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The 5 Biggest Reasons to Advertise on Social Media (+ Pro Tips)

It’s no secret that advertising on social media platforms can be fruitful for businesses of all varieties. Advertising on social media platforms is important as there is more real value beyond what we can get organically these days.

From expanding your reach and visibility to driving the bottom line, this post covers five reasons why brands invest in social media advertising to reach their goals and scale their business—and why you might want to, too. They include:
Reach new customers
Low entry cost
Gain audience insights
Wide range of formats
Accomplish more of your goals
Now, these benefits can be used to describe a number of marketing and advertising strategies, but in this post we’re going to dig into each benefit as it relates to social media advertising and cover exactly how it can set your business up for long-term success.
5 benefits of advertising on social media
Whether you are new to social media ads and are considering the investment, or are already running ads elsewhere, such as on Google, the following benefits may encourage you to diversify your efforts and incorporate more social media into your mix. 
1. Reach new customers
Whether you’re considering running ads on Facebook, Instagram, Twitter, Pinterest, LinkedIn, TikTok, or Snapchat, social media advertising allows you to reach out to and connect with new people who may benefit from your product or services.
Unlike intent-based, mostly keyword-centered search engine ads, social media ads target users based on their interests, behaviors, and other demographic data. This gives us the advantage of introducing our brands to new users based on targeting and how our offers match up to those interests and behaviors. People may not know about your brand or that your products or services even exist and by seeing your prospecting ad, they may realize that it could benefit their life in some manner or that they simply want what you are selling.
2. Low entry cost
Compared to traditional advertising, the cost is significantly lower and if you only have a small budget, you can still enter the auction and find success. Of course, the more you have to spend for ads, the quicker you can learn what is working and what is not, optimize performance, test more variables, and reach more of your goals, such as website traffic, signups, and sales.
Most of the social platforms are in line with costs, however, from our experience, we’ve seen lower costs of about $0.13 per click on Pinterest, which makes it an excellent platform to run low-cost campaigns, especially to drive new inexpensive traffic to your website for retargeting. On the opposite end of cost, LinkedIn tends to be more costly, however, if your business can fulfill the needs of its business community through ads and if your audience size and budget are on the larger end, you can see great success there for the investment. As you can see LinkedIn can be a great way for B2B businesses to generate leads.

3. Gain audience insights
With more targeting options available to us as advertisers, the more audience testing we can do, and then utilize social platform built-in tools to understand audience breakdowns and how they relate to performance. For example, Facebook breakdown reporting can share details about age ranges, genders, country, region, devices they use, and more. Pairing these breakdowns with your various audiences and the respective performance metrics can help you better understand which segments of audiences resonate with your ads and you can apply these learnings to update your ad set targeting and use that to optimize your campaigns.

One other way to gain additional audience-based information is to check out Audience Insights within Facebook Ads Manager. Here, you can view a particular audience’s age and gender breakdown, relationship status, education level, job titles, location, device activity, and more. This tool used to be more robots a few years ago before additional insights were removed when Facebook had to make some changes to audience targeting options for the sake of user privacy and transparency. While it’s limited in insight, it can be helpful to an extent.

Another way to gain a better understand of your audiences and their preferences are to run Instagram Stories Ads with polling stickers. With these, you can get a better understanding of product or service preferences, they can help you gather insights for future product development and campaigns, they can help you understand a target audiences pain points that you can resolve, they can help start conversations around your brand and campaigns, they will increase audience engagement, and they will increase your ad engagement audience size for retargeting.

