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The global demand for data Science professionals is extremely high because of increasing relevance across various sectors. Data Science has become the most-sought skill because the data is piling along with a surge in different tech fields like Artificial Intelligence, machine learning and data Analytics. Hiring data scientist is being carried across numerous domains like e-commerce, education, retail, telecommunication and much more.

 

In the past years, analysts used excel tools to analyze data. Things are changing now! In this modern world, data-driven decision making is sparkling and technology is advanced in the data industry. The tools and technologies that modern Data Scientists employ are a combination of statistical and Machine Learning algorithms. They are used to discover patterns using predictive models. The future of Data Science is bright and the options for its implementation are extensive.

 

Data Scientists must consistently evolve at the edge of innovation and creativity. They must be aware of the types of models they create. These innovations will allow them to spend time discovering new things that may be of value. Subsequently, the advances in Data Science tools will help leverage existing Data Science talent to a greater extent.

 

So what does a Data Scientist do?

Data Scientists influence a pile of data in an innovative way to discover valuable trends and insights. This approach helps to identify opportunities by implementing research and management tools to optimize business processes by reducing the risks. Data Scientists are also responsible for designing and implementing processes for data mining, research and modeling purposes.

 

Data scientist performs research and analyses data and help companies flourish by predicting growth, trends and business insights based on a large amount of data. Basically, data scientists are massive data wranglers. They take a vast data and use their skills in mathematics, statistics and programming to scrub and organize the information. All their analysis combined with industrial knowledge helps to uncover hidden solutions to business challenges.

 

Generally, a data scientist needs to know what could be the output of the big data he/she is analyzing. He/she also needs to have a clearly defined plan on how the output can be achieved with the available resources and time. Most of all the data scientists must know the reason behind his attempt to analyze the big data.

 

To achieve all of the above, a data scientist may be required to:

 

Every organization has unique data problems with its own complexities. Solving different Data Science problems requires different skill sets. Data Science teams are groups of professionals with varied skill sets. They, as a team, solve some of the hardest data problems an organization might face. Each member contributes distinctive skill set required to complete a Data Science project from start to finish.

 

The Career Opportunities:

The careers associated with data science are generally categorized into five.

 

  1. Statisticians: Statisticians work usually for national governments, marketing research firms and research institutes. Extracting information from massive databases through numerous statistical procedures is what they do.
  2. Data Analyst: Telecommunication companies, manufacturing companies, financial companies etc. hire data scientists to analyze their data. A data analyst keeps track of various factors affecting company operation and make visual graphics.
  3. Big Data and Data Mining Engineer: Tech companies, retail companies and recreation companies use data scientists as data mining engineers. They have to gather and analyze huge amounts of data, typically from unstructured information.
  4. Business Intelligence Reporting Professional: They work for tech companies, financial companies, and consulting companies etc. Market research is the primary objective of this job. They also generate various reports from the structured data to improve the business.
  5. Project Manager: A project manager evaluates data and insights fetched from the operational departments and influences the business decisions. They have to plan the work and make sure everything goes in accordance with the plan.

New companies and the entrepreneurial impulse are key elements of the U.S. economy, and perhaps part of the nation’s mythology in the American dream. The U.S. federal agency in 2002 counted around twenty three million companies and nearly twenty four million business “establishments” that generated, in total, nearly $23 billion in sales. That’s if they make it. In a 2006 article entitled, “The Seven Pitfalls of Business Failure,” economic expert Brian Head of the small Business Administration noted that 30% new businesses fail inside the first five years of operation. However with careful coming up with, establishing a new company is a successful and profitable undertaking.

Steps for registering a new company

Choose your Company Location

Your company location determines the taxes, zoning laws, and regulations your company will be subject to. You will need to form a strategic decision regarding which state, city, and neighborhood you select to begin your company in. Where you locate your company depends in part on the location of your target market, business partners, and your personal preferences. In addition, you should consider the costs, benefits, and restrictions of different government agencies.

Choose right Company/Business type

The decision to choosing the right business structure is very important because the type of business you decide on influences everything from daily operations, to taxes, to how much of your personal assets are at risk.

