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4 Rules for Self-Employment Success

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Self Employment

Entrepreneurs are at the heart of economic development, generating jobs and tax revenue for cities, states and national authorities. But the prospect of starting and maintaining a business is full of risk, calling-for a special type of commitment from those intent on being self-employed. Financial matters, in particular, present challenges for entrepreneurs, ranging from generating start-up capital to effectively funding ongoing business operations.

Although each business is unique, success is typically measured in profits and job satisfaction, so diverse workers ultimately share the same goals. Fortunately, the path to prosperity is paved with entrepreneurial successes, furnishing a blueprint for effective business management.

If you are self-employed or considering an entrepreneurial venture, commit yourself to these important rules for success:

Protect Your Financial Reputation

To onlookers, your reputation forms the core of your brand image – including how customers and business associates view your professional financial integrity. And since your business probably relies ilow of customers, so a well-conceived line of products and services is essential for long-term viability. For the greatest chance of carrying-on, make sure your business concept speaks to a genuine need. Not only do in-demand goods and services inspire repeat purchases, but you’ll spend less time and money convincing new customers to try your brand. Thorough market research sheds light on consumer habits and guides successful entrepreneurs toward money-making opportunities. A “hopeful” sales approach, on the other hand, leads to stagnant inventory, insufficient demand, and financial failure.

Learn Effective Marketing

Although the particulars are unique to each business venture, making money typically relies on effective promotion. Without a well-oiled marketing machine, your business faces an uphill climb reaching customers. And in today’s hyper-competitive consumer marketplace, your message must be spread across various forums, including:

Social Media – If you expect to compete with savvy marketers, social media figures prominently in your promotions strategy. Use networking sites to make connections and facilitate partnerships, and stay in the public eye by posting engaging content.
Industry Publications – Establishing yourself or organization as an expert source within your field can lead to new business. Trade magazines and websites are a great place to put your intellect and expertise on display for those in your niche.

Direct Marketing – Direct mail and in-person events establish one-on-one contact with potential customers, so the strategies can be used to generate interest in your business. Direct marketing is expensive, compared to other forms of promotion, so conducting cost analysis is an essential first-step, before committing advertising resources.

Believe in Yourself and in Your Brand

Believing in the products and services you sell makes the task easier, but it also translates to job satisfaction and personal fulfillment. Your track record as an independent business operator reflects your dedication and commitment, so putting-in the effort on a lukewarm prospect will not pay the same dividends as a project you are passionate about.
Inexperience prevents some would-be entrepreneurs from taking the plunge to self-employment. If you believe in your business plan, don’t let your own lack of experience stand in your way. Expert advice is available to help get you off the ground, and in time, believing in yourself develops acumen and expertise beyond your expectations.

Striking-out on your own carries risk, but rewards are widespread for entrepreneurs committed to business success. These four rules and other proven practices help set the stage for growth and profitability – use them to reinforce your business or inspire a start-up.

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WATCH: Trump’s Speech at the Economic Club of New York

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TRump's Econimc Speach Veterans DAy

Trump’s speech at the prestigious Manhattan club is expected to credit his policies for the strong economic numbers felt during his presidency.. Trump will likely highlight the low unemployment rate and high consumer confidence, as well as wage growth.

The president’s address is also expected to touch on his trade policies, the official said, amid continued negotiations over “Phase One” of a trade overhaul with China.

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Former McDonald’s CEO Stephen Easterbrook Getting Millions Leaving Spotlight on Pay Gap

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Stephen Easterbrook

Former McDonald’s CEO Stephen Easterbrook is getting an exit package of almost $42 million 

At first glance, it might appear that Stephen Easterbrook left his post as CEO of McDonald’s Corporation with peanuts. But a closer look reveals is getting an exit package of almost $42 million after his relationship with an employee was found to violate company policy. The size of his compensation puts a new focus on the widening gap between the pay at the top and the bottom of the corporate ladder.

According to an analysis by executive-compensation experts at Equilar, Easterbrook’s exit package totals $41.8 million, which includes six months of severance pay, shares he can cash out in the future and other equity. And that amount is in addition to $23.8 million in stock options that Easterbrook can exercise now.

“Wow, he is walking away with a lot of money,” says Cornell Law School professor Stewart Schwab, an expert on employment law. “And it comes out as part of the story of just, wow, [the] 1% getsa lot more money than the rest of the workers in this economy.”

It’s relatively unusual for a CEO to receive a severance package after being fired. But the board of directors at McDonald’s determined his firing to not be for cause — a threshold that varies by company. And litigation in a protracted dispute can be tricky and expensive.