By utilizing reporting, audience insights, and ad placement-specific features, you can gain valuable insights about who is best to target at various stages of the funnel and then cater your messaging accordingly. Additionally, take your audience-related learnings and apply them to other platforms to save you time and money as you expand your efforts while you better understand your customers.
4. Wide range of formats
While each social platform has its own ad specs, placements, and formats, there are some common denominators across platforms. The beauty of social media advertising is that there is creative freedom and endless tactics and options to showcase your brand in the light you want. From static images to ephemeral and long-form video content, from horizontal and vertical rectangular formats to square, utilize every bit of the ad placement space to increase your ad real estate space on a screen so the user focuses on you and it limits outside distractions from other ads and content. One format we have seen quickly take off organically and then with paid ads across platforms is the Stories format, which can now be found organically and in most instances as an ad placement, too, is on Facebook, Instagram, Snapchat, Tik Tok, and as of recently, Twitter and LinkedIn.
If you are able to use video creatives and formats to showcase your products, services in use, and your brand story, do so, as video content tends to be more easily digestible by users, typically more impressions are dedicated to video content, it can help better manage user expectations about your offerings, and it can bring your brand to life. When utilizing video, also be sure to captivate your user in the first few seconds by putting your best foot forward, showing your brand, and make sure your narrative is fast-paced, to the point, and actionable. If you don’t have video content, use static images and apply one of Facebook’s free templates and special effects by using the Video Creation Kit in the ad level of Ads Manager. If you need creatives for other platforms, check into royalty-free stock image and video sites until you are able to create your own.
Social media ads provide a wide range of advertising formats and through the various platforms we have available to experiment with, it can bring our brands and clients success through the various placements and mediums we have at our disposal.

5. Accomplish more of your goals
Lastly, whether you are looking for ways to expand your reach and visibility, to drive engagement around your brand, increase website traffic or app use, optimize for users to add to cart, acquire more leads, and drive sales, you can accomplish these and more through social media advertising. Depending on where in the funnel your target audience is, you can select the appropriate campaign type as it relates to your goal at that stage and assist your users through the funnel and towards conversion.
With conversion objective campaigns, you can specify what the conversion is and then tell the platform which event you want a given ad set to optimize towards. Want more people to add to the cart? Select that as the event you want to optimize for. Want to optimize for more purchases? Take the same optimization approach and make sure to align your ad creative and copy to speak to these people at their stage of the funnel and be clear in the goal so users can “Shop Now” in this particular example.

Consider the benefits of social media advertising and diversify your efforts
As advertisers, we know that Facebook and its other platforms in their ecosystem, such as Instagram and Messenger, own a significant and larger portion of impression-share as typically, brands put most of their ad budget here. While Facebook and Instagram have robust targeting and keep prices low because of how vast their user base is, keep in mind that your efforts should not be siloed to one platform. If you have the budget, diversify so that you can reap the aforementioned benefits across platforms in case something does happen.
Facebook is notorious for having a clunky advertising interface that will oftentimes throw invalid errors, disable without reason, and glitch. If they go down, as sometimes they do, we don’t want to be left out in the cold as brands and to depend on one network to drive new users into our funnels and to later retreat them to entice a conversion. Keep that in mind and take these benefits to heart in an effort to expand into other platforms.
Whether you are looking to expand into social for the first time or are looking to expand into new channels, consider the above benefits of social media advertising and test to see how and if it works for your goals and for your brand.
Reach customers based on interests and behaviors.
It’s affordable to start a campaign that can generate enough data to lead to optimization.
Gain audience insights to learn what’s working and what’s not.
Wide range of formats to fit with your brand, platform, and ad creative.
Accomplish more goals with social media’s variety of objectives offered through its campaigns. 

This is how Elon Musk knows a candidate is lying in a job interview

The CEO of Tesla has revealed what his tactic is when it comes to recruiting new staff.
Entrepreneur’s New Year’s Guide
Let the business resources in our guide inspire you and help you achieve your goals in 2021.

