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4 Ways to Make the Most of Your Meetings

Source : Nicole Fallon from Business News Daily.com

Learn how a healthy balance of talk and action, in-person interaction, proper timing, and a voice for everyone lead to top-tier meeting productivity.

Face-to-face meetings are generally more productive, but video conferencing is a viable alternative.
Productive meetings are more likely on certain days and at certain times than others.
Meetings with more action and less talk are more productive, but everyone should still have a chance for their voice to be heard.
This article is for business owners and managers looking to maximize their meeting productivity.

Almost every workplace sitcom and film makes jokes about boring business meetings and calls. These gags work because they’re so relatable: What office employee doesn’t dread getting trapped in a meeting that drags on forever? Of the 76% of U.S. workers who have participated in a video meeting, 36% indicated in a 2020 Robert Half study that they’ve experienced “video conference fatigue.”

Disinterested participants can obviously render meetings ineffective and unproductive, but what can leaders do to reengage their workers? Jay O’Connor, CMO of Blue Jeans Network, suggested these four tips to make the most of your meetings.

Photo by Christina @ wocintechchat.com on Unsplash

1. Face-to-face interaction is important.

Conference calls save time and travel, but lose the human connection. Survey data compiled by Blue Jeans shows that making a visual connection improves communication and collaboration, and 94% of survey respondents said face-to-face communication improves business relationships, O’Connor said. In an era of distributed teams and remote workers, a visual connection can overcome the barriers of distance and facilitate team bonding.

Video conferencing from a computer, mobile device or room system is a simple way to establish a visual connection when you can’t be face to face. This is especially important for small businesses that might not have the budget to travel. It also matters for more small businesses than ever before, given the widespread shift to remote work amid the COVID-19 pandemic. [Got a meeting coming up? Remember these important words to say in every business meeting.]

Follow these actionable meeting productivity tips for effective face-to-face interaction:

Send out an agenda before the meeting. Use the agenda to tell employees where and when they should expect to interact in person, and what the general topic sequence and time allotment of the meeting will be. This way, everyone comes prepared to speak face to face and enjoy a productive meeting.
If you can’t meet in person, use the right video conferencing service. Although in-person interaction is preferable, video conferencing can still lead to productive face-to-face meetings if you choose the right platform. Some options are ideal for large teams (read our Join.me review for one example), and others best facilitate cloud collaboration (read our Webex review to learn more). Visit our reviews of the best video conferencing services to find the best fit for your needs.

2. Timing is everything.

In real estate, it’s all about location, but for meetings, timing matters most. Be strategic in picking the best time, date and place for a productive meeting. Forget Monday overload and schedule meetings later in the week. Plan your meeting for midday to allow people to get work done in the morning and afternoon.

Here are some actionable timing-based meeting productivity tips:

Schedule meetings for Tuesday afternoons. Tuesdays to be the most productive meeting time, based on 2 million meeting invite responses. Sure, you can’t schedule every meeting for this time, but think about what Tuesday afternoon means. It’s not Monday, when the weekend haze hasn’t faded, or Friday, when that haze sets in. It’s also not in the morning when your team is still sorting their day out. Find meeting times that avoid these challenges for top productivity.
Ask your employees when they want to meet. Small business owners and team leaders like yourself often set meeting times and demand that employees make those times work. You can increase your meeting productivity by letting your employees make this decision instead. Poll your team on what days and times work best for them, then hold your meetings at the most popular date and time. Your team will likely arrive ready to go. [Read Related: How to improve productivity on video meetings.]

Photo by National Cancer Institute on Unsplash

3. Make meetings more action-oriented.

Ditch time-sucking meetings in favor of actionable sessions that get results. Share information such as previous meeting minutes or project updates in advance of the meeting. Email is an efficient way to distribute information and complete prep work so that attendees show up ready to dive into the essential agenda items.

Here’s how to set yourself up for actionable sessions with high rates of meeting productivity:

Set meeting goals in advance. When you go into your meetings with firm ideas of what you want to achieve, you’re more likely to get those things done. You’re also less likely to have conversations irrelevant to these goals. A meeting with less talk and more action may well result.
Keep conversation periods brief in your agenda. Since you’re the person creating your meeting’s agenda, you have tremendous influence over the meeting’s flow. You can go so far as to limit conversation periods to just a few minutes. You can also set large amounts of time for task delegation and other actions. This way, you’ll strike the balance you and your employees need to make the meeting constructive to your goals.

4. Give everyone a voice.

Limit participants to those who need to be there, and brief others by email. A meeting with only essential participants will ensure that you optimize the time. These conferences should not feel like a filibuster, but instead like a team effort. To facilitate engagement, give everyone a role and ensure that all participants have a voice.

Follow these tips to ensure everyone is heard and hold a truly productive meeting for all:

Ask everyone to arrive with questions and ideas. Team members who arrive with discussion items in hand should certainly get to participate. Go around the room and have everyone offer their input. Encourage everyone to share their thoughts even if someone else has already expressed them. Your team will feel more emotionally invested in the meeting, and you’ll have the input you need to be productive.
Set meeting roles ahead of time. It’s one thing to know you need to assign everyone roles in your meeting; it’s another to do so ahead of time instead of once people arrive. This way, you don’t spend valuable meeting time establishing roles that you could’ve decided on beforehand. As a result, you’ll have more time for your meeting itself – and that, of course, is time you can use to be productive.

Max Freedman contributed to the writing and reporting in this article. Source interviews were conducted for a previous version of this article.

Google Doodle celebrates ‘father of fiber optics’ Charles K. Kao

Source : cnet.com

In 1966, a Chinese-born electrical engineer and physicist named Charles K. Kao co-authored a proposal that would revolutionize global communications and lay the groundwork for the internet we know today.

Along with collaborator George Hockham, Kao proposed using thin glass fibers to transmit data across long distances, replacing the bulky copper wires then in use in telecommunications. Though initially rejected, his proposal would transform communications technology and the industry as a whole.

Il y a 88 ans naissait Charles K. Kao — Charles K. Kao’s research transformed the communications industry.

Source : https://www.timeshighereducation.com/people/sir-charles-kuen-kao-1933-2018

To highlight Kao’s contribution to technology, Google will honor the engineer on Thursday with a Doodle celebrating his 88th birthday. The animated Doodle depicts Kao, widely known as “the father of fiber optics,” using a green fiber laser to transmit data from one end of the Doodle to the other.

Born in Shanghai on Nov. 4, 1933, Kao studied English, French and the Chinese classics before moving to England to study electrical engineering. After earning a bachelor’s degree, Kao went to work at Standard Telecommunication Laboratories in Harlow, England, while he was working toward a doctorate in electrical engineering.

At the time, glass fibers could carry light pulses for telephone signals only 20 meters (65 feet) before nearly all the light dissipated. But Kao’s 1966 landmark paper Dielectric-Fiber Surface Waveguides for Optical Frequencies suggested it would be possible to transmit light signals more than 100 kilometers (62 miles) across a fiber of ultrapure glass.

Kao and Hockham noted in their conclusion that “a fiber of glassy material” of a specific construction “represents a possible practical optical waveguide with important potential as a new form of communication medium.”

