TONIKA BRUCE

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business ideas financial strategies

Five Ways Entrepreneurs Can Build Resilience for Tough Times

Tough economic times lead to dwindled customer confidence and diminished sales. Although all businesses suffer during economic recess, entrepreneurs are specifically vulnerable. Entrepreneurs encounter numerous obstacles like market uncertainties and financial insecurities that threaten their existence.

The current economic climate looks bleak with market insecurities, recessions, war, and the pandemic. Previously, entrepreneurs focused internally on their business, but now they must pay attention to world markets.

Entrepreneurs who continuously build their resilience have a better chance to excel. Here are five ways entrepreneurs can develop adaptability for tough times.

1. Adapt to Change

Adapting to change as an entrepreneur means that you view adversities as opportunities. Changes allow entrepreneurs to grow and expand their perceptions, philosophies, and performance.

The journey of entrepreneurship is that of constant change where companies experience challenges from inception to maturity.

For instance, the number of employees will change, management strategies will change, technology will advance, and even the globe is transforming. Currently, tough economic times are amplifying these challenges. Clever entrepreneurs do not resist changes, but they embrace them.

Resilience is the capacity to bounce back from setbacks and embrace unanticipated circumstances. Resilient entrepreneurs have made adapting to changes more accessible, preparing them for unforeseen situations.

Resilient entrepreneurs who embrace changes and view adversities as growth opportunities are likely to succeed even in a harsh economic climate. At the height of the pandemic more businesses came into existence than before.

2. Focus on Core Proficiencies and Business

As an entrepreneur and business leader, there is a huge temptation to spend business funds on multiple unbudgeted needs or business expansions.

During tough economic times, some entrepreneurs try to add other products and services to their offerings in the name of diversification. Often, these random reactions end up wasting funds and time.

Worse, they can destroy the main business by removing the necessary focus and resources from the core proficiencies. Resilient entrepreneurs focus on their principal competencies even during tough economic times.

Tough economic times demand that entrepreneurs reduce their unnecessary expenditures. Unnecessary expenditures include luxurious company dinners, extravagant retreats, and profligate trips.

During turbulent times, the business will incur financial losses if they continue spending money on unnecessary outflows. Resilient enterprises must focus on the fundamental purpose.

Similarly, entrepreneurs ought to be driven by well-defined business plans to overcome the challenges of a harsh economic climate.

3. Keep the Business and Marketing Campaigns Running Even Through Credit 

During economic recessions, most entrepreneurs shy from investing in their businesses.

Some entrepreneurs slash off the marketing budget or even abolish it entirely. However, the company needs all the support it can get during these tough economic times. Resilient entrepreneurs take huge risks by inputting more funds into their businesses and marketing campaigns.

Investing in your business and marketing operations can help your enterprise grow exponentially during an economic downturn. Despite tough economic times, clients seek opportunities to acquire new products or services. Therefore, entrepreneurs who borrow funds to finance their businesses and marketing campaigns make enormous profits despite the harsh economic climate.

4. Invest in Personal Well-being 

Diminished sales, unavailability of credit, pay cuts, dwindled profits, and other financial struggles of recession can lead to stress and depression.

Although stress is a personal issue, it can affect your business negatively. Stressed entrepreneurs tend to lose their business-friendly traits. For example, often-depressed leaders are rude to clients, lack the zeal to offer quality customer service, are always late to work and make numerous mistakes.

At this point, stress becomes a business issue, as the entrepreneur is highly inefficient, and the business can easily make huge losses under the leadership of a depressed businessperson. Hence, despite tough economic times, entrepreneurs must prioritize their well-being.

Business owners and leaders must find healthy ways to cope with stress.
Examples of methods that businesspeople can employ to cope with stress include; eating healthy meals, getting plenty of sleep, avoiding alcohol, and exercising regularly.

5. Optimize on Current Customers and Entice the Competitor’s Customers

Resilient entrepreneurs are clever enough to make the most of current customers because they know the struggle of getting clients during tough economic times.

Making the most of current clients means selling more products without spending on marketing and advertising. The secret here is having excellent customer service that ensures all clients are satisfied (more on adopting a customer-centric approach). Identifying customer needs and fulfilling them retains and draws clients from your competitors.

Summary

Although there is no prescribed method to build resilience or insure your business against financial struggles associated with recessions, employing the above techniques will ensure that your business survives through a harsh economic climate.

