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The Red Car Theory

Administrator — Mon, 17 Jun 2024 14:06:59 +0000

This is a short blog with a simple message: Opportunities are all around you, but you have to be looking for them in order to take advantage of them. Here is a 30-second video that illustrates this point.

Joe’s Perspective: I can’t state it any better than she did. “That’s how opportunities work. When you go through life and you are not looking and you are not aware, opportunities just pass you by and you don’t even notice. Anything can turn into an opportunity, but you have to be aware and you have to keep looking.” So, keep your eyes open and be open to new opportunities. This reminds me of a great quote, “Instead of waiting for your boat to come in, swim out to it.” No line is going to form in front of you that says, “Opportunities here, come and get it.” If you want to be successful, you have to be your own advocate. Be willing to take the bull by the horns. Seize the day. Take some risks.

Your Turn: What are your thoughts on today’s blog and how can it positively impact your life?

Best Practices For Better Communication In Sales

Administrator — Mon, 17 Jun 2024 13:19:17 +0000

Communication in sales is essential. But to truly be successful, a seller must excel in communication. The better their skills, the more valuable they will be to others, Justin Zappula writes for Selling Power.

“Great sales reps understand the value of clear communication as well as the debilitating power of unclear communication.”

Gathering and sharing information, engaging in conversations, creating quality relationships–these are all vital parts of a sales strategy. And communication is necessary for each one.

The more skilled at communication a rep is, the more successful they will be, according to Indeed.

“Successful communicators often experience an increase in sales-related achievements, more credibility among their customers and heightened productivity.”

Excellent communication, thankfully, is a skill that can be practiced and improved. Understanding effective techniques and how to put them into action will be worth the time and effort.

Quick tips for better communication

One of the best ways to improve how you communicate with others is to give them your full attention. You may think you’re already doing that, but chances are, you aren’t.

Even if you aren’t multitasking, you may still have wandering thoughts or thinking of how you want to respond. You’re disengaged and likely the prospect or client notices. They need to know they have your full attention, Indeed advises.

“…Your client feels valued and important, [and it can] improve your ability to listen to their requests, concerns or questions.”

Prevent multitasking by putting your phone away and silencing any incoming calls or messages. Shut your laptop (unless you are taking notes) or need to reference something on-screen. Keep your focus on the other person, and use your body language to convey your engagement.

This means maintaining eye contact, nodding when appropriate and keeping your body facing the speaker. These nonverbal cues show the other person that you are engaged and care about what they are saying.

Be clear and concise

Another key to improve communication in sales is consistently being concise in what you say. The most successful sellers are not only able to discuss their offerings. They can also explain their value in a clear manner, explains FairPlay’s Lilli Parks.

“Give them all the information necessary in a straightforward manner; there’s no need to use flowery language.”

And avoid using jargon or corporate-speak; stick to language and terms that the other person will understand. If they don’t “get” what you’re saying, they’re less likely to buy in. It also prevents misunderstandings or confusion.

“Refine your pitch to make it as simple as possible…limit your use of technical terms and concepts,” Indeed suggests.

Tap into curiosity

Excellent communicators are curious. They want to learn as much as they can about a prospect. This includes their business, their industry, and anything else that impacts them. Curiosity drives them to seek out information and to understand how their solution fits.

They satiate their curiosity by asking high-quality questions–and lots of them. If you’re struggling to tap into curiosity, consider adding more question-asking to your strategy. Then, use the responses to inspire the next set of questions.

For some inspiration, take a look at these impactful questions. Ask questions that can trigger your own curiosity while also revealing valuable insights.

Be OK with silence

Communication in sales doesn’t mean nonstop dialogue. Sometimes, a pause in the conversation is OK. It may seem counterproductive, but silence can invite thought, encourage understanding and inspire deeper thinking. When it happens, wait.

“Don’t try to fill the silence by asking follow-up questions or giving further details about what you’re selling,” Parks writes.

This allows the other person time to think, and it demonstrates that you aren’t being pushy or impatient. If it continues and they stay silent, then you can speak up. But don’t be afraid to invite silence to the conversation and use it as an ally.

