5 Ways to Protect Client Privacy while Working From Home

By Jessica Suotmaa 0

During the COVID-19 global pandemic, many of us have begun working from home.  We have set up makeshift desks and home offices, prepared appropriate backgrounds for video conferences, and tried our best to focus with all the distractions of working from home.  Without giving you a breakdown of the many distractions and issues we face working from home, we want to help you.  We know that it can be difficult to protect the privacy of your customers and clients when at home. In this article, we’re sharing five ways you can better protect your customers’ right to privacy. By protecting their rights, you are also protecting your business.

1. Find a Safe Space

If you have documents with customer names, addresses, credit card numbers, or other private information, you’ll want to store them in a secure place.  It should be a lockable drawer, filing cabinet, or safe. It’s important that there is limited access to this lockable safe space, in that no other person can have access to it.

2. Stick to the Same Electronics

As a small business owner, you might mix business with pleasure when it comes to your electronics. You might use your phone to check emails and text clients, or you use your laptop both for watching videos and completing your work. Now that you’re at home, you might have additional devices at your disposal, such as the home computer with access to your personal printer. It might be tempting to jump around and use each device depending on what’s convenient, but please don’t. The reason is that it can be easy to forget to log out of secure websites with important client information. You might forget to securely remove and delete a document you had scanned to a communal computer, or saved in it for easier printer access.

If you leave client information “in the open” on a shared device, not only can other members of your household have access to it, but you increase the risk of losing that client information with a security breach, such as a virus or hacking.

3. Aim Your Screen

Just as you might guard your laptop screen when working in a public place, like a coffee shop, you should do the same at home.  Aim your screen so that no one can watch over your shoulder, and secure your device when you’re away from your desk.

4. Keep Conversations Between You

If you need to speak to a client via video conference or phone call, try to find a quiet place where you will not be overheard by other members of your household.  It might be tempting the home environment altogether, but then you risk neighbors and a random person overhearing your private conversation.

We find closets and cars safe for private conversations.

5. Hold Your Tongue

When you’re at work, you can talk to other people in your organization, especially team members and other stakeholders regarding your client or customer work.  However, when you’re at home, you might need to schedule a conference call to have that same feedback.  Instead, it might be easier to just turn around and tell your partner or other household member of your issue, but this could be in violation of your customer’s privacy.

Consider using a chat service for your team members so that you can discuss things immediately without having to wait for them to accept your conference call invitation.

 

We hope you’ll find our suggestions regarding privacy useful.  We know small businesses do not always have the resources for a private home office with all the amenities of the workplace. We also recognize that working from home full-time is not the same as taking work home over the weekend, or doing research late into the night.  Working remotely from home is a new normal that requires us to become aware of how we are doing it in order to protect our customers and our businesses.

If you have questions regarding protecting your client’s privacy, feel free to leave a comment or contact us for an email response.

Does your business act like a business?

By Jessica Suotmaa 0

Don’t say we didn’t warn you, but the implementation of new tax regulations may cause many business owners to lose their business deductions when their “business” is reduced to a mere hobby.  Budding entrepreneurs need to ensure their business is set up correctly. Meanwhile, existing business owners need take a magnifying glass to their business to ensure their businesses are both set up and run like a business. In this article we’ll outline the basics of what it means to own a business that’s correctly set up as a business, as well as what it means to act like a business.

1. Form a business entity

It’s more challenging to prove your small business isn’t a hobby if it’s not registered as it’s own entity.  Hire a professional to determine which business type would be most suitable before registering with your local government.

2. Create a professional website

Whatever your business may be, a professional website will help validate it for your customers.

3. Open a separate business account

Keeping your business and personal expenses separate will simplify your year-end bookkeeping—especially come tax time. Open a business bank account and credit line to ensure they’re separate.

4. Open a business email at a professional domain

Many of our clients already have separate business emails but at the same email server as their personal email.  To solidify your professional business image, and to ensure it’s security, open a new email account with a professional domain, such as your own company’s dot com.

5. Draft written contracts

Don’t allow your clients to weasel out of contracts or make last minute changes. Hold them accountable by drafting written contracts and requiring your clients to sign them prior to beginning work.

6. Provide invoices

After you’ve completed work, always invoice your clients, and ensure that the invoices match incoming payments.

7. Advertise your product or services

Even if you rely on word-of-mouth to obtain new customers, try listing your business with a business registry if advertising is out of your budget.  The purpose is to prove that your running your business with the intention making a profit, and advertising your product or services plays a large part in it.

