Messages

16

Business Advice & Mentorship / Make Money While You Sleep with a Muse Business

« on: April 06, 2019, 12:37:00 PM »

Make Money While You Sleep with a Muse Business

With the proliferation of today's side hustle culture and the popularity of books that profess the importance of diversifying your income, many are exploring passive online money-making opportunities. Here, we take a look at muse business ideas.
What is a Muse Business Idea?

A muse money-making opportunity is one that is inexpensive to set up yet generates passive income while you kite-board, eat a bowl of cereal, or watch TV. It sounds too good to be true, but it is one of the most talked about elements of Tim Ferriss's most popular New York Times Bestselling book, The Four Hour Workweek.

How does a muse business actually work for the people who start them? We reached out to a successful entrepreneur to find out more.

Jesse Phillips, a co-founder of the calendar company NeuYear, explains a muse business as, "An automated business that gives you your target monthly income number, so you can do what you want." Phillips was inspired by Ferriss's book and started a company that delivers well-designed calendars to help people track and achieve their goals over the course of a year. This had turned into a muse business over the years.

"We started NeuYear to help people achieve their dreams," he explained. "One of the best ways to focus your effort toward achieving your dreams is to plan and pursue goals. This doesn't have to be a crazy big or detailed thing, it's as simple as thinking about the steps to achieve something and making deadlines for each step." In crafting a large, design-focused calendar, he and his cohorts aimed to make that process as simple as possible.

He further explains: "A muse is not sexy. A muse is not about pursuing your passion. A muse is about finding a niche where you can make money, easily, with as little work as possible. The emphasis is on good margins and a low level of effort, which will typically not be sexy/interesting/fulfilling for your passions."

How Do You Successfully Create a Muse Business?

After successfully creating a profitable business that was recently featured on the design site Fab.com, here are Jesse's tips on creating a muse business:

1. Create something that people actually want, not just something you want.

If you have a good idea and only 100 people in the world want it, you're not going to make money selling it (unless they pay $100,000 for it -- but that's not a muse business). This means you have to do lots of research to find an opportunity in the market.

The trick to this is identifying where people are spending their money. For example, many successful projects on Kickstarter, a crowd-funding platform, have been related to coffee. Solid coffee ideas will get way overfunded on that platform. Perhaps you can come up with a coffee idea? Also, iPhone accessories have been well funded. Do you have an idea for an iPhone accessory that will solve a real problem?

2. Test before launching

Too many people quit their job and start a restaurant. They struggle for three years and then go bankrupt. You HAVE to create a prototype, test with real users, and see if people will really buy your product before you invest a ton of money and time. That's what true business idea validation is, and without it, you are more than likely going to fail in the long run. Validation is why I love Kickstarter - it helps you to see if people out there are willing to buy your product. Another way to validate your product is to survey people.

Find people that buy similar products and ask them if they would buy yours. Put-up a simple web page and see how many people sign-up. This is not easy to do. The hardest part is being honest with yourself.

3. Be willing to pivot

No one knows the future. It is impossible to create the perfect product that meets customer needs perfectly without testing. Therefore, once you launch and realize some other aspect is more desired by the customer, you must be willing to shift. It is arrogant and foolish to try to force your will on the market, you have to shift with your growing knowledge of your market.

4. Take the leap

Too many people have a great idea yet never do anything about it. Make goals, start working toward them, figure out your minimum viable product and get going. Don't try to invent the next iPad, either! Start with something small and simple yet with good margins and an existing market (this is not easy to find, but it's out there). A muse business idea needs to grow naturally beginning with your own community of friends, family, and other connections that could be potential customers for your product—if they are supportive and actually pay you for your idea, you are onto something.

5. Design is important

Many entrepreneurs skimp on design when they are starting out. I ran into the founder of About.me at SXSW one year and he said: "Design is not the most important thing. It's the only thing." We are humans and, rightly or wrongly, we judge books by their cover. Therefore, make your design awesome. (sleek, modern, and minimal is usually easy to do, takes less time, and looks great!) Design is a huge asset.

Source: https://www.thebalancesmb.com/make-money-while-you-sleep-with-a-muse-business-1200805

17

Business Advice & Mentorship / Make Money Online Without Spending a Dime

« on: April 06, 2019, 12:33:25 PM »

Make Money Online Without Spending a Dime

The beauty of creating an online business is that you can potentially make a great deal of money with it—and at no cost. All that's required is a novel business idea, a well-defined target audience in mind, and the skills to pull it off.

Help Friends Find Better Jobs

Sites like Zyoin and WiseStep connect employers with prospective employees, many of whom are already employed and not actively job-hunting via networking. The main benefit is knowing who these qualified candidates are. Rewards for referring a candidate who gets hired range from $50 to potentially several thousand dollars. If you know a stream of job-seekers, you can break into the recruiting business without up-front or overhead costs.

Connect Buyers with Suppliers

Sites like Share-A-Sale and Amplifinity provide referral fees. Vendors set the referral fees they're willing to pay and for what services. When the transaction happens, you get paid by the company for introducing a new customer to them. uRefer also allows merchants to set up referral programs for introductions and meetings, in addition to any transactions made.

Become a Freelance Writer

Some websites pay for performance based on page views for virtually anything you want to write about if you have the proven experience and background to cover your beat. Many companies are looking for part-time bloggers to help them create high-value blog posts for their websites—thus, the opportunity for those who have a knack for writing compelling content. Most clients pay per post or on a retainer contract with a set number of posts delivered per month.

Start Your Own Blog

Blogger, which you can set up for free in less than five minutes, automates Google AdSense so that you can make money with your blog by displaying ads and getting paid when people click on the ads. To make more money, set up an affiliate program (see below) for books, music, and more, and insert your affiliate links whenever you refer to those items. A good strategy to set you on the path to success is selecting a unique topic, writing intelligent copy, and telling all your friends. You'll be off to a better start with a targeted audience.

Create Topical Resource Hubs

If you are an expert on a particular niche topic and can assemble some of the best resources on it from around the web, then you can create topical hubs and get paid through sites like HubPages. You'll earn even more money by creating your own niche site, though. Established topic sites have a built-in supply of traffic and tools to make content creation easier and are among the most profitable online business ideas. Once you've established yourself as an expert within your niche, you'll be able to make money from a combination of ad revenue, affiliate fees, and more creative avenues like online courses, other digital products, and one-on-one coaching fees from others who want to learn directly from your expertise.
 