February 2, 2021 2 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Opinions expressed by Entrepreneur contributors are their own.
Adding new people to a work team is usually something that must be resolved intelligently, especially if you are starting your company. On the other hand, we will always want to know how big businessmen handle it.
In this context, Elon Musk , founder of Tesla and SpaceX , asks his candidates a couple of questions to find out their ability to solve problems and if they are lying. The employer comments that if they do not answer the first question honestly, it will be very difficult for candidates to keep their statement consistent.
According to CNBC , the mogul asks his aspirants to tell him one of the most difficult problems they have had to solve or face in their life and how they managed to overcome it.
Image: Max Whittaker | Getty Images
According to the employer, the people who solved the problem know exactly how they did it and can describe the little details. However, those who lie will not be able to tell their story convincingly.
It is important to remember that for Musk, who revealed his method at the World Government Summit 2017 , it is not necessary for a candidate to have university studies or a degree, but rather to look at the achievements that he has achieved throughout his life.
Although he revealed it in 2017, Musk is faithful to his method, since if we remember in November 2020 he was looking for engineers for the Berlin Gigafactory and on his Twitter he posted adding the CV and describing some of the most difficult problems they solved and exactly how they made.

When sending your resume, please describe a few of the hardest problems you solved & exactly how you solved them
– Elon Musk (@elonmusk) November 6, 2020

Free On-Demand Webinar: How to Safely Reopen Offices & Manage a Hybrid Workforce

In the wake of coronavirus shutting down offices around the world, remote work has become the new norm. So how do you make workplaces safer post-pandemic? 
In the 15th episode of our Leadership Lessons series, Comparably CEO Jason Nazar speaks with an expert on the topic, Envoy founder/CEO Larry Gadea, who has facilitated 1 million safe returns to the office. With a suite of products that redefine how to welcome visitors and employees back to the office, the workplace platform includes tools for check-in registrations, booking rooms/desks, managing deliveries, and capacity limits for social distancing. Envoy is used in more than 14,000 offices across 70 countries — including Slack, Pinterest, Warby Parker, Lionsgate, and L’Oreal — and is backed by Andreessen Horowitz, Menlo Ventures, Initialized Capital, and Silicon Valley bigwigs like Salesforce CEO Marc Benioff, Quora’s Adam D’Angelo, and Yelp’s Jeremy Stoppelman. Gadea will also share lessons learned along his life’s journey, from being smuggled out of communist Romania as a child to being recruited as one of Google’s youngest software engineers at the age of 17 to joining Twitter as one of its first 50 employees. The software prodigy will cover the following topics:
Reinventing your business in order to survive a badly-affected market segment
What you need to safely welcome workers back to the office
The future of the physical workplace and preparing for a hybrid workforce
The keys to leaving a comfortable job to start your own company
Pursuing a career in tech and insights from working at Google and Twitter
Complete the registration form below to watch now!
About the Speakers
Larry Gadea is founder/CEO of Envoy, a workplace platform that makes office life and work more meaningful. 
Jason Nazar is co-founder/CEO of Comparably, a leading workplace culture and compensation site that provides the most comprehensive and accurate representation of what it’s like to work at companies.

How to Build Relationships With Clients

Meta: It pays to build relationships with your clients. Follow this easy guide to make the most out of natural networking and adding value to your clients.
Sandra Kenrick

Gone are the days where the red tie and the hard sales tactics secured customer loyalty. In fact, a study by Harvard Business School revealed that your customer isn’t buying into your business if they can’t connect with your brand. 
It turns out that customer relationships matter and, more importantly, that customers find it easier to connect to a brand that they can connect with emotionally. 
If you want to be successful in business, whether you’re running your own show or working corporate, you need to be building client relationships. 
Why should you build relationships with clients?
The short of it: it’s cheaper. 
The cost of onboarding a new customer is up to five times the cost to retain an existing one. This means that each customer you have on your books is potentially five times more valuable than the one you don’t have yet. 
That’s a pretty big price tag if you’re going to measure it by dollars and cents. 
But it goes deeper than that. A well-honed business relationship with a client also exposes you to the power of networking. 