In order to “act like a business” and deduct relates business expenses on your taxes, even the smallest side business must follow the above rules.  If you’re still a freelancer thinking about expanding to a full-fledged business, or want to be treated (taxes) as a business, then start right from the beginning and follow our tips to avoid issues years down the line.

4 Ways to Scrape Up Extra Funding for Your Business

By Lisa 0

Searching for additional funding for your business can feel like a business within itself. With so much information available, it can be overwhelmingly time-consuming to comb through it all to figure out which sources are credible and worth your time. Read on to learn four ways you can find extra funding for your business. 

1. Business Grants

Funding your business through business grants is an often-overlooked option. Grants are different from loans in that they do not have to be paid back, which can make them very appealing to some. However, applying for a grant can be a lengthy process of quantifying on paper why you are the best candidate for the grant.  In order to qualify for a grant, it’s best to hone your writing skills or hire a professional grant writer. 

It is also wise to search for grants on an ongoing basis rather than wait until you are desperate for money. Similar to school scholarships, grants come in all types and amounts, and each one is specific to the demographic it is meant for. When searching for grants, it is common to come across scams, so the best place to look for grants is on an official government website.

Resource: https://www.valuepenguin.com/small-business/small-business-grants 

2. Business Loans

Business loans can be a good source of funding for your business, but you should be careful. As a business owner, you need to know yourself well and decide if you are comfortable taking on debt that you may be personally responsible for.

One of the main reasons people apply for business loans is because they need the money to scale and have grown beyond their ability to fulfill orders. Always have your paperwork in order with your current data so that you can expedite your loan application process as soon as possible. Along with having a good credit score, you may have to meet additional requirements for having been in business for a certain length of time in addition to generating a certain level of revenue. 

Resource: https://sunwisecapital.com/bad-credit-loans/ 

3. Angel Investors

An angel investor is usually one person (as opposed to a hedge fund) who provides capital to businesses they believe in. While angel investors are wonderful to have, you cannot risk your business by depending on one. Finding an angel investor is as easy as searching the web, but the hard part is scheduling an opportunity to pitch to them and then nailing it.

Additionally, the financial blessings of angel investors often come with strings attached.  It is seldom free money. The terms of the investment vary for each situation. However, usually the investor becomes, at the very least, minimally involved in your business.

Think of an angel investor as similar to a hedge fund in the sense that you are beholden to the initially agreed-upon terms.   

Resource: https://donnagriffit.com/guides/the-ultimate-guide-on-how-to-find-an-investor-and-get-a-meeting/

Crowd-sourcing

Funding via crowd sourcing is not just for musicians and artists. Over the past decade, crowd-sourcing has become a respected avenue for acquiring business funding. Consider using government websites for crowd sourcing education in general, and then begin with Kickstarter as just one example of the format.

Resource: https://digital.gov/event/2019/04/09/federal-crowdsourcing-mobilize-citizen-scientists/ 

Now that you have a little more information about where you may be able to find additional money to fuel the needs of your growing business, go out there and get searching. 

Need more assistance setting up your new business? Consult Lum Law Group about legal complexities that might affect your business!

4 Assets That Can Help You Scale Your Startup

By Lisa 0

Just because you have a small-scale business operation doesn’t mean you have to forego a professional look and feel. In fact, securing a professional appearance is essential to the successes of all small businesses. Consider using these four assets to help your small business project a confident and high-level demeanor.

A Professional Phone Number

Voice over internet protocol (VOiP) is a technology that allows you to use broadband internet to make telephone calls. Using VoiP will provide you with cost savings and other advantages. One of the biggest advantages is that you can talk to your clients from anywhere in the world as long as you have an internet connection. VOiP services generally have excellent phone connections and can be bundled with other services such as voicemail, fax, caller identification, call forward, last number redial and more.

Small business owners may also consider purchasing a toll free line (subscription) to give your business further credibility.

A Professional Business Presence

Even if you’re operating out of your home, you can use a virtual office to direct mail to a real business address. The appearance of a physical business location will go a long way toward establishing the power of your brand.

Entrepreneurs have several choices in this matter. If you work completely on your own, you can share a co-working space with one or more individual. Many co-working spaces also offer mailing address only services for a fraction of the cost of having conference room and shared space access. Other options include setting up a virtual mailbox online that will provide you with a physical mailing address. Vitrual mailbox services provide alerts when it receives physical mail on your behalf,  allowing you to manage your mail online. 

