Reib Law - July 2021

Reib Law - July 2021

SHATTERPROOF NEWSLETTER

WWW.REIBLAW.COM | 940.591.0600 JULY 2021 5 TIPS TO TURN YOUR SIDE HUSTLE INTO A REAL BUSINESS

Whether you’re looking to start your very first business or you’re an established business owner looking to develop another income stream, launching a side hustle can be an ideal way to do so. By developing your business as a part-time side gig, you can greatly reduce the personal and financial risk that comes with starting a new business from scratch.

If you’re eager to get the ball rolling with your side hustle, here are a few tips to help enhance your chances of success.

1. MONETIZE YOUR PASSION.

The quickest way to get a side hustle going is to start with something you truly enjoy doing and are already good at. By doing something you’re passionate about, you’ll have the motivation to see things through because even when you’re not making money, you’ll still be having fun. If you’re working a day job, find a task that you enjoy doing, for which you already have the skills, experience, and industry knowledge. For example, if you work in marketing and really enjoy creating your company’s digital media, you might launch your own e-newsletter or graphic design service. But first, be sure you aren’t violating any contract terms with your current employer. This is something we can help you with before you launch. If you already own a business, look for ways to generate new income streams from your current operation. From affiliate marketing to consulting and creating information products, look close enough and you’re bound to find several potential new revenue sources. Not sure where to start or which options to choose? We can help.

Oftentimes, your initial concept will evolve through several iterations before you land on the winning one, so be flexible and willing to go with what actually works, not just what you think will work.

3. MINIMIZE STARTUP COSTS.

One of the biggest benefits of launching a side gig is that you may not have to invest much — if anything — to get your operation off the ground. If you’re already in business, you can leverage your existing legal, insurance, financial, and tax foundations, as long as they’re already well established. If they aren’t, then meet with us to get them well established before you expand. If you are starting a side hustle from scratch, you will want to consult with us before you do to get your basic foundations in place, as we can often phase your investments over time to match your income growth.

2. VALIDATE YOUR CONCEPT WITH INCOME AND FEEDBACK.

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Studies show that nearly half of all startups fail due to a lack of a profitable market. This showcases the need to validate your business concept with paying customers before investing too much time, energy, and money — or quitting your day job. Your side gig idea may sound super awesome to you, but your potential customers might not feel the same way. By attracting just a few paying customers, you’ll not only validate your idea, but you’ll also be able to solicit vital feedback. By soliciting honest customer feedback, you can make adjustments to ensure you’re producing the ideal version of your product or service.

As your Access Lawyer, we're specifically trained to help entrepreneurs like you put these cornerstone systems in place, providing your company with a shatterproof foundation. To see how stable your foundation is, take our Shatterproof Business Audit and assess your confidence in how much your legal, insurance, financial, and tax foundations will support your business growth. Just go to REIBLAW.com/shatterproof-audit and complete your audit. We will send you back a report card.

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4. DEVELOP A SCHEDULE AND STICK TO IT.

5. DON’T NEGLECT YOUR FOUNDATION.

Of course, if you’re already running a business or working a 9-to-5 job, you’re likely going to have limited time to work on your side hustle. That’s why it’s called a “hustle” — you have to hustle to make the venture pay off. This is where time management is critical.

One key way to maximize the time and productivity spent working your side hustle is to streamline the tedious — yet critical — business-management tasks involved with running any operation. From keeping financials and creating solid agreements to

First, you’ll need to determine how many hours you think you can spend each day on your side gig and block out those times using Google Calendar or another time blocking app. You’ll also need to find the times when you’ll have the most focus and energy. Whether it’s setting aside extra time in the morning, evenings, or weekends, tailor your side job schedule around when you’ll be the most productive. From there, you must make those work times as non-negotiable as your day job or primary business venture. If you simply work whenever you feel like it, you’re unlikely to make progress, you’ll get discouraged, and your venture will fall flat.

managing taxes and insurance, these things may not be very glamorous, but ignoring them can seriously stunt your budding business and even lead to financial ruin if you’re sued or audited.

If you would like a little extra help to get

organized, you can download my audio

course, “The First 90 Days,” by clicking REIBLAW.com/ shatterproof-audit.

GET THE DROP ON FRAGMENTED SYSTEMS WITH DROPBOX BUSINESS

Any entrepreneur who spends a good chunk of their day sitting in front of a computer is going to be a fan of tools that integrate the essential functions of their business. That’s why, if you’re a business owner, you should consider using Dropbox Business to consolidate all your files, programs, and processes into one place. Now, you might be thinking: Dropbox, the program for sending and storing files? How can that help me with all the programs and files I need to maintain to keep my business running? Well, Dropbox Business does a whole lot more than that. For starters, Dropbox Business is your one-stop drop destination for files of all kinds, whether they be PowerPoints, spreadsheets, documents, or anything else. If you previously kept it in the cloud or on a hard drive, you can make those files right at home in Dropbox Business. Additionally, Dropbox Business integrates seamlessly with other important workplace programs, such as Slack and Zoom. Now, you won’t have to have separate windows open

for all those different programs — you can access them all in one convenient place. Ultimately, these features all make Dropbox Business an ideal, integrated tool for small- and mid-size businesses. There are currently three different Dropbox Business plans that entrepreneurs and businesses can buy into: the Professional, Standard, and Advanced plans. If your business is a party of one, the Professional plan should work for you, and it only costs $19.99 per month ($16.58 if you pay for the whole year). The Standard and Advanced Plans are offered for teams and cost $15 and $25 per month ($12.50 and $20 annually), respectively. Each plan comes with a certain amount of storage space (the Advanced plan is unlimited) as well as other distinct features. So, if Dropbox Business sounds like the kind of tool your business could benefit from implementing, don’t hesitate to visit Dropbox.com/Business/plans-comparison to see which plan would be right for your business with a 30‑day trial!

