Benefits of signing a memorandum of understanding

Benefits of signing a memorandum of understanding

Benefits of signing a memorandum of understanding

December 07, 2021

Benefits of signing MOU

If you are in the process of entering into a business venture or personal deal, it is always advisable to ensure that both parties are on the same page. A contract is a great way to achieve this. However, before getting to such a level of agreement, laying out the initial foundation for the contract is vital. There is no better way to do this than through a memorandum of understanding (MOU). 

So, how do you get started with preparing an MOU? The process should not take a long time. You can find some MOU templates online, for example, the template by FormsPal, and fill it out with relevant information. But before that, let’s get to know more about MOU—what is it, and is it beneficial to sign one? Keep reading to learn more.

 What is a memorandum of understanding?

We place a MOU between a handshake deal and a contract. Perhaps a better definition would refer to a MOU as a preliminary written agreement outlining the future contract’s primary terms or framework. A memorandum of understanding remains a powerful tool, as it creates a platform for agreement between two consenting parties.

When preparing a MOU, it is advisable to note that the document cannot pass for a legally binding contract. Nevertheless, it still serves the purpose because there is much resemblance in its contents to a formal contract. As such, and depending on how the words are crafted, there are instances when an MOU is legally binding and enforceable.

Under what circumstances can you use a MOU?

Usually, a memorandum of understanding is helpful when entering commercial partnerships. Such a document establishes the different expectations and goals of the partnership. With a MOU, the parties involved get a clear description of their obligations and rights to one another. 

So, let us look at the circumstances when you may need to use an MOU.

You will find a MOU helpful in case:

  • You are not interested in any form of legal ties.
  • You are looking for a mutual partnership.
  • You intend to highlight common goals for a buyer-supplier relationship.

Is signing a memorandum of understanding beneficial?

Of course, the first question before you even go through the trouble of preparing an MOU is the advantages of preparing a memorandum of understanding. 

Here are some of the benefits you will get from signing a memorandum of understanding:

    Establish a common intention

    Just as with any business deal, understanding the goals and objectives between the involved parties is significant. Still, it can be a daunting task at times. Signing a MOU can make it easy to strengthen the business ties. 

    Most business deals fail due to the absence of effective communication and unambiguous terms. And that’s where it becomes necessary to sign a MOU. With such a document, the agreeing parties have the needed clarity about their expectations and requirements for the partnership. Resultantly, they identify a common intention, which they can build up in the future.

      Establish a common intention

      Let’s face the truth—at times, business negotiations are uncertain and rocky. In fact, most deals are significantly hazy during the initial stages. The last thing you would want prospecting for a business deal is you disagreeing with your partner. A well-crafted MOU safeguards all the parties’ interests, thus lowering uncertainty in the objectives and expectations. Usually, MOUs are beneficial when dealing with commercial relations and partnerships that are projected to last long. 

      Having well-stipulated ambitions and prospects, especially during the initial negotiations, will help you avoid instances of disagreement with your partner. In addition, signing an MOU reduces the uncertainty and risk when preparing a contract in the future. The rationale is that the document sets out all the proposed terms agreeable by both parties.

        Keep a record of prior agreement

        Usually, when negotiating a business or mutual deal, you should agree on some terms with your partner. Such terms are often captured in the final contract. So, what would happen in case one of the parties does not remember the terms or retracts? That’s when a memorandum of understanding becomes useful.

        A MOU acts as a foundational document for a future contract. Even though such a document isn’t legally binding, it is highly beneficial as a records keeper because it highlights everything the parties involved agreed upon. Therefore, with an MOU, you can always refer to any agreements entered in the past as the parties clearly understand their shared goals and objectives.

          Governs engagements

          Have you ever entered into an engagement and later found out it wasn’t favorable for you? It is natural to find yourself in such conditions. As highlighted, a memorandum of understanding facilitates your relationship with the other individual. As an initial document when setting out a commercial partnership, a MOU establishes the goals and objectives that the parties should work towards accomplishing.

          The MOU makes it easy to terminate the engagement because it is not legally binding, as with the case of a contract. However, the terms of exit must be stipulated and discussed amongst the parties. In this case, you do not have to worry about the stress, cost, and complexity that comes with terminating a contract.

            Conclusion

            When entering into any form of partnership, it is critical to ensure that all parties have a clear understanding of the agreement’s intentions, objectives, and terms of engagement. Thus, preparing a memorandum of understanding can save you a lot of frustration and stress that comes with such partnerships. Besides laying out a foundation for future contracts, an MOU will help both parties understand the objectives and intentions of the project, make it easy to exit it, and keep a record of all the agreement’s terms. 