So how does it work? 
Meeting a client for coffee or taking them for an expensive meal is not enough. You need to make them feel that the encounter added value to your life (and especially theirs!). 
Ramit refers to this process as Closing the Loop. 
Close the Loop Steps
Step 1: Meet your client. The idea is to get them in a comfortable, neutral environment. Networking events are great because the anticipation of doing business is already there. Ensure that your meeting spot offers the opportunity to let the conversation flow freely. 
Step 2: Start the conversation. This is where you build that ever-important rapport, where you click with your client. Get to know your client: What makes them happy? What do they do for fun? Find out what are the things that matter to them and how your relationship with them can be to their benefit. This could even be over personal interests such as sports or art. Be sure to ask questions (not just any questions, great questions!), and ask for recommendations, and even advice. Yep. You’re going to ask your client for advice on something, whether it’s something that helps you in business or how to improve your fly fishing game. You’ll need this later during your follow-ups. 
Step 3: Thank your client. Be sure to thank your client for their time within a few days of your meeting. Your secret sauce here is remembering something personal about your client. If you know about an event that happened since you last saw them, whether business or personal, ask them how it went. This helps keep the channels of communication open and also keeps you in your client’s mind well beyond the initial meeting. 
Step 4: The oh-so-subtle follow-up. While the follow-up may seem subtle, it’s your Trojan Horse into their psyche. It’s what’s going to keep you at the forefront of your customer’s thoughts whenever a topic that involves you pops up, and not Joe Somebody (your competitor). A few days or weeks after that thank you note, be sure to drop your client a line about the advice they’d given you or a recommendation they provided. Give them feedback on how that panned out and thank them for the tip. You simply have to follow up. This is your golden ticket. 
Step 5: The personal note.  Pass on information about a topic you know interests your client. This can happen immediately after your meeting or even a few weeks after. It gives you the opportunity to make a connection with the client that doesn’t involve a sale, which will make your client feel a little more important than just a number on the books. It boosts the emotional aspect of relationship building. It is also another way to stay in your client’s head without you bombarding them with countless sales follow-ups. This could be an up-and-coming golf tournament, convention in their industry, or something that would be valuable to their spouse. 
This works for digital businesses too 
While there are a few key differences to a digital client relationship and perhaps a little more reliance on artificial intelligence through algorithms… Okay, wait that’s boring right? We’ll stop. 
You will still close the proverbial loop with an online customer. 
Step 1: Meet your client. Your welcome letter to your client should be an easy-flowing, welcome to the family letter. Remember to personalize it!  You’ll send this immediately after the site visitor signs up to your newsletter or purchases a product. 
Step 2: Engage with the community. Building rapport with an online community can be a simple invite to the community groups or getting them signed up for training material. It’s also important to engage with the community so they know you’re part of the process, which is important for building trust and fostering relationships. Also, if you provide valuable free information, you’ll have a better chance at cross-selling.  
Step 3: Thank your client. This is still your secret sauce. Thank your client for their loyalty by giving them a sneak peek at a future project, or allowing them to input into product creation. 
Step 4: The oh-so-subtle follow-up. Follow this up by telling them how their feedback impacted the company for the better. 
Step 5: The personal note. If there is the capacity to do this, write a personal note. If this isn’t possible, create a personalized experience for your customer whenever they visit your site or through your scheduled emails. 
The results of a successful relationship with your client
The main aim of networking is to be valuable to your client. You want to be the first person that comes to mind when an opportunity arises. The power of a client in your corner is the possibility of a referral. It also means future business, allowing your client to become entrenched in your company. 
Every bit of contact with your client is a chance to build a relationship
Even when it’s a relationshit. Yes, you read that right. There are going to be times when someone isn’t happy with what you’re doing, or they’re not feeling whatever you’re offering. That’s okay! Not everyone has to like you or your business. 
While it’s also totally okay to fire a client, a complaint can be a valuable tool to help close any service delivery gaps. Here’s how: 
Take accountability
Apologize, even if it’s not your fault 
Offer a possible solution 
Refer the matter to the relevant department and agree on a follow-up time 
Keep your client in the loop 
Not only will you learn of potential service delivery issues in your business, but you’ll also retain a client. 
Maintain your relationship 
It’s not enough to only have contact with your client during the initial sale. Whether you own a business or you’re a professional hoping to climb the corporate ladder, it’s important to remember the sales process extends beyond the sale of the product. 
While you might be familiar with the sales funnel, an updated, more client-centric approach to this sales cycle is the sales flywheel. 
With this technique, you are able to keep your client at the center of the sales process. This means after the initial sale, you don’t just move on from your client like they’re last week’s burger. 
This allows more opportunities to make contact with your client, which may lead to more cross-selling. Win, right? 
But it’s more than that. It allows you to stand out from your competitors and remain top of mind with your client. 
By working through the flywheel, you engage your customer on both sales and service levels, which allows you to better anticipate their needs. The result? You create an environment of over-delivery and providing exceptional service. 
Building and fostering relationships with clients is important when building your Rich Life.

