The Basics Several Times

The basics in starting a business, no matter the sector, is forming a solid plan. The business plan is a key document that can make all the difference in the early stages of your startup. This is a document that allows you to outline your vision and show what steps need to be taken early on to find success. A business plan will also be key for securing funding and bringing on any stakeholders. You will want to ensure you have covered every basis with it so that nothing puts you at risk of failing to get the funding you need.

Beyond a business plan, you will also need the right authorisations, particularly from the Financial Conduct Authority (FCA), as you will, if your business is successful, be advising, selling, or arranging insurance. Read their handbook and apply for a license.

Securing Funding

You need to have enough money to get the business up and running, and you need to make sure that you will not run out before you have had a chance to find success. Therefore, you need to calculate your startup and ongoing costs and then find a funding solution, whether this is an investor, crowdfunding, or a bank loan (or a combination). Consider the cost of office space, employees, training, and more.

Office Space

You also need to consider the best option for a business location. At a time when remote and hybrid work is on the rise, you might find it best to avoid a long-term lease on a private office space (this is also a major cost). Instead, you could look into a more flexible option by renting a fully serviced office space that you can use as and when you need. You can find offices in desirable and easily accessible areas, such as St Albans office space that will give you everything that you need to work to a high standard each day. This is also a good location as somewhere is close to the capital but quieter and more affordable.

Secure Your Own Business Insurance

You may be starting your own insurance company, but that doesn’t mean you don’t need your own form of protection in case something goes wrong. It is important that you have sufficient business insurance in place from day one. For startups and small businesses, there are many threats that could ruin your business before you have had a chance to succeed.

Recruitment

You need to work out your staffing requirements and take the time to build a talented, committed and complementary team that will boost your chances of success. If you want to keep costs down, then there are many tasks that can be outsourced. It may benefit you to do this at the beginning and slowly introduce staff in-house, but this entirely depends on your financial situation.

These are a few key areas to focus on when starting a new business that should help you find success.

The post Key Considerations When Launching An Insurance Startup first appeared on Economic Journal.

Finding the perfect business co-founder, with like-minded beliefs and faith in the business concept can be a minefield! Where do you even begin to forge a new relationship based on a new business start-up concept?

Well, this post will provide all you need to know including what a co-founder is and the role they may play within the business, how to find the perfect co-founder, as well as analysing if joining forces with a co-founder is right for you and your business.

We will also be discussing other alternative funding options that could enable your business to get going.

What is a Co-Founder?

A co-founder is a person or group of people that start a business together or enter the business during a development phase. A co-founder is a separate entity from the businesses’ founder, however, alongside sharing the equity, they also share the risk of the business and the responsibilities of the decision-making.

Investor co-founders are often entrepreneurs themselves and can have other business commitments, but they usually have a lot of knowledge to share. The background of a co-founder can be from the industry that the business is attempting to launch in or an expert in a specific area such as lawyer, accountant, or technology.

Would Having a Co-Founder be Right for Your Business?

Deciding to seek a co-founder and release a proportion of the company’s equity is a big decision! However, the alternative of setting up the business as a solo entrepreneur also comes with its challenges, for example, do you have enough knowledge of all remits of the business to make a success of the venture?

According to Fundsquire, 20% of new businesses fail in their first year and 60% fail within their first three years of business.

With such a high failure rate, business owners should consider the level of risks involved with new start-ups and the best methods to minimise these. There are many reasons that a business could fail; due to the product itself, the market conditions, the management of the company or poor profit margins.

Obviously, there are many steps of business development to be undertaken before the success or failure of a business can be decided, from product design and development, through to manufacturer and launch, that the business would need to navigate through with or without a co-founder.

How to Find a Co-Founder

If an entrepreneur decides that seeking a co-founder is the right thing for their business, firstly, it should be decided what attributes are most desirable for the business.

In order to do so, complete an assessment of which skill sets the current business owners or the sole trader is missing, therefore shortlisting the ideal contributions from a new co-founder in order to balance the skill set.