Use these best practices to improve your communication skills. You’ll find your interactions are improved, your relationships stronger and your sales improved.

And for more advice, consider these other tips.

Photo by Christina Morillo

3 Most Important Attributes in a Teammate

Administrator — Mon, 17 Jun 2024 13:15:21 +0000

I have to be honest. I have no idea who this guy is. My guess is he is a special forces guy in the military. My guess is he is part of an elite fighting force. My guess is he has had more training and leadership development than any of us will ever receive.

Given all that, he says there are three things that he looks for in a teammate. 1) Dependability – be where you say you are going to be when you say you are going to be, 2) Skilled – that you are very good at completing the task that you are charged to do, & 3) Selflessness – making sure the needs of others are taken care of before you take care of your own.

And, the one he says is the hardest to do and the most important to do is selflessness. Putting the needs of others before yourself – not once in a while or when it is convenient, but when it matters.

Your Turn: On a scale of 1-10, how selfless are you? How well and how often do you put the needs of your teammates/classmates/friends/family ahead of your own?

Boost Your Client’s Search Rankings with These 3 Tips

Administrator — Mon, 17 Jun 2024 13:11:18 +0000

Thanks to the leak of thousands of Google Docs in March 2024, we have a better understanding of search rankings. According to Search Engine Land (SEL), there are a few SEO lessons to be learned from the documents. Here’s what they are.

Focus on Your Client’s Brand Image

SEL says that brand matters more than anything else when it comes to search rankings. “Build a notable, popular, well-recognized brand in your space, outside of Google search,” SEL recommends.

How can your client accomplish that?

Creating content is one of the best ways. Thought leadership content specifically can:

Boost your client’s SEO

Inspire other organizations to link to your client’s content in their own content or on their site

Increase your client’s sales by establishing them as a trustworthy leader in their industry

Partnering with influencers can also work wonders for your client’s branding. According to a previous SalesFuel blog based on data from Traackr, influencers push brand awareness to new customers.

Influencers of all popularity levels have this effect, according to 54% of marketers. As long as your client partners with an influencer relevant to their industry, even a micro one will show results. Get a cheat sheet for selecting the right influencer for your client here.

Pay Attention to Links

According to SEL, “link diversity and relevance remain key” to search rankings. Linking other content to your client’s own can boost their authority and credibility.

But you can also create a backlink and call it a day. A backlink refers to a link another company has that circles back to your client’s site. SEL says that when a link doesn’t match the target site, it can cause a search demotion. And that’s more common than you might think.

According to a previous SalesFuel blog based on data from SEL, broken backlinks are a huge problem. They “occur when an external link from a site points to a non-existent page on another domain. This most commonly occurs when a page URL has changed or the linking sire added an incorrect URL.”

Even if your client had the correct link at first, the backlink might be broken as time passes. SEL says that over 50% of backlinks can be broken after five years and that percentage grows with time. So, your client needs to regularly check backlinks to make sure they take consumers where they’re supposed to.

Keep Your Content Fresh

Freshness matters, says SEL. “Google looks at dates in the byline, URL and on-page content.” So, your client needs to have a plan for consistently publishing new and relevant content and updating their website.

Yeah, that’s a lot of work, but AI can help lighten the load. AI can help with content creation tasks like:

Brainstorming new topics

Researching headlines, keywords, etc.

Writing drafts

Outlining assignments

Proofreading content

Just make sure your client isn’t writing content just for the sake of creating content for search rankings. The content needs to be high quality and provide fresh insights. SEL says that “low quality content on part of a site can impact a site’s ranking as a whole.”

AI can help with that too by showing your client what questions people are searching for related to their industry. Creating content that answers those questions is a great way to not only boost SEO, but brand awareness and sales. It’s a win-win-win.

Want some additional information on who your client’s target audience includes and what they’re interested in? Check out their profile on AudienceSCAN on AdMall by SalesFuel.

Use these three tips to help your client boost their search rankings and sales for the rest of the year.