Four years later, inspired by Kao’s vision, a group of researchers produced the first ultrapure fiber.

Kao’s landmark research allowed the rapid expansion of broadband communications through the hundreds of millions of miles of fiber optic cable that deliver massive amounts of data around the globe in a split second. For his work, Kao would share the joint Nobel Prize in Physics in 2009.

Kao would go on to oversee implementation of fiber optic networks worldwide and focus on education in the 1980s, serving as vice chancellor of The Chinese University of Hong Kong and founding Hong Kong’s Independent Schools Foundation.

Kao died in 2018 at the age of 84.

Decisive Managers Make Better Leaders

Source : Business News Daily Editor

Don’t let “analysis paralysis” keep you from making good decisions. Enlist help from your mentors if you need it.

Business leaders who have developed a cooperative approach to decision-making understand that people need to be valued, respected, listened to and involved. This approach translates into better performance for their companies. It also yields more streamlined results as the inability to make sound decisions means your company could suffer greatly, as nothing will ever get done.

This inherent fear of making a mistake is one of the most common reasons that lead to “risk aversion,” or the inability to move forward with decisions. Another common setback is that many leaders get caught up in “analysis paralysis.” This plays out in the form of incessant information gathering: statistics, surveys and the like that can prolong the decision-making process.

Sometimes top-level management will bury their heads in the sand and truly believe that change or new direction decisions are not necessary. This type of leader would rather uphold the status quo than look at new ideas which can be counter-productive, particularly considering our current high-speed business and economic environment.

It may be a definitive advantage to appoint women to top-tier positions, including positions on company boards. In fact, the study points out that boards with higher female representation experience a 53% higher return on equity, a 66% higher return on invested capital and a 42% higher return on sales.

What is a decisive leader?

A crucial aspect of being a successful leader is the ability to make decisions that are time-sensitive and well-informed. Decisive leaders are those who seek out the appropriate information that is necessary to make a good decision and they demonstrate an understanding of the knowledge held by their colleagues, direct reports and leaders.

In the workplace, decisiveness is key for effectively executing plans and achieving set goals. Decisive leaders have the ability to balance the costs of continuing to gather information, deliberate and delay a decision versus the costs of making poor choices. They are aware of competing costs, and they weigh them carefully, but most importantly, a decisive leader makes decisions that are clear and final.

The qualities of a decisive leader

Decisiveness isn’t a skill that people typically talk about, but it is extremely important to successful leadership. For example, have you ever worked with a leader who could not make up their mind; they were always asking others what they thought, but they never came up with any conclusions themselves? If you have experienced this, you understand how frustrating an indecisive leader may be. Some of the benefits of being a decisive leader for employees and the company include:

Decisive leaders are responsible and accountable. Decisive leaders take responsibility for the effect their decisions have on the company and other, and they are committed to following through on the actions needed to carry out a decision.
They are confident. Decisive leaders deliver their messages with clarity and confidence, which makes it unlikely for others to second-guess their decisions.
Once they reach a decision, they are slow to change their mind. Being decisive doesn’t entail being arrogant, stubborn or hasty, it simply means having the ability to make decisions with clarity. Decisive leaders can be slow to change their mind. This is because they trust their instincts.

Being a decisive leader is a highly desirable skill, especially when it comes to running a business. There are very few people who are willing to put their trust in someone that overthinks and goes back and forth over basic decisions.

How to be a better collaborative decision-maker

Allocate a specific period of time for adequate analysis of the decision. Assign a deadline for the decision and make the time frame known to your team and at least one confidant or mentor so that you are held accountable to the dates. If you are particularly risk-averse, ask your confidant/mentor to challenge you, and point out when and why you may be holding up the decision process.

Encourage feedback from your team and gain the perspective from various people integral to the business, when possible. Whether it is HR, marketing, sales, R&D, or operations; their voice may bring through a different perspective that you had not considered. Listen before speaking. Create an environment where feedback is expected and appreciated.

Assign a team or person to challenge the status quo and build it into the process of your monthly meetings. It’s important to have someone play “devil’s advocate” with all major decisions. This will present a well-rounded view during the decision-making process.

Finally, and maybe most importantly, know your impact as a leader and decision-maker. Walk your talk by saying what you mean, and don’t hide behind corporate rhetoric. Get out of the ivory tower, and get involved with other departments and employee projects as often as your schedule allows. Follow the golden rules of engagement with your employees at every level by treating each one with the respect and consideration that they deserve.

And remember, if you don’t have solid, timely decisions and guidance, all those around you have something to lose: employees, customers and stakeholders. Without sound decision-making the entire business – not to mention your position – is at risk.

Game Over? Not Quite: Playing Video Games Can Help Your Career

Source : Business News Daily Editor

A new study finds that playing the video game World of Warcraft can help employees thrive when working on virtual teams.

Video games are often thought to be a parent’s worst nightmare, but if you are an avid gamer, you can turn the nightmare into a lucrative career.

All it takes to turn video gaming into a career is to have a desire to be creative, an interest in computer science and the will to create a video game that will become a hit among gamers.

Whether you are someone who is constantly doodling or someone who prefers to sit in front of a monitor for hours playing your favorite video game, there are many career options in the field of video games.

The next time you’re looking to hire a remote employee, you should consider asking them about their video game habits, research suggests.

A study by researchers at Missouri University of Science and Technology found that “World of Warcraft” game players have skills and traits that successfully translate to working on virtual workplace teams.

“World of Warcraft” is a massive multiplayer online role-playing game. Players create their own avatars for the game and explore an almost limitless virtual landscape, fight monsters, complete quests and interact with other players. The game has more than 10 million subscribers worldwide.

The study discovered that the qualities “World of Warcraft” gamers share are extroversion, agreeableness, openness, conscientiousness and neuroticism, which are the core personality traits and what psychologists refer to as the “Big Five.”

Additionally, “World of Warcraft” players have the type of computer-mediated communication skills and technology-readiness skills that help employees excel when working on virtual teams.

The study’s authors said while the correlations they uncovered between excelling at “World of Warcraft” and personality traits were small, they were statistically significant.

For the study, researchers surveyed nearly 300 “World of Warcraft” gamers who were diverse in age, race, sex, class, occupation and location. All of those surveyed played the game at least eight hours a week and worked 38 hours a week.

The survey questioned players about their motivations, communication skills, preferences for teamwork and personality.

Elizabeth Short, one of the study’s authors and a graduate student at Missouri S&T, said they then compared the surveys to each player’s “World of Warcraft” group achievement points, which indicate how much group gameplay they participated in, and how successful they were.

One of the greatest links the researchers uncovered was between how many achievement points a player had and their technology readiness.

Short said being technologically ready means that a person is more resilient around technology and more adaptable.

“The more achievements you have in-game, the more technology savvy you are in real life,” Short said in a statement. “And that’s a good thing, especially in virtual communication teams and workplaces.”

Short hopes that the study will show gamers that the confidence they have playing “World of Warcraft” can be useful in their careers.