Affiliate Marketing of Other People's Products

If you already have a website or blog, look for vendors that offer related but noncompeting products and see if they have an affiliate program. Stick to familiar products and brands—they're easier to sell. For promotion, place simple text or graphics-based ads in appropriate places on your site; you can review or recommend products or create a dedicated sales page or website to promote a particular product.

Microstock Photography

You don't have to be a professional photographer to sell your photos for money. People are constantly in need of high-quality, unique stock photography for websites, presentations, brochures, and so on, and are willing to pay for the right image. People generally search for images on stock photography sites like ShutterStock, Dreamstime, and iStockphoto by keywords, not by photographer name, so you have the same chance as anyone else of having your image selected. Just be careful not to post images of trademarked brands, copyrighted art, or people's faces that are readily identifiable unless you have a model release.

Virtually anything else is fair game.

Source: https://www.thebalancesmb.com/make-money-online-without-spending-a-dime-1201088

18

Business Advice & Mentorship / Low-Cost Business Ideas You Can Launch This Weekend

« on: April 06, 2019, 12:24:49 PM »

Low-Cost Business Ideas You Can Launch This Weekend

Starting and successfully growing a business is, without exception, a difficult endeavor. Most seasoned entrepreneurs will tell you that building a company from the ground up is one of the most trying, yet rewarding, experiences of their lives. Starting a business takes so much more than just a great idea. You need a winning combination of great opportunities, determination, passion, time, and, for most businesses, a bit of funding to get your idea off the ground.

Today, we're focusing on 12 low-cost business ideas that you can get started on (and start seeing results from) in as little as just a couple of days. Many are business ideas you can start while you're still working at your day job.

Start a Niche Website

Picking a hyper-specific topic that has proven search volume (you can check Google monthly average search volume for specific terms using the Keyword Planner Tool) will give you the opportunity to become an authority in a relatively small space if you can create a lot of value for the existing audience.

If you start generating highly valuable blog content, videos, images, or other engaging pieces of content around a topic like camping with babies, and can slowly build up your regular audience, this authority placement will afford you many different monetization opportunities. From affiliate sales to ad revenue, sponsored content, and paid partnerships with well-known brands, you can start generating revenue as soon as you have a steady flow of traffic coming to your site.

Launch an Online Course

Are you an expert in a specific domain? If so, there's an audience of people who'd be willing to pay you for an accelerated learning experience that'll get them up to your level of expertise.

You could be a writer, marketer, designer, or even a nurse, technician, or in retail sales. Whatever your experience is, there's a way to teach others how to become more successful, make more money, get started quicker, or advance in their careers within your niche. Once you've chosen your topic, easy-to-use online course platforms like Teachable and Udemy can get your course business off the ground in a matter of hours.

Sell Digital Downloads

Creating and selling digital downloads like ebooks, in-depth guides, templates, and case studies, is an incredibly great way to generate relatively passive income online.

Once you create a piece of useful content that'll help an online audience accomplish something within their lives or businesses, it's just a matter of getting your digital goods in front of that group of people. You'll want a basic website in place so that you have a destination to bring in targeted traffic with related blog content and other useful information about what your digital download is going to help them accomplish.

Start a Podcast

Recently, podcasts have become increasingly lucrative as a source of sustainable income. If you create a podcast on a specific topic, such as launching startups like Rocketship.fm, and you interview well-known figures in the industry, you'll quickly amass a high number of regular listeners—if you learn how to market it well.

Once you've grown your listenership to a reasonable level (shoot for at least a thousand listeners per episode), you can start bringing on some premium sponsorships. It's not uncommon to charge $2,000+ per month to established sponsors to get their product or service message in front of your targeted audience.

Become an Online Coach

Again, if you have a marketable skill set that you're passionate about, you can offer your coaching services in a one-on-one style setting.

Tools like Savvy.is and Clarity.fm offer you the opportunity to quickly hop on and offer online coaching sessions at your pre-determined hourly (or by the minute) rate. What's more, these communities already have a built-in user base of people seeking career guidance, life coaching, and actionable learnings on how to clear their obstacles.

Fulfilled by Amazon Clearance Arbitrage

Amazon FBA clearance arbitrage is the practice of scouting out goods that are currently selling on Amazon (with the "fulfilled by Amazon" designation) and tracking down those items at a lower cost from stores in your local area.

It's surprisingly easy, and Nick Loper of SideHustleNation has been experiencing a good amount of success with it over the last year. Check out his detailed breakdown of how he does this. There's even a scanning app for smartphones that'll let you instantly detect the clearance arbitrage opportunities while you're going through local stores.

Remote English Tutor

Teaching English as a Second Language (ESL) can be a very lucrative side business, and it takes absolutely nothing to get started, aside from access to a computer with video chat abilities (and Skype).

If you're a native English speaker, there are countless people in foreign countries who are willing to pay $25/hr or more for you to teach them English via video chat platforms like Skype or FaceTime. Indeed frequently has job postings up, requesting remote English teachers and tutors.

Start Freelancing Within Your Industry

Just about every job can be done on a freelance (even remote) basis in today's digital world. What's even better is that you can start a freelance business while you keep your day job.

From writing to editing, graphic design, marketing, video production, business consulting, and more, there are tons of great websites that regularly feature highly paid freelance gigs. Start with looking around for industry-specific forums and contract job posting boards, as those will always have more engagement, but sites like LinkedIn's ProFinder, Upwork, and Freelancer.com are great starting points for bringing on your first clients as well.

Launch a Photography Business

It's relatively inexpensive ($60–$150) to rent even a very nice DSLR camera from a local camera shop for the weekend. If you take some time to practice and learn techniques from pro photographers online, you should be able to pick up the basics fairly quickly. From there, you can get into portrait photography, very lucrative wedding photography, and even specialize in something as niche as newborn photography, all with great scalability potential if you live in a decently populated area.