             

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              How to beat procrastination at work: 20 proven tips

              How to beat procrastination at work: 20 proven tips

              How to beat procrastination at work: 20 proven tips

              December 02, 2021

              How to beat procrastination at work

              I hate this task. I’ll finish it later. Oh no, the deadline is approaching and I haven’t even started. What am I doing? *Anxiously Googling Tips on how to beat procrastination at work*

              Is this you? Don’t worry, it’s reported that 88% of the workforce procrastinate. Turns out, you’re not the worst employee for slacking off duties wondering how to beat procrastination at work. And if you need further reassurance procrastination is not laziness.

              Now that we’ve reestablished your self-confidence, it’s time to tackle the issue itself and learn how to stop procrastinating at work.

               1. Break a project into smaller tasks

               2. Tune in to sources of positivity

               3. The 2 minutes rule

               4. Create a reward system

               5. Video game music

               6. Have a default task

               7. Playing an instrument

               8. Daddy’s lessons

               9. Set a timer

               10. Start with a tiny action

               11. Cognitive Behavioural Therapy

               12. The discomfort of not meeting a deadline

               13. Start with the tasks you hate first

               14. Stop seeking alternatives

               15. Stop pondering

               16. Prioritize, plan and set goals

               17. The 10/10/10 rule

               18. The 12 Week Year

               19. Stop working in the middle of a task

               20. Stay Focusd

              20 tips on how to beat procrastination at work once and for all

              Depending on your personal nature and character you may find some of the tips for overcoming procrastination at work irrational. For that reason, we made sure you get plenty of tips on how to beat procrastination. What’s more important, these tips have proven effective for other people, so they can work for you too.

              Break a project into smaller tasks

              One of the best ways to overcome procrastination at work is to break your project / initiative into smaller tasks and trick yourself into getting started. I usually accomplish this by telling myself that I will only do a small portion of the project or task at hand. Once you make some initial progress, you will want to continue.

              The main idea is to promise yourself that you will only complete a small portion of the overall task. Overcoming this initial hurdle will enable you to stop procrastinating and be more productive in the long run.

              Nat Miletic, Owner of Clio Websites

              Tune in to sources of positivity

              One of the main reasons behind procrastination at work is the general feeling of hopelessness prevalent today. The negativity we hear about every day from various media outlets, makes us lose interest in many projects. We continuously procrastinate doing what we need to do today in the hope of a better but evasive tomorrow.

              We need to consciously make an effort to tone down listening and watching these harmful sources of news and instead tune in to sources of positivity such as Here’s Something Good at iHeartRadio. This podcast will inspire us with stories, useful tips and shared experiences discussed to motivate and uplift the podcast’s listeners every day. By so doing, we can go a long way towards fighting procrastination and become doers again at work and in our personal lives.

              Dr J Salim DMD, Owner & Founder of Sutton Place Dental Associates

              The 2 minutes rule

              My secret in overcoming procrastination at work is the 2 minutes rule. This rule says that whatever it is that you have to do, do it for 2 minutes. You can set a timer if you want and when the 2 minutes pass it is up to you what you will do next: continue or do something else. You can increase the amount of time to spend on a specific task. This helps because you know that you will do the task for a determined amount of time, and whatever it is that you are working on, you still make a small progress. While you are working on the task you may realize that the task isn’t that bad and it is likely you will finish that task.

              Valentina Dragomir, Psychotherapist & Founder of PsihoSensus

              Create a reward system

              To overcome procrastination at the work place, set rewards to motivate yourself. This little mind trick works to give you a sudden extra push to finish tasks at hand. It can be one episode of your favorite series or one vlog from your favorite content creator, a delightful bite of snack, an order of your happy drink or maybe you can finally check out your long-desired item on Amazon when you finally have your manager’s ‘Great job!’ 

              Back then in college until now that I’m working, I’m still driven by this practice. Striving means deserving for me. If I strive, then definitely I deserve some treats.

              Robert Johnson, Founder of Sawinery

              I once had a career counseling client who had a rather unique solution to his procrastination. He loved Snickers bars. Whenever he finished a project early, he bought one. And, no, he was not fat, he was just well-compensated!

              Bruce Hurwitz, President & CEO at Strategic Staffing, Ltd.

              Video game music

              My finance professor in college gave me the advice to listen to video game music whenever I need to study or get work done. It tricks my brain into competition mode while the music is also designed to help you concentrate and entertain. It was genius, I couldn’t believe I hadn’t thought of that before.

