Becoming an economist is as simple as graduating with an economics degree. Working as an economist in a professional capacity, however, is another story entirely. Economics as a field is vast, meaning that you will want and need to specialize early on in a specific subject if you want to become an established leader in the field. This guide will help you understand how to get from ground zero to your dream job role, from theoretical to applied to the many nuanced types of economics that lie in-between.
The difference between economics and applied economics
The first thing you need to understand is that there is a difference between economics vs. applied economics. Though they go hand-in-hand, economics is the theoretical approach to how societies function and applied economics is using those theoretical models in real-world settings. For the most part, economists work in research, while applied economists can work in many different places, from a business to the government.
Deciding on your focus
Before you start, you need to know what field of economics you want to focus on. Economics is the same as Chemistry or Mathematics. It is a large umbrella term for many different subsections. You need to know your focus so that you can either adapt what you learn or focus on it directly.
There are some exceptions, of course. Earning a degree in applied economics does not mean you need to decide what area you want to focus on. Instead, it works for teaching you the models and how you can use them to apply to the situation at hand.
Where to learn and train
Economics is unlike business or management. It is a very technical field and, as such, requires formal education. You could jump right in with an undergraduate degree or earn a master’s. Earning a master’s is particularly important for those who have already established a career and have responsibilities. You can transition your career into economics without having to take time out from your career.
While taking time away to pursue a degree is not going to hurt your career prospects, it is not an option that everyone has. If you need to be employed for legal reasons or have financial responsibilities, quitting even to earn a degree can be a bad idea. Thankfully with online degrees, you can earn the degree of your dreams while continuing your education.
Tips for helping you land your first analyst job
Having a direction and getting the skills and qualifications is essential, but none of it will immediately get you a job. To get your first analyst job, you will need to brush up on your resume, leverage your network, and use any and all resources afforded to you by your university. If you want to improve your career prospects further, consider how you can use your experience and knowledge to build your personal brand. If you can get out there as a leading thought figure in your field, you can use that platform to help open doors.
How To Start A Successful Private Medical Practice
Are you a group of physicians or medical practitioner who wants to run a private practice? It’s highly commendable. However, it’s important to acknowledge that you need adequate planning for a successful process in the short and long term.
Worried; you shouldn’t be. This article gives a guide to help you as you start a private medical practice. Read on for the insight.
It’d help to do the following:
- Market Your Practice
Marketing is an important step to help you jumpstart your private medical practice. It works to inform the public about your existence and the services you offer. Please start by knowing your target audience.
Your target audience is the patients you expect to visit your hospital based on the health services you offer. Knowing your target audience will help you adopt the right marketing strategies to increase patient volume in your practice.
Suppose you want to run a pediatric medical practice. You want to adopt marketing strategies to communicate with children and their parents. Digitization has made this easier. There are digital marketing strategies you can adopt, such as social media marketing.
As you market your practice, humanizing it as much as possible is important. Consider putting the faces of your team on your advertising posts. It’ll create a bond and build trust with your audience. They’ll know beforehand whom they’ll interact with once they visit your medical practice.
- Get The Right Documentation
In most, if not all, states, you require the proper documentation to run a medical practice. Therefore, getting the right documentation is paramount before opening your doors’ practice.
One of the documents you need is a license. There are several licenses to acquire, starting from a business license and extending to certifications in the medical field.
You’ll also need permits, like those touching on health and safety. Your area of operation likely has zoning regulations. Be sure to acquire the necessary permits for the said area to avoid getting on the wrong side of the law.
Insurance coverage is also part of the documentation you require. As a private medical practice, you’ll need a workman’s compensation cover, medical malpractice insurance, and a general liability one. These covers will protect your business finances in case of liabilities.
- Find The Ideal Business Location
Location is key in ensuring the success of your private medical practice. It’ll determine the flow of clients to your practice.
The ideal location is one near your target audience. It increases your accessibility, helping you to reach your bottom line.
Your competition should also help determine the location of your practice. Suppose you want to run a general medicine practice. There’s a likelihood that urban centers are flooded with other general hospitals. Therefore, find a remote area with no such services and set up your practice. You’re likely to achieve success within a short time as long as you offer quality medical services at an affordable price.
- Plan Your Finances
Finances will help you to actualize your dream of running a successful private medical practice. Be sure to avail all the funds you need to start and run it. How will you know the funds to get?