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Neuralink, a company owned by Elon Musk, implants a chip in a monkey so that it uses a video game with its mind

Among the potential capabilities of the technology Neuralink is investigating is driving a Tesla car, saving and reproducing memories or making people with spinal cord damage walk again.
Entrepreneur’s New Year’s Guide
Let the business resources in our guide inspire you and help you achieve your goals in 2021.

February 2, 2021 2 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

The ever-controversial billionaire Elon Musk reported that his company Neuralink implanted a chip in the brain of a monkey to use a video game with his mind. “We have a monkey with a wireless implant in his skull, with little wires, that can play video games with his mind,” said the businessman in a talk on various topics on the new social network of video ClubHouse.
The Tesla and SpaceX owner said Sunday night that the animal is “not uncomfortable” and his goal is to see if the monkeys can be made to mentally play “Pong” against each other, as part of his research to develop a wireless brain-device interface.
Depositphotos.com
A few months ago, Neuralink successfully tested a chip in pigs that, implanted in the skull, made it possible to measure brain activity in animals.
Musk has said that among the potential capabilities of the technology Neuralink is investigating is driving a Tesla car with thought, playing video games, saving and reproducing memories, or making people with spinal cord damage walk again.

Jeff Bezos Plans to Step Down as Amazon's CEO in Q3 of 2021

Amazon founder and CEO Jeff Bezos announced in a letter to Amazon employees that as of the third quarter of 2021, he intends to transition to the role of executive chair of the Amazon board. Andy Jassy, the CEO of Amazon Web Services (AWS) will replace him as CEO of Amazon.Since founding the company 23 years ago, Bezos has grown Amazon into one of the most powerful businesses in the world. It was just the second U.S. business to reach a market cap of $1 trillion (behind Apple), and that number is now around $1.7 trillion.According to the Bloomberg Billionaires Index, Bezos is currently the second-richest man in the world, with a net worth of about $188 billion. 
Fellow Amazonians:
I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO. In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives. Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence.
This journey began some 27 years ago. Amazon was only an idea, and it had no name. The question I was asked most frequently at that time was, “What’s the internet?” Blessedly, I haven’t had to explain that in a long while.
Today, we employ 1.3 million talented, dedicated people, serve hundreds of millions of customers and businesses, and are widely recognized as one of the most successful companies in the world.
How did that happen? Invention. Invention is the root of our success. We’ve done crazy things together, and then made them normal. We pioneered customer reviews, 1-Click, personalized recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more. If you get it right, a few years after a surprising invention, the new thing has become normal. People yawn. And that yawn is the greatest compliment an inventor can receive.
I don’t know of another company with an invention track record as good as Amazon’s, and I believe we are at our most inventive right now. I hope you are as proud of our inventiveness as I am. I think you should be.
As Amazon became large, we decided to use our scale and scope to lead on important social issues. Two high-impact examples: our $15 minimum wage and the Climate Pledge. In both cases, we staked out leadership positions and then asked others to come along with us. In both cases, it’s working. Other large companies are coming our way. I hope you’re proud of that as well.
I find my work meaningful and fun. I get to work with the smartest, most talented, most ingenious teammates. When times have been good, you’ve been humble. When times have been tough, you’ve been strong and supportive, and we’ve made each other laugh. It is a joy to work on this team.
As much as I still tap dance into the office, I’m excited about this transition. Millions of customers depend on us for our services, and more than a million employees depend on us for their livelihoods. Being the CEO of Amazon is a deep responsibility, and it’s consuming. When you have a responsibility like that, it’s hard to put attention on anything else. As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions. I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organizations can have.
Amazon couldn’t be better positioned for the future. We are firing on all cylinders, just as the world needs us to. We have things in the pipeline that will continue to astonish. We serve individuals and enterprises, and we’ve pioneered two complete industries and a whole new class of devices. We are leaders in areas as varied as machine learning and logistics, and if an Amazonian’s idea requires yet another new institutional skill, we’re flexible enough and patient enough to learn it.
Keep inventing, and don’t despair when at first the idea looks crazy. Remember to wander. Let curiosity be your compass. It remains Day 1.
Jeff