Once you've learned how to navigate your camera (or smartphone camera), you can very easily start monetizing your skills. From selling prints to doing commercial and private client shoots, building up a large following on social networks like Instagram and Facebook, teaching online photography courses, doing in-person workshops, and selling your advice, the opportunities are limitless.

You can even start a profitable blog, sharing your skills with others online. Let's say you have a knack for capturing incredible star trail photographs at night. Meanwhile, thousands of people are searching each month on Google, wanting to learn how to take star trail photographs. Your blog content, video tutorials, and an online course they can purchase is a fantastic way to generate online income with this skill.

Refurbish Used Electronics and Resell Online

We've all seen the advertisements offering to purchase our old (or even damaged) smartphones at low prices. These opportunistic entrepreneurs are putting their technical skills to use fixing up these electronics and reselling them either in-person or online (often to customers internationally).

There's a huge market for expensive gadgets like iPhones in many foreign countries, and consumers in those countries without the ability to purchase directly from Apple, turn to eBay, Amazon, and other online retail destinations where they pay above-retail prices to get their hands on the tech goods they want. If you can start buying up and fixing damaged iPhones locally, you could net a healthy profit by later flipping them online.

Become a Tour Guide

Do you live somewhere with frequent travelers? If you love meeting new people from around the world and have an in-depth knowledge of the area you live in, then starting your own local tour business could be a great opportunity that needs little more than a clean vehicle and cheerful demeanor.

Learn from Erik at Vantigo on how he started a VW van tour company in the San Francisco Bay area while he kept his day job, and grew it into a sustainable full-time source of income for himself.

Start a YouTube Channel

There are many YouTube users generating a healthy income from ads on their regular videos. Some of them even make well into the millions each year.

All it takes to build a healthy YouTube following is to identify high search volume topics, develop your own unique spin on creating video content, and learn how to engage well with your audience. From there, you'll be able to start implementing ads on your videos and, if you want to take it a step further, you can launch your own website, which gives you even more monetization opportunities.

Source: https://www.thebalancesmb.com/low-cost-business-ideas-1200809

19

Business Advice & Mentorship / How and Where You Can Make Money Testing Websites

« on: April 06, 2019, 11:52:55 AM »

How and Where You Can Make Money Testing Websites

In a world of illegitimate online job opportunities, it’s nice to know there are a few honest internet side hustles you can tackle to earn a healthy side income. One such hustle is website testing.

If you’ve never tried it, then now’s a good time to learn what it is, how much you could potentially make, and who will pay you to get started.
Website Testing

Website testing is a pretty straightforward concept in which individuals who have no direct ties to a brand spend time using, accessing, and analyzing the brand’s website as a way of providing feedback on the functionality and appeal of the site.

Website testing is invaluable in today’s marketplace, where websites play an integral role in both small and large brands’ ability to reach, engage, and convert online customers. It’s not enough to have a website – the website needs to be optimized in a manner that it fosters positive brand associations and ultimately drives profitable conversions.

When you look at the amount of time and money brands invest into web design and development, it becomes clear why they take testing so seriously. While every situation is different, here some average costs for developing a custom website (according to Digital.com):

    Small business website: $2,000 to $8,000
    Medium-sized business website: $10,000 to $25,000
    Ecommerce website: $5,000 to $40,000
    Large business website: $25,000 to $40,000

And those are just the costs to get up and running. When you throw in additional expenses—including domain name, SSL certificate, website hosting, content management system, ongoing web design, marketing, and optimization—the ongoing costs can be thousands of dollars per month.

Clearly, if a business is going to invest in a website, they want to make sure it works. They have multiple methods for determining how well a site works, but nothing beats the raw, unfiltered nature of user testing.
How Much You Can Make Testing Websites

Let’s be clear about one thing upfront: you aren’t going to get rich testing websites—at least in this capacity. For the overwhelming majority of people, website testing isn’t designed to be your full-time job and won’t replace your entire income. It can, however, supplement your income and give you a little extra spending money for the weekend, that next a vacation, or for a big purchase without draining all your savings.

Generally speaking, most website testing companies are going to pay you $10 per website that you test. Occasionally you’ll get $15 to $25, but these are rare exceptions and are typically only offered to those with experience. A website testing session typically lasts for 15 to 30 minutes, though there are a few that can be completed in right around 10 minutes.

In most cases, website testing opportunities are sent to users via email—or within an online platform—and you have to “claim” the test in order to gain access. Depending on the number of users competing for opportunities, it can be harder to get tests with some companies than others.

If you get sent five offers to test websites per day, you’ll probably only successfully claim one or two—and you’ll have to act quickly. Having said that, an extra $10 per day can add up. If you test five websites per week at that rate, you can reasonably expect to make an extra $200 per month. Not bad, right?

Okay, so now that you know what website testing is and have a realistic expectation of what to expect, lets’ look at some companies that will actually pay you to do it. There are more than a dozen platforms on the internet, but here are some of the best:

1. User Testing

User Testing is one of the most reputable companies in the website testing space. Brands like Apple, Microsoft, eBay, Twitter, Evernote, Dropbox, and Yahoo! regularly use the platform (and their website testers) to constantly test their own websites, new feature releases, as well as monitor thousands of others. From the user testing side, you get $10 via PayPal for every 20-minute video you complete. In most cases, you’re required to visit a website or app, complete a set of different tasks, and speak your thoughts aloud as you navigate pages and assess the site's user experience.

The honesty and transparency of User Testing is part of what makes the company great. They will be the first to tell you that you aren’t going to get rich using their site, but they do offer plenty of opportunities. The number of opportunities a specific user is given depends on demographic factors and quality ratings.

2. User lytics

Another very simple and honest company to work with is User lytics. They are one of the few companies that don’t require an audition in order to qualify for testing and it’s open to anyone from any country.

The potential downside is that you’ll probably be recorded via video, which makes some people uncomfortable. Another questionable aspect is the fact that you only get paid if the end client rates your test positively. This means you could do a couple of 20-minute testing sessions, follow all of the instructions, and then not get paid. It doesn’t happen a lot, but it does happen.

3. What Users Do

What Users Do is unique in that the company pays you to test websites before they actually go live. This means you get a chance to be one of the first people to use a website and provide meaningful feedback that'll go into the company's pre-launch planning.