              Jasmine Coppedge, Marketing Specialist at ShiftNote

              Have a default task

              I have been, for as long as I can remember, a huge procrastinator. As I recently became an entrepreneur in March 2020 I had to find a way to fight it. The way I do it is actually quite simple: I have a default task.

              A default task could be anything really, it depends on what your job is. For example, I’m a content publisher, my default task is keyword research (because, of course, SEO is crucial in writing). It’s something I do in and out, and it’s something I can do effortlessly.

              Whenever I feel like my mind is dwelling and I’m itching to slack off, I do my default task.

              Find what your default assignment is, keep in mind it has to be something you can do without too much effort, and it has to be a high-value task.

              Jonathan Roussel, Owner TheChampLair

              Playing an instrument

              Taking a break during the day and playing the piano has also helped me get my focus back, helps boost my energy, and helps fight procrastination at work.

              Playing an instrument has been scientifically proven to engage practically every area of the brain at once especially the visual, auditory, and motor cortices so it gets my mental capacity going again and helps me through my afternoon. It’s like a mental full-body workout and lets me refocus on what I need to do.

              We have a little music room in another office so other employees can do the same.

              Gene Caballero, Co-Founder of GreenPal

              Daddy’s lessons

              My dad was in sales and taught me two important lessons on fighting procrastination which have worked for me throughout my career:

               

              • If it takes less than 2 minutes, stop and do it immediately. Whether it’s returning a call or taking the garbage out – do it.
              • Use an old fashioned to-do list and keep it in front of you at all times (I keep mine on my desk). ALWAYS focus on the most difficult task and do it first thing in the morning. Once you get it out of the way it is always a relief and you are more productive.

                David J. Decker, CLU, ChFC, CLTC, National Distribution and Sales Executive at Royal Neighbors of America

              Set a timer

              The best way I fight procrastination at work is through using a timer. I usually procrastinate because I feel like I have too much to get done. If it’s hard for me to get going, I give myself a small chunk of time and devote myself to working only on the task at hand while the timer is running (I use the Tomato Timer app). During that work time, I tune out all distractions. Once my timer is up, I’m usually motivated to keep going, but I also don’t force myself. I don’t want to enter into the time with the expectation that I should work longer, because that hinders me from even starting in the first place.

              Bridget Sielicki, Founder of The Freelancing Mama

              Start with a tiny action

              I find a single, tiny action, preferably one that will take under 10 minutes, to get me going. I go in solely with the expectation of doing that one tiny thing, but by beginning somewhere I usually get into flow and do a lot more. I don’t wait for motivation to strike, because I know it won’t – so I just focus on action instead. Action ultimately brings results, and results are how you get motivated to continue. Imperfect action beats perfect inaction, hands down, every time.

              Liz Wootton, Director at Human Nature Development

              Cognitive Behavioural Therapy

              I tried every approach, diet, exercise regime and work organization tactic commonly recommended and nothing reduced my procrastination at work for more than a short period. What finally helped me produce real, long-term change was starting Cognitive Behavioural Therapy (CBT) with a focus on procrastination. It turns out that such behavior is very commonly brought around by emotional issues like low self-esteem and anxiety which cause our brains to avoid situations that threaten our state of emotional security even further.

              If you’re reading this and think CBT doesn’t sound like your solution, know that I thought it was not for me when I first heard about it. But working through your negative thought processes is truly life-changing.

              Kaelum Ross, Founder of What in Tech

              The discomfort of not meeting a deadline

              I fight procrastination by thinking about how uncomfortable I would feel if I didn’t meet a deadline, while also thinking about the sense of accomplishment that comes with completing a task. I have a great sense of accomplishment when I complete a project and can see the results of it being done well. Good results do not come from rushing things at the last minute and it is important to remind myself of that when I catch myself being distracted.

              Rachel Knutson Kobold, Marketing Analyst at Beyond Warehousing

              Start with the tasks you hate first

              Get the things you hate to do completed first. Stop putting things off until tomorrow or the next day since it will not get accomplished anyway. Get the calls, the reports, the meeting with the nasty client all out of the way first and the remainder of the day is easier. So if you have several things planned look at your list to start the day and begin with those things that are most difficult, time consuming or simply a pain in the neck. No one likes doing expense reports, calling difficult clients or calling past due clients but when you conduct these difficult tasks first the day will go much easier.