Turn Your Employees into Mad Scientist Entrepreneurs

Bring value to your employees with more than just monetary benefits. Offer them the growth opportunity of entrepreneurship
Entrepreneur’s New Year’s Guide
Let the business resources in our guide inspire you and help you achieve your goals in 2021.

February 2, 2021 6 min read
Opinions expressed by Entrepreneur contributors are their own.
What are you doing to offer your employees value while they are in your flock and preparing them for their next ascension in either corporate America, philanthropy, social giving or as an entrepreneur? I hear of the horror stories of business professionals seeking to try their hand at being a business owner but fear that their current job will be in jeopardy or their role as a provider is in limbo seeking to take the step. Employers unknowingly are often hiring future entrepreneurs that will either create a service or product that will make their current company obsolete or struggle for survival. These “silent” entrepreneurs endure the pain of holding their desires to venture out and try entrepreneurship. It seems that too often, we speak about the risk entrepreneurs take in leaving their jobs or careers to try being an entrepreneur and not focus on the risk taken by firms to not embrace them by helping them grow. Companies are taking a risk by foregoing identifying and embracing the skillsets for qualified personnel on their teams that show true foundational character traits of entrepreneurs that can be leveraged to build them up and assist them in reaching their goal.
Management and HR are not often trained to view the skill sets or traits that entrepreneurs quietly possess. These are valid contributing team members who cant be waiting for the opportunity to respond to better your product or service. These individuals are often overlooked or completely disregarded for their ideas and become driven to launch their business. While some build solutions to the very issue they often voiced to the firm that employed them. Not every employee under your wing is geared or suited for entrepreneurship. I am speaking for the ones that it takes a keen eye to recognize and foster their growth while they are under your wing. Firms should be able to offer a program that doesn’t penalize an employee for trying their desire for entrepreneurship and allow support for their efforts. Your team members who are rooted in one day being able to own a business may simply be looking to own a small business or create something that your current could benefit from. These are strategic thinkers who view problems differently, and not taking them seriously is a massive qualitative risk.
Related: Employee Retention: 4 Tips to Help Keep Your Top Talent
Make room for them to grow
Assisting these employees can lead to them leveraging the current companies credit strength and resources to exact something that can gain the current company a branding opportunity and create an additional revenue stream as a business incubator for the employee’s business. You would remove the stigma for them trying and not succeeding. There would be transparency in their current workload for your firm, along with what they were doing in the new business. You would be creating a partnership that could grow into something much more. The key becomes knowing how to identify these individuals and create a plan that supports them and doesn’t take away from the firm. If you choose not to do so, they will eventually do it anyway because if the desire is burning to try this, let them try. Most people don’t regret not making money on their death bed; they regret they didn’t try something they desired. You can employ them and still provide a social benefit for investing in them for the mental health and well being. If they fail, they would have only learned something in the process that will benefit you in a new process developed, or they may come to a self-realization that it’s not for them and become a loyal advocate for your firm go all-in on their working duties. You would have invested in them, and either way, they will bring something back of value to you.
Related: Investing in Your Employees Is the Smartest Business Decision You Can Make
Hire former business owners
Neither should former business owners applying to a firm be seen as a failure to trying at cause and falling short. They have gained valuable experience that firms and their peers miss out on. There are writings on the cons about hiring entrepreneurs and the potential to get bored or lose interest. My agreement would be this could also be an error in the hiring phase that they were offered a role that best fit their capabilities to fuse into the need. This world is adapting, and some of the standard methods being utilized to survive are what entrepreneurs do best or have inherent grit that can benefit your firm. Supporting a budding entrepreneur via programs at your company or hiring former entrepreneurs, many benefits can be received from these individuals no matter how long or short they are involved with your firm. In doing this, there may be less of a fear of failing to venture out knowing there is support from a current firm or removing the perception of failure for having tried not succeeded.
Related: How to Get the Most From Your Top Performing Employees
Theodore Roosevelt’s quote is most fitting for this to allow your team member the opportunity to try entrepreneurship, “It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at best knows, in the end, the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.”
Take time to identify these employees and support them. You may find it to be the wisest choice your firm has chosen to do by supporting budding and former entrepreneurs. This may energize more employees to succeed, which is better for the economy.