Start by listing the various things that need finances in your practice. You must buy medical equipment, acquire operating space, and pay for licenses and permits for a medical practice. You should also consider your workers’ payroll and the maintenance needs of your practice.
With the list, proceed to allocate a cost approximation to each. Doing so will help you to know the exact money you need for the practice. Also, consider availing at least six months of running costs as you start. This money will help you pay the bills as you look for clients for your medical practice.
You can use your savings to fund the project or look for investors and other financing options.
- Hire The Right Team
One of the ingredients of the success of your medical practice is your team. You can barely manage to run the practice on your own. You’ll likely get overwhelmed, which might negatively affect the quality of your services. Therefore, it’s important to hire the right team to assist you.
The right team is one that’s qualified in their job specification. If you offer several health services in different medical fields, hire qualified and certified doctors in the said fields. Your front office team member should be qualified and friendly. They should have top-notch customer service since they’re the first people to interact with your patients once they enter your practice.
Yet as a startup, consider reducing the number of staff you have, especially supporting ones. Many workers translate to more business expenses under wages, which you want to reduce until your practice stabilizes. As you grow, you can increase your workers.
Running a successful private medical practice isn’t a dream so far-fetched. With the right tips at hand, it’s a possible venture. The discussion above has given you tips to help jumpstart your medical practice startup. Be sure to adopt the insight as you plan for your practice. It’ll make the process easier and more manageable.
How to Invest in Startups: A Beginner’s Guide
If you are looking to start investing in startups, whether you are a seasoned investor or about to support a company for the first time, there are about a million questions buzzing around your head.
No matter how seasoned you may be, if you are entering the startup world, there are some general things to be aware of. Here is how to start investing in startups.
Investing in a company is now easier than ever. The more traditional route to take is buying the brand’s shares in an initial public offering, also known as an IPO.
An IPO is when a private company allows members of the public to buy their shares for the first time in exchange for a share of future profits. They can be extremely lucrative, as early investors get the biggest piece of the cake when a brand makes it big. Some of the people who’ve invested in Amazon, Uber, or Facebook are millionaires today.
Crowdfunding is also a popular and highly accessible way to invest a small amount of money in a business you believe will go far. There are numerous crowdfunding websites (other than the all-popular Kickstarter) where you can find a young business to back.
The beauty of it is that you can invest as much or as little as you want to (and can afford). You don’t have to amass a fortune first and start investing later.
Note that not all startups will reach their funding goals, so there is some risk involved. However, if the business idea is popular enough, you can see a significant return on your investment over the years.
The main challenge is knowing when to invest in a startup. In order to maximize profits, you will need to invest in the business as early on as possible. However, at these early stages, you can’t always tell that the venture will be a success, and you certainly don’t want to end up losing all of your money.
If you are investing your savings or a disposable income, you may find it’s often too big of a risk. However, if you wait too long, you may discover that you have missed the boat for those large payouts you’ve been hoping for.
Unfortunately, there is no straightforward answer to the question. It will all come down to your individual appetite for risk and the amount of money you are ready to invest. If you have a small budget, you should be more careful and perhaps settle for a smaller but safer payout. If you have a larger budget, you may want to risk it once, as long as you ensure the shirt on your back and the roof over your head are in no danger.
Before you decide to back someone’s brilliant business idea, make sure you do your research and source as much information as possible. While it may sound great on paper, you may discover the founders have no idea how to make their idea a reality.
- Take a look at the funding the business has already received. Have they made any repayments yet? Who has invested in them? Is there a big financial name behind them that can guarantee success?
- Look at the market as well. Who will this startup be competing against? Will they be able to differentiate themselves and capture the attention of their audience?
- Learn as much as you can about the team. Are you looking at a serial entrepreneur, someone who has already built several successful businesses? Do the founders seem serious about taking their brand all the way? Are they experts in their fields?
- Calculate the potential return. You can use a calculator for dividends, explore the payments the business has already made, or look at similar businesses and what they’ve been able to pay out to their investors.
- Don’t rush into the investment. Take your time and think it over carefully. You may fall in love with an idea, but that does not mean you should back it with your money.
- Don’t believe everything you hear. Don’t trust the founders blindly. Ask around — about them, about the brand, about their other investors. Start making friends in the investment world and trust the judgment of neutral, experienced parties.
- Always have more than one option. Don’t fall for the first startup you like. Explore what else is out there and write down objective notes about the pros and cons of each business.