              Stop seeking alternatives

              Stop seeking alternatives through email and voice mail. Many individuals hide behind electronics. Refrain from wearisome habits and confront the issue. The manner in which to stop poor behavior is confronting it. When I visit offices those employees that sit next to each other and are so busy conducting the CYA principle that they do not talk to each other amaze me. Or others that do not want to call difficult employees, customers, vendors etc and will spend hours on email to avoid the call. As Nike says – Just Do It!

              Stop pondering

              More time is spent on not conducting the task then physically doing it. When surveyed, 93% of participants stated that blowing off the issue took more time than the physical issue. Pay bills twice per month; make calls and emails first, etc. Stop making excuses about excuse and complete the issue. 

              Most importantly, when time is spent pondering or simply not doing something in the office there is the killing of productivity. One of my favorite movies is the Fugitive with Tommy Lee Jones and Harrison Ford. In one scene Tommy Lee is trying to understand where the Fugitive is hiding and asks what this person is doing and they say “Thinking.” Sounds like someone in the office. Feeling like they’re busy but NOT. In a world where every organization seeks the benefits of productivity and profitability – non-productive employees kill organizational success especially on cross-functional teams this can delay projects.

              Prioritize, plan and set goals

              Most people simply lack good planning and goal setting. The only way to stop sputtering is simply to prioritize. Plan the day and stick with it, do not enable interruptions. Create action steps and time frames for everything. Begin your days with what needs to be accomplished at the completion of the day. Begin the day with the end in mind. Visualize what you need to do before the sun runs out.

              Drew Stevens, CEO/Managing Partner Stevens Capital

              The 10/10/10 rule

              Fight procrastination with the 10/10/10 rule. Ask yourself if what you are currently doing will help you in 10 minutes, 10 months and 10 years. This constant reminder of evaluating your current activities against long term results will spark you into action. 

              David Ciccarelli, CEO of Voices.com

              The 12 Week Year

              The 12 Week Year is set out in the book by the same name by Brian Moran. It is based on the concept that planning around 12 months leads to putting things off because a year is too big a time span for human beings to effectively hold in their minds on a daily basis. But if you set up a plan of 12 weeks, write down what is happening each week, and log your process, you’ve got a much higher chance of success.

              There is a great template that lets you track your 12 week year in Trello, and I rely on it for things both professional and personal.

              I find using Trello/Kanban to log this is a life saver. I recommend living your life in 12 week Trello chunks if you want to rein in your procrastination.

              Peter Head, Creative Director of Japanoscope

              Stop working in the middle of a task

              Though it may seem counterintuitive, not fully finishing something is the best way I’ve found to avoid procrastination at work. For me, just starting the work on a project is the hardest part and where I procrastinate the most.

              So, I take breaks when I’m right in the middle of something. This way, when I sit back down at my desk I can easily start back up again. It’s almost like having a prompt that jumpstarts my productivity so that I don’t procrastinate.

              This is especially helpful at the start of the workday when I’d rather just be mindlessly scrolling through my social media feeds. I think this method works by tricking my brain into thinking, oh, this will be easy to finish up.

              Shawna Newman, Owner of Skipblast Digital

              Stay Focusd (Chrome extension)

              I get easily distracted by social media, YouTube, Reddit… pretty much any site that lets me procrastinate. What has worked the absolute best for me so far is the Chrome extension Stay Focusd.

              Stay Focusd is free to use and it lets you block the websites that you waste time on when you should be working. It’s super easy to use and the first time you do use it, you will initially be surprised by how often you try to access the sites you’ve blocked, and then embarrassed.

              I’ve tried all sorts of things before finding Stay Focusd that didn’t work for me – Pomodoro, making lists, time tracking, etc. Only by eliminating the things I was doing instead of working was I able to effectively stop procrastinating.

              Alex Williams, Marketing Coordinator at Podcast How To

              Conclusion

              We bet at least one of these tips for overcoming procrastination at work will prove useful to you. So instead of continuing to procrastinate at work, give a chance to one or two tips and see the results. If not, come back and choose another method. Eventually, something must work.

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              8 best countries to start a business in 2022

              8 best countries to start a business in 2022

              8 best countries to start a business in 2022

              November 19, 2021

              Best countries to start a business

              The COVID-19 crisis has been extremely challenging for businesses worldwide. However, it also presented plenty of opportunities that savvy entrepreneurs hurry to make use of.

              Startups are getting a chance to truly shine today, especially as the world is growing progressively more globalized. So knowing the best countries to start a business can be a massive factor for success.

              Without a doubt, one of the most important things any investor or a future business owner needs to consider now is that you have the freedom to build that startup anywhere. Modern software makes it easy to run a global team from anywhere, fostering global business relations. In some cases, this opens up the option to look away from the country where we are currently residing and search for the best country to start a business as a foreigner.