Perhaps the best part about What Users Do is that it’s easy to get started and there are tons of opportunities. The challenging part is that they have a detailed screening process, which means you’ll only qualify for a fraction of the testing opportunities you apply for. If you do get accepted, the testing experience is straightforward and payouts come via PayPal on the 25th of each month.

4. Start Up Lift

It doesn’t have all of the bells and whistles that some of the other companies offer, but StartUpLift does what they say they do. They pay $5 per “feedback” and allow users to get accepted right away. However, just because you get accepted doesn’t mean you’ll immediately get opportunities. They tend to get overloaded with feedback providers and you might have to wait in a queue for an opportunity.

5. Try My UI

Try My UI is one of the more reputable companies in the website testing space, but they also require users to do their part in order to get paid. Half-hearten efforts or hasty feedback won’t be accepted.

Try My UI pays out $10 per 20-minute testing session and requires you to record yourself via video and audio, while also providing written responses to a short wrap-up survey. You can expect to get a few opportunities each week.

6. Enroll

Enroll isn’t quite on the level as some of the other website testing companies listed here, but it does work. It’s a low-hassle, low-paying experience that some people will find fun and others won't see as a worthy payoff for the time investment.

Because you don’t have to record video or audio, and tests take just a few minutes (as opposed to 15 or 20 minutes), the payouts are much lower (typically from $0.10 to $1.50). In other words, you don’t have to do a lot, but you certainly aren’t earning much either.

Tips for Being Successful With Paid Website Testing

Because website testing has gained some publicity over the years as a legitimate opportunity for earning relatively easy money from home, there’s a huge supply of people who've signed up to test websites with these companies. As such, you have to know what you’re doing if you want to make it worth your time and energy.

Here are some tips and suggestions for making the most out of your experience:

    Take the audition seriously. Almost every company will require you to go through what they call an “audition” before you can get paid to test their clients’ sites. You might be tempted to speed through it, but take these auditions seriously and you’ll have a much better chance of qualifying.

    Sign up for multiple sites. While you’ll inevitably zero in on a company that you like the most, sign up for multiple testing sites. This simply means more opportunities to get paid throughout the week.
    Be quick to act. Most companies offer testers opportunities on a first come, first served basis. As soon as you see an offer you’re interested in taking, accept it. Many testers wait a few minutes, only to find that someone else has beat them to the punch.

    Don’t rush the actual testing. Because you’re getting paid per testing session, it’s natural that you want to finish it as quickly as possible. However, don’t rush the testing process. The more quality tests you provide, the more likely it is you’ll get additional opportunities.

    Don’t inflate expectations. Finally, don’t exaggerate expectations or you’ll end up disappointed. You aren’t going to make $2,000 per month testing websites through these marketplaces. You may, however, make $200 (or more) on the side if you’re ambitious and focused. In the beginning, your expectations should be just $20 or $30 per week unless you have a significant amount of time to commit to this side hustle.

In all likelihood, website testing is something you’ll do for a few months while you figure out other opportunities for increasing your income. It’s not a sustainable job, or even one that will pay all of your bills. Having said that, it can be a fun, low-stress way to make some extra money from your living room.
Make Money Online (the Legitimate Way)

If you search for ways to make money online, you’ll run across a lot of scams.

Thankfully, testing websites is a legitimate opportunity. The key is to do your research and be willing to put in some actual work. Over time, your patience and willingness to provide quality feedback will pay off and you should be able to earn a little cash on the side.

Source: https://www.thebalancesmb.com/make-money-testing-websites-4154317

20

Business Advice & Mentorship / The True Value of a Business Mentor

« on: April 06, 2019, 11:47:02 AM »

The True Value of a Business Mentor

Your friends and family, the online gurus, publications, and even casual acquaintances can provide you with a steady flow of information regarding news, industry developments, and opportunities. Industry analysts, consultants, employees, and good networking contacts can share their expert knowledge with you regarding particular situations and needs you may encounter. However, only a business mentor can truly share wisdom with you on an ongoing basis, and in a manner that can have a direct positive impact on the growth of your business over time.

The generic business advice you'll get from online publications will only go so far, and a good business mentor picks up right where that leaves off.

A business mentor is someone with more entrepreneurial business experience than you, who serves as a trusted confidante over an extended period of time, usually free of charge.

Does this sound a little too good to be true? Well, first and foremost, being a business mentor to an up-and-coming entrepreneur is a great way of giving back to their community, and to society at large when their advice and guidance can have a measurable impact helping their mentees.

Many business mentors may advise people in order to develop their skills as a teacher, manager, strategist, or consultant. And a true mentorship relationship also works in both directions—your mentor gets to learn about new ideas, strategies and tactics from you, just as you'll learn timeless wisdom from them.

Here are five key benefits of finding a business mentor:

1. Where else are you going to turn?

Once you launch into your own business, there's no boss to turn to for advice or direction when you're in a pinch—maybe not even any employees yet. Although you're flying solo, you don't have to be. Everybody needs a good reliable sounding board, second opinion, and sometimes just emotional support when the times get tough (which they will).

2. They've "been there and done that".

Perhaps the most obvious benefit of finding a business mentor is that you can learn from their previous mistakes and successes. Your mentor doesn't need to have experience in your particular industry—though it helps if they do—so that you're maximizing your opportunities to leverage key relationships. They don't have to be up on the latest trends or technology—you've got other sources for that. Your mentor's role is to share with you lessons from their experience in the hopes that you can learn them quickly and easily.

3. It's (usually) free.

If you're on a tight budget, that's a major factor. While good coaches and consultants may be able to offer some things that a mentor doesn't, it almost always comes at a price, usually of several hundred dollars (or more) each month. Mentors, though, are readily available, free of charge through a number of organizations, such as SCORE (Service Corps Of Retired Executives) and many other groups. But plan on at least treating your mentor to lunch or coffee when you meet together.

4. Expand your social network.

Your mentor, being an experienced businessperson, is likely to have an extensive network, and can offer you access to far more senior decision-makers than you currently have. And they will be far more willing to open that network up to you than some casual acquaintance from a networking meeting.

5. A trusted, long-term relationship.

Your mentor has no ulterior motive—no service or product to sell you. That, combined with their experience, creates a good foundation for trust. And as the relationship develops over time, that trust can grow even stronger. Also, your time with them becomes more and more efficient as they become more and more familiar with you and your business.