A Powerful Web Presence

A website isn’t a luxury, it’s a necessity. However, these days it is not just enough to have a website.  You need a website that will help potential clients to identify your brand. A website with an attractive design, informational blog posts and other key elements will help establish your small business as a local authority in your industry.

A Loyal Network

You are your own biggest asset. What you know and how you keep your customers happy is, perhaps, the biggest factor in scaling your business. By providing the best possible products or services, you’ll keep customers happy.  By keeping in touch with your previous customers and bringing them back as repeat customers, you are forming a network around your small business.  Doing so can lead to word-of-mouth, or testimonial marketing, a recognized economical method of getting more customers.

Remember that every business was once a startup. The key to scaling it is to wisely use assets available to you, including your own talents. 

If you’re growing your business and need legal advice, we’re here to help! Contact us today to discuss how we can help you.

4 Characteristics of Wildly Successful Startups

By Lisa 0

If you’ve studied successful startups, you might think that what makes a startup take off or remain permanently grounded is just luck–or a fluke. While all startups are unique, and there’s no guaranteeing that one will be a success, there are certain characteristics of startups that help them succeed better. Here we list the characteristics that every successful startup needs to ensure they cover.

Location, Location, Location

Where you place your startup is of great importance. Entrepreneurs should take into account several factors, including the visibility of signage, rent, utilities, and the relative safety of the area. This isn’t just a matter of choosing the right neighborhood in your city. It’s also about choosing the right city. You want to make sure your startup is located in a city that will be conducive to its growth but not so competitive that it’ll be washed out. Even if your startup is based online, you still need to consider practices like choosing shorter domain names and having a worthwhile host.

Business Sense

A startup can really teach you about the ins and outs of running a business. However, while there’s plenty you’ll learn through trial and error, there’s plenty more that needs to be grasped before you open your doors. As a startup founder, you should have a thorough comprehension of basic budgeting, hiring needs, and marketing. Be sure to hire people who have at least some startup experience.

Pacing

The most successful startups didn’t start raking in mountains of cash overnight. They got to reach their impressive heights because of discipline. As much as you might long to be a smash right out of the gate, you need to work your way up the ladder of success. Make a multi-year plan of things you hope to accomplish by certain dates. This will help you know what to strive towards. Then you can follow the steps and check-in with yourself regularly. Remember, consistency is key!

A Strong Legal Foundation

You need to consider what sort of business you want your startup to function as. You could be an S-corp, which lets owners and workers share income easily but caps the number of allowable shareholders at 100. You could be an LLC, which allows business assets to be kept separate from personal ones in the event of financial hardship, but you’ll have to cover self-employment tax. You could be an LLP, which can be more cost-effective but are restricted by some states. You could also be a proprietorship, which gives you singular reins of your organization but which makes you culpable for any marks on the business. This is a decision you shouldn’t make lightly.

When creating a startup, entrepreneurs can get stuck on having the most innovative idea above all else. While that’s certainly important, they shouldn’t forget about basic standards to follow. All of these characteristics are common among successful startups because they are sensible and important when it comes to sustainability.

Before you go anywhere with your startup, you need to make sure that you have all your legal bases covered. Lum Law Group would be happy to answer your questions and help your new business get started!

 

Scheduling a Meeting for Your Startup? 3 Locations to Consider

By Lisa 0

Startups already have it tough without having to worry about where to meet–those coffee house meetings get expensive after a while. Entrepreneurs have enough on their plate, between gathering financial resources and pitching projects, to have to worry about what address to send people for the next meeting. If you have a startup, you understand all of the struggles that are prevalent in the early days of a business, and how much you need a place where you can come up with solutions to your problems quickly with your partners and employees. While you might not yet have an office space to hold your work meetings, there are plenty of places available for meetings. We’ve compiled a list of a few of the best ones below.  

Library

The public library is one of the best places to hold meetings for your startup. First of all, in many public libraries, you can reserve private rooms. Secondly and even more importantly, you have access to lots of information that you can either find in book format in the library or order from another one. You also have access to wi-fi and even computers if you don’t have enough. Another option is a university library, which will give you access to an even larger amount of resources, but a public library will suffice if you don’t have access to a university library. A couple of the few downsides of using a library as your meeting place is that your meeting location might change depending on the other events that the library is holding, and university libraries might have more restrictions on who they allow to use their resources.

Meeting Room

Reserving a meeting room at a conference center is another option. Like a library, you’ll have access to wi-fi, and you might even have access to their computers. This option is also great because they are used to having people use these spaces for the very purpose of holding meetings. A formal meeting room has access to business tools and technology as an added bonus. This option can be less than desirable, however, if you need to pay for it, and it won’t give you the same level of access to information that a library will give you.

