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The Benefit of Government Contracts

First off, what is a government contract? A government contract is an agreement that outlines business transactions between specific companies and government entities.

The U.S. Government is definitely someone you want on your side when running a business for many reasons, here are a few:

• The government is different from most markets because the government makes its needs publicly known and their list of numerous needs are easily accessible.
• Government sales ensure that the sales process is fair by conducting them in an open environment.
• The government can help grow your company because the government frequently buys in large volumes over long periods of time.
• The government is looking to support small businesses, minority-owned businesses, and many other types of firms.

If the U.S. Government is a customer of yours, this gives your business a stamp of approval and shows others the importance and reliability of your company. Meeting the governments requirements for your companies quality, price, service, and many other factors shows other companies that you are a reliable company to work with. If your company can meet the government's requirements, it will make your company a more attractive acquisition.

Where is a good place to start looking to sell to a government agency? The Small Business Association website is a great place to start. They have information on government agencies and how to get into contact with certain agencies if you are interested in a particular type of government agency.

Co-Working spaces have numerous perks for businesses. Most people think that co-working spaces are strictly for startup companies, but that is not the case. Co-working spaces can benefit any type of business at any stage of the businesses growth. These types of spaces have many benefits associated with them. The perks received from co-working space aren’t available for such low costs in a regular leased office space.

Take a look at some of the best perks associated with co-working spaces:

Access to Shared Resources

Resources such as printers, copiers, fax machines, furniture for the office, and internet connection cost a lot of money. While working in a co-working space every company has access to shared resources that cut down the costs of individually buying these pricey yet necessary office items. Not only initially purchasing these items but the costs of maintenance, repairs, and IT costs are no longer something to worry about in a co-working space.

Collaborative Benefits

The coolest part about working in a co-working space is the many different types of companies and people you come across. Just in one space there could be lawyers, IT companies, consultants, software engineers, government contractors, foundations, and many more types of businesses. This opens up opportunity to possibly collaborate on projects or new business ventures. Co-working spaces are like communities with unlimited benefits and opportunities to grow your business.

Meeting Rooms

Co-working spaces offer conference rooms that are available whenever you need them. If your business has a new client coming in or needs to conduct an interview, co-working spaces have these resources available. With co-working spaces you don’t have to run to the nearest Starbucks or squeeze into a small office in order to meet a potential client or host a meeting.

Virtual Receptionist

A huge benefit of a co-working space is the opportunity to have a virtual receptionist. These receptionists will answer your phone calls and make sure you get the information you need before taking the phone call. Co-working space receptionists are trained to handle calls for many different types of businesses, can take messages for you while you are in a meeting, and make sure that the information you need is given to you quickly and accurately. This way you do not have to hire your own receptionist, saving you and your business a lot of money.

It is very clear there are many perks of co-working space, no matter what your reason is for considering this type of work space. We often overlook the simple things like costs of maintaining an office, office resources, and how much easier co-working space is for everyone. There are many things you no longer need to worry about with co-working spaces that you would with your own office. With the availability of private offices you still get your private time to get work done and at the same time you get the benefits of not having to worry about utilities, maintenance, and other costs associated with your own space. There are designated meeting rooms readily available and an opportunity to expand your company with many other businesses and resources around you.

There are many advantages of running your business from a virtual office. Having the ability to work where you please and have a professional image to the rest of the world can be very beneficial. A virtual office allows you provide clients with a physical address, office telephone number, and even receptionists to answer calls or take messages while you are able to work from home or anywhere you please.

Cost Effective

There is no long-term commitment associated with virtual office. Virtual office allows you to maintain a professional image with a prestigious mailing address and phone number without committing to the expense and terms of a full-time office.You can rent conference rooms or private offices by the hour instead of commiting to a long-term lease!

Say Farewell To Your Commute

This is a perk that most people wish they had. Commuting takes a lot of time out of a work day whether it is driving, taking the train, or even walking to work. Instead of taking an hour to get to work you can use that time to actually get your work done. Commuting is a large stressful part of the day and by cutting the commuting time there is more free time in the day and less time wasted.

Better Surroundings

Working from home or your space of choice will help increase productivity. A busy crowded office environment can be distracting at times, reducing work productivity. Working from your location of choice gives you the option to work in your ideal work environment, whether it is in a quiet room or an office in your home where you can work listening to your music in your pajamas.