As you can see, the rewards are potentially great to bringing on a business mentor, and the risk is non-existent. You have nothing to lose and everything to gain by finding a good mentor. Every entrepreneur should have one.

Source: https://www.thebalancesmb.com/the-value-of-a-business-mentor-1200818

21

Registration of Company / Partnership Business and Its Legal Procedure and Compliance

« on: April 04, 2019, 06:14:44 PM »

Partnership Business and Its Legal Procedure and Compliance

This workshop is very important for those who want to set up a new business. And also for those who have already set up a Partnership business. Moreover, there are some persons who are presently in job and want to do something beside their jobs. For them, this type of business is very congenial as they may not engage themselves with the business directly all the times. And, if we know the procedures and laws for setting up a partnership business, we may reduce some costs for setting up the business.

For the entrepreneurs, business thinkers as well as business promoters, this course shall be very effective. The present business men have also the scope to know some important and necessary legal matters from the course.

While running your business the legal matters should also be complied with, otherwise; there may have raised a serious setback in future. Besides, you can minimize your legal costs by complying with some rules, regulations and guidelines in running your Partnership business. And, these may make better to your business and amplify the profit of your firm as well as contribute to the economy of our Country.

The main purpose of this workshop is to offer A-Z understanding and practical experience on the registration procedure and further legal compliances of Partnership firm in Bangladesh.

How participants will benefit after the course:
1. Setting up a partnership business in legal way

2. Protecting the business from any unexpected loss due to unknown of any legal matter

3. Avoiding any dispute, discomfort among the partners by making a standard Agreement

4. Reducing the unnecessary costs for setting–up the firm

5. Establishing new business and also increasing the economy of our Country

Methodology

PowerPoint Presentation, Practical drafting, Group Discussion, Question and Answer, Case Study.
Contents of Training:

Session 1
• Definition of partnership, partner, partnership firm and firm name

• Laws relating to Partnership business

• Kinds and features of Partnership firm and example of popular Partnership firms

• Mode of determining existence of Partnership and Managing Partnership property

• Formation of Partnership

• Partnership Interests, Partnership Books

• Contents of Partnership Deed or Agreement and Agreements in restraint of trade

• Office-rent Agreement for Partnership Firm

• Registration Procedure of the Partnership Firm (Forms for registration, Name clearance, Certificate of incorporation, Fees Payment system etc.)

• Registrar of Joint Stock Companies (RJSC) & its role

• Benefits and Loss of registration and non-registration and Effects of non-registration

• Advantages and Disadvantages of Partnership

Session - 2
• Relations of the Partners to the third parties

• Holding out , Minority Matter and Rules of evidence

• Mode of giving public notice

• Share, Rights, Duties and Liability of Partners

• Incoming and Outgoing Partners

• Retirement, Insolvency & Expulsion of a partner

• Dissolution of Partnership and Partnership Firm

• Mode of dissolution of Partnership firm

• Profit and loss sharing

• Return submission

• Disputes resolutions procedure

• Necessary legal fees for various related tasks

• The Stamping & Notary Matters

• Post registration activities

- Trade license
- Tax Identification Number
- Trademarks, Patent, Copyright and Design
- Export and Import Registration Certificate
- Fire License, VAT Certificate etc.

Source: https://bdjobstraining.com/trainingdetails.asp?trainingid=17983&CourseReview=1&upcoming=1

22

Registration of Company / Should you register your partnership?

« on: April 04, 2019, 06:11:47 PM »

Should you register your partnership?

After reading the title, you may wonder. Is it possible to run a partnership business without registration?

The answer is yes, unregistered partnership can legally run business in Bangladesh.

Partnership is the most convenient vehicle for carrying out business by more than one person. In comparison with company, partnership has less obligations in terms of both tax and Register of Joint Stock Companies and Firm (“RJSC”) return filling. It also cost less to maintain a partnership than a company.

In Bangladesh, the relevant law for regulating partnership is the Partnership Act 1932 (“Partnership Act”).

You might find it interesting, the Partnership Act does not need even a written agreement between the partners.

Section 4 of the Partnership Act states:

    Definition of “partnership”, “partner”, “firm” and “firm name”

    4. “Partnership” is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.

    Persons who have entered into partnership with one another are called individually “partners” and collectively “a firm”, and the name under which their business is carried on is called the “firm name”.

At various times, the court decided that it is not necessary that there should be a formal or written agreement. An agreement to create a partnership may as well arise from the conduct of the parties concerned.

It is not required for a partner to contribute capital in a partnership to become a partner. The validity of a partnership firm does not depend upon capital contribution. A person can become a partner without having to make any contribution towards the capital of the firm. A person may contribute the following to become a partner:

    know-how;
    intellectual property rights;
    skill and experience; or
    labour or any other thing.

Let’s get back to the question of registration.

As I said earlier, registration of partnership firm is not compulsory. It is optional and there is no penalty. Technically you can run an unregistered partnership as long as you want.

However, registration becomes necessary at one time or the other. Because, Section 69 of the Partnership Act seriously cuts short the capacity of an unregistered firm and its partners to sue.

Section 69 of the Partnership Act states:

    Effect of non-registration

    69.(1) No suit to enforce a right arising from a contract or conferred by this Act shall be instituted in any Court by or on behalf of any person suing as a partner in a firm against the firm or any person alleged to be or to have been a partner in the firm unless the firm is registered and the person suing is or has been shown in the Register of Firms as a partner in the firm.

    (2) No suit to enforce a right arising from a contract shall be instituted in any Court by or on behalf of a firm against any third party unless the firm is registered and the persons suing are or have been shown in the Register of Firms as partners in the firm.

    (3) The provisions of sub-sections (1) and (2) shall apply also to a claim of set-off or other proceeding to enforce a right arising from a contract, but shall not effect-

    (a) the enforcement of any right to sue for the dissolution of a firm or for accounts of a dissolved firm, or any right or power to realise the property of a dissolved firm, or

    (b) the powers of an official assignee, receiver or Court under the 5[ Insolvency (Dacca) Act, 1909, or the] Insolvency Act, 1920, to realise the property of an insolvent partner.