“I like the idea that there are aspects of gaming that help and strengthen a person with skills, knowledge, and abilities to be able to transfer those skills into the workplace,” Short said. “This research shows us that those skills, while not exactly the same … transfer.”

A separate study from Robert Half Technology found that “World of Warcraft” isn’t the only video game that can help boost your career. The research found that nearly one-quarter of chief information officers believe that playing video games is an activity that can increase the chances of new graduates landing an IT-related job.

Other tech-related hobbies or activities that increase recent graduates’ appeal to employers include web or app development, participation in hackathons and Raspberry Pi, Arduino, or microcomputer project creation.

“While there’s no substitute for meaningful work experience, highlighting relevant hobbies and activities can be an effective way for new tech graduates to demonstrate their passion for the industry and impress hiring managers,” said John Reed, senior executive director of Robert Half Technology, in a statement.

“Aspiring technology professionals from a different field of study should make clear to potential employers how their skill sets will help them be successful in the roles they pursue.”

The study, led by Nathan Weidner, an assistant professor at Missouri S&T, will be presented at this year’s annual Society for Industrial and Organizational Psychology Conference.

Types of video game jobs

One of the most common statements parents say to their children is “sitting in front of video games all day will not help you later in life.” As it turns out, playing video games may lead some people to very rewarding careers. The video game industry has changed dramatically over the years, and modern video games are quite technical and interactive. If you are a dedicated gamer and are considering a career related to video games, there are several options to choose from.

Artist or animator

Video games need characters that can come to life, so if you have a sketchbook packed with drawings of characters, these sketches can be turned into animation for video games. This type of career is ideal for graphic designers, artists and doodlers. This type of career generally requires a degree in graphic design, game design and/or computer science.

Game tester

If you are more of a game player than a game designer, then having a job as a game tester may be the ideal choice for you. Game testers, also known as beta testers, are responsible for testing games before they released. You will be responsible for detecting problems with the game, such as glitches, bugs, artistic flaws and to “break” the game. You are a good fit for this type of job if you enjoy spending several hours a day playing a video game, are a team player and dedicated to making sure video games are public ready. To become a game tester, it’s helpful to have a degree in computer science, experience in quality assurance, and game playing and hacking.

Game developer

Having a career as a game developer is thought to be the ultimate job for avid gamers. As a game developer, you are responsible for making your own games, either with your ideas or by taking the ideas of others and turning them into a game that every gamer will want to play. To be a good fit for this type of job you are typically interested in coding, computer programming and video games in general.

A coveted job for those who love playing video games is being a professional gamer. It is possible to make money playing video games, if you are extremely talented and/or entertaining. Competitive gamers can make money through a variety of ways, such as creating a YouTube channel, which allows you to earn money depending on the number of followers you have, or you could enter competitions, where you play with people from around the world for a chance at taking home the prize.

Twitter and Square CEO Jack Dorsey says ‘hyperinflation’ will happen soon in the U.S. and the world

source : Jeff Cox | CNBC

Twitter co-founder Jack Dorsey weighed in on escalating inflation in the U.S., saying things are going to get considerably worse.

“Hyperinflation is going to change everything,” Dorsey tweeted Friday night. “It’s happening.”

Hyperinflation is going to change everything. It’s happening.
— jack (@jack) October 23, 2021

The tweet comes with consumer price inflation running near a 30-year high in the U.S. and growing concern that the problem could be worse that policymakers have anticipated.

On Friday, Federal Reserve Chairman Jerome Powell acknowledged that inflation pressures “are likely to last longer than previously expected,” noting that they could run “well into next year.” The central bank leader added that he expects the Fed soon to begin pulling back on the extraordinary measures it has provided to help the economy that critics say have stoked the inflation run.

In addition to overseeing a social media platform that has 206 million active daily users, Dorsey is a strong bitcoin advocate. He has said that Square, the debit and credit card processing platform that Dorsey co-founded, is looking at getting into mining the cryptocurrency. Square also owns some bitcoin and facilitates trading in it.

Responding to user comments, Dorsey added Friday that he sees the inflation problem escalating around the globe. “It will happen in the US soon, and so the world,” he tweeted. Dorsey is currently both the CEO of Twitter and Square.

Yup…we live with this built in our mental models in Nigeria…inflation is currently 16% 😬
— Tayo Oviosu 🗽 (@oviosu) October 23, 2021

It’s one thing to call for faster inflation, but it may be surprising to some that Dorsey used the word hyperinflation, a condition of rapidly rising prices that can ruin currencies and bring down whole economies.

Billionaire investor Paul Tudor Jones and others have called for a period of rising inflation. Jones told CNBC earlier in the week that he owns some bitcoin and sees it as a good inflation hedge.

“Clearly, there’s a place for crypto. Clearly, it’s winning the race against gold at the moment,” Jones said Wednesday.

But most of the major investors have not gone so far as to call for hyperinflation like Dorsey.

How to Fuel Your Student-Led Startup

Source : Business News Daily Editor

Starting a business in college can be tough, but check out these financing opportunities for students.

While many people seem to think it’s impossible, plenty of resources make it possible for students to launch startup companies.
Some possible methods of funding a startup as a student are venture funds, networking events and more.
Some other methods of funding a startup are bootstrapping, crowdfunding and small business loans.

With minimal risk and numerous resources, student entrepreneurship is on the rise at campuses all over the country. According to an Insights Report from the Kauffman Center for Entrepreneurial Leadership, more than 1,500 universities offer some form of entrepreneurial resources, an increase of 120% in the last five years.

While most universities now offer incubators, hackathons and networking events, there are a multitude of resources that aren’t limited to a specific student body. If you didn’t win your campuswide business competition, never fear. You still have options to give your business idea the leverage it needs.

Networking events

Almost 80% of professionals consider networking valuable to career success, according to LinkedIn’s corporate communications team. The same study found that 70% of people were hired at a company where they had a connection with a current employee.

Networking is essential for success in any career field, but especially so in the entrepreneurial and business worlds. Not only are there events designed to connect students with bright ideas to others with similar passions but also to investors and community leaders.

The Collegiate Entrepreneurs’ Organization (CEO) has more than 400 chapters on university campuses throughout North America, which support more than 16,500 emerging collegiate entrepreneurs annually. CEO also hosts regional events and an annual global conference to connect members to industry leaders, successful entrepreneurs and other students. The annual conference targets students but is open to any individual.

In addition to the resources listed in this article, research networking events for startups and entrepreneurs in your community. Although these won’t necessarily be geared toward student-related obstacles, you can still meet and receive advice from experienced innovators.

Business plan competitions

Business plan competitions not only provide a mechanism to finance a startup but they can lead to publicity and valuable introductions.

Business model competitions have become so popular that sites like iStart have emerged to connect students with the most appropriate contest for their circumstances. As a bonus, iStart members can place their business plans in a searchable database for anyone to view to promote connections with venture capitalists.

Some competitions, like the Global Student Entrepreneur Awards, require success at a local level before qualifying to enter. Others, like the International Business Model Competition, offer the option to compete on a global level.

Venture funds

The advanced state of student entrepreneurship has inspired student-focused investment funds to emerge across the world.

