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Recently I went to the #Lex2011tweetup – which was very well attended by nearly 60 Tweeting lawyers and Tweeters connected to the legal profession. As a result, finally I got to meet so many people I’d been Tweeting with for months.
As a result of this event, I thought I would write my guide to organising a successful Tweetup – an ‘in-person’ meeting of people on Twitter.
Getting people in one place at a certain time requires energy and commitment. So, find some other co-organisers to help spread the word and the message. The more people who are well connected on Twitter who get involved, the easier it is to get people to come along.
Unless you plan on making the event a recurring event, pick a time and location where lots of your ideal attendees are going to be present. For example, organising a Tweetup around a conference schedule is a great way to get both Tweeting members of the conference to turn up, but encourages others to also attend.
An event hashtag – eg #Lex2011tweetup – enables people to search on this term, see who is also attending and spread the word about the event.
Tweetups are better attended if there is a purpose. For example, a local Tweetup, such as #Bedfordtweetup or a #Twegal meetup (meeting of lawyers who tweet).
A popular Tweetup can attract 50+ people. Make sure you have gained permission to host the event at the location of your choosing – and if possible get a private room. Most pub landlords will happily let you host the event at their pub and often reserve an area of the pub for you – normally for free.
Use an application such as www.twtvite.com/ to handle the event management. Organising an event such as a Tweetup involves admin. Anything that can help you with this is a must – particularly if it is a free piece of software such as Twtvite, which integrates seamlessly with Twitter. This nifty piece of software sends out a reminder to everyone who has accepted before the event. It collates all the Tweets that use the event hashtag, allows people to leave comments about the event, provides a guest list and shows the location of Tweetup.
Heather Townsend, chief coach and founder at The Efficiency Coach
Inventors, entrepreneurs and start-ups often like taking risks and pushing the boundaries. That is what innovation is all about and surely our world would not have progressed as much if it were not for risk-takers. However, when it comes to the intellectual property (IP), making mistakes can have disastrous consequences. Here are four common mistakes you need to avoid.
Maybe not having a budget to properly protect your IP or trying to do it all yourself. It’s a dilemma: save a few hundred pounds now, while money is scarce, but leave yourself open to risks of potential litigation and significant costs later. Prevention is better than cure and certainly the cost of prevention is much less than the cost of correction/litigation/lost value and investment. Having a budget does not mean it must be huge, but it means access to an IP lawyer (and not only a patent attorney) will help you protect and make the most of your invention.
IP includes a variety of rights patents, copyrights, trademarks, trade secrets and other confidential or proprietary information. Sometimes inventors think that if they do not have a patent there is nothing worth protecting or if they apply for a patent that’s all the protection and advice they need. Unfortunately, it’s not that simple. You should understand that even if an invention is not patentable, it’s still worth discussing the various options with an IP specialist, since it may be protected via copyright or as trade secret. Think the magic formula of Coca Cola. IP rights when managed correctly can (a) be licensed; (b) be sold/assigned; (c) be enforced against a suspected infringer and protect their owner against competition and increase the value of the invention.
Using a trademark, domain name, design or product without searching whether someone else has registered it or is already using a similar name, design, etc, can be a very expensive mistake – not only in terms of having to adopt another name, domain name and paying extra costs, but also in terms of bad publicity and PR, lost customers and exposure to potentially very expensive damages.
Without the use of appropriate agreements, an inventor may lose their valuable IP assets. An inventor often needs people to perform various tasks, either as employees or third party suppliers/contractors. In each case, the inventor must adopt the correct agreement to ensure ownership of IP and other rights and obligations such as confidentiality, non-competition and non-solicitation. Simple payment for the work performed does not guarantee IP ownership.
Dr Maria Anassutzi, Anassutzi & Co Limited
The recession is grinding towards its inevitable end game, with announcements of public sector redundancies, rising consumer prices and likely increases in interest rates to combat inflation.
While this particular crash is considerably deeper and longer lasting than previous ones, those of us who have been around the block several times know this is just the way of things.
