Small business owners are wise to be jacks of all trades. It's helpful to have a base knowledge of accounting, law, and marketing, even if their true passions lie elsewhere. And until they reach a certain breaking point, a single-person business is a smart way to keep down overhead and reap all the (eventual) profit. But what happens when entrepreneurs are working twenty-hour days and need twelve cups of coffee to stay alert enough to answer the phone? What they need is trustworthy employees and an excellent manager, so that they can focus on the stuff they were born to do.
The scary part is finding the right team. It's kind of like hiring a nanny to watch your young child for the first time. Are good references and a good interview enough to prove that your precious cargo will be in excellent care? A good manager will instill this trust almost immediately. Here are some tips on how to recognize a partner that will be with you for the long haul.
They don't flower you with empty and general phrases.
Job interviews, even though we might like to think so, are not representative of how an employee will behave at all times. Know that potential managerial candidates will be pulling out all of their tricks to get noticed. But it's up to a good employer to be able to parse conversation for disingenuous or negative words as well as body language. They could fulfill a number of generic "good" qualities like a high level of experience and creativity, but what will make them stand out is if they not only talk about their own accomplishments, but talk about how they want to help the company. They need to demonstrate familiarity with the history of your business and professional endeavors, and a specific interest in this sector (and you).
Empty phrases such as, "I was asked to do a number of leadership tasks at which I excelled" are yawn-worthy. A manager will not tell you how they will behave in this position, but will show you.
They also have to have a team-oriented spirit, rather than an individual one. According to Forbes's Jacob Morgan, the model is changing from a hierarchy to a level playing field: "In the past managers said 'jump' and the employees said, 'how high?' Now, the managers are jumping with employees." You will be able to recognize this ability in your potential manager if he or she mentions words like "we" and "team" instead of solely, "I." It's important that your manager is a leader, but also that he or she appreciates the importance of business development: that ultimately, your success is dependent on more than one person.
They share your ambitions and goals.
Your manager doesn't have to, and should not, be your clone. But he or she should share your business ethics and values, and see the same end goal. You want to find someone that will be on your side, though disagreement should not be seen as a negative. In fact, finding someone that will disagree with you on certain points can be a ripe opportunity to explore new avenues and test new strategies you couldn't have thought up on your own. We seek romantic partners that share our values but that are not the same as us. We should look at our business partners with these same criteria in mind.
If you are an employer that avoids confrontation, it will be a good idea to seek a manager that is direct and who efficiently (and peacefully) passes down concerns to employees. Know your weaknesses and seek out a person that will make up for them.
Sharing ambitions and goals for the company will allow you to confide in your manager freely, and perhaps even consider making him or her a business partner or successor to the business in due course.
They can relate to and inspire their team.
A manager is only as good as how much respect he or she has. That means, a manager cannot work in a vacuum. Having "people skills" is not enough for someone that will stick around for long. He or she has to connect to their team so that they feel always encouraged and motivated to perform. By employing concrete deliverables and making informed decisions, a manager can both increase the efficiency of his or her team and make meaningful relationships.
According to Aaron Schwartz of Modify Watches, "empathy" is one of the most important qualities when looking for an exceptional manager. He says, "Strong managers work well with their teams to set priorities, and then encourage their direct reports to go execute them...It's critical that a manager cares about her team—and that the team knows this—to keep everyone positive and working together." And we all know that a happy group of employees is one ingredient to a successful business.
Hiring a manager is a huge job, but the rewards will be fruitful. Knowing that you can trust someone to take care of the daily tasks while you map out the future of the business is an invaluable resource.
For more on how to get there, click here.
While it's possible to be frugal with many aspects of your lifestyle, there are certain events and possessions that will require you to spend a substantial amount of money. Thus, a wise course of action is to begin saving well ahead of time while thinking about your goals for the future. This way, you'll be able to maintain a stable financial state even when faced with those large expenses. The following are a few major life purchases that you should plan for.
Marriage is a joyous occasion that many people look forward to. However, a wedding can be quite expensive, often costing thousands of dollars. Your family and your future spouse's family will often contribute to covering this, but you should still prepare to spend a good deal of your own money on the ceremony. If you're in a serious relationship and are considering marriage, you should plan where the funds for the wedding will come from and take the necessary actions to accumulate them. It's also crucial to discuss financial matters with your partner, since your property will merge once you get married.
A New Car
Automobiles remain one of the top modes of transportation. As a result, you may want to purchase a new car at some point in your life. Although you may be fine with an old or used vehicle at present, you may one day be motivated by a desire to acquire something nice for yourself or by the practical needs that arise as you raise children. Whatever the case, obtaining a new car is a major life purchase that you should plan for.
In addition to setting aside funds to eventually put towards a vehicle, you should also aim to build you credit score. This is because your credit score will determine your available car loan options. The higher your credit score, the more you may be able to lower your interest rates on your car.