Chamber of Commerce

Your local Chamber of Commerce might be a great place to hold a meeting. First of all, if you have a membership, a meeting room should be free. It will have wi-fi, and it also has rooms that are designed for work meetings. But you’ll need to check with your local Chamber of Commerce to find out which rooms are available and if there’s a fee if you aren’t already a member. There are also Chamber of Commerce membership benefits that could make it worth your while to join.
While you have a lot of hurdles to overcome as a new business, there are a lot of resources available. Check out your city, and then make a decision based on your needs.

For all your business law needs, get in contact with Lum Law Group and see how we can help!

Are attorneys' fees tax deductible?

By Jessica Suotmaa 0

Now that we’re deep into tax season after the 2017 tax reform (The Tax Cuts and Jobs Act of 2017), it’s a good time to review whether your attorneys’ fees are tax deductible.  Deducting legal fees on your tax return can help offset the high cost of hiring professional legal assistance, sometimes justifying the need for an attorney.  At Lum Law Group, we believe that proper legal advice should be readily available to even the smallest of businesses–at the right cost.  Helping our clients deduct their legal fees on their federal tax returns is just one of the ways we help our clients and potential clients save money.

 

Business Tax Deductions

The new tax laws do not prevent businesses from deducting necessary legal expenses.   Individual business owners, such as sole proprietors and single-member limited liability companies (LLC) or independent contractors can still list legal costs directly associated with their trade or business on Schedule C of the Form 1040 Individual Tax Return.  List the “ordinary and necessary” legal fees on Line 17 of your Schedule C.

Examples of “ordinary and necessary” deductible attorneys fees:

  • legal fees for negotiating, drafting, and reviewing contracts (“business expense”);
  • legal fees for researching and registering intellectual property (“business expense”);
  • legal fees for rental property management, conservation, and maintenance (“rental expense”);
  • legal fees for suing a client for outstanding invoices (“business expense”);
  • legal fees for suing a vendor for services not rendered (“business expense”);
  • legal fees for suing a tenant for rental property damage (“rental expense”); and
  • legal fees for evicting a tenant who stopped paying rent (“rental expense”).

Businesses that file partnership or corporate tax returns can deduct two types of legal expenses: the legal and professional fees associated with your trade or business, and the startup business expense for new businesses and startups.  These can be deducted under “Deductions” on the Form 1065 or Form 1120.

Examples of legal costs for startup deduction:

  • legal fees for registering your business with the state, e.g., incorporation;
  • legal fees for business consultation;
  • legal fees for preparing corporate records and bylaws; and
  • legal fees for preparing partnership and operating agreements.

Where businesses and individuals may end up paying more taxes is in settlement

Individual Tax Deductions

Where previously you could deduct up to two percent of your gross income on your individual tax return (Form 1040) by itemizing deductions, now you cannot. The new tax bill has eliminated most of the miscellaneous itemized deductions for the individual tax return.

 

Real Estate Legal Fees

While you cannot itemize and deduct your real estate related attorneys’ fees on your federal tax return, you can still reduce your overall tax liability.  You can add the legal fees associated with the purchase, maintenance, or sale of the property to the value of the property, thus increasing its value. It is not an immediate tax deduction, but it will reduce any gain on the property if you sell it later.

Exceptions

There’s always an exception or “loophole”, and in legal fee deductions it’s the legal fees in settlements associated with employment discrimination suits, especially whistle-blower cases.  However, note the legal fee deduction cannot exceed your annual gross income.

 

Business & Individual Tax-free Income

In taxes there’s credits, deductions, and then there’s tax free. What’s tax-free and requires a lawyer? Compensation from personal injury suits (no interest and no punitive charges), court awarded attorneys’ fees, and statutory attorneys’ fees.

 

Settlements Taxable

The bad news is that your settlements are now fully taxable since attorneys’ fees are no longer deductible. This means that if you win a lawsuit, or settle the case outside court, for an award of $10,000, and your attorney takes a fifty percent cut, you are liable to pay taxes on the full $10,000.

 

If you pay more than $600 in legal fees in a year, your attorney will be required to provide a Form 1099-MISC for that expense, which you can use to prepare your taxes. If you have any questions regarding a 1099 from us, or fees that can or cannot be deducted, please contact our office!

mompreneur asks

By Jessica Suotmaa 0

A “Mompreneur”, a mom who is also an entrepreneur, recently asked how she can lock in her business name so that no one else can use it. She is in the early stages of starting her business and isn’t ready to have a sign on the door or even a website.  She had many, many questions regarding her logo, her business name, other business names and logos, which basically came down to how she can create the brand she’s visualized without legal ramifications.