Photo by: KOBU Agency

The U.S. and China: The Struggle for World Leadership

Administrator — Mon, 17 Jun 2024 11:11:35 +0000

The U.S. and China: The Struggle for World Leadership

At the Pearson Partners Spotlight Series breakfast held on December 12, 2023, “The U.S. and China: The Struggle for World Leadership,” we convened a distinguished panel of thought leaders in economics, geopolitics and trade to discuss one of the most pressing global issues. This installment in our quarterly breakfast series provided a platform for an enlightening dialogue on the evolving dynamics of U.S. and China relations. As tensions continue to escalate between the two global superpowers, the implications for business, the economy and our community have never been more significant.

Pearson Partners Spotlight Series Breakfast Q4 2023

Keith Pearson, Chairman and CEO of Pearson Partners, kicked off the event, setting the stage for an engaging discussion led by a panel of experts specializing in U.S./China relations:

Michael Frank (Senior Fellow, Wadhwani Center for AI and Advanced Technologies – Center for Strategic and International Studies), bringing a broad geopolitical perspective
Admiral Patrick M. Walsh, PhD, Four-Star Admiral, Retired, United States Navy, with significant firsthand experience in military and strategic affairs
Ashley K. Yablon, Attorney at Law, an author and former expat with extensive experience working in major Chinese telecom companies
Stephen Konstans (Moderator), former Senior Vice President and Financial Officers Practice Leader, Pearson Partners International

Key takeaways from the discussion for the next five to ten years in the context of U.S./China relations, along with related quotes (anonymously attributed) included:

Strategic Global Positioning

The discussion on military and economic strategies between the U.S. and China stressed the importance of strategic positioning in a rapidly changing global landscape.

“Adapting to China’s business culture is not just challenging; it is crucial for success. It’s about understanding a different way of doing business.”– Pearson Partners Spotlight Series Panelist

Risk Management in International Operations

The panel’s insights into China’s political and economic policies provided a framework for understanding and managing risks in international operations, especially in volatile geopolitical climates.

“We are witnessing a significant shift in military power balance—one that requires a thoughtful and proactive response from the U.S.”– Pearson Partners Spotlight Series Panelist

Navigating Supply Chain Challenges

Insights into the global trade tensions between the U.S. and China reminded us of the potential volatility in supply chains and the importance of diversifying suppliers.

“It’s not just about territorial claims. It is a strategic move to control crucial global trade routes.”– Pearson Partners Spotlight Series Panelist

Innovation and Competitive Edge

The discussion on the technological race between the U.S. and China reinforced the need to invest in innovation to maintain a competitive edge in the global market.

“The U.S.-China trade relationship is at a crossroads. It is a complex interplay of competition and interdependence.”– Pearson Partners Spotlight Series Panelist

Importance of Geopolitical Awareness

The session highlighted the importance of being aware of geopolitical developments and their potential impacts on various aspects of multinational operations, from trade to investment strategies.

“[This is]… the most important foreign policy challenge for the United States in the 21st century. We are entering a period of potentially maximum danger for this relationship.”– Pearson Partners Spotlight Series Panelist

The event concluded with a vibrant Q&A session with our audience. Keith Pearson wrapped up the discussion by reflecting on the insights shared by the panelists. He noted the complexity of the relationship between the U.S. and China and its implications for global leadership, underscoring the need for a strategic, informed approach to handling the complex interplay of economic, political and cultural factors in this pivotal geopolitical contest.

Learn more about the Pearson Partners Spotlight Series breakfast events.

Forex Technical Analysis For Beginners – Make The Right Decision Based On The Market

Administrator — Mon, 17 Jun 2024 10:23:24 +0000

This article was last updated on February 1, 2023

Forex technical analysis is a method of evaluating future currency price movements based on past market data, primarily price, and volume. Beginners can start by studying chart patterns, trendlines, and popular indicators such as Moving Averages, Bollinger Bands, and RSI. It is important to understand that technical analysis is not a guarantee of future market behavior, but rather a tool to aid in making informed trading decisions. It should also be used in conjunction with fundamental analysis, which considers economic and political factors that may impact currency prices.