Writing to employees this week, Easterbrook said: “I engaged in a recent consensual relationship with an employee, which violated McDonald’s policy. This was a mistake.” No further details were disclosed, but McDonald’s current policy prohibits employees who “have a direct or indirect reporting relationship” with one another from dating or having a sexual relationship.

McDonald’s latest disclosures show that in 2018, Easterbrook made $15.9 million. That’s 2,124 times more than a McDonald’s median employee — a part-time crew member working in Hungary. According to Glassdoor, a U.S. crew member at McDonald’s makes an average of $9 an hour.

McDonald’s did not respond to NPR’s inquiries, including those about median salary in the United States.

“A big story of the income inequality and explanation for it is that top executives, and in particular the CEO, does have the exploding pay compared to the rank and file,” Schwab says. “And this is an example of that.”

Easterbrook joined McDonald’s in 2015, and his tenure was praised by company watchers. The fast-food chain’s stock price hit historic highs under his efforts to revamp both the restaurants and the menu.

But Easterbrook also presided over the company as it faced allegations of rampant sexual harassment of female employees by male co-workers and managers. (To be clear, his departure does not involve harassment allegations.)

In May, workers in 13 U.S. cities staged protests against low pay and the company’s handling of alleged sexual harassment. In recent years, dozens of McDonald’s workers have filed sexual harassment complaints, alleging everything from lewd comments and groping to retaliation

“What we see all the time from minimum-wage workers is that once you complain, retaliation is common,” says Sharyn Tejani, director of the Time’s Up Legal Defense Fund, which works with victims who allege sexual harassment.

“That takes the form of losing shifts, losing your job, not being able to stay at your job, being disciplined. And … they don’t have any cushion,” she says. “And when you compare that to what happens to somebody like the CEO, it’s clear that there’s a structural problem here.”

Following worker complaints, McDonald’s announced in August that it would introduce an anti-harassment training program for U.S. workers. The program, which began in October, trains restaurant supervisors and crew members on how to create a safe workplace and defuse difficult situations.

Earlier in the year, McDonald’s also made an unexpected commitment to no longer lobby against minimum-wage hikes at the federal, state and local levels. In mid-2015, McDonald’s added at least $1 an hour more to the local minimum wage to employees of the restaurants owned by the corporation. The majority of McDonald’s locations are owned by franchisees.

In 2015, research by the UC Berkeley Center for Labor Research and Education found that more than half of fast-food workers rely on public assistance programs like food stamps. The research did not specifically focus on McDonald’s.

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McDonald’s CEO fired for consensual relationship with employee

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McDonald’s CEO Steve Easterbrook out after ‘poor judgment’ involving relationship with employee

McDonald’s board voted to remove CEO Steve Easterbrook, the fast-food giant announced on Sunday, citing “poor judgment involving a recent consensual relationship with an employee.”

Chris Kempczinski, the current president of McDonald’s USA, has been named CEO effective immediately. He will also join the board.

“Kempczinski succeeds Steve Easterbrook, who has separated from the Company following the Board’s determination that he violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee,” the company said.

McDonald’s CEO Easterbrook, who is divorced, wrote in an email to employees that the consensual relationship “was a mistake.”

“As for my departure, I engaged in a recent consensual relationship with an employee, which violated McDonald’s policy,” Easterbrook wrote. “This was a mistake. Given the values of the company, I agree with the board that it is time for me to move on. Beyond this, I hope you can respect my desire to maintain my privacy.”He also said that his time as CEO “have been the most fulfilling years of my working life.”

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Easterbrook had served as CEO since March 2015. Easterbrook, who is British, joined McDonald’s in 1993 as a financial reporting manager based in London. Throughout his career, he served as the global chief brand officer, president of McDonald’s Europe, and CEO of McDonald’s U.K. He also spent time as a McDonald’s restaurant manager. On a now-removed corporate webpage, McDonald’s said Easterbrook led its turnaround “by sparking the evolution of its company culture.”

Enrique Hernandez Jr., chairman of McDonald’s board of directors, called new CEO Kempczinski “the best leader to set the vision and drive the plans for the Company’s continued success.”

“He has the right mix of skills and experience to lead us forward having run our U.S. business, where franchisees are delivering strong financial and operational results, and overseen global strategy, business development and innovation,” Hernandez said in a statement. “In particular, Chris was instrumental in the development of the Company’s strategic plan, which has enabled global growth and leadership, and has overseen the most comprehensive transformation of the U.S. business in McDonald’s history.”

Meanwhile, Joe Erlinger, president of the international operated markets, will take over Kempczinski’s most recent role as president of McDonald’s USA, effective immediately.

Shares of McDonald’s closed down 1.4%, -$2.76, on Friday to end the week at $193.94.

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