    (4) This section shall not apply-
    (a) to firms or to partners in firms which have no place of business in Bangladesh, or whose places of business in Bangladesh are situated in areas to which, by notification under section 56, this Chapter does not apply, or

    (b) to any suit or claim of set-off not exceeding one hundred Taka in value which, is not of a kind specified in the Second Schedule to the Small Cause Courts Act, 1887, or to any proceeding in execution or other proceeding incidental to or arising from any such suit or claim.

As you can see from section 69(1), a partner of an unregistered firm cannot sue the firm or his/her present or past co-partners for the enforcement of any right arising out from a contract or conferred by the Partnership Act. Only a partner of a registered firm, whose name appears in registration can sue for enforcement of such rights.

Section 69(2) suggests that an unregistered firm cannot sue any third party for the enforcement of any right arising from a contract. A suit can be brought only by or on behalf of a registered firm and that also by persons whose names appear as partners in the register of firms.

So, suppose you have a unregistered partnership. And you want to take legal action in any civil court against your partner or any third party to enforce a contractual right. You will have hard times, pretty hard times to do that.

What about criminal action?

Again, the law is not for an unregistered firm. Just because a partnership firm is unregistered, it does not protect that firm and its partners from criminal liability.

Any party may file criminal suit under section 138 of the Negotiable Instruments Act 1882 against the partners of an unregistered firm.

There are some exceptions. However, in this post, I am not going to discuss those.

What does that mean for you?

If you want to start a business in the form of partnership or already have a partnership business which is not registered, you should consider registering it.

Registration of partnership firm is not a complicated process. There is not much paperwork and you don’t need a bag full of cash for that. RJSC are the designated registrar for partnership firms.

Source:https://osmangoni.com/register-partnership/

23

Registration of Company / 9 things to know in a partnership business

« on: April 04, 2019, 05:49:25 PM »

9 things to know in a partnership business

A serious romantic relationship does not allow either partner to be unfaithful, neither do business partnerships. In the business frontier, simply running operations together doesn't make a partnership, unless people have legally agreed on being partners and sharing profits. Whether it's romance or business, partners need to be aware of what is okay and what isn't, what their duties are and what they can expect from the other(s).

Going forward, we'll look into the dos and don'ts in a partnership between Palash and Julie, who have a pickle-selling business named PJ Pickles.

Is this really a parternership, or just a random arrangement?

The key is to understand how much they have to be responsible for. Julie needed money to go on a trip. She took some from the office cash drawer and left. The next day, an angry supplier came to the office and demanded money, which Julie was supposed to pay him. As Julie's partner, Palash had to take money out of his own pocket and pay the supplier.

This is an unfortunate reality of partnerships in Bangladesh. Partners have unlimited responsibility, meaning they'll have to personally handle and pay for any losses or dues even if it wasn't their fault.

How many partners is too many?

Sometimes, handling the eccentricities of another person solo can be a chore. After the supplier left, Palash thought about how exhausting Julie's carelessness at work could be. He wanted to have more partners, because the law allows at least 2 and at most 20 partners in a business.

However, the decision to bring partners had to be unanimous. Palash realized he probably would not be able to get new partners without Julie's agreement.

There is more than one form of partnership.

If Julie had been a Particular Partner, her responsibilities would be to handle only specific things in the business. Maybe then, Palash would not need her approval to get more people on board. But Julie was a Partner at Will, and the two never talked about how long she would stay on in the business.

Declaring the partnership is optional.

Julie and Palash knew they could choose between registering and not registering their business. They went ahead with registration partly because both of them realised they might have major disagreements in the future, and might need legal help if things went south. Registration gave PJ Pickles legal rights as a business, making both the partners feel a little better protected.

“What is yours is also mine” doesn't apply.

Julie was not the only one bad with money. In the past, Palash had used the company's office space to throw a party. He also used money from their joint business account to sponsor expensive party favours for guests.

Once Julie came back from her trip, Palash was furious with her for taking company cash. That is when Julie reminded him about his own misuse of their account. This led to hours of fighting and mudslinging.

Finally, they agreed to never use the company's account, or office space for non-business reasons, because these things did not belong to either of them personally.

However, the partnership's profits are taxed as the partners' profits.

Even though they couldn't use the company's money as their own, both Palash and Julie had to give taxes from the profits they earned from the business. They realised they had to do this because their business was not taxed as a separate entity, like corporations.

In running a partnership, there are some basic rules.

Fidelity, honesty, and sometimes sacrifice – these are basic requirements to sustain a healthy relationship, and a lawsuit free partnership. To maintain a good work relationship with each other, Julie and Palash legally committed to a few things.

They both agreed to work only with PJ Pickles, and not share their recipe or business secrets with any other company. They also promised to be completely honest about everything business-related with each other, so that they could prevent future fights. They also agreed to try and put the business first and their own needs later, which meant they couldn't just take pickle jars home whenever one of them felt like having some.

Partners can use proxies for their presence.

After all the fighting and new decisions, Julie wondered if she wanted to take so much stress on herself. She started looking for someone else who could act as her agent, i.e. do things at PJ Pickles on her behalf. This way, Julie could still get company profits, but without the hassle of personally being there for every small thing.

Decisions need to be taken together.

Before making any changes to her role in the business, Julie needed to talk to Palash first. Her decision would directly affect their business practices, so his opinion was a must.

Finally, they agreed to hire another person who could act on Julie' behalf. Palash had no objection; he was actually pretty relieved to finally have a third person to work with.

A partnership may start off as an agreement to do only a few projects, just as it had started as a decision to sell a few pickle jars for Palash and Julie. If things keep going well, it'll be smart to let the same partnership continue. If they don't, partners can always come to an understanding, and agree to change some of the rules.

Source:https://www.thedailystar.net/next-step/9-things-know-partnership-business-1564768

24

Registration of Company / Partnership company – Registration Procedure

« on: April 04, 2019, 05:06:45 PM »

Partnership Company– Registration Procedure

A partnership may be registered with Registrar of Joint Stock Companies and Firm of Bangladesh (“RJSC”).

The partnership registration process consists of two steps: a) name reservation; and b) registration of the entity. Under normal circumstances, a partnership registration can be completed within one/two days.