Contrary Capital believes the next generation’s most successful companies will emerge from universities. Its LinkedIn page says, “No organization truly capitalizes on the immense talent and opportunity that abounds on university campuses across the globe. We’re fixing that.”

Another resource, Dorm Room Fund, is a national, student-run venture capital fund backed by First Round. The organization has invested in 200 startups that have raised more than $400 million in the last five years.

“No matter where you are in the country, or what school you go to, you can now grow your startup with access to a strong network of investors, world-class mentors, and a $20,000 check,” the company wrote in a blog post. [Interested in small business loans? Check out our best picks.]

Crowdfunding

One very popular method of securing funding for startups is creating a campaign on a crowdfunding site. This means that your business will be funded by those who believe in your product or company idea and wish to help fund it.Typically, these crowdfunding websites allow users to offer small gifts in exchange. For instance, you may offer a keychain for a $10 donation and a T-shirt for a donation of $50 or more. Either way, the great thing about these donations is that they do not need to be repaid.

Small business loans

Another great way to fund a business while you are still in school is with a small business loan. While these can be difficult to obtain, with the help of a good credit score, collateral and a sound business plan, you may be able to get a business loan. However, beware of the banks or organizations you do business with; some can be predatory and end up costing you far more than the upfront capital is worth.

Bootstrapping

Although it is not always advised, bootstrapping can be an excellent method of securing money for your startup. This involves using present lines of credit, borrowing money from friends and family, clearing out your savings, and any other method you can use to get the funds needed to launch your startup. Bootstrapping works best for companies that do not need a large amount of capital to launch and also companies that are expected to turn a large profit in a short period of time.

Additional resources

According to the Kauffman Index of Startup Activity, 550,000 Americans launch new businesses each month. For undergraduate students ready to explore their ideas, numerous opportunities are available in places other than their home campuses. [Related Article: The Guide to Getting an SBA Loan]

But that’s not to say those opportunities should be ignored. The share of incubator programs associated with universities has grown to a record high of 42%, according to the International Business Innovation Association’s 2016 IMPACT Index, up from one-third in 2012 and one-fifth in 2006.

History has demonstrated that student entrepreneurs can create highly disruptive and profitable companies. For budding entrepreneurs, shoot high, but do your research, because you don’t want to ignore the opportunities right in your backyard.

3 Secrets of Successful Facebook Ads

By Business News Daily Editor, Expert

To have an edge in the digital market, create a realistic framework with a particular timeline and the target niche.
Consider including a video in your advertisement.
The most essential characteristic of a Facebook ad is the offer. The offer must be enticing and valuable for your clients to proceed into the details of purchase.

When people first began using Facebook to build brand awareness and increase sales for their business, the social media channel was an open field. Having a business page and with content that was published regularly was really all that was needed to see sales conversions rise substantially.

Unfortunately, that has all changed dramatically over the last several years.

It is now almost impossible to get new leads through Facebook without paying for them with Facebook ads. It’s a pay-to-play game that requires a savvy business owner who is willing to keep up with the latest changes in Facebook ads.

Ad copy

In marketing, everything ultimately comes back to how good your copy is, and Facebook ads are no different. Regardless of what type of ad you choose to run, the copy you write must speak directly to your ideal customer and make them want to listen to you. To do this effectively you have to know exactly who you are targeting and what you want them to do.

Start with the headline. Don’t fill it with a boring list of features or blatant marketing jargon. Instead, make it conversational and interesting. When developing your ad, the field that is listed as the headline is essentially the first sentence that will be displayed above the image; it needs to be as good as the first line in your favorite novel if you want people to keep reading instead of scrolling past.

Finally, use the description field to combat any anticipated objections. This text will be prominently displayed beneath the image and is easily visible without the viewer clicking to read more. If viewers learn that your offer is completely free or has a money-back guarantee as they are scrolling past, you may get them to stop and reconsider.

Keep in mind that the copy you write will likely need to be changed for different audience segments even if the offer is the same. Additionally, it’s important to try out different combinations and test them to find out which is most effective.

Images and video

You need eye candy if you want people to pay attention to your copy. This can be a carefully curated image that visually articulates your offer or brand, or it can be a video that people will want to watch.

If you use stock images, use high-quality images that are relevant to the advertising copy. Facebook has several rules about the types of images that can be used, as well as the ratio of words allowed on ad images.

Because of the above issues and the popularity of video in general, it can be more effective to simply opt for video for your Facebook ads. People love to watch videos online, and editing video is easier than ever, thanks to the growing field of user-friendly video editing apps.

Messenger ads

Facebook Messenger ads are still in the Wild West phase of marketing, which makes it the ideal time to jump on the bandwagon. The wonderful thing about Messenger ads is they are delivered directly to customers’ messenger app, along with messages from their friends, co-workers and family. It’s an intimate space that still feels very personal, primarily because so few businesses are using this platform.

It is important to keep this feeling of intimacy at the forefront of your mind when creating ad experiences for Messenger. To do this effectively, you will want to utilize a chatbot service to build full campaigns. This allows you to ask your subscribers (the people who have subscribed to receive messages from you) a question or offer them something of value and then create an automated experience that moves them further along a sales funnel in a way that feels less like a sales pitch and more like a friend offering advice.

Facebook ad-targeting specificity has come a long way in the last few years. Early on there were a few hit-or-miss approaches to creating Facebook ads. Now, Facebook allows you to choose the type of ad campaign you want to run, detailed objectives and custom audiences. You can also run multiple versions of the same ads to find out which is more effective and limit the amount you spend by carefully allocating your budget by day and ad.

If this all sounds very complicated, that’s because it is. It is more important than ever to take your time to learn the fundamentals of setting up your campaign properly. Stunning copy and attention-grabbing graphics are no longer enough. It’s good to understand how Facebook ads work, but if you don’t have the time to stay on top of them and their updates, seek help from a marketer who is skilled with them.

Examples of successful Facebook ads

Apparel category

1. Crew

This is an image ad whose objective is to drive sales. The target market is J Crew male demographic. The ad is successful due to its short and conversational tone. The reminder that a new season is coming that requires a change of clothes entices Facebook users to shop.

2. Everlane

This is an image add with the aim of increasing online conversions. The ad target market is first time buyers. The image used is informational about the selling points of the product. The ad uses a quote from a well-known publication, that is, style magazine, as an affirmation of how good the product is. This acts as a tool to woo more new buyers who have not heard of Everlane before. This ad is a success as it resonates with the target audience of practical, style conscious and minimalist.

3. Warby Parker

This is a video app to encourage app installation. The ad promotes use of a new tool designed to improve the buying experience of existing customers and new customers. This add is a success since it sells what the consumer needs at the moment in terms of ease of usage of the app

Food and beverage Facebook ads

1. Dominos

This is an image ad selling to the customers a deal that they would not resist. Its targets both loyal and new customers. The ad is a success as the image used quickly grabs the attention of hungry users. The ad indicates that in the food and beverage industry, sometimes less is more!

2. Starbucks

This is an image ad that encourages app installation and rewards program sign ups. The ad target market is loyal customers. This ad has been a success as it emphasizes on free drinks by sampling downloading the Starbucks app. The ad includes an install option as a call to action. The ad makes it easy to earn a free drink while in actual sense you have to load cash into the app before earning the free drink.