While answering her questions, we realized these may be common questions that start up entrepreneurs and new small business owners ask.  We decided to share both her questions and our answers in this blog for your reference.

Note: Our Mompreneur’s anonymity is fully protected.

Question: I know what my business will be about. I have a name picked out and two design ideas but I wonder:

  1. Does it make a difference that the name I want is used in a different industry? Can I still use it?

  2. One of the designs looks similar to a design used by a foreign company overseas. Can I still use it?

  3. How can I lock in my business name so that no one else can use it?

  4. I’m not ready to have a website yet, but I want to set up my Facebook Business Page. How can I reserve the website name so that others can’t use it?

Answer: It sounds like you are well on your way to starting your business!  Startups require much thought and it’s great that you’ve started on the online branding already.  However, the order in which branding occurs is important for legal purposes.

To properly answer your question on the business name, we would need more details, such as the name you have in mind and the businesses and industries of said businesses that already use your chosen name.  There are many ways to answer this question and to give you an idea of what the different ways might be, here’s what we would typically ask:

  • Have you registered a business entity for your business idea? Do you plan to? Do you plan on using your brand name as the business entity name?

    • You can go on California’s Secretary of State website to look up your chosen business name and see what businesses (if any) have already registered your chosen business name in the State.
    • The State will not allow you to register the same business name as an existing active business entity, even if in different industries.

  • If not, do you plan on registering a trade name or “doing business as” (DBA) fictitious business name?

  • Would you like to trademark your business name?

    • If you really want to protect your brand, then we would recommend trademarking your business name and logo.  Start by searching the trademark database to see if your chosen business name is already in use.
    • You can trademark your desired business name even if another business is already using that name, provided they are in a different industry with dissimilar products/services.
    • You should have begun using your desired trademarks in commerce prior to registering.
    • A trademark will prevent others from using your registered business name, or names and logos that are similar to your registered trademarks. If it does not, then at least you will have legal “weapons” to protect your intellectual property.

Once you have the strategy down for your business, then start searching website domain names and finishing up that Facebook Business Page!

If you need assistance with any of the steps above, a good business attorney specializing in small businesses and startups can help analyze your specific needs and provide insight and help. Contact one of our experienced business attorneys!

 

5 Things to Consider when Choosing a Co-working space

By Jessica Suotmaa 1

We at Lum Law Group know many who have ventured into the modern world and signed up for the modern working space.  Instead of hiring an agent to find a traditional office space, negotiating a one to five year long lease, and waiting months to move in, a co-working space can start you in their offices as soon as your credit card payment is processed.  Still, a newbie entrepreneur or small business owner might wonder, what factors should I consider when choosing between renting a traditional office space and signing up for a co-working space? As such, we have rounded up our thoughts into this listicle for your convenience.

1. Length of Obligation

Traditional office leases require at least a one year commitment with a few months deposit.  This can be a hindrance for an entrepreneur, startup owner, or small business owner who is unsure of how much space is needed at the beginning. You might want to upgrade your facilities after a few months when you hire an extra five employees.  You might need larger co-working spaces for planning and meetings.  Perhaps your employees would prefer more space for leisure activities you didn’t consider before.  There are many reasons why a business owner might realize a larger space is needed, but the traditional office lease does not afford such flexibility without loss of deposit and possible fines.

A co-working space is often associated with a “desk” or couch space in a large warehouse-like open area where freelancers can drift about.  These days, the term “co-working space” is interchangeable with executive suites where a lessee rents an office and shares the remainder of the space.  Where an executive suite contract may require a few months to a year, a co-working space is often on a month-to-month basis with little to no deposit.  The commitment is flexible and you can upgrade from a shared open space to a desk, to a small office, to a large office any time you feel it’s necessary. Decide you don’t like sharing a conference room with other tenants?  Move to your own space! The co-working space allows you to adjust and pivot when you desire.

2. Financial Obligation

As mentioned above, traditional office leases can cost more in desired downtown locations and require a high deposit depending on your personal or business credit rating.  However, a co-working space often requires little to no deposit, and starts at rates of $100 a month, depending on location. Since there is no minimum length to your contract, the financial obligation for a starting business is especially low.