In 1997 Gordon Brown made a bold assertion of “no more boom and bust” and despite his subsequent claim of actually having said “no more Tory boom and bust” it did seem too good to be true at the time. Recessions follow booms just as winter follows summer; the key is to be ready for it.
Recessions are always preceded by unnatural stock market activity inexplicable to ordinary people, who have a sneaking suspicion that insiders are manipulating the system to their own benefit. The next time this starts to happen, my advice would be to reduce your debt radically.
A sensible entrepreneur knows that cash is king, and while it is very tempting to take on debt in the good times to expand the business, this can backfire horribly when the banks suddenly change the rules.
Many of my good friends found their companies wound up by the banks when the recession began to bite two years ago. It could be argued that this is a good and natural part of Darwinian evolution, the survival of the fittest, especially for serial entrepreneurs who tend to be adept at bouncing back from adversity.
Those entrepreneurs who managed to survive the recession by a combination of good cash management and redoubled efforts in sales and marketing, are now painting an optimistic view of 2011/2, so long as the dreaded “double-dip” does not actually happen.
But for those in the public sector, now is the time of voluntary and forced redundancies as local authorities take a long hard look at how to reduce costs while focusing on delivering key services.
For those with long service and a good redundancy package, this might represent a very welcome early retirement and the opportunity to pursue hobbies or become more involved in charities and social enterprises. Others tell me they will be receiving a year’s income, thus enabling them to take a long family holiday and then have a fundamental re-think about their career and long-term aspirations. There will even be a lucky few who leave their employment on a Friday only to return to exactly the same job as an external consultant on a significantly higher day rate.
But for those who are not in those fortunate positions it will be a time of uncertainty and self-doubt, with a pressing short-term requirement to generate income. My advice to these people is to ask their exit counsellors for as many psychometric tests as possible to understand their own strengths and weaknesses, and to determine whether they are more suited to working for someone else or becoming self-employed.
Required reading is Spencer Johnson’s Who Moved My Cheese?, a simple parable about some mice that arrive one day to find their cheese is gone. Some wait for the cheese to return, while the more enterprising mice go and look for some other cheese.
Six months after redundancy many people will still be bitter and angry. Others will, in retrospect, admit it was the best thing that ever happened to them. My role in this difficult human drama is to show that becoming self-employed is not rocket science. It only requires a little confidence and the support of family and friends, who will probably also be your first customers.
Originally published in The Financial Times. Copyright ©Mike Southon 2011. All Rights Reserved. Not to be reproduced without permission in writing. Mike Southon is the co-author of The Beermat Entrepreneur and a business speaker.
Why do you click on ‘About Us’ pages when browsing a website? Idle curiosity? A desperate attempt to find out ‘who’ the company is and what they do? A desire to find out more about the person or people behind the brand and connect further?
In my case, all of the above apply at different times.
I’m the first person to say your website copy should be about your customer and their challenges rather than your business. But the same rules don’t apply to your ‘About Us’ page, which is your opportunity to talk about yourself as much as you darn well please.
It’s a bit like being at a party. You do all the right things – ask the right questions, listen, strike up a rapport and then the other person asks about you. You need to answer. On your website, your ‘About Us’ page provides the perfect opportunity to reinforce your brand position, qualify why you’re ideally placed to provide your product or service and most importantly – connect with your reader.
Photographer Vicki Knights does this brilliantly. She talks from the heart – reassures me, provides a little about herself with which I can identify and explains (without boring me) why she’s qualified to do what she does so well. Importantly, she’s also got a great photo – eyes at the camera, looking relaxed, engaging and reassuring.
Take a look at your website’s ‘About Us’ page and ask yourself – is it easy for people to see why they should do business with you? Can they see, literally see, who is behind the business? And have you reinforced your brand position?
Fiona Humberstone, Flourish design & marketing
In the early 1900s, a company called Betty Crocker pioneered the concept of readymade cake mixes. The product was aimed at housewives and its key selling point was a tasty treat could be rustled up with minimal effort. The product had been carefully developed and when launched, market conditions were deemed optimal, in short – a recipe for success.