3. Hint

This is a video add whose objective is to send traffic to the site and increase sales. The target market is new customers. The ad has been a success is it is visually engaging. It rides on the wave of pre-summer diet marketing hype. Clients are encouraged to work on their weight loss and increase hydration leading to more clicks.

Software companies Facebook ads

1. Mailchimp

This is a video ad with audio component. It aims at raising awareness of an expanded suite of products and services. Its target market is both new and loyal customers

This ad has great visuals and sound. It is bright yellow which is captivating with music that quickly grabs your attention. It has a logo which can easily be identified by the target audience who have worked in the realm of digital marketing or online business. Mailchimp also sell additional products they have to offer on this same ad. This is very convenient for customers who maybe shopping for other products.

2. Shopify

This is a video ad with an aim of sending traffic to the Shopify website and increase engagement. It targets both new and repeating customers. The ad raises awareness of the positive contributions shopify users are making in certain communities. This makes Shopify stand out as a brand and attract other like-minded people to work with Shopify.

3. Volusion

This is a video ad that aims at building brand awareness and increasing reach. The ad targets both new and returning customers. The ad is a success as it asserts its credibility in the ecommerce industry by including their trust rating.

Source : Business News Daily

How to Start an LLC: A Step-by-Step Guide

By Kiely Kuligowski, Writer

An LLC is a business structure where business owners are not held liable for the company’s debts and can choose their own management structure.
Pass-through taxation is a major benefit of LLCs, as profits are taxed only once.
There are seven major steps to set up an LLC.
This article is for new entrepreneurs who are interested in learning how to start their own LLC.

One of the most important steps in starting a small business is deciding on a business structure. There are many to choose from, each with its own advantages and features. For most small business owners, an LLC is a great choice because of its simplicity, flexibility and ability to protect personal assets. This article will explain what an LLC is, its advantages, and the seven steps you need to take to set one up yourself.

What is an LLC?

An LLC, or limited liability company, is a business structure that shields business owners from being personally liable for the company’s debts or other liabilities. It is a hybrid entity that combines the benefits of partnership and sole proprietorship structures. LLCs can be owned by one person or by multiple people, known as LLC “members.”

An LLC provides protection from personal liability in most cases by keeping your personal assets – such as your vehicle, house and savings accounts – safe if your LLC declares bankruptcy or is sued.

Single-member LLCs are pass-through entities, so the profits and losses from the LLC are “passed through” to you and taxed as personal income. The benefit of this is that you don’t have to pay both corporate and personal taxes on your earnings. Similarly, multi-member LLCs are taxed as partnerships – which are also pass-through entities – with each owner paying personal income taxes on their portion of the profits.

Alternatively, you can choose to be taxed as a C corporation or an S corporation.

Key takeaway: An LLC is a flexible business structure that protects the owners’ personal assets.

Benefits of an LLC

An LLC structure provides many benefits for your business besides the liability protection. These are the main advantages:

Personal asset protection: As long as you have not committed fraud or any criminal act as an LLC member, you are not personally responsible for the LLC’s debts or lawsuits.
Pass-through taxation: An LLC’s profits go directly to the owners, who report their share of the profits on their personal tax returns, so the business’s profits are only taxed once. In a C-corp, for example, profits are subject to double taxation, meaning the business is taxed on its profits and then again when the owners report their earnings from the business on their tax returns.
Simplicity: LLCs are easy to create and maintain, with little paperwork and few requirements such as formal officers, annual meetings, or complicated company records.
Flexibility: LLCs have little restrictions regarding the structure, ownership and management of your company, meaning your business can be a single- or multi-member LLC, a member-managed LLC, or a manager-managed LLC. You can also choose the method of taxation that is most beneficial for your business.
Credibility: Forming your business as an LLC brings credibility, as LLCs are a widely recognized business structure that lets customers know you are serious and professional in how you run your business.
Access to business loans: After your LLC is formed, you can start building a credit history, which will enable you to access business loans and lines of credit to help you further build your business.
Flexible profit distribution: LLCs can choose how they distribute profits to the owners – the distribution is not required to be equal among members or proportionate to ownership percentages.

Key takeaway: An LLC is easy to form and has few maintenance requirements. One of the main benefits of this structure is that your business is taxed as a pass-through entity.

How to start an LLC

Once you’ve decided to proceed with forming your business as an LLC, there are a few steps you have to take to get you to your goal.

1. Select your state.

The first thing you have to do as an LLC owner is select the state in which you will operate your LLC. For most new business owners, the most logical option is to form the LLC in the state where you live. If your business will have a physical presence (i.e., a storefront or office) in other states, you will need to register a foreign LLC in each state where you plan on doing business.

There are some situations in which you might choose to form your LLC in a different state from where you live. A few states, like Delaware and Nevada, have business-friendly laws that may attract potential LLCs. However, registering your LLC in another state (or multiple states) can incur costly fees and extra paperwork. [Read related article: How to Expand Your Business to Another State]

2. Name your LLC.

After you’ve decided where to set up your business, it’s time to choose a business name. Each state has different rules for business names, but in general, you can expect to follow these guidelines:

The name must include the phrase “limited liability company” or an abbreviation (LLC or L.L.C.).
The name cannot include words that could confuse your business with a government agency (FBI, Treasury, CIA, etc.).
Restricted words such as “bank,” “attorney” or “university” may require additional paperwork and the inclusion of a licensed individual, such as a doctor, to be part of your LLC.

3. Choose a registered agent.

A registered agent is a person or other business that sends and receives legal documents on your behalf. These documents can include legal summons or document filings that your registered agent will receive and forward to you. Most states require LLCs to use a registered agent, and the agent must be a resident of the state in which you are doing business.

4. File with the state.

Your next step will be to register your LLC with the state. In most states, the formation document is referred to as the “articles of organization,” but it can also be referred to as the “certificate of formation” or “certificate of organization.” This document, along with your state filing fee, is what officially creates your LLC. You can send in your documents by mail or online.

5. Determine your management structure.

As an LLC, you have the ability to choose how your business’s management will be structured. You can have your company be member-managed, meaning there is a small number of LLC members who are all involved in the day-to-day running of the company, or manager-managed, where members do not wish to be involved in managerial matters and place that power in the hands of one (or more) managers.

6. Create an LLC operating agreement.

An LLC operating agreement is a legal document that outlines the ownership structure and member roles of your LLC. Most states do not officially require an operating agreement, but it can still be beneficial to get everything down on paper. These are some of the sections in an operating agreement:

Organization: This section outlines when and where the company was created, who the members are, and the ownership structure.
Management and voting: This section addresses how the company is managed and how decisions are made.
Capital contributions: This is where you’ll designate which members financially support the LLC and form a structure for how more funds will be raised in the future.
Distributions: This shows how the company’s profits and losses are shared amongst the members.
Dissolution: This section explains the circumstances under which the LLC may be dissolved.