How to Start an LLC: The 7 Step Beginner’s Guide

Starting a new business is one of the best accomplishments in your life, but the time you spend worrying about personal liability or filing the right legal paperwork is time spent away from making your business great.
That’s why learning how to start an LLC is a smart move.
Not only do LLC’s shield your personal assets from any business liabilities, but they’re fast and easy to set up.
In just 7 steps and zero lawyers required, we’ll show you how to start an LLC today.
What is an LLC?
LLC stands for “Limited Liability Company.” As one of four major legal business entities, LLCs are the most versatile business structure because they offer business owners three major benefits.
Personal finance protection from business liabilities including taxes, debts, and lawsuits
Minimum paper-work to form and maintain
Organization and management flexibility
So who is an LLC for?
The flexibility of LLC’s mean that any type of business can fit under an LLC, but that doesn’t mean it’ll be worth it for you. Most freelancers (graphic designers, copywriters, consultants) who work out of a laptop and local coffee shop will find it useless.
That’s because if you’re not going to take full advantage of the personal-finance protection benefits, then an LLC is a waste of time and money. To figure out if this is the case for you, ask yourself two questions:
Will I need to accrue any debt for the business?
Do I have a lot of business assets?
A no to both of these is a “no” for an LLC.
Of course, you can also look at the other three business structures (sole proprietorship, partnership, and corporations), but each of these requires you to make some sort of compromise.
Sole proprietorships and partnerships are cheap and easy to set up — but these structures leave your personal assets on the line in case you owe money or are sued (you could lose your house or car).
On the other end of the spectrum, corporations can provide you with a lot of liability coverage and some capital benefits (thanks to shareholders), but they are incredibly complicated and expensive to run.
This is why LLC’s are the best-of-all-worlds option for the right business owner and why they are the best place to start for many people.
The main disadvantage to LLC’s
If there’s one major drawback, it’s because of Uncle Sam.
LLC’s have a higher self-employment tax and a higher profit tax than other structures.
This means you’ll feel a bit more of a sting during tax time. Don’t let that persuade you otherwise. If you’re taking advantage of the personal liability protection, flexibility, and simplicity then you’ll more than make up for this tax cost in the long run.
How to Start an LLC in 7 Steps:
Pick your state of operation
Name the LLC
Choose a Registered Agent
File articles of organization with the state
Choose a management structure
Create an operating agreement
Get an EIN
1. Pick your state of operation
This is easy. It’s the state you wish the business to be registered in. Logically, this should be the state you already live in. Technically, you can register an LLC in another state. Doing so creates a “foreign LLC.”
A foreign LLC adds a whole new set of complications and fees. If you don’t have a good reason to pick another state, then don’t.
2. Name the LLC
An LLC requires you to include some form of “LLC” in the business name. It can be the full phrase “limited liability company,” or an abbreviation.
Beyond this, there are just three restrictions.
Your name has to be unique
You can’t associate your business name with any government agency (e.g. IRS, FBI, DOT, etc.)
Including words like “accountant,” “attorney,” “dentist,” “bank” and other similar titles requires official licenses first. Simply put, if you’re not a dentist, don’t say you are.
3. Choose a registered agent
A registered agent is someone who sends and receives legal documents for your business and acts as an official representative. It can be you, your grandma, your best friend, whatever. As long as the agent resides in the state your LLC is active in, you’re set.
This is a legal requirement. The government will need to contact your agent about taxes, annual reports, or other things, so it’s in your best interest to get an attentive one.