Of course, financial assistance is required to enable the project to move forward, however other elements of business would also need to be met such as sales, marketing or overall business skills including strategy and business development, therefore making a shortlist of desirable skills is important to identify.

Next, the business idea must be completely finalised with business plans and cash flows drafted in order to successfully pitch the idea to shortlisted potential co-founders.Once the skill set of a desirable co-founder has been identified and the business idea completed, the next step is to seek out the ideal person either from your current contacts or by expanding your network.

Ask yourself where the desired type of person would base themselves, socialise or visit, in order to cross paths with them and hopefully arrange a meeting to pitch your idea. Methods of doing so may include attending start-up events or networking with people within the sector that you are seeking out.

If such research does not provide any leads, expand your network wider, seek recommendations of contacts from friends and family or possibly explore appointment setter services.

Ben Price, co-founder of boiler installation company Heatable.co.uk provided his insights:

“Should an ideal co-founder be found however they are tied up on other projects, discuss consultancy opportunities in order to benefit from their expertise without their full commitment.”

He added:

“Another option would be to recruit for the skills needed while the hunt for a perfect, trustworthy, co-founder continues in order to make progress with the business in the short term.”

Recruitment could be undertaken on a permanent or a short-term contract basis via sites such as LinkedIn or Upwork.

You never know, it may transpire that any successful recruitment develops into the onboarding of a co-founder later on.

What Other Finance Options are there to Start a New Business?

There are a range of alternative finance options available other than funding a co-founder should a new businessman or woman wish to seek a different solution including:

• Business loans or Overdrafts

Business loans are available from a range of lenders including high street lenders, even for new business concepts if the applicant can meet the criteria, typically involving: a minimum age of 18 years old, the applicant is a UK resident, the business will be based within the UK and have the necessary documentation ready for the lender to review including business plans, cash flow forecasts, and projections. If the business is not quite at this stage of development, with the necessary information in order to make an application, short-term borrowing such as the use of overdrafts may be useful for the initial stages of getting a business ready for seeking further funding.

• Crowdfunding

Crowdfunding is a type of funding sourced by the general public, often via the use of a website promoting the new concept. There are often two types of crowdfunding as follows; stake offered within the business in return for funding or simply borrowing the funds. Crowdfunding can be very successful especially if the business concept is new and unique.

• Government grants

From time to time there are Government grants available for entrepreneurs to apply for, depending on the economic climate and industry of the business idea, for example, research and development are often supported.

• Government Backed Loan

Currently, the UK Government is supporting start-ups by providing Government-backed loans between £500 and £25,000, along side business guidance such as assistance with business plans and mentoring.

This type of loan is an unsecured personal loan, repayable over a period of 1 to 5 years, with similar lending criteria as the business loan discussed above, although there is also an additional restriction that the business must have been trading for less than 2 years.  The current Government backed loan scheme for start-ups does not involve any application or early repayment fees, however the interest rate charged is 6% per annum. For further details on the start-up loans available, please check out the Government’s website.

Summary

In this post, we have been discussing why an entrepreneur may seek a co-founder in order to balance the necessary skill set to develop, launch and market a successful new product or service. We have also covered a range or recommended steps involved with finding a co-founder that is a right fit for your project.

In addition, we discussed a range of alternative financing options available to new business start-ups should either a co-founder is not favoured or in the situation where one cannot be found.

The post Tips to Finding Your Perfect Co-Founder first appeared on Economic Journal.

Stay Savvy about Latest Trends

The most important thing for anyone running an operation at home is to not get left behind. Don’t fall at the first hurdle and try to keep up with the competition to the best of your ability. While time is always scarce, try to schedule dedicated portions of the working week to acquire recent industry knowledge, and find out about the latest tech trends. For example, read more at lenovo.com about the innovative leaps with regard to Intel Arc graphics.

Define Your Space

The most productive workdays are supported by a dedicated workspace. Therefore, make it a number one priority to define this space. Fill it with all the necessary equipment to make the work agenda as smooth sailing as possible. For inspiration, browse the list of recommendations below.