Health Benefits

While working from home, the chances of picking up the stomach bug or cough going around the office will disappear! Even if you do catch an illness, you still have the ability to get some work done because you are able to work in bed and you do not have to take a sick day. You have the ability to work in-between naps, soup, and sick time if you would like!

Less Stress

Everyone wants to live with the least amount of stress possible and by having a virtual office, stress levels can significantly increase. A large reason people are stressed is from work environments, there can be issues in the office, or there could even be a colleague you do not particularly care for that you are forced to sit next to everyday. Having a virtual office eliminates all of these stress factors.

Enjoy the Flexibility

Having a flexible schedule that you can set your own hours are usually the hours that are most productive. The work that needs to get done, still gets done but when you are most able to do so. With a virtual office and potentially having someone answer your phone calls you are able to go out to lunch without “leaving the office” because your phone calls can be forwarded to your cell phone so you can always be working no matter where your location.

Being able to create your own work environment when you have a virtual office has many benefits and creates more freedom in your schedule. The ability to be comfortable in your own work environment and get up if you please will benefit your productivity because you are on your own schedule. The benefits of working in your own surroundings and having the option to work when and wherever you need creates the perfect work environment for more productivity and a better striving business!

Check out the following characteristics and see what it takes to be an entrepreneur! 

Starting your own business can be exciting but also requires a lot of characteristics and skills. Below are a list of skills that are commonly associated with being a successful entrepreneur. 

• You must be comfortable with taking risks: Being your own boss is very rewarding but also involves difficult decisions. You must be able to make the tough decisions that involves some uncertainty. If you enjoy the thrill of taking calculated risks, then this may be the best option for you! 

• Independence: Do you consider yourself independent? If so, entrepreneurship may be for you. Entrepreneurs cannot be afraid to trust your own instincts and be afraid of rejections every once in awhile. 

• Persuasion: Your idea may be the best idea yet, but being able to persuade costumers is crucial in entrepreneur. Public speaking is also key in starting a new business, it is extremely important that you enjoy speaking in public and engage new people whether they are  future employees, partners, or costumers.

• The Ability to Negotiate: As a entrepreneur, you must be able to negotiate everything. Negotiation skills will help you save money in the future, as well as keeping your business running smoothly as possible. 

• Are you creative? The ability to think of new ideas, imagine ways to solve problems, and have a good insight on new opportunities, then entrepreneurship is for you. It is crucial for a new business that you know how to take advantage of new opportunities that will excel your business. 

• Support: A strong support system is essential to your business. Starting a new business, you will be forced to making many important decisions especially in the first few months of starting your business. A support network of people to help you will be essential in the beginning phases of starting your own business. A business mentor is also important in the beginning of starting your own business, someone who has experience and is successful who will be willing to provide advice and guidance

1. Creating a Business Plan: Creating a business plan is one of the most essential steps you take. Your business plan serves as an important road map for the first few years of your business. The business plan can project up to 3-5 years ahead and outlines the route your new company will take to reach its yearly milestones, including elements such as revenue projections. A well thought out plan will also assist you to take step-back and think objectively about the key elements of your business venture.

2. Business assistance and Training: Be sure to take full advantage of training and counseling services for your business to ensure your success! These services will help you successfully prepare a business plan, secure financing, and many other important assets to help you succeed.

3. Choosing a Location: Location, Location, Location! Choosing a location is one of the most important steps in starting a business, which requires research and precise planning. Some factors that go into deciding a location are looking at demographics of the area, assessing your future costumers, looking into the competition, staying on budget, understanding state laws and taxes, plans for future growth, and much more. 

4. Financing Your Business: Find loan programs, venture capital, and research grants to help you get started.

5. Filing and Paying Taxes: When you start your business you must decide what form of business entity to establish because your form of business determines which income tax return your business must file for. For example, income tax, self-employment tax, taxes for employers, and excise taxes.

6. Register Your Business Name: Naming your business is extremely important for branding. If you choose to name your business anything but your own personal name you must register it with the appropriate authorities, this is the "Doing Business As" process. 

7. Get A Tax Identification Number: It is necessary to get an Employer Identification Number to identify as a business entity. Depending on your state, they will determine if you need a state number or charter. 
   
8. Register for State and Local Taxes: It is important to register with the state that you are in to obtain things like a tax identification number, workers' compensation, unemployment and disability insurance.
9. Obtain Business Licenses and Permits: To legally run your business, you must obtain certain federal and state licenses and permits.
   
10. Hire and Retain Employees: It is important to learn the legal steps you must take for your business in order to hire employees.