Feb 02 2017

Let 2017 Be Successful For Your Business


Take your work on the road, how about that view!

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Whether you’re pursuing a side business or working full-time at your own company, to be successful, consider the value of outside help. Here are some ways others can help you grow your small business.

Support groups and masterminds

Link up with other entrepreneurs with similar goals, even if you’re not in the same industry. You can bounce ideas off one another, troubleshoot areas of concern, and have support from others who want to see you succeed.

In the same vein, you can contribute your knowledge and experience to others and help them along their way.

Support groups and masterminds might be free or have a paid membership. If there is a fee, check with your tax professional to see if it is a deductible expense for you.

For more reading, see 7 Reasons to Join a Mastermind Group on Forbes and How to Start and Run a Mastermind Group on Life Hack.

Mastermind meeting


Enlist the help of a business consultant

No matter if you’re a new start-up or if you have years of experience as an entrepreneur, consider hiring the services of a business consultant to help you find your feet. Perhaps your day-to-day operations could run more smoothly, or you’re trying to figure out your next step. Maybe you need some help identifying achievable long-term goals and the steps it will take to get there.

A business consultant such as Trevor McClintock  can help guide you along the ins-and-outs of successfully running your business. Having an experienced pair of eyes looking at all aspects of your business can help reveal where you can improve and supply you with an action plan to achieve your goals.pexels-photo-30342


Outsource tasks where necessary

If you don’t have the time or skill to administer certain tasks (taxes, marketing, accounts payable/receivable), consider outsourcing. Hiring a CPA or Enrolled Agent can help you navigate the tax impact of various business decisions and identify new ways to reduce your tax burden. Rather than taking on these areas yourself and potentially making mistakes or taking away from your valuable time, you could focus your efforts on tasks that are actively building your business.

Maintaining a web presence is often a high priority for many businesses. If updating your site’s Facebook or Twitter pages or sending out email newsletters aren’t your strong suit, consider hiring these tasks out to a marketing company. You may already know someone in your network who runs their own marketing business — reach out to your mastermind to get leads.

In sum

Working for yourself can be a gamble, but it really pays off if you are successful. Enlisting the help of others can help guide you along your journey. Reach out to your support group or mastermind, outsource tasks, or meet with a business consultant (or a combination of all three!) to better meet your goals.

Even when you’re a sole proprietor, if you surround yourself with the right kind of support, you’ll have a wealth of resources available and will never be alone.

surround yourself with support

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Jan 19 2017

Ways to avoid turnover in a rental business

My posts may contain affiliate links.
The following is a contribution from site partners.

If you are a landlord, then you know that turnover is an expensive issue, one which should be avoided as much as possible.  Of course, renters come and go over time, but there are ways you can minimize the risk or frequency of it happening.  Below are ways to avoid turnover in your rental business.

Keep in Touch With Your Tenants

One of the best ways to prevent turnover is to keep in touch with your tenants.  Just like a good manager at a restaurant, a good landlord will check in with tenants to make sure they are enjoying their time and if they need assistance with anything.  When was the last time you went to a restaurant and the restaurant manager stopped by?  You may remember him or her wanting to know if you loved the food, the wine, and perhaps you need more napkins.  They see what you need before you need it, and offer their help.  

Likewise, a landlord should send a short and sweet email every so often to make sure they are happy.  Not all tenants will be outspoken about what they need.  On the other hand, it is possible that your tenant has a small list of things they need fixed or complaints about the neighbors, but they have never made the time to bring it up to you.  Make sure you let them know that you are available if they need assistance.  Your hospitality will keep them happy and make an impression that you care about their well-being.  You never know—your involvement can be the difference between them leaving or staying when the lease ends.

Keep up with Maintenance

If you are aware of any maintenance issues, be prompt about fixing them.  Be aware of any preexisting conditions of your rental that may need frequent inspection, and let your tenants know if you need to check on the state of that condition.  Be sure that your tenant is aware if this is a reality of the property, and allow them ample notice when you need to stop by.  

In addition, if your tenant notifies you of a broken fixture or appliance, make sure you repair it quickly.  It may be wise to have a network of plumbers, carpet cleaners, installers, and repair people available so that you can take care of these issues immediately.  Alternatively, you may be able to make repairs yourself.  If this is the case, you still need to be timely and invest appropriately so that your tenants know you care about their experience.

Update Amenities

Near the end of the lease, you may want to update an amenity such as windows.  Tell this to your tenants and they may be encouraged to stay.  Some tenants are always looking for the next best thing at the end of their leases, so it is best to let them know that you are always trying to improve the grounds, even in a small way.  Depending on the upgrade or renovation you are proposing, you may also have the opportunity to raise the rent to make up for costs.  This is something to consider when researching rent price and updating as needed to make your rental competitive.

Ask Questions to Potential Candidates

Before the candidates even move in, you should ask them questions when they visit the property for a showing.  If they are serious about applying, that may be the perfect time to get to know their future intentions before they turn in their papers.  Find out why they are moving and how quickly they want to move in.  Chances are that if they are looking to move quickly, they may have run into trouble.  It is possible they were evicted or that they foreclosed on a home.  

While this is not always grounds to reject a tenant, it is something to consider when looking for a long-term tenant.  While there are no guarantees, you will get a sense as to the reliability of your tenants fulfilling the lease.  Be confident in your decision after you run a credit check, check their criminal history, and any indication of eviction.  

Keeping tenants is easy with these simple rules. When you have a great tenant, make sure they stay by offering competitive rent prices, providing great service, and making your property enticing.

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Hey! I'm Kacie, wife and mother of 3. I write about my family's finance: how we save money, improve our spending, and plan for the future.

I hope I can inspire and encourage you to improve your situation. See disclosure.

I'm adopting a much slower-paced posting schedule, and treating this as a hobby blog now.

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