3. Your Business’ Online and Offline Presence

Traditional offices offer businesses exclusivity.  You can have your business name on the street corner, on the first floor, on the list of businesses, on your door, etc.  Some may consider this a requirement for a “legitimate” business.  Most co-working spaces cannot offer this, though some executive suites may be able to put your business name on the front door or waiting area.  If you rent a private office at a co-working space, then you can place your business name on the door (or beside it), but it depends on the company offering the space.

Online Presence can be an issue for executive suites and co-working spaces without suite numbers.  On Google Business, for example, a business name, address, and phone number is associated with a location.  When an executive suite has multiple businesses registered at one location, then it’s possible that when searched online, only one location phone number will show up.

If another business at the same location of yours hires a marketing company and has especially good SEO, then it’s possible your company will be overshadowed by theirs.  Clients may call the first number that pops up and expect to be transferred to you, the way executive suites traditionally work.  In this case, the potential client may struggle to reach your business via phone, and even mail can easily be misdirected.  This is especially true if there are multiple businesses offering the same service, e.g. law offices, CPAs.

 4. Networking Opportunities

When a traditional business owner at a traditional office space wants to network, they have to seek networking opportunities through their friends, acquaintances, and clients.  They often join professional organizations, become board members, or sign up for classes. The traditional business owner has to leave their office in order to network, while the modern business owner networks everywhere.

Co-working spaces offer networking opportunities just by definition of being a “co-working space”.  To the savvy networker, this means you have more opportunities to strike up conversation with other professionals in a variety of industries, thus expanding your network.  Since co-working spaces often offer soft drinks, including coffee and tea, it’s easy to “grab a coffee” with someone who happens to be reaching for coffee when you are.

More importantly, to the business owner who is less savvy at networking, many co-working spaces hold weekly and monthly events.  These events might be industry targeted, they might offer professional education, or become opportunities for you to showcase your experience and skill set.  Many co-working spaces offer these events for free to their members, but charge a fee to outsiders to offset their costs. This means you have opportunities to meet people outside the co-working space.

5. Security and Privacy

A traditional office offers business owners privacy in that they have control over who is on the premises, the hours of operation, and the wireless internet cyber security protocols.  These are factors that are of utmost importance for certain industry professionals.

The large, open-space co-working space doesn’t offer much privacy if you haven’t subscribed to a private office or scheduled a conference room.  This could be important in industries where confidentiality and client privacy are important even if you’re just on the phone or typing an email.  There are co-working spaces that now offer private, sound-proof rooms for solo use.

 

If you’re still on the fence as to whether you should consider a co-working space or a traditional office, contact Lum Law Group to speak to an experienced attorney.

How to Improve Focus and Superpower Your Startup

By Lisa 0

If you have a startup, then you know how much work it takes to make it successful. With so much competition today, you need to have strong strategies at work to win and compete. Focus is key in this adventure to grow your company. Here are some tips to stay on top of your game:

 

Marketing

No startup can succeed without focus in the marketing department. The best way to get this is to set specific goals as to what you are looking to achieve. If you have the best marketing in the world but no solid game to capitalize off of it, you could be in for a world of hurt. Make sure that you are bringing your team in regularly to review your goals and that your marketing is accomplishing what you need it to.

 

Hiring

Let's shake on business

If you want to have focus and superpower status in your business, your talent is going to be very important. Without the right team to bring your goals to the forefront, you risk not having the competitive edge your deserve.

 

Schedules

If you have no schedule, it is easy to let focus get away from you and not have the results that your startup needs. If you don’t have specific meeting times, creative time, and rest time, then you might spin out of control.

 

Smart Drugs

Just a few years ago, it might have been uncommon to hear about CEOs and others taking smart drugs to improve their performance. However, these drugs are not illegal. These are focus and power drugs that give business people an extra edge. For instance, according to Mind Lab Pro, nootropics change the brain in a way that lets you access more neurons and thinking power. This can range from intense prescription medications like Adderall to simple caffeine supplements, to vitamins. Not every one of these substances is right for everyone, but many of them can aid your creative problem solving.

 

Standards

Improve your startup by having a standard that must always be met. When people know what they must meet to stay a part of the team, it will help improve their focus all around. Don’t just write it down, but review it daily to ensure you’re getting the most out of every member of the team.

 

Iteration

There is always room to improve. Constantly iterate and check your results. One tweak could mean the difference between profit and loss.

In the world of startups, the ones that move with the most focus and speed win. Don’t risk falling behind. Use the tips above and watch your results grow day by day.