• A desk complemented by an ergonomic style work chair.
• A durable PC or laptop device to support the required software.
• A dedicated business line or email for clients.
• A noticeboard/whiteboard.
• An office plant.

Create Your Brand

When you create your brand, you are defining your business and showcasing your potential to future customers. Companies need a voice, an image, and a clear, unique name. This can be something as simple as your own name followed by your profession, or it can be a big eye-catcher. Looking professional and exuding personality is key and that is what all these notions gear towards. Customers are more likely to return to a company if they feel a personal connection, and this is only achievable when there is a story to be seen and a brand to connect with.

Learn How to Market Your Potential

Many new starters fail to build their client lists. This happens for many reasons, the prime example being a lack of online presence. Having a website can increase your sales or potential links more than paper advertising. Search engines have all sorts of clever tricks that you can tap into to enable you to climb up the rankings and advertise services in more direct channels. There is a whole virtual world of opportunity, and every new business should make it their priority to get online. This could be through a website medium or a social media profile; either one is effective.

Conclusion

If you’ve gotten to the point of beginning your business, there is likely to be a solid idea already in place. Keep the momentum going, and nurture your vision with supportive equipment, mindful space, and by always being open to learning.

The post 4 Tips for Kickstarting Your Creative Design Career at Home first appeared on Economic Journal.

Read on for important steps when commencing your work-from-home business.

1. Create a Concept

Generating a profitable idea is the first phase in beginning your work. At this initial stage, it is fundamental to work with an experienced small business accountant like Howlader & co.

Ensure you develop a business idea that appeals to you and your potential customers and fills a gap in the market. Is there a problem you keep running into that you wish someone would fix?

Consider the companies already in existence and consider how you could enhance what they are already doing. A unique concept will help you scale up the market’s ranks.

2. Plan Your Work

Develop a work plan to function as your motivation and define your objectives. It will give you clarity as you get going and will be helpful if you decide to later apply for small business finance. You can write a summary that solely covers your occupation’s key elements.

If you need branded invoices to give a professional touch to your business, an invoice template will be the best and most affordable option.

3. Decide On the Legal Framework for Your Occupation

Making the right legal decision is crucial before starting any business. For instance, a single proprietorship can be the best option if you want the least level of interference. With this business structure, you have total control over every decision because no executive board or partner is involved in management.

Remember that there is no legal distinction between you and the firm; you are liable for any liabilities and legal actions it faces.

4. Open a Bank Account

You should open a bank account to ensure your savings are secured. The type of bank account you create depends on your interests, work plan and short or long-term goals. It is crucial since it distinguishes between your personal and company finances. If it is a company, open an account once your legal business structure has been formed.

5. Have Adequate Information on Insurance

Ensure you have the right insurance first. Running a business involves numerous risks, such as litigation, data breaches and business interruption. Asking an insurance agent for advice on what policies are best for your work-from-home business is a good idea.

6. Engage Professional Personnel

Most individuals find filing taxes complex, and having an occupation or a small business makes the process more necessary. Hiring or outsourcing the services of a financial advisor and an accountant is crucial. Seek guidance on how to set up payroll, establish your business and keep track of your spending and investments.

7. Verify Any Applicable Laws

It is wise to research local and state regulations when establishing your work-from-home business. A business license or work permit may be necessary for some states, and you risk legal repercussions if you do not comply. You might need to research local zoning restrictions depending on the work or business you intend to establish.

8. Analyze Your Concept

It is time to put your work idea to the test, which calls for you to concentrate on generating some revenue. After all, profitability is the standard by which success is judged. Partnering with established businesses can help you gain exposure and expand quickly.

Whatever approach you choose to use, be ready to make changes as you go. The most crucial factor is developing a suitable solution that meets your clients’ demands.

The post 8 Essential Steps to Starting Your Work from Home Business first appeared on Economic Journal.