Step 1- Choosing the Partnership Name

The partners are free to choose any name as they desire for their partnership firm subject to the following rules:-

    The names must not be too identical or similar to the name of another existing firm doing similar business so as to lead to confusion. The reason for this rule being that the reputation or goodwill of a firm may be injured, if a new firm could adopt an allied name.
    The name must not contain certain words expressing or implying the sanction, approval or patronage of Govt.

Once you select a name, you should apply for name clearance using the website of RJSC.

Step 2 – prepare a Partnership Deed

You should prepare a partnership deed. Usually, a partnership deed contains the following clauses:

    Name and Address of the firm as well as all the partners;
    Nature of business to be carried on;
    Date of Commencement of business;
    Duration of Partnership (whether for a fixed period/indefinite time);
    Capital contribution by each partner;
    Profit sharing ratio among the partners;
    Rules to be followed in case of retirement, death and admission of a partner; and
    The above are the minimum essentials which are required in all partnership deeds. The partners may also mention any additional clauses.

The Partnership Deed should be on a stamp paper in accordance with the Stamp Act and should be signed by all partners. Then it should be notarized.

Step 3- Register Partnership deed with RJSC

The partnership deed and filled up Form I should be filed with RJSC. These documents will be reviewed by the officials of the RJSC. When the officials are satisfied with the points stated in the partnership deed, he shall record an entry of the statement in a register called the Register of Firms and issue a Certificate of Registration.

Source:https://resource.ogrlegal.com/partnership-in-bangladesh/

25

Registration of Company / Partnership Business

« on: April 04, 2019, 05:04:28 PM »

Partnership Business

A partnership is a type of business structure where two or more partners start an entity to do business. For a partnership to exist, there must always be two or more partners.

A Partnership is defined by the Partnership Act, 1932, (the “Partnership Act”) as ‘the relation between persons who have agreed to share profits of the business carried on by all or any of them acting for all’. This definition gives three minimum requirements to constitute a partnership:

    there must be an agreement entered into orally or in writing by the persons who desire to form a partnership,
    the object of the agreement must be to share the profits of business intended to be carried on by the partnership, and
    the business must be carried on by all the partners or by any of them acting for all of them. The term ‘person’ is not defined by the Partnership Act.

It is not compulsory to register your partnership firm as there are no penalties for non-registration. However, it is advisable since the following rights are denied to an unregistered firm:

    A partner cannot file a suit in any court against the firm or other partners for the enforcement of any right arising from a contract or right conferred by the Partnership Act
    A right arising from a contract cannot be enforced in any Court by or on behalf of your firm against any third party
    Further, the firm or any of its partners cannot claim a set off (i.e. mutual adjustment of debts owned by the disputant parties to one another) or other proceedings in a dispute with a third party.

Partnership – Quick Facts
Liability

    A partnership is considered as a separate legal identity (i.e. separate from its owners) in Bangladesh only if the partnership is registered.
    All the partners of a partnership are liable severally and jointly for the liability of the partnership.
    The concept of Limited Liability Partnership does not exist in Bangladesh.

Taxation

From a tax perspective, partnerships in Bangladesh are not taxed at the entity level and profits are treated as part of each partners’ personal income and are taxed at personal income tax rates.

Members & Management

    There must be a minimum of 2 partners and maximum of 20 partners.
    The partners can be natural persons or companies.
    Unlike private or public limited companies, a partnership in Bangladesh does not have directors, shareholder or secretary, instead the partners own and run the business.

Partnership – Documents Required

In order to register a partnership in Bangladesh, the following information/documents are needed:

    Proposed partnership name;
    Partnership agreement duly notarized;
    Form I;
    Particulars of the partners;
    Residential address of the partners;
    Details of the registered address for the partnership; and
    Percentage of the share of profit of each partner.

Source: https://resource.ogrlegal.com/partnership-in-bangladesh/

26

Registration of Company / Proprietorship

« on: April 04, 2019, 03:08:08 PM »

Proprietorship

Considerations for Foreigners

Practically, a sole proprietorship is not an option for foreigners. Foreign business professionals should incorporate a private limited company instead. For further details about private limited companies, refer to company registration in Bangladesh guide.
Documents Required and Registration Procedure

In order to register a sole proprietorship business in Bangladesh, the following documents/information are required:

    Proposed business name in Bangla
    Description of principal activities
    Local business address for the proposed business in any commercial area.
    Lease/Rent Agreement or title deed for the office address.
    Copy of National ID for the owner.

Sole Proprietorship Advantages

    Ease of setting up: It is the easiest and least expensive business structure to set up.
    Owner Control: As a sole proprietor you are in complete control of all the business affairs including decision making.
    No profit sharing: You accrue all income generated by the business.
    Ease of termination: Terminating a sole proprietorship is easier, less time consuming and less expensive than other business entities.
    Least compliance requirements: You are free of the obligation of filing returns annually and only need to renew your membership every year.

Sole Proprietorship Disadvantages

    No separate legal entity: You are inseparable from your business. This makes you financially and legally responsible for all debts and legal actions against the business.
    Unlimited liability: Creditors may sue you for debts incurred and can also obtain a court order to claim against your personal assets, including your property.
    No corporate tax benefits or incentives: Taxes are determined at your personal income tax rate and you do not enjoy special tax benefits that are available to a private limited company.
    Limited capital: Capital is limited to your personal finances and the profits generated by the business. Thus, business expansion is limited and difficult.
    No perpetual succession: The business lives and dies with you as you and the business are one and the same thing. However, after the death of the owner of proprietorship, the successor may continue the business in the same name.
    Low public perception: This entity is the least preferred for serious businesses as nobody would be willing to lend you large sums of money. It is also difficult to attract high-caliber employees, or senior level executives who usually look for a more advanced form of business structure such as a private limited company.
    Sale/transfer of all or part of the business: You can transfer the business only by the sale of business assets.


Source:https://resource.ogrlegal.com/proprietorship-in-bangladesh/

27

Registration of Company / Sole-Proprietorship

« on: April 04, 2019, 02:50:20 PM »

Sole-Proprietorship

This guide provides information on registration of a sole proprietorship in Bangladesh. To learn about various types of business entities in Bangladesh, refer to start a business in Bangladesh.