Introduction

Forex technical analysis is a useful tool that traders employ to study and predict how the foreign exchange market will behave. It is a type of data analysis that focuses on the patterns and price movements of currency pairs and gives traders the knowledge they need to make wise choices. The study of price action, which includes looking at charts, trendlines, and other visual representations of price data, is the basis of forex technical analysis. Trades can be made by identifying trends in historical market data and forecasting the course of future price movements.

It is impossible to overestimate the role that technical analysis plays in forex trading. Most effective FX traders’ techniques include technical analysis heavily since it gives them the knowledge they need to make wise decisions and reduce risk. The capacity to swiftly and accurately assess market data is essential to success in the fast-paced world of currency trading.

Forex technical analysis is a complex field that requires a solid understanding of key concepts and terminology. For beginners, it is important to start by learning about chart patterns, trendlines, and popular indicators such as Moving Averages, Bollinger Bands, and RSI. Understanding these concepts is the foundation for successful forex technical analysis, allowing traders to quickly identify trends and make informed decisions about their trades.

Finally, technical analysis for the forex market is a crucial tool for traders who want to be successful in the foreign exchange market. It assists traders in reducing risk and maximizing profits by offering insightful information on the behavior of currency pairs. The knowledge of forex technical analysis is a crucial step toward success in the FX market, regardless of your level of experience.

What is Forex Technical Analysis?

Trading professionals utilize forex technical analysis (FTA) as a useful tool to help them decide what to do in the foreign exchange market. The process entails analyzing a currency pair’s historical pricing data to spot patterns, trends, and other crucial market data. Once future price changes are predicted using this knowledge, a profitable trading strategy may be created.

FTA is based on the assumption that the price of a currency pair already incorporates all important market information, including economic and political factors. This means that traders can gain a better understanding of the market and make more educated predictions about future price movements by monitoring the price changes of a currency pair.

The fact that FTA is founded on data and historical market behavior rather than assumptions or opinions is one of its main advantages. This makes it a trustworthy and impartial method of assessing the market. FTA is primarily focused on the price and volume data of a currency pair, as opposed to fundamental analysis, which also focuses on the economic and political issues that have an impact on the market.

Utilizing different chart patterns, trendlines, and indicators, technical analysis analyzes market data. Moving averages, Bollinger bands, and RSI are a few well-known indicators that give traders information about market trends and probable price changes. It is crucial to realize that in order to obtain a comprehensive picture of the market, technical analysis should be utilized in conjunction with other types of analysis, such as fundamental analysis.

Why is Forex Technical Analysis Important?

An essential component of trading on the foreign exchange market is forex technical analysis. By employing this technique, traders can better comprehend market trends and forecast the course of currency values in the future. By doing so, traders can set suitable stop-loss levels to control their risk and make better judgments about whether to enter or quit transactions.

Technical analysis evaluates past price data using chart patterns, trendlines, and numerous indicators. Traders can spot important levels of support and resistance as well as potential price reversal patterns by looking at historical market data. Once future price changes are predicted using this knowledge, a profitable trading strategy may be created.

The objective character of forex technical analysis is one of its main advantages. Technical analysis is unbiased, unlike other types of analysis like fundamental analysis, which is based on judgments and views. Instead, it bases price changes on data and previous market activity. Because of this, traders can use it as a trustworthy and dependable tool to assess the market.

To acquire a thorough picture of the market, forex technical analysis can also be used in conjunction with other types of analysis, such as fundamental analysis. Traders can make better judgments and reduce their risk by combining the insights from technical and fundamental analysis.

Key Concepts and Terminology

When it comes to forex technical analysis, there are a few key concepts and terminology people should be familiar with in order to effectively use the analysis.

Support and Resistance

Support and resistance are key concepts in forex trading that refer to levels at which prices tend to either stop declining or start rising.

Support refers to a level at which demand for a currency is thought to be strong enough to prevent its price from declining further. In other words, it is a level at which buyers are believed to step in and start buying, preventing the price from falling.