[Read related article: Your Small Business Guide to LLC Operating Agreements]

7. Get an EIN.

An EIN, or Employer Identification Number, acts like a Social Security number for your LLC. You will need an EIN to hire employees and open business bank accounts. You can get an EIN for free from the IRS website, or via fax or mail.

Key takeaway: There are seven main steps in creating your LLC. Start by choosing a business name and the state where you will run your business.

What to do after starting an LLC

After you’ve started, named and filed your LLC, you still need to take care of a few things to get your LLC fully up and running. First and foremost, make sure to register your LLC for state taxes. If you are selling a physical product, you’ll need to register for sales and use tax, and if you have any employees, you’ll need to register with the state for unemployment insurance and withholding taxes.

Next, determine how you will do your accounting. You may choose to do it yourself, in which case you should research the best accounting software to help you keep track of everything. You may also choose to hire a certified public accountant to either help you set up or perform your accounting for you.

If your business needs a permit for any reason, now is the time to register for them. Certain business activities require permits at the federal level, such as alcoholic beverage sales, mining and drilling, transportation and logistics, and aviation. State and local rules around permits vary.

You should also strongly consider getting business insurance. Most states require some form of insurance, usually workers’ compensation at minimum. General liability insurance is highly recommended, as it protects your business assets from lawsuits by covering injuries, property damage, personal liabilities, advertising liabilities and legal defense.

Finally, make sure you are following hiring laws at both the federal and state levels. These are the major requirements for hiring:

Employees must be eligible to work in the U.S.
You must report any new hires to the state.
You must provide workers’ comp insurance to employees.
You must withhold employee taxes.
You must print compliance posters and place them in visible areas of the workplace.
You must pay employees at least minimum wage, as often as the state requires (weekly, biweekly, etc.).

Key takeaway: After you have followed the steps to create your LLC, your work is not done. There are still several actions you must complete as a business owner to set up your company for success and security.

Source : Business News Daily

Should You Set Up Your Business as an LLC or S Corporation?

By Simone Johnson, Writer

An S corporation isn’t a business entity like an LLC; it’s an elected tax status.
LLC owners must pay self-employment taxes for all income. S-corp owners may pay less on this tax, provided they pay themselves a “reasonable salary.”
LLCs can have an unlimited number of members, while S-corps are limited to 100 shareholders.
This article is for entrepreneurs who are trying to decide whether they should structure their business as an LLC or S corporation.

When starting a business, you have several types of business entities to choose from. LLCs and S corporations are popular options, but they differ in many ways, from taxes to management structure. In some instances, a business may even be both an LLC and an S-corp. Here’s what you need to know about these business types and their differences before you decide which is right for your business.

What is an LLC?

An LLC, which stands for “limited liability company,” is a business structure that protects the personal assets of the business’s owners (referred to as “members”). If the business gets tangled in legal troubles or is sued by a debt collector, the plaintiff or creditor can only go after the business’s assets, not the personal assets of the LLC members.

If the LLC is taxed as a sole proprietorship, it has the tax advantages of being a pass-through entity, which means its profits “pass through” the business to the LLC members, so they can report the profits on their personal tax returns rather than filing a corporate tax return. The LLC members must pay self-employment tax on their income.

Alternatively, an LLC may be taxed as an S-corp, which means the member must be paid a reasonable salary, which the LLC reports as a business expense and deducts payroll taxes from. The business’s remaining profits are distributed as dividends.

Key takeaway: An LLC shields the personal assets of the members from business creditors. It is a pass-through entity, so LLC members report earnings on their personal tax returns.

What is an S-corp?

An S corporation, also referred to as an S-corp or S subchapter, is a tax election that lets the IRS know your business needs to be taxed as a partnership. It also prevents your business from incurring corporate-level double taxation. To become an S-corp, your business first must register as a C corporation or LLC.

In an S-corp, the business owners are called shareholders. As an owner, you are considered an employee of the business and must pay yourself a reasonable salary. An S-corp’s profits, losses, deductions and credits are taxed at the shareholder level.

To qualify as an S-corp, your business can have one to 100 shareholders. Your business must also be located in the U.S., and you must file with the IRS as an American corporation.

Key takeaway: An S corporation is not a type of business – it is a type of tax election. The tax liability of S-corp sole proprietorships or partnerships belongs to the members, or shareholders. An LLC may also file as an S-corp.

What is the difference between an LLC and S-corp?

Small business owners often choose to structure as an LLC because it offers more freedom than corporation structures. But before making this critical decision, it’s important to know the differences between the LLC and S-corp.

Tax differences

An S-corp is not a business entity like an LLC, sole proprietorship, partnership or corporation. Rather, it’s an elected method of determining the way your business will be taxed. With an S-corp tax status, a business avoids double taxation, which is when a corporation is taxed on its profits and then again on the dividends that shareholders receive as their personal earnings.

An LLC can be an S-corp – or even a C corporation – depending on how the business owner chooses to be taxed. An LLC is a matter of state law, while an S-corp is a matter of federal tax law.

In an LLC, members must pay self-employment taxes, which are Social Security and Medicare taxes, directly to the IRS. These tax rates change on an annual basis, but the self-employment income tax rate in 2020 is 12.4% for Social Security and 2.9% for Medicare, according to the IRS. Any income an LLC generates is considered taxable income.

With an S-corp, shareholders are paid a salary and the business pays their payroll taxes, which can be deducted as a business expense from the company’s taxable income. If the business has leftover profits, they are distributed to shareholders as dividends – which have a lower tax rate than regular income.

Management structure

LLCs and S-corps also differ in management, according to Guy Baker, Ph.D., founder of Wealth Teams Alliance.

“When members manage an LLC, the LLC is much like a partnership, or a sole proprietorship if there’s only one member,” said Baker. “If run by managers, the LLC more closely resembles a corporation, as members will not be involved in the daily business decisions.”

Baker stated that S-corps generally have directors and officers; a board of directors oversees corporate formalities and major decisions. The directors elect officers who manage daily business operations.

Shareholder structure, subsidiary restrictions and stock

S-corps can’t have more than 100 shareholders total, while an LLC can have an unlimited number of members. Additionally, S-corps can’t have non-U.S. citizens as shareholders, but an LLC allows non-U.S. citizens to be members.

They also have different subsidiary restrictions. LLCs are allowed subsidiaries without restriction, while S-corps aren’t allowed to set up any subsidiaries.

Finally, LLCs cannot issue stock, while S-corps can – though they can only issue one class of stock.

Key takeaway: Choosing the right entity requires extensive research on how the guidelines and restrictions will affect your business taxes, management structure, and ability to form subsidiaries and issue stock.

Is an LLC or S-corp better for entrepreneurs?

Honestly, it depends. Filing to become an LLC is a good approach to begin with, because this structure offers liability protection and tax write-offs. However, as your business grows beyond the startup stage, switching to an S-corp may make financial sense. As income from the LLC increases, so does the self-employment tax, according to Vincenzo Villamena, CPA and managing partner at Global Expat Advisors.

“With an LLC, the income passes through to the owner, who has to pay 15.3% self-employment tax,” Villamena said. “If the owner resides abroad, the Foreign Earned Income Exclusion can minimize income tax but not self-employment tax. With an S corporation, on the other hand, the owner can take a salary from the profits and apply the Foreign Earned Income Exclusion to minimize income tax.”