And yet, the expected sales boom didn’t occur. Why? Although simple solutions were sought after, Betty Crocker’s new readymade cake mix made things a little too easy. So easy in fact, that using the mix felt almost like cheating and the hardworking housewives of the time felt scared and threatened. It essentially made them feel as though their role in the kitchen was jeopardised.
Simple problems require simple solutions and in this case, the solution was very simple: powdered eggs were removed from the mix. The simple act of breaking an egg and adding it to the mix was enough to deliver that proud feeling of having baked a homemade cake. A minor detail, yet one with dramatic consequences.
A similar situation occurred when Pinnacle Foods tried to introduce the Duncan Hines range of readymade cake mixes into the Japanese market. Despite extensive market research and product development, once again, the expected boom in sales didn’t occur. The problem? Japan has a cooking culture predominately based on rice, and although the market was ready, homes were not. Indeed, the majority of Japanese households were not equipped with conventional Western ovens, rendering the cake mix effectively useless.
These stories reflect the need to spend the necessary amount of time to get things right from the start. So here are two simple rules of thumb I’d like to share.
Same as for a date, you need to think wisely what to wear and where to go. So when you think about your brand, your checklist should include everything from your dress code and website to your tone of voice in your communications. Are you too serious? Do you stand out? If not, think about the Purple Cow.
As well as feeling amazing about it, you’ll create much more word-of-mouth marketing than you have ever imagined possible. Go speak at school and universities, help charities and promote other businesses. Timebank is a great example of an organisation that can help you give your expertise away for free. Doubt it’ll work? Check the Jojo Project and you’ll see how quickly you can establish a brand and grow it.
Since 1 April 2011, the tax paid by small limited companies (Corporation Tax) is the same as the basic rate of income tax – 20 per cent. In addition, the increase in Class 4 National Insurance contributions (NICs) should prompt sole traders to review their business structures for potential tax savings.
Maybe you decided to be a sole trader because you thought it was easier. Deciding which business structure to go for isn’t always simple. There isn’t a ‘one-size-fits-all’ answer.
Your personal circumstances should determine your choice – and only you can decide.
Putting aside the misleading perception that a limited company gives you greater status or credibility then, in my opinion, there are two major issues to consider when deciding your business structure.
As a sole trader there is no distinction between you and your business. You do not need to have a separate business bank account. All the debts of the business are your debts. If the assets of the business do not cover the debts, your personal assets could be used to pay the debts – and that includes your house.
The debts of a limited company belong to the company, which is a separate legal entity. Except in cases where personal guarantees have been given, your personal assets will not be used to pay the company’s debts. Maybe this is a more attractive proposition than a sole trader or unincorporated business structure.
The second reason for a limited liability business is based on tax savings. As a sole trader you pay:
If your profits are below the personal allowance of £7,475, in all likelihood it would be better to operate as a sole trader. You will pay no income tax and will only pay a very small amount of Class 4 NICs if your profits exceed £7,225.
If you profits are below £5,315, you can also apply for an exemption to Class 2 NICs.
A limited company pays Corporation Tax at 20 per cent on its profits (up to £300,000, after which the rate rises).
Profits can be withdrawn from the company by way of a salary for the director(s) and dividends for shareholders. Again, this assumes that the directors/shareholders have no other income.
I’ll illustrate with an example… Say your business has profits of £15,000 and you have no other income.
Tax as a sole trader would be:
Total tax = £2,335. So profits after tax are £12,665.
Tax as a limited company would be:
The profit of £7,932 is distributed from the company as a dividend and no further income tax is due on the dividend, because the total income is below the higher rate threshold.
The total available after tax is the available profits + salary – Corporation Tax = £13,413. With profits of £15,000 you would be better off as a limited company to the tune of £748. If your profits are higher the savings may also increase.
Some may argue that this would be wiped out by an increase in accounting fees – I usually respond with “not if you are using CheapAccounting.co.uk”.
There may be the opportunity to sell your sole trader business to your limited company. In doing this you may realise significant tax savings. It would be inappropriate of me to give a specific example here, because savings are absolutely dependent upon your circumstances.
So my advice is to get someone to review your circumstances and work out a specific projection for you.