Resistance, on the other hand, refers to a level at which selling pressure is believed to be strong enough to prevent the price from rising further. In other words, it is a level at which sellers are believed to step in and start selling, preventing the price from going up.

Support and resistance levels can be identified by analyzing historical price data and chart patterns. Traders use these levels to make predictions about potential price movements and to make buy or sell decisions. For example, if a currency’s price is approaching a known level of support, traders may enter a long position in anticipation of the price rising. Conversely, if a currency’s price is approaching a known level of resistance, traders may enter a short position in anticipation of the price falling.

It’s important to note that support and resistance levels are not always set in stone and can change over time. Traders should regularly review these levels and adjust their trading strategies accordingly.

Trends

A trend in forex trading refers to the general direction that a currency pair is moving in. Trends can be either upward (bullish), downward (bearish), or sideways (consolidating).

An upward trend, also known as a bullish trend, is characterized by a series of higher highs and higher lows, indicating that the price is generally moving higher.

A downward trend, also known as a bearish trend, is characterized by a series of lower highs and lower lows, indicating that the price is generally moving lower.

A sideways trend, also known as a consolidating trend, is characterized by a lack of clear direction, with the price moving in a narrow range without making significant advances or declines.

Forex traders use trends to make predictions about potential price movements and to inform their buy or sell decisions. For example, if a currency pair is in an upward trend, traders may enter a long position in anticipation of the price continuing to rise. Conversely, if a currency pair is in a downward trend, traders may enter a short position in anticipation of the price continuing to fall.

It’s important to note that trends can change over time and that traders should regularly review the trend of a currency pair and adjust their trading strategies accordingly. Additionally, traders often use technical analysis tools, such as trendlines and moving averages, to help identify trends and make more informed decisions.

Chart Patterns

Chart patterns are visual representations of price movements on a currency pair’s price chart that can be used to make predictions about future price movements. In forex trading, chart patterns are used by traders to identify potential trading opportunities and to inform their buy or sell decisions.

Some common chart patterns include head and shoulders, triangles, wedges, and flag and pennant patterns. Each of these patterns has a distinct appearance and is associated with specific price movements and trends.

Head and shoulders patterns, for example, are reversal patterns that indicate a potential trend change from upward to downward. They are characterized by a peak (left shoulder), a higher peak (head), and a lower peak (right shoulder) that form the shape of a human head and shoulders.

Triangles, on the other hand, are continuation patterns that indicate a potential trend continuation in the direction of the previous trend. They are characterized by a narrowing of the price range, with the price making lower highs and higher lows.

Wedges, flag and pennant patterns, and other chart patterns each have their own unique appearance and associated price movements. By analyzing chart patterns, traders can make predictions about potential price movements and inform their buy or sell decisions.

It’s important to note that chart patterns are not a guarantee of future price movements and that traders should use multiple sources of information, including technical and fundamental analysis, to inform their trading decisions. Additionally, chart patterns can be subjective and may not be easily recognizable in all market conditions.

Indicators

Calculations based on the price and/or volume of a currency pair are used to create forex indicators. These computations are done in order to produce indications that traders can utilize to help them decide whether to purchase or sell.

Leading and trailing indicators are two basic categories into which forex indicators can be divided. Leading indicators are used to provide early signals about possible price moves and are especially helpful in trending markets. Examples of leading indicators include moving averages and the relative strength index (RSI).

Lagging indicators are used to confirm trend direction and give insight into probable trend reversals. Examples include Bollinger Bands and moving average convergence divergence (MACD). They are especially helpful in consolidating markets, where price changes are erratic and trends are challenging to spot.

Moving averages, Bollinger Bands, RSI, MACD, and stochastic oscillator are a few of the most used forex indicators. The calculation and interpretation of each of these indicators varies, and traders frequently combine many indicators to provide a more comprehensive view of the state of the market.

The use of many sources of information, such as technical and fundamental research, to guide trading decisions is advised by traders. Forex indicators are not a guarantee of future price movements. Additionally, forex indicators may not be accurate in all market conditions and may produce false indications.