- Don’t expect to get your money back. It may take several years before you see a return on your investment, or the startup may fail altogether. Be ready to lose the money.
Before you choose a startup, consider all of these “M” factors. Write down everything you can for each, instead of keeping all the facts in your head. It will help you make a logical choice.
- Management: What are the founders and the team like, and are they able to execute their strategy?
- Model: Take a look at the business model of the company. How do they plan to make money? Does their plan make sense?
- Market: How big is the market? What is the startup’s growth potential?
- Money: How much does the business need to succeed? Are they likely to be able to source that much?
- Momentum: What has the company achieved? Are they on track or lagging behind?
All of these factors are equally important, so consider them carefully before investing a dime.
Investing in a startup can be quite exciting, and you can easily start to feel like Elon Musk. However, remember to keep your cool, gather all the information you can, and do your bit to help the brand succeed. Just a bit of word-of-mouth marketing can go a very long way and make your new venture a complete success.
How To Start A CNC Business From Scratch
Over the years, CNC machining has become an integral part of many of our most prominent industries – from aviation to the automotive industry, not to mention construction.
Because they have such a wide range of applications and can produce items with a level of precision and consistency that cannot be matched by human labor, investing in these machines, and creating your own CNC business from the ground up can be a potentially lucrative business venture.
Of course, as with starting any enterprise from scratch, there are some important things to consider as you begin laying the foundations of your business. Read on for some top tips that should hopefully help you get your CNC business off the ground.
Develop A Well-Structured Business Plan
One of the keys to any successful business is good planning. Before you start, make sure you have a good idea of how much capital you have to invest in your CNC venture. Take into account all of the potential start-up costs, as well as the cost of running the machines and any other expenses you may incur. For example, are you leasing a workshop, or do you already own a building? When thinking about costs, you also need to determine what prices you will set for your services.
During this stage of the planning phase, you should also decide what industry you will be targeting, as this will determine what kind of machinery you invest in. There are different CNC machines (as you can see on CNC Machines . com) for different types of work – from stone processing to ironmongering – so if you’re planning to create metal components for the automotive industry or specialize in woodworking for construction sites, you need to buy the appropriate machinery and tools for the job. As part of your business plan, you should also come up with a name for your business so you can begin registering your enterprise and establishing your business structure.
Take Care Of The Legal Side
As you may imagine, there are a number of legal steps you have to take when you first start up a business. These include registering for taxes and acquiring the appropriate licensing and permits. You also need to set up an account for your business so you can keep tabs on your earnings and expenditure; it’s vital that you keep all of your business records clearly filed and organized for tax purposes.
Part of this process will also involve getting business insurance, for legal reasons but also due to safety concerns. This is especially important if you will be hiring staff to work with your CNC machines. Depending on what state your business is located in, you will probably have to provide Workers’ Compensation Coverage.
Create A High-Quality Supply Chain
Speaking of tools; in order to keep your CNC machines performing at a high level of productivity, it’s important that you source your tools and accessories from a reputable vendor. After all, only by using the latest tools, made to the highest industry standards, can you expect to provide the levels of productivity and consistency that will be required by your clients across various industries.
This means you have to partner with the best CNC tools vendors out there, like Amastone, that provide the best quality tools as well as offer expert advice. Adding a vendor to your supply chain will ensure that you never run out of good-quality tools and your CNC machines should hopefully function at the highest levels of productivity and consistency.
Spread The Word
Once your workshop has been set up and all of the appropriate business and legal steps have been taken, it’s time to start promoting your new enterprise! The way you do this is up to you. You may want to hold a special Opening Day event or take out ads in the local newspapers and magazines. alternatively, you may want to craft an online marketing campaign using social media sites. To do this, build your business its own website and social media accounts, so you can start creating posts that publicize your new venture and the services you can provide.
You will also need to set up a dedicated business phone line to answer calls from prospective customers. This will be more convenient and professional than using your personal cell phone or home number and will ensure you are not disturbed after business hours.
Your CNC Business, Built From Scratch
Once you have followed all of these steps and your business is up and running, it’s time to focus on building a trustworthy and professional reputation through consistent hard work.
Because of the versatility and efficiency of CNC machines, they can cater to a broad spectrum of industries; all you need to do is secure your first clients, impress them with your manufacturing prowess, and word of mouth should spread.
Running a CNC shop requires hard work and dedication. However, if you commit to providing a valuable service, it can become a profitable and rewarding enterprise.
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