              Best countries to start a business in 2022

              For that purpose, we’ve selected the best countries to start a business in 2022 based on the stability of the economy, quality of the skilled and educated workforce, market size, opportunities to find investors, and more. So, read it carefully and see which one looks most suitable for your business idea and goals.

              Japan

              Let’s start with the fact that Japan is the second-largest computer and telecommunications market in the world and the world’s third-largest economy after the US and China. Japan’s free-market economy also takes second place in the world’s GDP ranking and fourth-largest in purchasing power parity (PPP). 

              Besides the fact that Japan comes in third in automobile manufacturing, it also has the most significant electronic goods industry in the world, which means you can leverage their diverse opportunities and succeed in many industries.

              Another of the many reasons why Japan is one of the best countries to start a business in 2022 is the fact that their import processing is well organized and efficient. It also has a bubbling free-market economy built on a successful foundation of innovation and a willing customer base. 

              Japan offers a wide range of opportunities in finance, automotive, high-tech and precision goods, pharmaceuticals, computing, hybrid vehicles, and robotics, so when choosing your niche, pay attention to the nature of the business you want to venture into and be sure that you are making the right decision.

              Germany

              The eCommerce and IT sectors began to play a large role in Germany in recent years. Even though the German economic growth rate is stagnating, there are virtually no volatile political issues in Germany affecting businesses. 

              Moreover, three of the biggest German cities can give you different possibilities depending on the industry you are focused on. More specifically, Frankfurt attracts a large number of finance entrepreneurs, Berlin is a great opportunity for innovative software businesses, marketers, and web designers, and Munich’s high-tech economy has embraced artificial intelligence and innovative manufacturing techniques.

              Another reason why Germany is one of the best countries to start a business in 2022 is a large consumer market. By making up 18.6 percent of the EU’s total population, Germany is the largest consumer market in Europe, in terms of purchasing power and the number of people.

              They are also increasingly embracing e-commerce, creating a major opportunity for e-commerce companies that want to expand their reach. But, if you want to attract German eCommerce shoppers, you need to keep in mind that most German prefer German-specific websites over international websites.

              United States

              You’ve probably already heard that the USA is the land of opportunity in the world, but let’s speak about facts apart from these ideals that appear in American business literature. One of the advantages of starting a business in the United States is that you will be credited for economic progress, driving innovation and job creation. 

              And if you think all this is only because of Silicon Valley, you are wrong. Although it’s true that Silicon Valley dominated the US ecosystem, there are other towns like Miami, Austin, Los Angeles, and San Francisco that now have their own startup ecosystems.

              Furthermore, if you need an investment to start your business, then keep in mind that to find business partners and investors, the American market is the most attractive. 

              Switzerland

              While not completely tax-free, Switzerland is a veritable tax haven for business owners and investors. This alone is reason enough to start a business in this country. Its strategic location in the heart of Europe and a highly developed economy clinch the deal.

              However, Switzerland has more to offer to the ambitious entrepreneurs of today. The country is politically and economically stable. It has proven as much by getting through many global crises almost unscathed.

              Moreover, it has very lenient policies for opening a business. It also boasts well-developed industrial facilities and one of the best workforces on the planet.

              Overall, there is nothing that one might need to build a successful business that you won’t find in Switzerland. Of course, this is a prime location for projects with a wealth of funding. However, it’s also a good place for attracting investors. Technological startups, in particular, are very welcome in this country.

              Best countries to start a business as a foreigner

              In many cases, starting a business abroad can be more lucrative due to different tax policies. Modern software makes it easy to run a global team from anywhere. Therefore, you only need to pick the best country to start a business as a foreigner.

              That’s right, where you come from doesn’t have to be your excuse and you don’t need to settle for less. All you have to do is keep reading, find out which are the best countries to start a business as a foreigner and choose the one that’s most suitable for your goals.

              Canada

              Canada has some exceptional advantages for foreign entrepreneurs which makes it one of the best countries to open a business as a foreigner. Expanding business in Canada means it will be easier for you to have business relations with the US.

              Doing a business in Canada means you can take advantage of natural resources like gas, oil, and timber, easily find skilled workers, and have easy access to the US market. Because of that Canada has been a great choice for foreign businessmen for a couple of years now. 

              Canada also maintains one of the lowest tax rates and has a reasonably stable economy. Besides, it’s a great place to live since it offers a clean environment, modern cities, and desirable quality of life.