  • Sole proprietorship: A sole proprietorship is easy to form and gives you complete control of your business. You're automatically considered to be a sole proprietorship if you do business activities but don't register as any other kind of business. Sole proprietorship do not produce a separate business entity. This means your business assets and liabilities are not separate from your personal assets and liabilities. You can be held personally liable for the debts and obligations of the business. Sole proprietors can also be hard to raise money because you can't sell stock, and banks are hesitant to lend to sole proprietorship.
  • Partnership: Partnerships are the best structure for two or more people to possess a business together. There are two common forms of partnerships: limited partnerships (LP) and limited liability partnerships (LLP).
    • Limited partnerships have only one general partner with unlimited liability, and all other partners have limited liability. The partners with limited liability also tend to have limited control over the company, which is documented in a partnership agreement.
    • Limited liability partnerships are similar to limited partnerships, but give limited liability to every owner. An LLP protects every partner from debts against the partnership, they won't be responsible for the actions of other partners.
  • Limited liability Company (LLC): LLCs protect you from personal liability in most instances, your personal assets like your vehicle, house, and savings accounts won't be at risk in case your LLC faces bankruptcy or lawsuits. Profits and losses can get passed through to your personal income without facing corporate taxes. LLCs can be a good choice for medium- or higher-risk businesses, owners with significant personal assets they want to be protected, and owners who want to pay a lower tax rate than they would with a corporation.
  • Corporation: The incorporation process is more complicated than the other two options but will have many potential benefits for your on-line business. One of the most notable differences regarding this structure is that the corporation becomes a separate entity from you as the owner. This means you’re not in person financially liable for what happens to the corporation, and your personal assets are protected from the liabilities created by your shop. When your store grows and the liabilities you’re exposed to grow with it this is a huge benefit.

Choose your Company Name

You can find the right business name with creativity and market research. Once you’ve picked your name, you should protect it by registering it with the right agencies.

You’ll want to decide on a business name that reflects your brand identity and doesn’t clash with the types of goods and services you provide. Once you take decision on a name you prefer, you would like to protect it. There are four different ways to register your company name. Every way of registering your name serves a special purpose, and some may be legally required depending on your business structure and location.

  • Entity name protects you at state level
  • Trademark protects you at a federal level
  • Doing Business as (DBA) doesn’t give legal protection, but might be legally required
  • Domain name protects your business web site address

Each of those name registrations are legally independent. Most small businesses try to use an equivalent name for each kind of registration, but you’re not commonly required to.

Register your Company

Register your business to make it a distinct legal entity. How and where you need to register depends on your business structure and business location.

Your location and business structure determine how you’ll need to register your business. Verify those factors first, and registration becomes terribly easy. In some cases, you don’t need to register at all. If you conduct business as yourself using your legal name, you won’t need to register anywhere. But keep in mind, if you don’t register your business, you'll miss out on personal liability protection, legal benefits, and tax benefits.

Most businesses don't need to register with the federal government to become a legal entity, other than simply filing to get a federal tax ID. Small businesses sometimes register with the federal government for trademark protection or tax exempt status. If you would like to trademark your business, brand or product name, file with the United States Patent and Trademark office once you’ve formed your business. If you would like tax-exempt status for a noncommercial corporation, register your business as a tax-exempt entity with the IRS.

Get Employee Identity Number or State Tax ID

Getting an EIN number can help you identify your business entity. Most companies need this federal employee identification number to conduct business. An EIN is a nine-digit number that refers to only your business or non-profit entity. It is your business’s social security number. This number allows the IRS to identify your business and attach it to the correct business name for tax purposes. Just a unique business name is not enough.

Your employer identification number (EIN) is your federal tax ID. You need it to pay federal taxes, hire employees, open a bank account, and apply for business licenses and permits. You should do it right once you register your business. Your business desires a federal tax ID number if it does any of the following:

  • Pays employees
  • Operates as an organization of partnership
  • Files tax returns for employment, excise, or alcohol, tobacco, and firearms
  • Withholds taxes on income, other than wages, paid to a non-resident alien
  • Works with certain types of organizations

The need for a state tax ID number ties directly to whether your business must pay state taxes. Sometimes, you can use state tax ID numbers for other functions, like protection against identity theft for sole proprietors. Tax obligations differ at the state and local levels, so you'll need to check with your state's websites. To know whether you need a state tax ID, research and understand your state's laws regarding income taxes and employment taxes, the two most common forms of state taxes for small businesses.

Apply for Licenses

Most small businesses need a combination of licenses and permits from both federal and state agencies. The requirements and charges vary based on your business activities, location, and government rules.

The licenses and permits you need from the state, county, or city will depend on your business activities and business location. Your business license fees will vary. States tend to regulate a broader range of activities than the centralized. As an example, business activities that are commonly regulated domestically include auctions, construction, and dry cleaning, farming, plumbing, restaurants, retail, and vending machines.

Some licenses and permits expire after a set period of time. Keep close track of when you need to renew them it's usually easier to renew than it has to apply for a new one. You'll have to analysis your own state, county, and city regulations. Industry requirements usually vary by state.

Special Bank Account for your Company

Open a business account once you are ready to start accepting or spending money as your business. A business bank account helps you keep legally compliant and protected. It also provides benefits to your customers and employees. Most business bank accounts provide perks that don't come with a standard personal bank account.

  • Protection: Business banking offers limited personal liability protection by keeping your business funds separate from your personal funds. Merchant services also offer purchase protection for your customers and ensures that their personal information is secure.
  • Professionalism: Customers will be able to pay you with credit cards and make checks out to your business instead of directly to you.
  • Preparedness: Business banking usually comes with the option for a line of credit for the company. This can be used in the event of an emergency, or if your business needs new equipment.
  • Purchasing power: Credit card accounts can help your business make large startup purchases and help establish a credit history for your business.