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DURABLE POWERS OF ATTORNEY AND MEDICAL POWERS OF ATTORNEY

2 DIFFERENT POAS THAT YOU SHOULD UNDERSTAND

A power of attorney (POA) is a legal document that appoints a person, usually a family member, trusted friend, or legal representative, to manage your affairs if you become incapacitated and are unable to handle your affairs. There are a few different powers of attorney, including durable, medical, general, limited, and springing powers of attorney. At REIBLAW, attorneys can assist you with both durable and medical POAs. Both of these documents are incredibly important parts of any estate plan. Here’s why. Durable powers of attorney give your appointee the power to make financial and health decisions for you as well as sign documents on your behalf if you become incapacitated. This POA goes into effect right after you sign it, and it becomes null after you die. You can, however, rescind a durable POA if you’re later determined to be of sound enough mind to make your own decisions again. Medical powers of attorney , also known as an advance directive, allows an agent you specifically appoint to make medical decisions on your behalf. For example, if you fall into a coma, your agent can decide which medical facilities, treatments, and surgical procedures will be best for you,

to release your medical records,

and even to donate your organs if you pass away. Similarly, this POA goes into effect right after you sign it.

We live in a world where,

unfortunately, sickness and disease can incapacitate us long before we pass away. That’s what makes durable, medical, and other POAs such a crucial part of any estate plan. So, in order to prepare yourself and your family for whatever might happen, find a person (or people) you trust to make decisions on your behalf and add these POAs to your estate plan if you haven’t done so already. For any questions or concerns about creating these documents, you can always call REIBLAW at 940-591-0600 or contact us through our website at REIBLAW.com.

EASY ZUCCHINI ENCHILADAS

We want your feedback!

In editions of this newsletter, we’ve covered everything from business contracts to how to handle the former spouse who wound up with everything because there was no business succession plan in place. But now we’re wondering: What would you like to see? You know those legal questions that Google can’t give you a satisfactory answer to? The ones that keep you up at night as you wonder whether it’s time to call a lawyer? We want to answer those. Send us your questions, and we’ll use them to address the topics you want to know more about. Text your questions and curiosities to 972.677.3002 .

Inspired by Delish.com

INGREDIENTS

• 1 tbsp olive oil • 1 onion, chopped • 2 cloves garlic, minced • 2 tsp cumin • 2 tsp chili powder • Salt, to taste • 3 cups rotisserie chicken, shredded

• 1 1/3 cups red

enchilada sauce, divided • 4 large zucchini, sliced very thin lengthwise and dried

• 2 cups shredded cheese • Sour cream and cilantro, for garnish

DIRECTIONS

1. Preheat the oven to 350 F. In a large skillet, heat oil over medium heat. Add onion and cook, stirring for 5 minutes. 2. Add garlic, cumin, chili powder, and salt. Cook for 1 minute, then add chicken and 1 cup enchilada sauce. Stir to combine.

side. Top each with a scoop of chicken mixture, then roll into a tube. Repeat with remaining zucchini slices. 4. Add the rolls to a baking dish. 5. Top the rolls with the remaining enchilada sauce and cheese. Bake for 20 minutes. Top with garnishes!

3. On a cutting board, lay out

three slices of zucchini side by

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5 Tips to Turn Your Side Hustle Into a Real Business INSIDE THIS ISSUE 1 2 3 3 4 Get the Drop on Fragmented Systems 2 Different POAs That You Should Understand Easy Zucchini Enchiladas

These New Sports Are Coming to the Tokyo Olympics

5 NEW SPORTS JOIN THE OLYMPIC ROSTER IN TOKYO

SPORT CLIMBING This event combines three different disciplines on an artificial climbing wall: bouldering, lead climbing, and speed climbing. In the bouldering competition, climbers will navigate a fixed route to be completed within a specified time. In lead climbing, climbers aim to reach the high point within a specified time. Finally, in speed climbing, two climbers race against one another. Men and women, 20 per gender, will compete against each other, with the top eight advancing to the final round. KARATE This martial art was developed in Japan in 1868, so it’s only appropriate to make its debut during the Tokyo Olympics. On top of that, the competitions will be held in Nippon Budokan, the site of the very first World Karate Championships in 1970. The Games will test two disciplines: kata (forms) and kumite (sparring). The sport will also be separated into men’s and women’s categories with three weight classes for each. BASEBALL AND SOFTBALL These aren't new sports to the Olympics, but they were removed from the Games after Beijing in 2008. Baseball is hugely popular in Japan. This year, only six countries will take part in the baseball and softball competitions.

After a year delay, the Tokyo Olympics are once again gearing up for two weeks of action and excitement. Athletes from around the world are descending on Japan to give it their all and, hopefully, walk away with gold. This year, however, the games will be folding five new sports into the mix. Four of these sports have never been part of the Olympics, while one sport hasn’t been part of the games in over a decade. Here’s what to expect: SURFING Both men’s and women’s competitions will be held on Tsurigasaki Beach in Chiba Prefecture. Officials say due to the nature of the competition (being in open water), they’ll be generous with the scheduling. Depending on weather and waves, the preliminary round heats and head-to-head competitions may shift around as necessary. SKATEBOARDING There are two categories: park and street. The street competition takes place on a linear course featuring “real world” elements like stairs and handrails, benches, planter boxes, and curbs. The park competition takes place within a more structured environment with a variety of slopes, curves, and other obstacles that will test skaters.

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