              So, If you are open to new opportunities and expanding to international markets, work permits are the first step to start a business as a foreigner in Canada.

              Singapore

              Over the last two decades, Singapore has earned the reputation of being the fastest-growing business hub and best country to start a business. But unfortunately, the COVID-19 crisis put all this progress at great risk as the country was hit hard.

              Singapore’s economy largely relies on international trade. Therefore, it has all stopped and dropped by many points in the last year alone. The current uncertainty in global supply chains is still affecting it deeply.

              However, according to experts, the lull in the growth of Singapore’s economy is short-lived. It is already back on track to recovery and further growth. Therefore, this country remains one of the best countries to start a business today.

              It must be noted that one of the reasons for Singapore’s success in recovery was its fast adoption of a digitized economy. The country is essentially built on digital innovation, therefore, this type of business would strive here.

              Another good opportunity is the manufacturing business. The pandemic has changed the world in many ways. One of them was the growth in distrust in global supply chains. In light of this, many corporations now consider bringing part manufacturing “closer to home”.

              Singapore’s location makes it a very good choice for top-grade digital manufacturing to service a big part of Asia. Political stability and a generally high level of wealth also contribute to the resilience of Singapore in the current crisis.

              The absence of capital gains and dividend taxes is another big benefit of starting a business in Singapore. Being a digitalized state, it’s also no wonder that you can easily open a business using online services.

              South Korea

              South Korea is one of those countries with a thriving economy and has a very talented and sophisticated workforce you can hire. South Korea is considered one of the best countries to start a business in 2022 since it is making an ever-increasing contribution to the global economy. 

              The most thriving industries in South Korea are technology, automobile sectors, and steel, and even though speaking of Asian business powerhouses, thoughts invariably turn to China and Japan, you shouldn’t forget about South Korea as well. Moreover, the experts say there has never been a better opportunity to invest in the infrastructure of this country.

              With great skills and education, and their mentality and dedication to work, you’ll rarely need to worry about the work performance of your employees. They consider attendance very important and they will often expect to work long hours.

              However, employees in South Korea are always well protected so make sure you find professionals to make your recruitment policy righ.

              South Korea is also one of the best countries to start a business as a foreigner. That kind of business have three primary options:

              • Opening a branch of an existing parent company
              • Setting up a new subsidiary company 
              • Opening a liaison office for exploratory purposes and not active trading

              The cheapest and most popular option is a limited liability company, also known as a Yuhan Hoesa.

              The UAE

              The UAE is another business hub that impresses with the rate of its growth over the last few years. It’s a place with a very favorable outlook on international investors and business owners. Therefore, it’s not a surprise so many of them are drawn here. If you are looking for the best country to start a business, you might be interested in a business setup in Dubai. This part of the country, in particular, is fertile ground for ambitious companies and investors. Even the COVID-19 crisis didn’t manage to destroy the tourism and rental industries in Dubai.

              The hospitality industry is a good option for investment here. However, it’s hardly the only opportunity for businesses. Innovation is key for success in the UAE and the country is a great place to base any trade business in. The energy field here is also exceptionally welcoming to new ideas.

              However, one of the main reasons why starting a business in the UAE is a good idea is not the growing economy. It’s the ease of opening a company and running it with very modest tax payments. The paperwork and general bureaucracy of opening and managing a business here are straightforward. This covers everything from actually starting a company to obtaining permits and registering property and assets.

              Note that this country is also in good standing in regards to protecting minority investors. The location of the country, right in the middle of the East and West, is also beneficial. In particular, you don’t have to worry even with the recent changes in supply chains. The UAE will remain a strategic point for international trade logistics.

              Conclusion

              No matter what your business idea is, there is a great place to realize it today, and it’s probably in one of the best countries to start a business mentioned above. However, remember that some countries are definitely better than others for doing this.

              As we live in the era of globalization, you shouldn’t limit yourself to only your current country of residence. Explore your options to find the best place for launching your business to the greatest success.

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              7 reasons to shop local that prove the importance of small businesses

              7 reasons to shop local that prove the importance of small businesses

              7 reasons to shop local that prove the importance of small businesses

              November 03, 2021

              Reasons to shop local

              Next time someone asks you why shop local when the big retailers offer better prices, show them this article. 

              Although Forbes counted up to 43 reasons why you should shop local and support local businesses, which we’ll sum up in seven. There are countless explanations that can make you feel miserable the next time you enter a large store owned by a multi-millionaire. Statistics explicitly show that small businesses are the lifeblood of the world economy.