Sole proprietorship is the simplest form of business structure in Bangladesh. However, it is suitable only for very small single-owner type business that does not carry any risks. Unlike a private limited liability company, a sole proprietorship does not provide limited liability protection and your personal assets are not protected from business risks.

Sole-Proprietorship – Key Facts

    A sole proprietorship in Bangladesh does not constitute a separate legal entity therefore it is not distinct from the owner/ proprietor. The business owner is personally accountable for all liabilities incurred during the course of the business.
    Any Bangladeshi citizen of at least 18 years of age is eligible for a sole proprietorship.
    A local commercial address must be provided as the business address for the sole proprietorship.
    Profits of the sole proprietorship are treated as income of the individual who owns the entity, thus it is subjected to a tax rate as that of personal income.
    As a Bangladesh sole proprietorship is not a legal entity, it cannot register another business firm.
    Sole proprietorships do not need to audit their accounts as any profits will be taxed as personal taxes.
    Trade License is the basic requirement for proprietorship.
    Trade License needs to be renewed annually.

Source: https://resource.ogrlegal.com/proprietorship-in-bangladesh/

28

Registration of Company / Step-by-step process of company registration

« on: April 04, 2019, 02:17:57 PM »

Step-by-step process of company registration

Name clearance: The first step to registering a company in Bangladesh is to get approval of the company’s name from the Registrar of Joint Stock Companies and Firms (RJSC).

Drafting of required documents:Next, the Article of Association (AoA) and Memorandum of Association (MoA) need to be drafted. Other forms must also be prepared while drafting these, as per the requirements for compliance to RJSC.

Opening a bank account: The third step is to open a bank account in the proposed name of the company and make an inward remittance of at least $50,000 if the company will be hiring foreign employees.

Submitting documents to RJSC: The next step is to submit all the required papers to RJSC and pay the registration fees. The incorporation certificate can also be requested from the RJSC at this point.

Post-registration compliance: Upon receiving the certificate of incorporation, AoA, and MoA, the company will need to proceed to some additional licences and registrations including: Trade Licence, Tax Identification Number (TIN), VAT Registration Certificate, Fire Certificate, and the Environmental Clearance Certificate (if necessary).

The average estimated time-line of completing all registration procedures in Bangladesh is 45-60 days.

Alternatives to setting up a company

Branch: A branch is an extension of its parent company, as opposed to a separately incorporated entity, making the parent company responsible for its branch’s liabilities.

A branch can engage in commercial activities, given the approval of Bangladesh Investment Development Authority(BIDA). However, the Exchange Control Guidelines will strictly monitor its operations.

The average establishment time of a branch in Bangladesh is 45-60 days.

Representative/liaison office: Similar to a branch, a liaison—also called a representative office—is subject to BIDA’s approval.

Its activities are limited since it only serves as a communication or coordination instrument of the foreign parent company’s business resources in Bangladesh.

Additionally, a liaison office cannot earn any local income in Bangladesh. The parent company shoulders all of its expenses and operational costs through remittance.

There also cannot be outward remittances of any kind from Bangladeshi resources, except the amount brought in from abroad. The liaison office follows the same general process of business registration in Bangladesh.

Franchise operation with local promoters

Foreign-owned companies can also enter into franchises in Bangladesh. A franchise can permit local promoters to use the franchiser’s brand, provide them with technical support, and charge fees or commission on their activity.

Source: https://www.dhakatribune.com/business/2018/12/19/foreign-direct-investment-how-to-register-a-company-in-bangladesh

29

Registration of Company / Foreign Direct Investment: How to register a company in Bangladesh

« on: April 04, 2019, 02:14:57 PM »

Foreign Direct Investment: How to register a company in Bangladesh

According to economists, stakeholders, and regulators, Bangladesh has been able to attract the increasing amount of FDI thanks to consistent policy support from the government

Bangladesh’s openness to foreign investment, competitive labor costs, and rapid economic growth are rapidly turning it into one of the most promising markets in the world.

Data by the Bangladesh Bank (BB) shows that the country received $961 million in the fiscal year 2008-09, while FDI inflow increased to $2.54 billion in FY16-17.

Bangladesh received $2.60 billion worth of foreign investment from July to May in FY17-18, according to the latest data of BB.

According to economists, stakeholders, and regulators, Bangladesh has been able to attract the increasing amount of FDI thanks to consistent policy support from the government.

Emerhub—full-service market entry firm that aims to ease brands to enter and expand in South East Asia—created a guideline to help foreign investors know what legal entities are available in Bangladesh.

Types of legal entities in Bangladesh

Limited liability companies: Limited liability companies (LLC)—a company where liability is limited to shareholders’ shared capital—make up a large number of companies in Bangladesh. LLCs in Bangladesh can be fully foreign-owned.

Any person who is above the age of 18 is eligible to register an LLC .

Additionally, Bangladeshi law prescribes a minimum of two and a maximum of 50 shareholders, along with two directors.

However, it is possible to form a joint venture with a local entity to share strengths and lessen risks.

Public limited company

A public limited company (PLC) can invite the public to hold shares to raise funds from them, and is usually registered on a stock exchange.

A PLC has a minimum of seven members, three directors, without any maximum number of shareholders. Its shareholders can be any legal person or any individual who is above the age of 18.

Source:https://www.dhakatribune.com/business/2018/12/19/foreign-direct-investment-how-to-register-a-company-in-bangladesh

30

Registration of Company / Applying for Trade License, Tax Identification Number and other licenses

« on: April 04, 2019, 02:12:07 PM »

Applying for Trade License, Tax Identification Number and other licenses

After the incorporation, you should buy a commercial space or rent some space in any commercial area.

Then you need to apply for Trade License and Tax Identification Number. Depending on your company’s business activities, you may need to obtain more business licenses.
Return Filing Requirements

Annual Return: Each calendar year, an Annual General Meeting must be held. The AGM must be conducted within 18 months of company incorporation, after which no more than 15 months can elapse between one AGM and the next.

Regular Return: In case of any change in the board of directors or in the shareholding structure or any other change, a relevant return must be filed with the RJSC within a certain period of time.

Source: https://resource.ogrlegal.com/company-registration-in-bangladesh/