Furthermore, implementing these strategies can help you make profits even during a tough economic time. The techniques focus on analyzing the current work plan and finding methods to enhance it.

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financial strategies

How Technology Can Help Your Business Scale

Running a business is never easy, but luckily, software advancements have opened the door to innovative solutions.

We will explore in this article how modern digital capabilities can help smooth out the bumps in any organization’s journey from concept to completion. Get ready for increased collaboration between teams and improved project management – with modern-day technology, anything seems possible; you only need to get the right tool.

Contrary to some skeptics’ belief, technology is not here to replace humans in the workplace but rather to enhance roles.

Below are ways technology can help your business grow (even if you are a small business).

Business Communication Enhancement

One of the biggest challenges facing medium and small-sized businesses is communication. The heart of satisfactory customer service is how and when the company communicates with its customers throughout the journey.

However, in this digital age, there are numerous channels and bases to cover when it comes to customer inquiries.

How does a small business owner maintain high standards with consistent and fast feedback to your clients? After all, in this hyper-connected, tech-savvy world, customer experience matters a lot for long-term success.

Automating some customer service operations will help with consistent quality communication between your business and customers or potential customers.

Chatbots are gaining popularity in quick customer inquiries and improving customer experiences. Using a Chatbot is a great way to enhance customer service. It allows customers to ask questions or provide feedback quickly and easily without having to wait on hold or send an email that may take days or weeks for a response.

According to the MIT Technology Review report (Humans+Bots), 90% of businesses that used chatbots registered enhanced complaint resolution.

3 Effective Ways to Increase Customer Trust

Sales and Marketing

Now more than ever, sales and marketing are crucial elements for success in any organization. As the digital era progresses, these departments have started working collaboratively to emphasize user experience (UX) as an integral part of their strategy-building process.

These are innovative automation methods a business should take advantage of for better sales and marketing processes to scale:

  • automated lead generation & tracking technology
  • social media scheduling & data analysis tools
  • Automated email marketing 
  • AI-driven sales assistants 
  • machine learning A/B testing tools.

Sales and marketing departments can also benefit from technology advances by leveraging social media platforms and running campaigns tailored specifically to their target audience.

Business Ideas That You Can Start with Little Investment

Task Automation

Various automation tools can help streamline day-to-day operations, such as CRM tools for customer follow-ups or information and data organization.

Today, there are tools for enhancing and cutting back on time spent on most administrative tasks, from sending payment invoices to scheduling appointments.

Not to mention, tools that can help all software or apps a business uses to automate all the related functions. An excellent example is Automate.io which can help update information between a CRM and Google spreadsheet.

Other than automating tasks, an all-in-one CRM can help with Business Intelligence (BI), especially small businesses that cannot afford business intelligence tools by helping to gather customer intel and creating an effective customer-centered strategy.

How to Use Your CRM tool for Business Strategy

Remote Collaboration

Running a business has become much easier with remote collaboration. Companies can afford to outsource labor by engaging temporary contractors and freelancers cost-effectively.

Finally, cloud storage systems like Google Docs or Dropbox allow teams to collaborate remotely in real-time on projects without needing to be physically together.

Google Docs allows people to collaborate remotely on content and edit documents. Dropbox takes it further with cloud platforms which allow massive files like 4K videos to be edited simultaneously across vast distances.

Efficient Projects Management

Technology has undoubtedly made it easier for businesses to scale. With the advent of project management software and tools like Asana, Trello, and Jira, organizations and ventures can manage projects with greater efficiency and clarity. That not only saves time and money but also allows businesses to grow at a much faster pace.

For example, a business can easily track the progress of a project by creating tasks, assigning them to team members, specifying due dates, and adding comments or attachments as needed.

Comments and media attachments can help clarify instructions or provide updates on the project’s status. And if there are any questions or concerns, team members can easily communicate with each other through the software’s messaging system.

Project management software helps businesses stay on track with work progress, especially when working with remote teams.

Conclusion

The possibilities of what technology can do for businesses are endless!

By leveraging the power of tech tools and software applications, startups can scale up efficiently while maintaining productivity levels regardless of geographical location. So if you are looking for ways to improve your business operations, look no further than modern technology. It may be what you need.

Try Phalera CRM for your small business – Watch Demo

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financial strategies leadership

How Business Leaders Can Leverage Digital Transformation for Better ROI

How Business Leaders Can Leverage Digital Transformation for Better ROI

What comes to mind when you think of digital transformation? Is it automation or some realm of metaverse project management?

