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How Do Gambling Laws in Florida Affect Your Business?

A good business owner will always keep a good eye on various parts of the law that may boost or hinder their operation. In Florida, one of those things can be gambling law.

Today, we take a look at how gambling laws in Florida can actually affect your business. Here are a few solid ways how:

It Affects Your Fundraisers

A fairly common usage for gambling would be for fundraisers. If you’re not aware of the fact, lotteries and even games of bingo are to be considered forms of gambling under Florida law. If you are going to throw a Vegas Night themed fundraiser, being aware of the law can spare you from some pretty unfortunate run-ins with the law.

For example, if you’re using poker, did you know that it is illegal to have a pot that exceeds the amount of $10?

It Affects the Licensing You Need

While most forms of gambling are not allowed in Florida, there are some that pass. One such thing would be horse racing. If you are planning to have a business that helps bettors place bets on a particular horse or racing result, you will naturally need a license to do so.

Not all business licenses are the same. It would be smart of you to determine which one will be needed by the business that you want to create.

It Affects Your Taxation

Taxes are always an unpleasant part of life. However, we can all agree that it is needed in order to allow our country and our community to keep growing and working. The gambling laws in Florida may actually affect how you are taxed—especially if your business is related to gambling.

While it may seem like you’ll have some extra hoops to overcome, these are all for your benefit and the benefit of the beautiful state of Florida. What effects would you say gambling laws have on a business? We’d love to know!

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Got a Startup? Here Are 3 Mistakes You Need to Avoid

When your business is one which is new, it generally falls under the category of being a startup. While it would be lovely to think that startups survive all the time, this is hardly the case. This is predominantly due to mistakes that people tend to make when it comes to their business.

Here are a few of them that you need to avoid:

Hiring Too Soon

When a business is new, it would ideal to think that you would be swamped with order or customers right away. This isn’t always true. If there is a rush, it usually doesn’t last very long. While in the midst of a rush however, it can be quite tempting to hire as much people as possible.

Once the rush passes, however, you’ll end up with people that you cannot afford to keep. So it would be best to avoid hiring too soon. Make sure you have a steady stream first.

Targeting a Too Wide Audience

Every product or service must know its audience. It would be silly for you try to market yourself as an every person’s product. This is hardly the case—not even healthcare is so over encompassing. So you need to narrow down your target market.

That way you’ll be able to really direct your efforts toward the market that is more inclined to spend their money and patronize your business.

Having Unrealistic Goals

Startups are nice because they usually do not require much in order to establish. However, this does not mean that you can get by without having any goals. A startup with no goals pretty much signs its own death sentence.

You’ll need to see if a certain trend is long-lasting. What goals are you aiming for after the first month of operation? What about the subsequent month? Having unrealistic goals is a one stop shop to brokenness.

These are a few mistakes that we’ve seen happen way too often. It is our hope that you take these tips to heart so that you won’t fall into making the same mistakes. Good luck!

 

Top 10 Startup Mistakes

From Visually.

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How to Boost Your Business Visibility without Spending Too Much

It is an irrefutable fact of life that if people do not know that your business exists, it is doomed to die. Your visibility is paramount for your business’s survival. Today, we look at a few tips on how you can boost your visibility.

Visibility is always important as it can help lead to other things like brand recall and brand loyalty. Here are a few tried and true ways to boost your visibility:

Get Involved with the Local Community

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Your local community is always the gateway toward a larger client base. You can get involved in a lot of different ways. You can get involved in the local fair. You can also get involved in Sunday markets if your product is viable.

When there is a fundraiser for a local cause or charity, you can help and represent your brand in the process. Simply by making friends with other business near you will already be a big help toward your brand’s visibility. The more that they see you around, they more they’ll recognize the fact that you are committed to being a part of the community and will be worth patronizing.

Get Social Media to Work for You

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The era of the internet has definitely changed the way things are done. A couple of decades ago, massive amounts of money were funneled toward advertising and marketing. In today’s world, this can be achieved in more cost effective means. Of course, we’re referring to social media.

If you have a business, it is highly important that you establish a social media page. From there, you can make posts to catch the attention of your market and even make announcements. You can also obtain feedback and get a pulse on what your target market is looking for.

These two tips can really go a long way when it comes to boosting your visibility. What other methods can you think of to raise a business’s visibility?