In business, the customer is always king. Organisations must know their customers and prospects to attract and keep them. Apart from providing the best experience, companies must be present and reachable through omnichannel platforms to hook and maintain customers.

Omnichannel customer experience means prospects and clients can interact with a business across all touchpoints and in a seamless manner. To this end, all efforts and contact channels must sync to provide customer convenience. For instance, a contact centre as a service solution or CCaaS software should enable buyers to contact company representatives before they purchase and complete their buying journey without any hitches, like opening and closing multiple applications. Ease of contact and transaction encourages customers to return for more—making an omnichannel investment worthwhile.

This article discusses the importance of implementing an omnichannel strategy and the most critical elements to consider in formulating a plan.

The importance of an omnichannel strategy

A 2017 Harvard Business Review (HBR) study on the impact of omnichannel strategies on retail buyers revealed that over 73% of customers shopped across multiple channels, while 20% preferred buying in-store, and 7% exclusively shopped online. Further research found that omnichannel clients spend more than single-channel customers by about 10%.

These HBR-backed studies confirm that being present and reachable across all channels can enhance customer experience and increase sales. Conversely, when a prospect or client can’t reach the company to find answers and solutions to their issues, they aren’t likely to push through with the purchase. This brings us to the first element to consider in creating customer experience across all channels.

1. Understand your customers

Investment. Before choosing the best solution, a company should have reliable customer data to ensure optimal results. Formulating an omnichannel customer experience demands that you know what the clients want, when and on which channel they prefer to reach you and how they want to access or receive such a service.

Study the client demographics and get insights into their behaviour and preferences through built-in data analytics, surveys and other means. For instance, companies targeting the younger population must prioritise online channels, including social media, to engage with their audience.

2. Don’t forget traditional channels

While online platforms often work well with younger people, some customers still prefer the voice channel and calls with agents. Consider a balanced approach to traditional customer touchpoints to expand business reach, and address customer needs more effectively. Train your staff to be helpful with in-store customers and callers interested in your offers.

3. Provide seamless connections across all platforms

An omnichannel can boost a company’s marketing and sales strategies, but only if you use the right tools and approach. Several contact points are available to businesses, including live web chat which is often integrated into the website. Video calls also offer one of the better solutions, especially in cases wherein a customer needs immediate personalised support.

Meanwhile, others are content with communicating through e-mail channels or social media chat messaging services. Regardless of the audience’s preference, a business must ensure an omnichannel presence and easy access across all channels.

The simple act of making a company website easy to navigate and mobile-friendly can improve customer experience and boost engagement. A survey discovered that up to 52% of clients weren’t keen on engaging with a company that doesn’t provide seamless mobile experience.

4. Push for personalised customer service

Customers will likely engage with and purchase from a brand that makes them feel valued and heard.

Enhancing customer experience takes more than knowing a customer’s details. Ensuring that all your information, for instance, those in the customer relationship management (CRM) app, is accessible to all key players helps provide personalised customer service.

Making information accessible enables members of different teams to adopt the right approach and provide efficient service to customers. Impeccable service is the foundation of customer loyalty, and personalised service is at the core of a solid customer experience.

5. Offer the best experience from start to finish

One of the pitfalls of other companies is failing to sustain a customer’s seamless experience after a sale. One of the common issues in shopping for retail items online is with regard to return policies. Any client would likely ask for a replacement and seek after-sales support to fix issues with a product.

Suppose your reps aren’t around during this critical stage. In that case, you might end up with a disgruntled customer giving your company a negative rating and potentially damaging your reputation across all channels. Issues like this can easily be averted with after-sales support integrated into the omnichannel strategy.

Conclusion

Formulating an omnichannel customer experience considers a client’s experience before and after an actual sale. The client’s preferences and convenience must also be of paramount consideration.

As customers’ needs and preferences change over time, your omnichannel strategy might not be as relevant in the coming years as it is today. For this reason, it’s essential to regularly revisit and review your customer’s journey and assess whether your strategy is working and how else your company can improve in providing the best customer experience.