S-corps may make more sense financially for many businesses, but unless there is a specific reason to make the switch, it may not be the best move for a single-member LLC, according to Anthony Viola, CPA and senior partner at KVLSM LLP.

“I personally like the flexibility that LLCs offer business owners,” Viola said. “Yes, there’s the downside of having to pay self-employment taxes, but in an S-corp, the owners are required to take salaries under the IRS’s reasonable compensation regulations.”

Key takeaway: Whether your business should be an LLC or an S-corp depends on the stage it’s in. LLCs typically work best for startups, but as your company grows, you may want to become an S-corp to reduce self-employment taxes.

What certificates are required for an LLC and an S-corp?

To understand LLCs and S-corps, it helps to understand C corporations. Taxed under Subchapter C, C-corps are separate taxable entities that file Form 1120. An LLC or C-corp may be converted into an S-corp by filing the Form 2553 with the IRS, as long as it meets all Subchapter S guidelines.

LLCs require business owners to file with the state the LLC was formed in, and these requirements may vary by state, according to Brian Cairns, CEO of ProStrategix Consulting.

“Most states require some public notification, which can be costly depending on the jurisdiction,” Cairns said. “For example, in New York state, you have to advertise in the county in which the LLC is formed. If you form in one of the five boroughs of NYC, this can cost upward of $1,000.”

For S-corps, you’ll need to file articles of incorporation in the state where you want to incorporate. An annual shareholder’s meeting and additional state reporting are also required.

Key takeaway: To be taxed as an S-corp, you must fill out Form 2553, file articles of incorporation in your desired state and meet Subchapter S guidelines. LLC requirements vary by state and may require public notification.

Should I have my LLC taxed as an S-corp?

While the right structure for your business depends on you, any other owners, and the business itself, you should be aware of both the benefits and the drawbacks if you have your LLC taxed as an S-corp.

Pros

The business pays your salary and the payroll taxes on it. This may save you money on taxes because, as with a regular LLC, you would pay self-employment taxes on the business’s gross income.
Additional earnings are distributed to shareholders as dividends. This may also save you money, since dividends are taxed at a lower rate than income.

Cons

There’s a salary cap. You must establish reasonable compensation for owner-employees.
You’re limited to one class of stock and 100 shareholders.
Shareholders own more than 2% of the company’s stock and can’t claim employee health insurance as a tax-free benefit as they could with a C-corp.

Having your LLC taxed as an S-corp once you hit the $60,000-a-year mark is a great decision, according to Scott Royal Smith, founder and CEO of Royal Legal Solutions.

“This allows you to divide the income between personal income and dividend income, and gets you to a lower overall tax rate,” Smith said. “The drawback is that you also have to pay for an individual S corporation tax return at that point. You have to weigh the tax savings in what you’re keeping from the government against how much the CPA is going to charge you.”

Smith believes that the $60,000 annual mark is usually where that plays out. Before then, it’s best to accept the money as personal income and file Form 1040 on your personal return.

Key takeaway: Having your LLC taxed as an S corporation can save you money on self-employment taxes. However, you will have to file an individual S-corp tax return, which means paying your CPA to file an additional form. An S-corp is also less structurally flexible than an LLC.

Can an LLC purchase membership interests in an S-corp?

Generally, no, but there are loopholes in business and finance. The ownership stake of an LLC member is called a membership interest, and owners of an S-corp are called shareholders.

Shares or stock represent a shareholder’s interest in a corporation. In the event the corporation does not issue stock certificates and only documents the number of shares distributed on paper, an LLC that wants ownership interest in an S-corp would purchases shares, not membership interest.

An LLC with more than one member can’t purchase or own S-corp stock because it violates Subchapter S guidelines. However, a single-member LLC that’s taxed as a disregarded entity could own S-corp stock, which is uncommon.

Key takeaway: Although a single-member LLC or a business deemed a disregarded entity can own stock in an S-corp, an LLC with more than one member cannot purchase membership interests under Subchapter S guidelines.

Many entrepreneurs set up their new ventures as LLCs to have some legal protection for their personal assets. When your business grows, though, it’s a good idea to speak with your CPA and look into filing as an S-corp for the financial benefits. You should also determine how many investors, stock classes and foreign owners will be members of your LLC in order to follow the proper guidelines under your state laws.

Joshua Stowers contributed to the reporting and writing in this article. Some source interviews were conducted for a previous version of this article.

Source : Business News Daily

How to Register a Business Trademark

By Simone Johnson, Writer

Registration of a trademark protects a business’s rights to use the mark to identify its goods and/or services and prevent another company from using the same mark for the same class of goods or services.
To register a business trademark, you need to file either the TEAS Plus or TEAS Standard electronic application with the USPTO.
Although you can legally register a trademark with the USPTO on your own, it is highly recommended that you seek out a trademark attorney to assist you. Hiring a trademark attorney simplifies the process and increases the accuracy of your application.
This article is for business owners interested in protecting their brand by applying for a trademark.

A business trademark protects your company’s identity – without it, you run the risk of competitors using your business name, slogan or logo. This can tarnish your brand, confuse customers, and potentially lead to legal trouble and monetary losses. Here’s what you need to know about registering a trademark for your business.

How do you trademark a business name and logo?

To register a trademark in the U.S., you have to file an application with the United States Patent Trademark Office (USPTO), the federal agency that governs the enforceability of trademark protection. Although you can legally register a trademark with the USPTO on your own, it is highly recommended to seek the assistance of a trademark attorney, as trained professionals can simplify the process and ensure application accuracy. Missteps in the application process can cost you time and money.

Before you can file an application, you will need to gather pertinent business information, such as the mark you want protected, its owner, the category of goods or services associated with it, and when you started or intend to start using it, according to Travis Crabtree, president and general counsel of Swyft Filings.

It is important to understand the different marks and applications that each component is registered under so you do not file incorrectly. For example, names and slogans are registered as word marks, and logos are registered as design marks.

“If you are applying for protection for the name of your business, your slogan and the company logo, then you would be applying for three separate applications: two word mark applications and one design mark application,” said Kelly DuFord, co-founder and managing partner of Slate Law Group.

Before you fill out a trademark application, you should prepare to provide the following documentation:

As with most applications, you’ll need the name and address of the trademark owner. In some cases, this could be the name of your corporation. The owner’s citizenship status is also required.
You need to provide your business’s legal entity type, such as whether it’s an LLC or corporation.
You must bring a drawing of the mark, word or phrase you would like to trademark. If your trademark is an image, make sure the design is accurate. If you want the words written a certain way, submit it in the desired style and font. To trademark a sound, submit your application with an audio clip.
Bring a list of goods and services that will use your mark. Be aware that you must pay a fee for each class of goods or services you list in the application (see more about costs below).
In some cases, you will need the date of the first time the mark was used, as well as photos of your mark being used with the goods and services you picked.
You or the representatives involved with the application should provide a declaration that all the information on the application is valid.
The cost to submit the application ranges from $200 to $700. The exact fee depends on the kind of application you use, the number of marks you apply for, and the number of classes of goods and services you list on your application.

