To the website all about self-employment and online business
To the website all about self-employment and online business
The widespread use of the internet has opened the door to just about everyone in creating their own online business. No need to have a major investment in a bricks and mortar storefront. You can start your own business and work for yourself with very little upfront investment. Let us show you how!
What to do in Case of a Late Rent Payment Late payments are a constant in Property Management. There are a couple of things you can do upfront to avoid late rent payments from your tenants. The most important thing you need is a late rent fee policy. This late fee should be uncomfortable but not totally unreasonable. If the dollar amount is too high, a judge will ultimately throw it out in court. Most property management companies don’t want to make it too easy for tenants to pay rent late. At one point, we started with a very low late fee and then raised the dollar amount with each day the rent was late. We found a lot of tenants continued to be one or two days late with their rent because they knew how many days they could afford to be late. We changed the policy to make the late fee high enough that our tenants have an incentive to pay the rent on time. We have also shortened the amount of time that late rents accrue, so even being one day late has become more expensive. Have a Collections Policy You also need to adopt a sound collections policy. You can call someone about the late rent, but that does not always work because people will purposely avoid your phone calls when they know you are calling about late rent. Our process starts with a phone call and then follows up with an email. The email escalates in its urgency and wording. The first email might be a nice reminder that rent is due and we have not received it yet. Then, we get more serious and remind the tenants that the rent needs to be paid or there will be repercussions. Give a 3 Day Notice It is always possible to issue a 3 Day Notice. We like to give the tenants the chance to bring in rent, but we don’t want to give them so much time that they live in the property for free while we begin the process of filing a 3 Day Notice. Sending the notice to tenants will often get their attention. Even if they do not understand the full legal requirements of the 3 Day Notice, they tend to get scared and bring in their rent. Keep Track Finally, we always keep track of the reasons we get for late rent. This helps us notice repeat offenders and the excuses they make. Our accounting department tracks all of this information, and we have found the same tenants are paying late again and again. Reasons are usually the same as well, so by tracking this information we can politely explain to the tenant that certain issues seem to be preventing the timely payment of rent more than once. It works for us and it helps us ensure our property owners are not taken advantage of. If you have any further questions on how to avoid late rent payments, please contact us, […]
Starting a New Business Many people dream of owning their own business and working from home or their own personal office. When individuals go out to start a new business, they quickly find out how expensive of a process starting a business can be. Some options that are commonly looked at when evaluating how to be your own boss are: Franchise Opportunities Franchise opportunities range dramatically in start up prices from McDonald’s to a Jani King franchise. Most franchise businesses will require some level of initial investments ranging from $5,000 to $500,000 depending on who you are looking at. In addition to your initial investment, the mother franchise company will take a small percentage of your overall sales. In most instances, you will also buy your products and advertising from the franchise company. Retail Establishments Retail establishments have always been a good option for new businesses, but with the world of the internet, it has become a little more challenging. People today are less likely to walk into a bricks and mortar store for a major purchase as they will shop online. Small boutique retail shops dont just have to compete with the internet stores, but the large big-box retail outlets such as Walmart. On the other hand, if you have a passion for something specific and its not sold in big boxes and its something that may need some level of counseling to the buyer, it can still work. Restaurants If you love to cook and you dont mind working ALOT, a restaurant is always a good option. Acquiring the physical building in a good location can become expensive. In addition to the costs of the new building (whether it be a lease or a purchase) you will need to purchase the amenities of the restaurant such as tables, chairs, freezers and so on. Lastly, you will need to pass inspection of the local health inspectors office which can be a very stressful process in itself. Restaurants, are one of the most common start ups to go out of business in the first two years of operation. Construction Companies If you are good with your hands and have the tools, starting a small construction company is one of the most common small business around. To properly start a construction company you will need to be licensed and bonded as well as be able to sell yourself. Many people look at the construction industry as simply building stuff, but you need to GET the contract from someone before you can build anything. Lastly, getting paid can be challenging for some new construction businesses. Be prepared to understand the ins and outs of placing a construction lean on a property if you client doesnt pay. Becoming a Real Estate Agent Becoming a real estate agent is one of the least expensive options for becoming your own boss. The barrier or entry is relativity low and the payoff can be very high. If you are a social persona and know everyone, this […]
Bringing Your Business Online By today’s standards, its extremely challenging to show that you are a legitimate business without having some sort of on-line presence. Many people think that you only need a professional website if you are selling something on the web. This is no longer the case. As a matter of fact, the majority of websites currently on the web are NOT e-commerce style websites. They are not directly selling anything. Branding Your Business Today, people are leveraging their websites to provide branding for growing their business. Simply the ability to have a potential client Google your business name, and having a controlled result, is extremely important. Your website is now the place to explain your value proposition and explain why a someone should use your product or service. Your website should stay consistent with your companies branding, with your company colors and logo as well as a solid, well written “about us” page where you really have a chance to define your company. Social Media Social media has taken the world by storm. Regardless if you find any value in common communication on social media outlets, it is all but guaranteed your customers do. It has been proven that most people today would do business with a company that has been recommended on social media before they would be swayed by even the most produced and professional commercial or professional advertisement. That means that not only should your business have accounts on all of the major social media platforms, but you should monitor social media to see if your company is being mentioned. This can be a powerful tool for finding a past client that may have had a bad experience and turning them into a life-long client. Combining Social Media With Your Website Social media and your company website should go hand in hand. Not only should your social media accounts promote your website, but your website should let your customers share content from your site as well as follow you. If you find yourself creating new content and posting it on your website, its very important to also share that content on all social media accounts. This gets your blog post read by potential clients and drives traffic to your website. Automate Your Social Media Since staying active on social media accounts can be a very time consuming thing, you may choose to look into automating your social media accounts. There are multiple services that let you stack and schedule your social media posts, so you can devote an hour or two a week, get everything loaded and scheduled and let the posts flow out at predetermined times. One of my favorite products for scheduling and automating social media is Buffer. Buffer has options for a free account as well as paid versions if you need to schedule more posts or have a multitude of accounts. Search Engine Optimization One important aspect of bringing your business online is the ability for your new website […]