4. File articles of organization with the state
While “articles of organization” sounds like lofty legal jargon, it’s not. It’s just the form you file with your Secretary of State that says “Hey, I want to form an LLC.”
Typically one or two pages long, it requires some basic info like your business name, business address, registered agent, and the number of members/managers onboard.  Print it out, fill it out, pay the fee, and send it off to your Department of State’s office.
5. Choose a management structure
A managing structure defines who you want to run the day-to-day. Do you want the owners/members of the LLC to manage the day-to-day tasks? Or do you want to hire someone else?
Small businesses lean towards member-managed (owners control things), while larger businesses may want someone else to take control of the day-to-day while they themselves focus on higher-level objectives.
Pick whatever works best for your company.
6. Create an operating agreement
 This is not necessarily a legal requirement, but it is crucial.
An operating agreement is a contract that outlines how power and profit are distributed throughout your business.
Not spending the time on one could be chaos. It could lead to financial disputes, internal power struggles, and anything else that would make for an HBO drama series.
Don’t know where to start? Don’t worry. There’s plenty of free operating agreement templates available online, plus we can walk you through some of the best business practices to help you get started.
7. Get an EIN
EIN stands for Employer Identification Number and is provided by the IRS for free. You need one to properly file your LLC’s taxes and hire employees.
Services do exist that advertise “low” fees for getting an EIN for you.
They’re all a waste of money akin to extended car warranties or scented trash bags. The application takes five minutes and can be entirely done online at the IRS website.
The cost of an LLC
Getting an LLC is cheap. There are really only two costs to be aware of.
Initial filing of articles of organization
Annual report fees
For the articles of organization, some states like Arizona charge only $50 to file, while filing in a state like Massachusetts will cost $500!
Plus the annual fee isn’t bad either. Some states like Mississippi don’t even have one, while others only require it once every few years. While it’ll typically cost less than $100, Massachusetts once again ruins everything by charging $500.
No matter what the cost is for you, NEVER forget to pay it.
Missing its deadline will lead to your LLC being administratively dissolved thus preventing you from conducting business (this is bad). Pay the fee on-time and you’re golden.
What if you’re switching to an LLC?
For those with an existing business beforehand, you’ve got homework.
You’re going to need to ensure that everything business-related is correctly transferred over and correctly represents your LLC. This includes:
Business accounts
Credit cards
Ownership documents
Employee and client contracts
Logos and graphics
and any others you may have
This can be as simple as updating your bank account name and address to include “LLC,”  but it can get complicated if, say, your contracts need to be redone to reflect a new organization structure.
Next steps
Yes, forming an LLC will make your business official — but your work ethic and focus are what will make it successful.
You need to work on making your product or service the best it can be so that you can get clients and produce work that will blow them away.
Sure, having a sweet logo, a pretty website, and a sexy business card is great, but don’t let it consume the time you should be spending finding customers and selling your products/services.
The work comes first, everything else is fluff.
That means you’re going to need rock-solid tactics, a focused strategy, and the confidence to make the right business decisions. We’ve put together Earnable — a detailed business playbook that can help start your dreams and carry you through to success.
So while learning how to start an LLC is a great place to begin, it’s nothing without the effort you put in.

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