References

1. Sopadjieva, E. Dholakia, U. and Benjamin, B. 03 January 2017. A Study of 46,000  Shoppers Shows That Omnichannel Retailing Works. www.harvardbusinessreview.com. https://hbr.org/2017/01/a-study-of-46000-shoppers-shows-that-omnichannel-retailing-works. Accessed 12 July 2022  
2. Lead Genera. Undated. 5 Ways to Improve Omni-Channel Customer Experience. www.leadgenera.com. https://leadgenera.com/knowledge-hub/marketing/5-ways-to-improve-omnichannel-customer-experience/. Accessed 12 July 2022
3. Lemzy, A. 08 February 2021. Omni-channel Customer Service Best Practices. www. Superoffice.com. https://www.superoffice.com/blog/omni-channel-customer-service/. Accessed 12 July 2022
4. Boing, B. and Friberg, M. Novermber 2019. 7 ways to improve your omnichannel customer experience. www.thinkwithgoogle.com. https://www.thinkwithgoogle.com/intl/en-154/consumer-insights/consumer-journey/7-ways-improve-your-omnichannel-customer-experience/. Accessed 12 July 2022

The post 5 Tips To Create An Omnichannel Customer Experience first appeared on Economic Journal.

If you’re a first-time contractor, you’re likely to get some aspects of the business wrong while you figure out what you are doing. However, you’ll quickly learn what you need to do to make it more profitable, viable and sustainable for you moving forward.

Here’s how:

• Use the right technology 

Technology has become a crucial part of every industry, including construction. Any business that isn’t utilizing this to its advantage is missing out. Management software from companies such as Jobber are developed with the sole purpose of helping you to schedule your team better and manage jobs quickly and easily. The software will help you connect with your team and provide any information they need to help them complete projects in time. (1)

Take the next step and set up a business website, too. A website will give you an online presence, which is important since that’s where most clients look for services today. It should contain information about your business such as contact information, testimonials, FAQs, and an informational blog section. The website can also serve as a customer service portal if you want it to. (2)

With the right technology, you are at a distinct advantage of staying ahead of the competition and winning more jobs. And with more jobs, comes more revenue and more profits.

• Set profit targets 

One of the major reasons a construction business fails is the lack of a target profit in each financial year. Without one, costs and revenue aren’t tracked and money is lost in the process.

First start by defining your overhead costs. This includes the labor and material costs, equipment, transportation, rent, taxes, and all other expenses incurred by the business. (2) After determining your costs, you need to set a baseline profit goal. It’s advisable to aim for about 15% in gross profits. This means that your business will still have a high net profit. When you have a profit baseline, you can then calculate the markup cost, allowing you to determine how much you’ll charge each client to maintain profitability from the jobs you take. The Jobber Academy is a great resource to use for working out how to calculate profit margins to ensure your business is operating at your target profit levels. (2)

• Network to win more jobs 

The saying ‘your network is your net worth’ is true in the construction industry. For your company to win more jobs, word has to reach the community about your services. First, you can join a local chapter of trade associations. This will help you connect with more experienced contractors who can help you on how to bid for jobs and how to set reasonable prices that’ll generate more profits while still attracting clients. (3)

Another excellent networking tip is to be involved in community activities. For example, you can sponsor a team in the local league, fundraise for a charity event, or participate in any non-profit event. This will help build your brand as more people will interact and engage with it. (4)

• Maintain your equipment 

Running a construction business means having a wide range of equipment. This includes heavy construction equipment as well as management software. The equipment can cost a lot of money, which impacts your revenue. Therefore, take care to look after it to avoid having to purchase it again new. Spending more of your resources, such as time and money replacing damaged equipment, also affects your business operations. (4)

Learning how to maintain your equipment and ensuring that your team always have everything they need helps them to be more productive. Renting equipment might be a good option for you if you don’t have the set up capital to begin with. (4)

Conclusion 

Running a successful and profitable business within construction is highly complex, especially if you’re just starting up. First, you need to understand how to price your jobs, what equipment to buy, how to bid for jobs, and then how you’re going to complete the projects you’ve agreed. While it may be challenging, it doesn’t mean it’s impossible. You can use the tips discussed in this article to ensure that you operate to an acceptable level of profitability.