 

So what’s all the fuss about digital transformation, and why are all the companies, including SMBs, embracing such a revolution? You will understand the objective of digital transformation for businesses and how you can begin implementing it immediately in this post.

A Few Things to Consider

1. Consumer behavior is changing rapidly. Staying competitive requires knowing the ever-changing consumer dynamics and responding accordingly to satisfy customer needs. Knowing the ever-changing consumer needs accurately requires digital analytics and even predictive analytics. 

 

2. The most productive companies in terms of operations and revenue are the ones with the best communication. Efficient communication depends on having teams that communicate within a collaborative network, getting real-time feedback rather than working in a silo.

 

3. The most successful organizations in terms of ROI are the ones with products that address customer needs and pain points instead of creating products and then looking for the customers that need them. In other words, they look for unique problems in the market and then create products that solve these problems. 

 

4. Organizations that embrace an agile mindset succeed faster, and grow exponentially than organizations that fail to embrace it.

 

5. Regardless of size, and level of experience, the most successful firms are organizations that keep the best data and make the best use of these data in their decision-making.

Simple Ways To Adopt Digital Transformation

Simple Ways To Adopt Digital Transformation

1. Digitalize Customer Experience

It is needless to say that customers are always looking for improvements on products and services. Meeting these demands requires you to closely monitor them, know what they truly want, and understand them even much better. Simple ways you can digitize customer experience involve the use of Live Chats to facilitate real-time communication and also promote customer retention through relationship building. 

 

That’s not all, tracking the way clients interact with your business and how you manage the information associated with them is a great way to digitize customer service.

 

This is achievable with Customer Relationship Management (CRM) software. There’s no need to reinvent the wheels by hiring software developers. Tools like Hubspot and many more are great for managing customer data and even your sales pipeline.

2. Drive Performance Based On Data

What is not monitored can never be measured. When you don’t measure, you can’t tell how well you’re doing and you really cannot also tell which of your business activities are driving the best ROI. Business data analytics give you insight into which of your business activities to improve on and which ones lack the potential for profitability so you can focus resources on key business concerns.

3. Build Resilience Into Your Business Processes

Everything that happens within the scope of digital transformation is an opportunity for better performance. No surprise, the pandemic was even a big game-changer for some organizations regardless of their size. Building resilience involves leveraging technology that will enable you to continuously improve. This will also help you deploy regardless of your financial position and even when unprecedented circumstances such as during a pandemic hit.

How to Adopt Digital Transformation for Improved Efficiency & Profits in Your Business

To successfully adopt digital transformation, it must first be integrated into your business culture, and the ultimate goal should be towards creating a better customer experience and satisfying customer needs.

 

Doing this successfully starts with the mindset, and then this should be communicated to everyone in your organization. Digital transformation is not reserved for CEOs and top executives alone. It is for everyone contributing to the organization one way or the other regardless of what they’re doing. Importantly, it is common for organizations looking to adopt digital transformation to assume that digital transformation is only for engineering firms. 

 

But that’s not the case. Here are a few myths about digital transformation.

 

Myth 1: You need a large team of software engineers before you can start adopting digital transformation.

 

Myth 2: You need a large cloud infrastructure to start digitizing your business.

 

Myth 3: Digital transformation requires a fat budget.

 

The fact is that digital transformation involves majorly the inclusion of internet-based and digital-based tools to achieve operational efficiency, and ultimately business results. More importantly, most of these tools are cost-effective compared to the task they perform. For instance, if you need a solution to collaborate with your team members, set deadlines, organize projects, and set goals, tools like Teamwork, ClickUp, etc., have features that can achieve all that and you can start using them for free. 

 

Additionally, if you need analytics solutions to start monitoring behaviors on your website to get customer insights, tools like Google Analytics and many other web analytics tools can get that done for you. And you can get started for free. 

 

But there’s something to note, gaining access to these digital transformation tools requires that you position your business digitally. This means that your business must have an online presence, it must be integrated on the web and your customers too must have their online signature. That is, the series of events that take place from clients purchasing your business should easily happen online from the moment they found themselves on your website till the moment they eventually purchased from you. 

 

This positions you to be able to control the type of interaction they get when they engage with your brand online and how you react with them. You can categorize and personalize your prospects as well as their interactions with your website. With these, you can easily solve their problems and stay ahead of the competition. At the heart of the pandemic at the start of 2021, some businesses that embraced digital transformation reported record-high profits. 