Conclusion

Forex technical analysis is a critical tool for beginners who are looking to make informed decisions in the foreign exchange market. It provides traders with the ability to analyze historical price data, identify patterns and trends, and make predictions about future price movements. Technical analysis is a data-driven approach that relies on facts and past market behavior rather than opinions or guesswork. This is why it is an essential component of most successful FX traders’ trading strategies.

Forex technical analysis is an incredibly powerful tool that can be used to analyze and identify trends in the foreign exchange market. It is a crucial component of most successful FX traders’ trading strategies and can make the difference between success and failure. This article provided an overview of Forex technical analysis for beginners, covering the basics of what it is and why it is important, as well as key concepts and terminology to be familiar with. We hope this article has been informative and that it has provided valuable insight into forex technical analysis.

Read Next: Start Trading Forex With Only $100

FAQ

What is forex technical analysis?

Forex technical analysis is a method used by traders to evaluate price movements of a currency pair from historical price data. The data is used to identify patterns and trends in the market, which can then be used to predict price movements.

What is the purpose of forex technical analysis?

The purpose of forex technical analysis is to help traders identify trends and make predictions about where the price of a currency pair may go in the future. It can be used to identify entry and exit points as well as stop-loss levels.

What are support and resistance in forex trading?

Support and resistance are price levels at which the price of a currency pair has historically struggled to break through. Support is a level where the price tends to find support as it falls and resistance is a level where the price tends to encounter selling pressure as it rises.

What are trends in forex trading?

Trends are sustained price movements in a specific direction. In forex trading, trends can be either upward (bullish) or downward (bearish). Trends can be identified by using technical analysis tools such as trend lines and moving averages.

What are chart patterns in forex trading?

Chart patterns are visual representations of price movements on a currency pair’s price chart that can be used to make predictions about future price movements. Some common chart patterns include head and shoulders, triangles, wedges, and flag and pennant patterns.

What are forex indicators?

Forex indicators are mathematical calculations based on the price and/or volume of a currency pair. These calculations are used to generate signals that traders can use to inform their buy or sell decisions. Some of the most commonly used forex indicators include moving averages, Bollinger Bands, RSI, MACD, and stochastic oscillator.

What is the difference between leading and lagging indicators in forex trading?

Leading indicators, such as moving averages and relative strength index (RSI), are used to provide early signals about potential price movements and are particularly useful in trending markets. Lagging indicators, such as Bollinger Bands and moving average convergence divergence (MACD), are used to confirm trend direction and provide information about potential trend reversals. They are particularly useful in consolidating markets, where price movements are choppy and trends are difficult to identify.

How to Navigate Global Workforce Management – PEO vs EOR

Administrator — Mon, 17 Jun 2024 10:19:28 +0000

In the dynamic landscape of 2024, starting a business that capitalizes on buy-and-sell models can be incredibly lucrative. This article explores ten different models that entrepreneurs can consider. These ventures range from real estate flipping to trading in domains and luxury items, providing a broad spectrum of opportunities regardless of your initial capital or interest area.

1. Car Flipping

Flipping cars can be a very lucrative business venture for an individual with business acumen, an eye for value, and mechanically adept at cars. It involves buying under-priced cars, restoring, and selling them for a profit. For deeper insights and opportunities in this market, refer to sca.auction.

Flipping real estate—be it houses, condos, or even commercial properties—remains pretty solid business, especially in markets where real estate values are on the way up. Investors buy properties relatively low, do rehab or renovation, then sell at a profit.

The success of the area is endowed with a huge potential spotlight, the ability to juggle various elements such as local real estate market knowledge, and efficient management of renovations.

3. Vintage E-commerce

With the advent of technology, it became easy to sell vintage or retro items over the online selling platform. Be it clothes, furniture, or even collectibles, consumers these days prefer something unique that is eco-friendly and which may have a nostalgia quotient in it. Hence, it brings the opportunity to open an e-commerce shop effectively.

4. Domain Flipping

If you have the skill to predict catchy phrases or business names that would be popular in the future, then buying and selling domain names would be a very profitable business. Register prices are available to purchase domains, which later can be sold at high prices to interested parties or businesses that wish to get an early online identity.