Owning your own residential property is a worthy objective that you may hope to make a reality one day. Ideally, you should save about 20 percent of the total cost of a house before you buy it. This will allow you to make a larger down payment and thereafter face less interest on your mortgage.
As with acquiring a car, the mortgage options that you'll have can change based on how strong your credit score is. You'll want to increase your score as much as possible in the years leading up to buying a house so that you can get more favorable interest rates. In addition to contemplating down payments and mortgages, you must also remember that you'll need to deal with property taxes, insurance, maintenance and repair fees, and sometimes homeowners' association charges.
It's also necessary to hire a real estate agent to help you with the buying process. There are different types of real estate professionals. You should know how to distinguish between buyer's agents and seller's agents so that you can obtain favorable prices on homes as well.
Many people live together before getting married and have begun the process of combining accounts and sharing responsibilities. However, some people wait to do this only after marriage, and others wait until they're married to live together. Whichever path you've chosen, it's still crucial to know a few tips to manage money together as newlyweds to determine where you should begin and how you can remain on the same page.
Discussing Money Motivations
As we begin to share money with our significant other, we soon find out what one person may rank as a priority regarding money and the other may not. As such, sitting down and discussing money motivations is important. Two people who cannot agree on how to handle money may cause serious issues. This should include:
- How to deal with money following payday. Is a percentage put into savings? Is that the day to splurge on dinner, drinks, and more?
- The frequency and size of payments made to debts. Some people like to pay minimums, whereas others pay in full or make double payments.
- What do you each consider money well spent? Is it a new 70" 4K television? Is it an investment? Is it paying as much debt off as possible?
- How do you go about consulting each other before making purchases over a certain amount?
Establishing Financial Goals
After you evaluate the motivations behind your money and how it should be spent, you'll need to spend time together hashing out financial goals. As newlyweds, there are certain things on your list that you're going to want to save for. How do you go about that? How much of each paycheck will you dedicate to a particular fund?
Some things in the future worth making a financial plan for include savings and paying down debts. This is the time to be honest about your current financial standing. If you're looking to buy a home, you'll want to assemble a first-time homeowner financial checklist to begin to develop topics of conversation. Some of the things to consider setting goals for are:
- Student loans
- Car loans
- Future children
- A house
- Medical bills
- Delinquencies on credit reports
- Vacation and rainy-day funds
- Emergency funds
The more honest and open you can be with each other about the money you have and now the debts you share, the better. Implementing plans for the best ways to have the things that you both desire while still taking care of existing demands is important. These can be uncomfortable things to talk about; however, these conversations are necessary.
Following these tips to manage money together as newlyweds will allow you to have a starting point for conversations that can be tough to start. The sooner you and your partner get on the same page with finances and the responsibilities that come with them, the easier the transition will be and the sooner you'll find success.
It's the dream: money you can count on to keep rolling in, even while you sleep.
Passive income isn't entirely passive, of course. You'll put in work up-front to get the profits rolling, so don't relax in your recliner just yet. But with so many potential sources of passive income available to you, picking one or several will mean that the day you can finally kick back will draw steadily closer.
Real estate is a tried-and-true wealth builder for a simple reason: people will always need somewhere to live. Research the market in a growing community until you know a good deal when you see it. You can maximize rent by fixing up a deteriorating property or upgrading a mediocre one. The key is to hire a property manager to do all the day-to-day landlord duties for you—and you'll need a good one. Smart investors put their profits in another property and repeat the process until they have a diverse portfolio.
A YouTube Channel
You can start a blog if you're more comfortable hiding behind a computer, but consumers are more likely to prefer video content. Post a series of “how-to" videos to answer questions about whatever you're an expert in.
You can put up any content you want, but if you don't want to commit to regularly updating it, focus on “evergreen" topics that will draw clicks for eternity. Ads will create your income, especially if your channel grows in popularity. Better yet, sign up for affiliate marketing. If you recommend a product and provide a link to buy it, you'll get a small percentage of those transactions.
If you don't mind vinyl-wrapping your car with an ad for a company, you can get cash just driving around and running your errands. Make sure you contact a reputable company that doesn't ask for any money from you; if they're the real deal, they'll evaluate your car, your driving habits, your area, and more. Bonus: the brighter the ad, the easier it'll be to find your vehicle in the parking lot.
What's something that people will pay for but doesn't require shipping on your part? Finding that item is what can supplement your income indefinitely. Write an e-book, charge for your cross-stitching patterns, design prints that people can digitally download, invent an app, record a “masterclass," or whatever else you want. Every time someone new discovers it, the cash register rings. With a little more effort, this is a potential source of passive income for you that can continue to grow. Once you build up a customer base, they might want more products. The good part is that it's up to you whether you wish to give it to them.