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Unforeseen Costs of Business: Elements That May Suck Up Your Funds

Florida is a pretty great place to establish a business. The people are avid consumers and it’s by the sea—making it a great accessible location for goods to be imported and exported. However, this does not mean that everything is all sunshine and rainbows down in Florida—particularly in the southeast.

Here are a few elements that may actually suck up a sizeable chunk of your funds:

Natural Disasters

Florida has been in the path of massive storms in recent years. In such cases, a lot of business really needed to shore up their insurance and storm proofing. This is particularly necessary for those that have brick and mortar locations for their business.

Not even tall buildings are safe from storms. If you aren’t careful about your contingency plans about how your business should realistically survive bad weather, you’ll find yourself shelling out more and more money just to repair things. It is always best to be ahead of the curve. Get yourself reliable insurance and select the best sort of materials to help your business stay alive during hard weather.

Politics

Ah, politics. It would just be great if none of that ever had an impact on business, right? After all, politics is mostly old men talking and the everyday citizens suffering through the consequences. We emphasize politics here because of the fact that sudden changes in state-wide policies can affect business.

For example, there are strong urgings to ban dog races in Florida. Betting on horses and dogs was completely legal before. Now, if the law changes, that’s going to be an entire industry out of a job. This is why it is equally important to keep abreast of any political events or musings that may have an adverse effect on your livelihood.

These two are just a few of the elements that suck up your funds. What other elements would you say qualify for this? Let us know.

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Jumping In the Pool: What Businesses Have Built-in Markets?

When you’re thinking of the different businesses that you can join, it is often wise to consider which business already has a built-in market. Let us elaborate on this further.

Having a built-in market makes it a lot easier to analyze trends, wants, and even the processes that you’ll need to incorporate in order to make your business a success. Therefore, if you’re considering tapping into a business with a built-in market, here are some of the biggest ones:

Food

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No matter where in the world you are, people will need to eat. In fact, people want to eat. There are a lot of people that actually make quite an event of it. Therefore, a food business will always have an audience that is willing and ready to give it a chance.

The thing that you need to make sure of is that your product stands out from the rest of the present offerings and has the ability to survive past the trends that come and go.

Clothing

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Beyond food, people often need clothing. In fact, it is a want that drives a multi-billion dollar industry around the world. People are always interested in finding business that is able to supply them with the clothing that they like that’s made of materials that are both fashionable and reliable.

What you will need to do is to prove to them that you are different from the rest. There is a growing concern regarding sustainability and patronizing something that is locally made.

Entertainment

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People are often in search of the next thing to keep them occupied—even if it is for a few moments. The entertainment industry is one which is strong and has a lasting effect of the minds and purchasing decisions of many.

When it comes to building your own business, it is often important to make sure that the one you choose has a built-in market. Which other ones have built-in markets?

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More Than You Know: How Business Owners and Sport Bettors Are the Same

Businesses — especially when you’re making your own — are something of a gamble. In fact, there are a lot of things that make budding business owners and sports bettors quite similar. This is what we shall be discussing with today’s article!

Let’s explore how the two are quite the same:

They’re in It for the Money

Anyone who wants to establish a business must be real with themselves regarding their purpose. Mostly, the bottom line will be money. While there are businesses that have a lofty goal like helping out the community and everything, they would not be able to achieve this if they are not able to turn a profit.

The same thing applies for sports bettors. While some of them do it for the thrill of betting, ultimately they will need to make a profit in order to sustain the hobby.

They Carefully Calculate Risks

Anyone who simply jumps into making a business willy-nilly will probably close up shop within a few weeks. Business owners who would like their endeavor to truly last will make time to calculate the risks and odds of failure and success. This shall help them better weather their chances.

The same applies for sports bettors. If they want to be able to make good calls, they need to carefully calculate the risks involved in making certain bets.

They Are Subject to Laws and Regulations

If everyone could just make a business and not be accountable for anything, there would be chaos. Business owners are always subject to laws and regulations. This protects them and their potential clients.

Gamblers are the same. They need to do everything within the confines of the law; otherwise, it would just be stealing.

These are a few things that we believe proves their similarities with each other. What are your thoughts on this? Are they similar or different? We’d love to know your thoughts.

 

Online Sports Betting Basics Infographics

From Visually.