References

1. “CONSTRUCTION MANAGEMENT SOFTWARE FOR BUILDERS AND CONTRACTORS”, Source: https://getjobber.com/industries/construction-management-software/ 
2. “Strategies to Increase Your Construction Business Revenue”, Source: https://articles.bplans.com/strategies-to-increase-construction-business-revenue/ 
3. “12 Tips to Grow Your Construction Business”, Source: https://www.constructconnect.com/blog/12-tips-grow-construction-business 
4. “How to Make Your Construction Business More Profitable”, Source: https://www.archi-ninja.com/how-to-make-your-construction-business-more-profitable/ 

The post How To Make Your Construction Start-up More Profitable first appeared on Economic Journal.

A good boarding business will ensure a dog is properly fed, has enough space and access to a comfortable sleeping area, enjoys at least one walk a day and is given toys to play with.

Why now is a good time to start a dog boarding business

Owning a dog is now more popular than ever and statistics show that more than half of UK households owned at least one pet in 2020-2021, with an estimated 12 million dogs living in homes. The dog population of the UK is one of the highest in Europe.

Many dog owners view their pets as part of the family and want them to have the best possible care whilst they’re away. Owners are often willing to pay more for the reassurance that their four-legged friend will be kept safe and happy whilst in boarding accommodation.

So, if you’re thinking of starting a boarding business to provide temporary, comfortable accommodation for dogs, now could be an ideal time.

What you need to consider

Whilst running a dog boarding facility can prove enjoyable and lucrative, there are many aspects to consider before starting your own business.

Skills

You’ll need to be able to look after and handle a variety of dog breeds, all with different temperaments, as well as be physically fit enough to manage walks and grooming tasks.

Managing employees and coordinating tasks is a big part of running any business and overseeing a dog boarding facility is no different. You’ll also need to be good with people to maintain a high reputation and provide an excellent service to dog owners.

Time

Running a dog boarding business takes up a lot of time, evenings and weekends included, so you need to be well prepared for this. You’ll also need to have management in place to cover any holidays you wish to take during the year, particularly as peak seasons are also likely to be the busiest for a dog boarding business.

Facility

Finding a suitable facility can be tricky. You’ll need to ensure you have appropriate accommodation and space for the dogs and their wellbeing can be maintained. Each kennel in the accommodation should have a sturdy door bolt to ensure the dogs are kept safe, especially at night.

Register the business and obtain a licence

You’ll need to make sure you register your business for tax purposes and take out the recommended insurance.

You can apply for a licence through the local council and you’ll need to prove you can meet the required conditions.

Qualifications

The Animal Activity Licensing standards states that anyone working in dog boarding, catteries, pet shops and dog daycares must be able to demonstrate clear knowledge and experience or a recognised Level 2 Ofqual qualification.

It’s worth chatting to other boarding owners to ask questions and get an idea of what it’s like to run a dog boarding business before you jump in. If you’ve not got much experience of looking after dogs, see if you can spend some time helping out at a boarding facility to get a feel of the work involved.

The post Starting a dog boarding business: What you need to know first appeared on Economic Journal.

Emily Newton is a manufacturing journalist who regularly covers the industry trends. She is also the Editor-in-Chief of Revolutionized. Subscribe to read more from Emily.

Gone are the days of early morning commutes and in-person meetings for many Americans. Despite the increase in COVID-19 vaccinations and the world slowly opening back up, Gallup reported that 7 in 10 white-collar workers in America are still working remotely halfway through 2021. While many remote workers are finding benefits to their new work environment from a lifestyle standpoint, several benefits to the environment are also coming along with it.

Many of these environmental benefits come naturally due to the decrease in daily commutes and other office life factors. However, there are still even more ways that workers at home can continue to decrease their carbon footprint by creating an eco-friendly home office with these sustainable office tips.