Get Business Insurance

Business insurance coverage protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks. Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates.

Business insurance protects you from the unexpected costs of running a business. Accidents, natural disasters, and lawsuits could run you out of business if you’re not protected with the right insurance.

Speak to insurance agents to find out what kinds of coverage makes sense for your business, and compare terms and prices to find the best deal for you. Here are six common kinds of business insurance types are:

  • General liability insurance
  • Product liability insurance
  • Professional liability insurance
  • Commercial property insurance
  • Home-based business insurance
  • Business owner’s policy

A virtual assistant (VA) is a professional who provides administrative and support gigs. These can range from invoicing clients on a regular basis to managing a one-time project. Thanks to the wonders of email, instant messaging, conference calls, and video chat, your virtual assistant works remotely—he or she could be on the other side of the country, or even in another country—which means you don’t have to worry about finding additional office space.

 

Working from home, on your set schedule, from your own comfort, and earn more is not always as glamorous as it might seem. Becoming a Virtual Assistant it requires time and patience, along with some smart work. 

 

Assuming that you are clear with the basics of Virtual Assistant profession and know about the resources to find a Virtual Assistant services, let’s move on to how you can be more effective working as a Virtual Assistant.

 

How to become an Efficient Virtual Assistant?

Being an top professional Virtual Assistant is not rocket science and could be mastered with a little effort and patience. Given the high competition for these jobs, you need to stand out from your competition to land higher paying services.

 

Which basic skills make me a top virtual assistant?

Before you go on your virtual assistant journey, It is mandatory to make sure that you possess all the basic skills required. An ideal and successful virtual assistant would be on par with the basic skill-set required.

 

So do you think you have a good hold on the basic skills? Let’s go through a few basic skills expected by each client. Develope these skills and get hired today:

 

Comfortable with using Windows / Mac.

 

More than 45 words per minute.

 

Know how to use Internet and emailing.

 

Know the basics of social media marketing.

 

Have a good time and resource management skills.

 

Have a good understanding of newsletter creation.

 

Smartness

 

What should I do first to play experienced virtual assistant role?

 

Since 2007, virtual assistance has become a very in-demand field, and is seeing steady growth each year. With the numbers in mind, and the growing rate of business done online, it is no surprise that several virtual assistance companies have been born. These companies hire men and women from all across the world to work remotely and offer their clients the online support they need.

 

This is very good news for the brand new virtual assistant, because it means there are options for you to get a steady stream of work, steady paychecks, and professional support and training in the field. You can become a strong assistant very quickly, and then decide if you’d like to move up in the company or branch out on your own. Just be sure never to sign a non-compete agreement if you plan to eventually go it alone.

 

Learn about the basic ideas for the following term:

Customer Support

Processing Online Orders

Wordpress Maintainance

Keyword Research

Content Research

Email Management

 

Must have required tools for being a good virtual assistant

A right tool-set is a power in the hands of VA to build a legacy out of nothing. Make sure you have got nothing but the best tools before you jump in the market to play a solid role of virtual assistant.

A phone (cell or landline)

A good computer/laptop that works perfectly.

At least two up to date browsers.

A good email client.

Skype or other chat software.

A good speed Internet connection.

A perfect reminder device which tells or update you about your upcoming challenges.

These are just the basic tools required, and most of the people would mostly satisfy the criteria.

 

Can I work on fixed schedule as a Freelance Virtual Assistant

No matter you work locally or remotely, nothing is going to work for you if you neglect the importance of a fixed schedule. Although virtual assistant allows you flexibility from your home office, that doesn’t mean you wake up suddenly at the wake of the night and start working.

 

Make a habit of working during the same hours of the day, every day. You don’t need a 9-5 schedule, but a schedule is a must to get the most out of your work. Make a schedule as per the times when you are at your best with least distractions and day in day out, work during the same hours.

 

What strategy need to build?

If having a plan is good, having a plan B is a must. So, for every plan that you make, have an alternative plan ready to execute. Things might not always work out the way you planned them to, so having a backup plan will help you in the long run.

Build a strategy of how many hours you’re willing to work,

Where you’re going to work,

What about your taxes,

You should continue making a plan, and you will end up with more questions to be answered even before you accept your first service.

 

How to satisfy my customer’s as a virtual assistant?

Deliver more: When was the last time you over delivered and your customer couldn’t stop singing your songs? For customers to sing your song you need to provide that rare high-quality service. So it’s always good to deliver more, surprise your customers and keep them happy.

 

Don’t always do everything to earn more and at least sometimes do for the love of it. I love making people happy and go the extra mile to deliver more than anyone expects. Go out of your way to leave a legacy in whatever you do. Make people remember you for what you’ve done rather than as a man who’s always bugging about the next paycheck.

 

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