5. Luxury Items

One of the most promising buy-and-sell businesses is the luxury market, and what makes it very attractive is its less sensitivity towards economic downturns. Some of the common items in the luxury market include high-end watches, jewelry, and art, rare cars, all with high yields. Most times, items do appreciate, especially when they are limited editions.

6. Sports Memorabilia

While the sports memorabilia trading business can at times seem lucrative, especially when one focuses on big personae or big events, authenticity and rarity can definitely help items fetch top dollar. Provenance and limited supply both go towards inflating their values.

7. Sneaker Reselling

In recent years, the sneaker resale market has exploded, fueled by a commodity of scarce releases and athletic brand collaborations with a list of celebrities. Today, with operations such as StockX and GOAT, it’s really that easy to break into the worldwide market. It’s pretty easy to find your buyers and make a very good profit if you’re targeting the right trend and releases.

8. Book Flipping

Flipping rare and first editions can become a really meaningful, and yes, one more profitable, business for a book lover. Sometimes the signed ones, rare manuscripts, or those early editions of famous novels could sell for thousands of dollars, usually done by collectors or academic institutions.

9. Furniture Upcycling

Upcycling furniture consists of restoring and using second-hand furniture to sell it at a higher price. For the environmentally aware consumer, this business model has great appeal. It could be pretty profitable if done with good taste and talent in design and restoration.

10. Electronics Flipping

Smartphones, tablets, and laptops resell at values significantly high; hence, business ensues. Buy, refurbish, and sell in better condition to appeal to budget-minded consumers looking for technology at more affordable price points.

Overall, The buy-and-sell business model provides opportunities across many niches. Be it real estate flipping or vintage item upcycling, you can succeed in both models with market understanding and trend application. That, with careful planning and strategic investment, will throw huge financial returns for these business models in 2024.

Copyright Tips Every Small Business Owner Needs to Know

Administrator — Mon, 17 Jun 2024 10:15:23 +0000

The concept of copyrighting exists to protect the original work that a person or business has created. As a small business owner, understanding copyright law is essential, as you strive to safeguard your material and ensure you don’t incorrectly use material that belongs to someone else.

In this article, small business experts and company formation agent, 1st Formations, look at what small business owners need to know about copyright laws. Let’s get started.

What does it mean if something is copyrighted?

If a piece of work is copyrighted, you can’t do any of the below to that work without approval from the copyright holder (this is often the person who created the work but not always):

Copy
Distribute
Loan
Lend
Adapt
Publish on the internet

An individual who performs any of these could be committing copyright infringement.

This can be a criminal offence if completed deliberately on a commercial scale. If done on a smaller scale, it’s categorised as a ‘private right’, and so the copyright holder can generally decide how the matter is handled.

For example, they may choose to simply contact the individual and request that they stop, or they could make it a legal matter which typically would start by sending a cease and desist notice.

What can be copyrighted?

Different types of work you do are protected through copyright. As set out by GOV.UK, protection is given to:

Literature you have written including web content, blog posts, case studies, reports and research
Software you have built
Databases you maintain
Illustrations you have created
Photographs you have taken
Art you have made including music, pictures, and theatrical drama
Film, TV, and sound that you have recorded

How are copyright and intellectual property (IP) connected?

Intellectual property is the term used to describe something that you have created with your imagination. Inventions, product names, designs, logos, written content – these are all considered IPs.

Other forms of protection include registering a trade mark, registering a design, and patenting an invention. These, in turn, are suitable for other types of IP.

For example:

Registering a trade mark would be appropriate if you want to protect a product’s name
Registering a design would be appropriate if you want to protect a product’s packaging
Patenting would be appropriate if you want to protect a product

How do I copyright something?

You don’t have to do anything to copyright a piece of work. It is done automatically.

There is no application process involved and no fee that you need to pay. Copyright is obtained as soon as something has been made. In comparison, registering a trade mark, registering a design, and patenting an invention all require an application process and a fee.