Power Off When Possible

When a worker is in the office, the thought of turning off your computer might come naturally to them as they are packing up to leave at the end of the day. But that thought might not be a part of the wrap-up routine when one is in the comfort of their own home. Little do they know just how much power is used if you leave your computer running 24/7.

The average computer has a power consumption of 200W per hour. That means if you leave your computer on for 24 hours, you are using 4,800W in a single day. That creates a significant impact when workers leave their computers active 24/7.

If saving the Earth wasn’t reason enough, leaving your computer running 24/7 can cost you over $200 on your energy bill over a year’s time. So practice eco-friendly habits and turn your computer off every chance you get. And yes, that includes lunch breaks and stretching breaks!

Maximize Natural Lighting

Another great tip for making your home office more eco-friendly is to make sure you are turning off your light switches whenever possible. And no, this doesn’t mean you have to show up to your Zoom meetings in the dark. Instead, if you can, find ways to maximize your natural light source.

A great way of doing this is positioning your desk right in front of a window that gets a lot of sunlight through it and opening your blinds all the way up during your work hours. Placing a large mirror where sunlight can reflect off of it is another great way to brighten up a room naturally.

If the natural lighting simply is not in your favor, consider swapping out your old lightbulbs for new LED ones. LED bulbs will not only help the environment, but they will also last longer, saving you money on your energy bills in the future. In addition to that, you can add indoor plants that require LED grow lights, which will not only help the environment but also provide you with a healthier work space.

 Reduce Your Amount of Waste

Those who work from home, on average, produce less paper waste than those who are working in an office. When working remotely, there is virtually no reason to be printing things out and using paper. On top of that, your computer cuts down on plastic waste by eliminating the need for pens, pencils, markers, and other plastic office supplies.

With the internet available at our fingertips, ditch the old paper routine and start saving all of your information, documents, and work forms on your computer in a safe place. Not only will this produce less waste and be better for the environment as a whole, but it’s also a great way to stay organized and makes it easier to access the information you need in the future. 

Purchase Environmentally Friendly Office Supplies and Furniture

When it comes to designing your office space, it’s essential to start by looking around your home for items and furniture that you already have and give them a second life. If you still need new office supplies and furniture, consider looking into more eco-friendly office options. As much as we love running to Target, Ikea, and other trendy furniture locations, to get cheap and easy-to-assemble furniture, consider ditching the fast furniture trends that will likely be out of style in the near future and start looking for more sustainable products.

Thrift stores can be a great starting point for the furniture search. All of their products are second-hand, so you won’t be adding any more waste into the environment through new manufacturing. Also, consider other second-hand shops such as eBay, Facebook Marketplace, and Craigslist.

If you find it challenging to find the perfect second-hand furniture item, at least consider looking into more sustainable pieces that will stand the test of time, won’t break easily, and won’t go out of style after a year.

Make the Change Today

It’s never too late to start making changes in your life for the benefit of the environment. Don’t let your office space be the one place you lag behind. Start the changes today in creating an eco-friendly home office! It doesn’t have to be difficult. Just remember these sustainable office tips and remember that little changes along the way will lead to big changes in our environment in the future!

The post 4 Ways to Make Your Home Office More Eco-Friendly first appeared on Economic Journal.

Buying A Premises

Before you decide to invest in buying business premises, you will need to find the most suitable property that meets all your business’s requirements. Therefore, you should consider all the aspects of property requirements from overall size to office layout, warehouse functionality, and everything in between. In addition, you will also need to consider that property maintenance will be your responsibility as a premises owner.

Therefore, you will need to consider professional services such as Roofline Design to assist with roofing maintenance and repairs, electrical maintenance services, and several others.

You should also consider the costs of ongoing maintenance, the likeliness that the property will accommodate business growth in the indefinite future, as well as your affordability to pay a monthly mortgage or part with the lump sum if you can.

