Get Paid to Have Fun: How to Profit from Social Media

In order to get paid to have fun, you have to bring one of two things to the table: a following or content.  If you have either of these items and it’s better to have both, you can take advantage of social media and really profit from what you love to do.

As an online entrepreneur, I get paid to have fun.  While others are on social media for personal reasons, I’m on social media for business marketing as well as to connect with people.

Basically, this means that the majority of my time I spend on social media is as a producer and not as a consumer.  Don’t get me wrong, there are times when I’m finished producing content and answering messages and comments on my closed Facebook groups that I’ll scroll through my news feed to see what’s going on.

So, even if you really just enjoy being on social media there’s still no point in having 5000 followers, subscribers and friends if you’re not making money off of it in this day and age.

Monetizing your following can be as easy as joining an affiliate marketing program. If you don’t know what your followers want and cannot figure out which affiliate product to offer them, do a survey.  People will generally tell you what they want.  It’s always better to find a demand first and fill that need, than to have ordered a large volume of inventory hoping one day someone will buy it.

It’s perfectly okay if you don’t have a social following.  As long as you have content you can monetize it. Content equates to the value you can extend to the marketplace for a set price. You can take your content and partner with someone who already has a following. Maybe there is an individual at your workplace you have an established relationship with, or you have an outgoing family member with a lot of followers. Either of these people can be an ideal partner.

Getting paid to have fun is tangible, but it does require having followers or content or both and it isn’t without cost. You will need a website, marketing material, inventory, or digital products as well as financing to set up your business to meet state laws.

Business credit cards are an alternative funding source and the application process isn’t as stringent as with traditional lenders. Apply today for a free funding estimate without having a hard pull reported on your credit file.

 

How to Build Business Credit in 3 Easy Steps

Now that you have started your business, where do you go from here? The next thing to do is to build business credit in three easy steps.

Step One:

One of the first things to do is separate your personal finances from your business finances. That requires opening up a business checking account. The money in your business checking account will be used for all of the business expenses. Do not mix your personal money with your business money, meaning: do not buy groceries with your business debit card, or write personal checks to vendors to pay for supplies.

Eventually, you will see the benefit of keeping the two separate as your business grows to the point that your personal finances can’t keep up with the business demands.

Step Two:

Before you step into the bank to open your business bank account, understand that a business bank account will need an Employer Identification Number and proof that your business is registered. To get an EIN, go to the IRS website and first determine your eligibility. Then use their preferred method by clicking the “apply on line” button and complete the application in one sitting.

Contact the Secretary of State’s office in your state, get the Articles of Organization for an LLC, or the Articles of Incorporation depending on the structure of your business and pay the fees and file the forms.

As a reference point only, this PDF shows what documents are required to open a business bank account for all business structures in the state of Montana, but you should contact your local bank for their specific requirements.

Step Three:

Once you have a business bank account, it makes good business sense to apply for a business credit card, especially since these types of credit cards can convert to cash. The application and award process isn’t as stringent as dealing with a traditional lender. Business credit cards operate the same as personal cards and can be used to purchase everything you need for your business to succeed.

However, you must be responsible for your usage because delinquencies will be reported on your personal credit file and credit limit increases depend on your payment history. Use business credit often, pay the bill on time and do not ever max the card out.

Credit bureaus and lenders evaluate creditworthiness differently. Your business credit profile is similar to having a resume for your business. Most companies that look at your business credit file expect a complete and unbiased view of who you are and if there poses any risk working with you, so keeping your personal credit and business credit intact is just as important to build credit for your business.

The Entrepreneur Mindset: Do You Have One? Top 5 Characteristics To Acquire

The entrepreneur mindset, do you have one? People are rarely born as an entrepreneur. Research studies to tend favor the idea that being an entrepreneur is based on how a person thinks about and how they approach things. In other words, there are characteristics that can be learned to develop an entrepreneur mindset.

  1. Optimism-

Entrepreneurs are optimistic. Having a positive outlook while dealing with problematic situations encourages and expands creative thinking to come up with favorable solutions. This can be self-taught by simply repeating a set of affirmations daily to program your mind into believing the stated outcome.

