The Cut Jenstone

Turning a hobby into a business is a big step. Just because it's your hobby doesn't mean it's going to be easy. Apart from hobbies, you will have to handle other business activities.  It’s a pickle. It might ruin the hobby that makes you happy. I want more from what you are doing. But you don't wanna screw up with one thing that makes you feel at home. Here are the pros and cons to consider on your journey: PROS Passion and Fulfillment. Can’t beat it. Fulfillment with your everyday activities gives you a sense of peace and purpose. Also, your passion for a project can be infectious, and draw in customers. Existing Expertise. You are already past the learning curve. Now you have a competitive edge over others. You can use it for your own good and be unique in the field. Motivation. You like, you love it, you want some more of it. Because it is your hobby you are already excited and motivated to continue and thrive . This will keep you energetic in your business. Innovati...

Resolutions are fun and exciting!! But unless you have a good reason supporting your resolution, your drive to commit to the task may fizzle out rather quickly. You are entering a new year. It is a perfect new start. You are excited with a fresh and motivated mind. Nothing in the way can make any hurdle in this happiest time of year. Don’t get me wrong, I believe in you. But you need to know. That 20% of small businesses fail in their first year. Take a longer picture. That number increases to 70% by the tenth year. What do we learn from these stats?  That New Year’s resolution is not always the best time to start a business. You can have more opportunities, better occasions, and reasons to start a business. Business is NOT free Why? Money. No matter what you hear on social media, starting a new business is NOT free. It always costs money. You are going into online business or other money is always involved. As a matter of fact, people who convince you that they can help you start ...

You are thinking about the business. But you have so many doubts. You may be struggling with imposter syndrome. Let’s talk about imposter syndrome . Imposter syndrome will make a home in your head. Leaving with so many doubts.  Who are YOU to start a business? It will make you question yourself. Do you have a background in business? Do you even know what you are doing? At what point will people know that you are a complete amateur?? Stop doubting yourself. Stop the swirl of unease in your head. But how? I’ll start with my favorite Formula 1 driver quote.  “The easiest thing in life is to give up. On whatever you know. Whatever you are focused on. On whatever you are hopeful for. The hardest thing is to continue. To keep going. But we have to. Like we have to continue. To hold on. And I would imagine for so many people out there that is. That is probably the most difficult thing.” Sir Lewis Hamilton But before making efforts to keep going you need to take a start. Take a step b...

Once you have made up your mind to use Independent Contractor Agreement (ICA.)  Then comes real hurdance. How to use it? An independent contractor, or freelancer, is NOT an employee. This means that they are responsible for their own taxes, insurance, and benefits. They are self-employed. In this contract, business owners will have less control over the independent contractor in project. What it means is that a company or business will have authority. They can set deadlines, goalposts, and other parameters of the project. The ICA is used to establish the expectations. They create terms, and legal obligations of the contractor and company. Where is the BEST Place to Find a Good ICA? The internet for free? Of Course it is. You can find an ICA online for free on the internet. But what is the guarantee that it is best for your business and work? It may be absolute trash. If you are going to use an ICA, at least use a good one. The one that will actually protect you and be worth money. ...

An independent contractor agreement is used when you hire another person to do work for your business. It is called a freelancer agreement. So, why do you need an independent contractor agreement? You just started business. You don't wanna waste your savings on something unnecessary. Well, I am here to tell you why it's important for your business. I am going to give you reasons and explain why independent contractor agreements are important. How it saves your business from extra tax, intellectual ownership , and more. AVOID an employer-employee relationship. If a person is working for you as an employee then an independent contractor. Then there are many legal and tax implications you need to take care of. Are you ready to consider labor laws? Health insurance benefits and withholding of taxes are all included in labor laws. Suppose you don't have an independent contractor agreement. You will be responsible for these extra implications. Clear scope of work. What is the per...

Decision paralysis is common with new business owners. So don't get overwhelmed. You are not the only one confused. It happened to everyone. Decisions at the start of business are important. There are so many choices that you have to make. You are not sure what is best for your business. In my previous article on Vocal, I talked about pros and cons of different corporate structures. Deciding corporate structure for your business is just one of the onion’s layers! When you are in the middle of “ analysis paralysis ,” you are exhausted. So tired and confused that you can't take another step. Why are you wasting time? Your valuable time! Your valuable energy!! Where is all the motivation to start your business gone? You are here to make decisions and grow your business. But what are you doing? Taking care of Emotional stress! If you keep on focusing on your emotional stress then all the opportunities to grow will go to waste. How do you stop the decision paralysis? Delegate, deleg...

You don't know what corporate structure is? It’s an imaginary box where you keep your business. What does that mean?  How do I choose?  Do I really need to have a corporate structure for my business ? What will happen if I don’t keep my business in this box? What are the pros and cons of Corporate Structures? Of course, these questions are ringing in your head right now. Let me tell you what will happen if you don't choose a corporate structure for your business. (1) you may be personally liable for business debts ; (2) you may also be personally liable for injuries caused by the business; and (3) you may not get favorable tax treatment. If you don't care about any of these factors then you might want to run your business as an individual. In business terms, this “box” is called a sole proprietorship. But that’s not the case for everyone. If you are bothered by these factors then, I’m here to break down some choices. There are three most common boxes for running a business....