In most cases, it is wise to buy premises if you moving your business in the future is unlikely as buying may be more sensible for stable companies. Your business may also benefit from tax advantages if you decide to buy, although the decision should not be a financial setback that holds your business back from growth in terms of profits. You will also need to account for business insurance as well as insurance for the premises as the owner. However, even when renting, you will still need business insurance to protect your assets.

Renting A Premises

Renting premises is a wise decision for startups and small-scale businesses. This is because a smaller business may later decide to move to larger premises or a different location that is more suitable. What’s more, it is often the more affordable solution for businesses that are not entirely stable in terms of growth and profits, as renting is less of a fixed decision.

However, there are a few benefits of renting. Because renting means you won’t have to worry about maintenance costs, it is a financially wise decision for startups and smaller companies.

However, there are also downfalls when renting, as you may find that paying a monthly mortgage is more affordable than paying a rental. Therefore, it is best to weigh out the financial factors before deciding that will benefit your business.

It is best to craft a detailed budget to determine your affordability when searching for rentals and consider the likeliness that your business might need to later relocate to another area for various reasons to decide which is best. However, neither decision is entirely wrong as buying may benefit some businesses financially, while others may benefit financially from the decision to rent premises instead.

The post Leasing vs. Buying Business Premises: Making The Best Decision For Your Business first appeared on Economic Journal.

Intellectual property rights are a common form of legal protection for the creators. IP laws have made some of the world’s most considerable contributions possible, especially in the economy. Countless businesses, companies, organisations, innovators, scientists, entrepreneurs rely on the enforcement of their patents or copyrights. Consumers are assured of high-quality when buying an IP-backed product.

IP rights are meant to encourage new creations, discoveries, and inventions that may promote economic growth. They incentivise a patent-holder to continue the production of things that may earn them money. It further promotes job opportunities and new tech. IP’s enable the world to improve and evolve faster.

Suppose you wish to register a new patent in your name. In that case, you must obtain the services of a competent intellectual property attorney.

Types of Intellectual Property Rights

1. Patents

A patent allows an inventor sole rights to make, sell, or outsource an invention. Patents are the most common forms of intellectual property rights. If anyone other than the inventor makes or sells the product, they can be legally held accountable. The inventor can also sell the patent or grant a license to a third party under a contract.
Following are the three categories of patents;

• Utility Patents: They protect the creation or improvement of a process, product, substance, or machine. For example, an infra-red scanner used for billing in a grocery store.
• Design Patents: They protect the design or blueprint for a useful product, instrument, machine, etc. For example, the design for an innovative microscopic camera.
• Plant Patents: They protect the new types of plants that are produced by cuttings or other asexual means. For example, the strain for a new kind of carrot that does not go bad quickly.

2. Trademark

Trademarks are also well-known for protecting intellectual property. It represents a distinct sign that allows consumers to identify a good or service provided by a company. Trademarks come in the form of a phrase, symbol, text, sound, smell, colour scheme, etc. Patents protect only one product or process. However, trademarks cover a whole class of products or processes developed by a single company or organisation.

The symbols for McDonald, Apple, Disney, Nike, Google, and Facebook are among the world’s most well-known trademarks. Even the lion’s roar at the start of Tom & Jerry cartoons is an MGM studios’ trademark.

3. Copyright

Copyright does not protect an idea. Instead, it covers the tangible forms of creation, including original work. Art, music, blueprints, architectural designs, applications, software codes –all of them are protected under copyright laws. Only the owner of a copyright has the right to produce, sell, publish, or profit from particular work.

Some companies hire authors, artists, musicians, and scientists after making them sign contracts stating all their creations are the company’s property. This way, only the company can reproduce or profit from the work, not the creator.

4. Trade Secret

Trade secrets refer to the business secrets that allow them to gain a competitive edge over their competitors in the market. Formulas, strategies, proprietary systems, and other confidential information fall under the category of trade secrets. Coca-cola’s secret blend for making their globally popular signature drink is considered one of the most well-known trade secrets.

The post 4 Types of Intellectual Property in the United States first appeared on Economic Journal.