2.Risk-Taking-

Entrepreneurs are risk takers and are not afraid to make mistakes or face failure. They know that mistakes are a part of the learning experience. It’s an opportunity to get better and stronger at what they do, while failures can be the kick-start to a new and profitable venture. The key is to fail small, fast and cheap early on. Freud once said, “Anxiety is treating a stick as a dangerous snake, and fear is treating a dangerous snake as a dangerous snake.” Be able to differentiate fear from anxiety while making important decisions.

  1. Self-Starting-

Entrepreneurs are self-starters. They visualize their successes and that makes them work hard and put in the time and effort to get the job done. They are productive people and understand that sacrifices must be made to achieve their goals. They are driven by their desires. Take time to meditate on your future and see yourself achieving your dreams.

  1. Forward Thinking-

Entrepreneurs are forward thinkers. They have a solid vision of what they want to achieve. They focus their attention on the future and do not dwell on the past- -the should of, would of, could of scenarios. They are open minded and receptive to new ideas and challenge the conventional way of doing things. Start thinking outside the box.

  1. Self-Discipline-

Entrepreneurs are disciplined. Successful entrepreneurs know how vitally important it is to have rituals, regimens, and commitments in their business as well as their personal life. Having and commanding respect from others is a by-product of being disciplined, and it comes by being aware, decisive and taking action on a consistent basis. Be sure to always follow through on everything you commit too.

Being an entrepreneur takes more than starting a business. It takes hard work, funding, innovation, a positive outlook, a strong inner drive, and being totally committed, all of which can be acquired by purposefully implementing them in your daily life and business interactions.

 

Partnership In Business

 

Defining a Partnership:

You may like the simplicity of a sole proprietorship as discussed last week, but what if you want to own a business with someone. Is there is another option? Yes, you can structure your business as a partnership. A partnership is when two or more people share in the ownership of a single business.

This basically consists of each partner sharing in the responsibility of funding the business, getting equipment and any inventory, providing or obtaining skilled workers and all aspects of management. Partners also share in the profits and/ or losses of the business just like a sole proprietor does.

Partnerships tend to work best if an agreement is drawn up, preferably by a lawyer, which details and delegates every aspect of the business’ operation.

Partnership Arrangements:

The three common partnerships are: General, Limited, and Joint Ventures Partnerships. Within the scope of a General Partnership, normally all partners share equally in the profits and liabilities while exercising equal management responsibilities. If you choose not to use equal distribution in any area, whatever percentages decided upon needs to be included in the agreement.

The Limited Partnership is a little more involved than the General Partnership, because it limits partners’ participation in management decisions. It can be viewed as a blessing in disguise since it also limits the liabilities of the partners. The limits are factored by the percentage of investment from each partner.

The last type of partnership is the Joint Ventures. This type of partnership is usually temporary and is established based on need. Two or more businesses join their resources and expertise on a short-term project or goal. For example, a small company has a great new product and teams up with an established marketing firm to land contracts with companies on the marketing firm’s distribution list. Once the goal is reached the partnership is dissolved. Both businesses profit financially.

Forming a Partnership:

As with any business structure, you will need to establish a business name. Partnership agreements require your legal name or the last names of all partners involved. If you decide against using all partners’ legal names, the trade name must be filed and the business must be registered in the state the business will be conducted in. There isn’t any paperwork needed to form a partnership.

Licenses and permits may be required for your line of work. Partnerships require a tax ID number. The business is not taxed, but the profits and losses of the business are the responsibility of the partners and filed on their personal tax returns.

Pros and Cons of Partnership:

Forming partnerships are not only inexpensive they are easy. Everyone involved is responsible for the success and liabilities of the business. The chance of obtaining business funding is doubled by the amount of partners.

Drawbacks include disagreements on how the business is run, and how responsibilities and profits are divided up based upon the percentage of investment.

Forming a partnership takes careful consideration and should not be something rushed into. Do not hesitate to seek legal counsel for more specifics regarding General, Limited and Joint Ventures Partnerships.