Some people choose to use the copyright symbol, ©, on their work, alongside their name and the date that the work was created. Displaying the symbol and accompanying information is not a legal requirement – work has copyright status whether you choose to show it or not and this doesn’t provide it with an extra level of protection.

However, using the symbol demonstrates that you are laying claim to the work and can act as a deterrent if someone were to consider using it wrongfully.

The matter is complicated somewhat by ‘fair dealing’. In the UK, copyright law is set out in the Copyright, Designs and Patents Act 1988. This states that there are instances where it can be acceptable to replicate someone else’s work for ‘Criticism, review, quotation and news reporting’, provided that the work is publicly available and ‘sufficient acknowledgement’ is given.

However, this is a complex issue. If you are considering working with content that someone else has authored, we strongly recommend seeking legal advice first to ensure that your perceived fair usage isn’t copyright infringement.

Do employers or employees own copyright?

Generally speaking, a person is the ‘first owner of the copyright’ unless the work was completed upon the request of an employer. A person who has commissioned the work is not considered an employer.

If an individual independently creates a piece of art they are the owner of the copyright.
If the artist was commissioned to create the art they would still be the copyright owner.

If the artist was an employee, creating the art upon the request of an employer, the employer is the owner of the copyright.

This is all superseded if there is a written agreement in place between all parties involved that states otherwise.

More than one person can own the copyright. If the project results in an undividable whole, where the collaboration is equal and no prior agreement is in place, each party would be considered a joint owner (unless the work was completed by employees under the direction of an employer, in which case the employer would hold the copyright). When this occurs, if someone else wishes to use the copyrighted piece of work, all joint owners would need to agree.

Where a piece of work can be split into clear parts and different people complete work on different things, copyright can be attributed separately to the different parts. For example, a book may have a writer and an illustrator, each owning the copyright to their specific work (when a publisher is involved, they typically will have been licenced to use the copyrights). They can then allow other people to use their separate work how they see fit.

Ramifications of copyright infringement

Failure to effectively enforce your copyright can be damaging to your business. For example, other people – perhaps direct competitors – may be passing your work off as their own and being financially rewarded for it. This dilutes your work and cheats you out of potential earnings.

Furthermore, the integrity of what you have created could be sullied, as it may be being used in a way that you never intended. For example, perhaps some written content that you have produced is being reproduced in a way that removes context and changes the meaning to something that you disagree with.

If the scenario is switched and you break copyright law, the implications can be more immediate. In the case of a civil claim, you may be required to pay damages to the person whose work you have wrongfully used. In more severe situations, when cases reach court, you could end up paying a significant fine and even face a jail term.

What small business owners need to do

Demonstrate that you and your business take copyright seriously by correctly using the © symbol, with the name of the author and the date on all the work you produce that can be copyrighted.

If the other forms of IP protection are pertinent, take advantage of these.

Use watermarks on written and visual content when appropriate, which at the very least, ensures you’re provided with credit if it is used surreptitiously.

Set up Google Alerts on words and phrases commonly associated with your brand, so you can check new written content as and when it’s published, allowing you to act quickly if you do find your work is being used by someone else.

Disable copy functionality on your site, making life that much harder for people who do want to use your content illegitimately.

When you are commissioning a piece of work by a third party, make sure the initial discussion includes the issue of ownership and copyright, and these are cemented through a signed agreement. This will help you avoid disputes further down the line.

And, vitally, you need to act when you find that your copyright is being infringed upon. Exactly what you do will depend on the severity of the infringement. Maybe a short email requesting a credit will suffice, perhaps you feel that payment for usage is necessary, or legal action may be suitable.

When it comes to the steps required to make sure you don’t encroach on someone else’s copyright, advice is more concise.

If you can’t use original imagery, use stock photo services, always being sure to check what you can and can’t do in regard to the image.

If you want to include someone else’s work within a piece of written content (even if it’s just a link to the work), check the terms and conditions of the author, looking at what they do and don’t allow. If in doubt, contact them directly.

Unfortunately, there’s no database in the UK for checking copyrights and ownerships, so if you’re unsure whether you can use something, we urge you to seek legal assistance before publishing anything that could put your business at risk.

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