              Only in the US, small businesses account for 99.7% of employer firms.

              Why you should shop local and support small businesses?

              Look what happened during the lockdown. Small businesses were forced to close their doors, while Amazon doubled their income compared to last year.

              So we must understand the reason to support small businesses and stop feeding the big sharks. Hence, find out why you should shop local because only this way small businesses can be removed from life support and get a fair chance for survival.

              Moreover, when shopping locally, it’s not only you doing a favor to small business owners to survive, but it’s also doing yourself a favor and receiving some benefits a large store could never give.

              Boosting the local economy

              UK statistics show that for every £1 spent in a small or medium-sized business 63p stay in the local economy, compared to 40p in a larger business. Moreover, small businesses are leading employers internationally. Many of them are also examples of businesses that can succeed in small towns, creating jobs and keeping money circulating within their communities.

              At the same time, local companies more often than not collaborate with other local entrepreneurs – more growth for the local tax base! Besides stimulating innovation and competition, they also play a big role in product diversity.

              Shaping the community’s identity by supporting small business

              One thing is for sure, entrepreneurs breathe life into the community. Their welcoming and positive attitude towards strangers, as well as returning customers, sets an example for everyone. In addition to that, another reason why you should shop local is that local businesses create a culture that easily becomes a trademark for the place and attracts visitors i.e. influencing tourism.

              Did you know that small businesses are bigger sponsors of sport than multi-million corporations? Yes, they are. Equally important, they are big supporters of charities and are keen on donating to organizations that directly deal with problems within the community.

              And last but not least, through providing apprenticeships and internships small business owners pass on their skills to the youth which is crucial for the future growth and development of the town.

              Shopping local means preserving the environment

              As we mentioned before, local shops tend to employ locals. Since they live close by, they don’t need a car or public transport to get to work, thus decreasing carbon emission. Also, since they are usually located inside the town, that makes them more accessible and within a walking distance to everyone. Speaking of that, they more often than not choose to settle in already existing buildings, adding bonus points for low infrastructure impact.

              More importantly, because of their tendency to use local suppliers and collaborate with other town businesses, the bad impacts transportation and distribution have on the environment are close to a minimum, which is not the case with big chains.

              Small businesses offer better shopping experience

              As opposed to the copy-paste products sold at large companies, local shops are a source of creativity and originality. They offer one-of-kind products or services that they’ll be more than happy to customize and personalize according to your wishes. 

              Furthermore, the staff at local shops are ready to go the extra mile and make your shopping experience as smooth as possible. They certainly know how to connect with customers on a personal level. In small stores, there are no crowds and your presence there is as glorified as a religious miracle.

              Making dreams come true when you support local small businesses

              Another reason why you should support local businesses is that they are built by ordinary people, who are often our friends, family, neighbors, or acquaintances. Small business owners are not a board or stockholders that have long lost touch with reality and have no idea what your needs are.

              Small business owners put everything they have in life at stake to make their dreams come true. And if we take a deeper look, they often have a couple of mouths to feed at home, a mortgage to pay, old shoes to replace, a roof to fix, etc.

              By helping them keep their dream alive you’re directly bringing happiness into their lives. And what’s more rewarding than making someone happy?

              Small businesses can quickly adapt to changing climates

              It’s well known that small businesses are mostly customer-oriented and understand the needs of their community, therefore, they can adapt to changing economic climates more quickly than large corporations.

              Because of their dedication and good customer service, customers often choose to support small businesses in tough times and are most likely to remain loyal to local businesses during an economic downturn. That helps small businesses to adapt to financial changes while remaining the same quality service or products.

              Moreover, since the revenue of local businesses is less compared to larger corporations, they may have less to lose in times of economic crisis, hence, if you shop local you won’t experience some of those drastic changes large corporations have to make. 

              Small businesses can grow into large corporations

              Another reason why you should shop local is that you are helping a small business grow into a large corporation that will be able to give back to the community. We witness many businesses that started as side hustles and became major players in the national and international industry. 

              When small businesses grow into large businesses they often remain in the community where the business was established, hence they will stimulate the local economy by providing new employment opportunities. 

              Thus, next time you shop from a local small business, keep in mind that one of the reasons to support small businesses is supporting something that may significantly improve living in your community. Having a large corporation headquartered in a community can even create a market that favors the development of additional small businesses.

              Conclusion

              On the whole, the answer to why you should shop local is because when supporting local businesses you create a win-win situation for everyone in the community. You get the best buying experience, the owner and employees get their livelihood, the community gets the taxes. 