Key takeaway: To trademark your business name or logo, you need to file an application with the USPTO. To complete the form, you need to provide information such as your goods and services list, the exact design or style of your logo, and details about your business.

What is a trademark, and what does it protect?

A trademark, as defined by the USPTO, “is a word, phrase, symbol, and/or design that identifies and distinguishes the source of the goods of one party from those of others.” A service mark technically differs from a trademark in that it protects services rather than goods; however, the USPTO says the term “trademark” is often used in a general sense to refer to both trademarks and service marks.

“A trademark registration protects the trademark holder’s rights to use the mark to identify its goods and/or services, and to prevent another company from using the same mark for the same class of goods and/or services,” said Nancy A. Del Pizzo, a partner in Rivkin Radler’s commercial litigation, intellectual property, and privacy, data, and cyber law practice groups. “Registered trademarks can be powerful tools toward developing customer goodwill and adding value to a product or service covered by the mark.”

DuFord said there are multiple reasons for a business to register their trademark. For example, you might have valuable intellectual property that you want to protect so you can profit through licensing, or you may need to register a trademark in order to verify your business on retail platforms, such as Amazon.

“Whatever the reason may be, trademarking is an asset, a piece of intellectual property that can potentially set your business apart in a time of market oversaturation,” said DuFord. “Trademarks are very detailed and time-consuming but necessary.”

Although registering a business trademark can be costly, it is well worth the expense. Unlike a copyright or a patent, a trademark does not expire after a set period of time. Instead, business trademarks can be continuously renewed in 10-year increments. However, you must adhere to certain stipulations to keep your trademark active, and your domestic trademark only protects you in the U.S.

It is not mandatory for businesses to register their trademark. Your company can establish common law rights to a mark based solely on the use of it. However, registering your mark has many advantages – the biggest one being exclusive legal rights. Having legal usage rights over your marks helps you maintain your brand identity and protects it from being copied.

Del Pizzo said it is important to understand that the name of a business is not necessarily a trademark and may not be registerable as one. “Registering a business name with a state entity to do business in that state is not the same as registering a trademark with the USPTO to obtain federal trademark rights.”

Key takeaway: Registering a trademark gives your business legal ownership over the use of a word, phrase or design – such as the name of your business, a slogan or a logo. Trademarks are valid for up to 10 years and can be continuously renewed.

When should you trademark your business name and logo?

Companies should register business trademarks as soon as possible to avoid complications and monetary damages later on. Del Pizzo said that some small businesses have made the mistake of investing time and money in branding and marketing, only to later find out that another company has federal trademark rights that bar their use.

Additionally, businesses that invest money in a brand before speaking with an attorney about trademark rights run the risk of trying to trademark a name that is simply not trademarkable. Generic names (e.g., Best Donuts) and descriptive names (e.g., Yellow Legal Pads) are not likely to receive protection, said Crabtree.

“Fanciful or arbitrary names that really don’t have much to do with the product (e.g., Google or Uber) have an easier time getting registered,” he said. “This dichotomy builds an automatic tension when starting a new brand. You want a name that can be protected and won’t be imitated, but you also want the public to have some idea what it is that you are selling when they see your name or logo.”

Crabtree added that if you have a product or service that people want, it won’t take long for others to copy you. The process of registering a trademark can be as short as six months, or it could take more than a year – hence the importance of starting the application process as soon as possible.

Key takeaway: You should try to trademark your company name and logo as soon as possible to ensure they aren’t already in use and to secure legal rights to them.

What are the different types of trademark applications?

The Trademark Electronic Application System gives you two ways to file – TEAS Plus and TEAS Standard. Each has its own benefits and limitations. If you work with an attorney, they may have a preferred application that they file under; otherwise, it’s up to you to decide which one suits you best.

TEAS Plus: At $225 per class of goods and services, this is the cheaper application, but you must pay all filing fees upfront with your initial application, it must be completed and submitted by a U.S.-licensed attorney, and the type of goods and services must be selected from the Trademark Identification Manual.
TEAS Standard: This application costs slightly more than TEAS Plus – $275 per class of goods and services. You don’t have to pay all fees upfront, but instead can pay one application filing fee with your initial application and then pay the rest later in the process. You aren’t required to use an attorney to complete and submit your application (but you still must designate one). TEAS Standard is the better option if the Trademark ID Manual doesn’t have a listing that accurately describes your goods and services and you must write your own descriptions.

After you file your application, the USPTO takes one to three months for the initial review.

“The USPTO will either issue an office action, which means they have an issue or question about the application, or they will move it to through the next steps,” said Crabtree.

Key takeaway: There are two trademark applications to choose from, TEAS Plus and TEAS Standard, which differ in cost and information requirements.

How much does it cost to trademark a business name and logo?

The cost of registering a trademark depends on several factors. First, you need to determine if you are going to partner with an attorney, which is highly advised. Attorney fees vary; the pricing we found ranged from $800 to $3,000.

Next, you will have to decide which application you are using (TEAS Plus or TEAS Standard), the number of classes you are applying in, and the “use” designation you are declaring.

These are the costs of the two electronic versions of the USPTO federal trademark application:

TEAS Plus application: $225 per class of goods and services
TEAS Standard application: $275 per class of goods and services

When filing either of these applications, be sure to fill it out completely and accurately. If you fail to meet the TEAS Plus or TEAS Standard requirements, the USPTO will require you to pay an additional application processing fee for each class of goods or services, and TEAS Plus applications will be handled as TEAS Standard applications.

DuFord said there could be additional filing fees depending on the use designation. “If you declare that you are already using the mark and can provide evidence of it in use, then you can avoid one less filing fee. However, additional filing fees can add to the price of a TM application if you have to declare an ‘intent to use’ and later file a declaration of use. This price can accrue even more if the applicant is not ready to show evidence of it in use at the appropriate time and has to file an extension, all of which adds more to the price of the USPTO filing fees.”

Key takeaway: Attorney fees range from $800 to $3,000, and trademark application fees vary as well. Per class of goods and services, a TEAS Plus application is $225 and a TEAS Standard application is $275.

Advice for filing if you can’t afford an attorney

Jason VanDevere, founder of GoalCrazy Planners, said there is a potential money-saving route for small businesses and startups to get legal advice throughout the trademark registration process. VanDevere found a program through his local college, the University of Akron, that could file his business trademark for him for free.

“It turns out that many law schools have programs where the students will help small businesses create and file legal documents for free,” he said. “The students will prepare the work and then the professor, who is a licensed lawyer, will check everything over and file it. Using this program, the only out-of-pocket expense I had was the federal filing fee of about $200, rather than the potential thousands I would have had to pay a lawyer.”

Although not every law school offers this service, it is worth checking if you could save on legal fees.

Regardless of the route you take to register your business trademark, though, you should register as soon as possible.

Key takeaway: If you can’t afford an attorney, see if your local college or university offers free trademark registration or legal assistance for small businesses.

Skye Schooley contributed to the reporting and writing in this article. Some source interviews were conducted for a previous version of this article.

Source : Business News Daily