              So, when in doubt whether to buy from a large store or buy locally, think of these seven ways you are helping your community every time you purchase something from a small local business.

              How to support small businesses

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              5 affiliate marketing tips and tricks to help you outstand in 2025

              5 affiliate marketing tips and tricks to help you outstand in 2025

              5 affiliate marketing tips and tricks to help you outstand in 2025

              October 28, 2021

              5 affiliate marketing tips and tricks

              Affiliate marketing has become one of the best passive income streams during the pandemic. What makes it ideal is you can start by sitting at home with low investment and risk yet earning high ROI. 

              In 2017, the global affiliate marketing industry was 12 billion USD, and now in the United States alone, it’s going to hit 8.2 billion USD next year. With that, you can potentially earn $154,700 per year as an affiliate marketer.

              It might sound too lucrative and easy to execute as you only have to promote others’ products. However, to become a successful affiliate marketer, you need to be consistent and have a solid strategy. Luckily, we give you the specific affiliate marketing tips and tricks that will help you achieve your goals in 2025.

              Affiliate marketing tips and tricks for beginners

              The majority of affiliate marketers start without a proper plan and understanding, thus fail. If you want to succeed in affiliate marketing, here are 5 affiliate marketing tips and tricks to get started with affiliate marketing.

              Have a clear approach for affiliate marketing

              You can do affiliate marketing through various channels like a website, YouTube Channel, social media accounts, blogs, etc. However, one of the best tips for affiliate marketing is to opt for a clear approach before choosing the channel.

              There are three distinct approaches to affiliate marketing. These include:

              Becoming an Influencer

              As an influencer, you can start affiliate marketing through your socials like Instagram, Facebook, TikTok, YouTube, and others. You can also do it through your blog, but keep in mind that this requires you to have a large following to whom you can promote the products.

              On average, an individual spends 145 minutes on social media daily. Consequently, becoming an influencer can be a good option to start with for a beginner affiliate marketer.

              Becoming a niche expert

              A niche expert is someone who has the credibility and authority to recommend products or services related to that niche. Most niche experts use a website for affiliate marketing. However, you can also use your blog or podcast for this purpose. 

              Established firm

              Building your authority as a marketing firm is the advanced level of affiliate marketing. It does not necessarily involve one person, platform, or niche. Rather, it requires a lot more resources and credibility to review or recommend different products.

              Therefore, to do so, you have to be an established firm or startup. The websites like WireCutter, Buy for Life, and Reviewed.com are ideal examples of such firms.

              Determine your niche

              Once you know your approach, the next thing is to determine your niche. You cannot start with a random niche. Ideally, it has to be one that you find interesting and has the potential to earn you big profits.

              For niche selection, thorough research is crucial. The research will not only help you in identifying a profitable niche but will give you insights into market trends and what your target audience is looking for.

              There are various tools available that you can use for niche research. Namely, the best amongst them are SEMrush, Ahrefs, Google Keyword Planner, Google Trends, Ubersuggest, and a few others.

              Discover affiliate programs in your niche

              Now that you know your niche, you can start discovering about different brands’ affiliate programs. Back in 2016, a Forrester study suggested that around 80% of the brands have affiliate programs. Now, with the growth of the industry, you can only imagine the opportunities you have for affiliate marketing.

              There are numerous big names for affiliate programs, and you can sign up for multiple programs simultaneously. But, one that has superseded all is Amazon Associates. By signing up for this affiliate program, you can earn a 1% to 10% commission for every sale through your site. The percentage commission depends on the category of the product.

              Create content to promote the products

              Once you have a clear approach, a profit-making niche, have signed up for an affiliate program, and set up a platform, the only thing left is creating content with affiliate links. There are numerous things that you need to be careful about while writing the content. Here are a few tips for creating valuable content for your audience:

               

              • Your goal should be to create information-rich content. Hence avoid the sales tone.
              • Create content that actually answers the reader’s query. Therefore, carry out proper keyword research and product research.
              • Provide honest and authentic reviews of the products
              • Focus on the product benefits rather than features
              • Verify all the affiliate links that you are using in your content
              • Make sure that you can track your affiliate links – using tools like SubID tracking
              • Enhance your domain authority
              • Follow search engine optimization best practices for ranking your website.
              • Along with SEO, run pay per click (PPC) ads

              Conclusion

              Affiliate marketing is the ideal low-risk business that has the potential to yield great profits. But it’s time-consuming and requires a solid understanding of affiliate marketing. Therefore, as a beginner, we advise you to be diligent about the strategy and follow these affiliate marketing tips and tricks.

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