 

Both small and large business owners, regardless of their niche, from restaurants, to service-based businesses experienced improved sales and became even more profitable. On the other hand, businesses that refused to adopt that transformation faced losses and some even went out of business. 

 

The essential point is that digital transformation can shield your business from unforeseen circumstances, enhance your speed, and efficiency, and ultimately enable you to engage in borderless business transactions and operational management.

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financial strategies

Top 6 Uplifting Comics for Entrepreneurs to Stay Focused

Top 6 Uplifting Comics for Entrepreneurs to stay focused

They say that laughter is the best medicine. When you’re feeling down, uplifting comics can help lighten your mood and give you a positive outlook on life. 

Tough days are inevitable, but they should not be discouraging. When it feels like everything is going wrong, take a break and read uplifting comics to lighten the mood. 

These six uplifting comics will inspire you to stay strong in your entrepreneurial journey, give you leadership tips that can help guide your team towards success and remind you of the importance of focus for business success.

1. I am Fearless when Pursuing my Goals

I am Fearless When Pursuing My Goals

You require bravery when making life-changing decisions. Those that feel above your ability/ beyond your limits. This uplifting comic will remind entrepreneurs of the importance of making life-changing decisions. It shows that there are always opportunities to grow and learn even when the path ahead looks tough. When you are determined to achieve your goal, no strategy feels crazy! If your heart is into something, then success naturally follows.

2. Goals are Dreams with Deadlines

Goals are Dreams With Deadlines

If you have goals, then you don’t have to dream perpetually. It may take hard work, but if you have deadlines for achieving your goals, then nothing can stop you. If not now, when? Let this remind entrepreneurs that you have total control over your destiny. It’s never too late to set and work on goals.

3. Success Seems to Be Largely a Matter of Hanging On When Others Have Let Go.

Success Seems to Be Largely a Matter of Hanging On When Others Have Let Go.

In any journey, there will be people who won’t believe in your vision. Still, there will be others who will give up on theirs. And you know what? It’s okay to let go of such negativity and move on. Here is a reminder that to succeed in business, don’t compare yourself with others, if you do, you might give up yourself.

4. Solution to Finding the Best Home-Based Business for You

Solution to Finding the Best Home-Based Business for You

Great ideas happen when you are not actively looking for them. Many successful business enterprises began in a garage, kitchen counter, and even on a flight. If you have started ventures that failed before, be patient, your moment will come.

5. How Leaders are Inspiring to Achieve Personal and Professional Growth.

How Leaders are Inspiring to Achieve Personal and Professional Growth.

The world is not going to change; you have to. It’s never about the position you are in, but what you do from there that counts. Despite where you start, great leaders emerge because they believe in themselves and understand their potential. And use these to lift others.

6. How to be a More Effective Leader

How to Be a More Effective Leader

The best way to deal with your shortcomings as a leader is by working on improving yourself every day. Make a conscious effort to evolve by constantly learning from your experiences. Don’t forget that you can always build on what others have done. It’s not about where you end up, but the journey taken towards getting there.

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business ideas financial strategies

5 Wrong Attachments in Life that Limit Your Success

Attachment is the number one obstacle on your journey to success. Almost all negative emotions and failures link to attachments that need to go for you to live a fulfilled life. In this blog post, I want to explore the limiting connections and attachments that are actual obstacles to your growth. 

As someone who has gone through failure more times than I can count, I started noticing a pattern. The undeniable relation between our “life baggage” and the motivation to reach for higher goals. In my book Limitless Success I talk candidly about these bad breaks and the lessons that pushed me forward.  

Here are five attachments that are holding you from reaching your full potential.

Attachment to the Comfort Zone

Comfort comes from the familiar, but it does not bring change.

The desire for comfort can reduce productivity, leading many people down an unfulfilling path only by their standards or those set out before them – without any room left open for creativity and discovery. Consider this. When are you most successful? When you are uncomfortable. When the basics of life become too hard, we often find ways to make life more interesting, like binge-watching on Netflix or spending more time on social media. 

These comforts seem harmless but keep you from pursuing meaningful goals in life. 

Embrace discomfort. Understand that your uncomfortable feelings mean you’re doing something new. New actions bring new results, which might be what you’re seeking.

Attachment to Your Ego

The need to be right is a close second. The reality in life is that we are wrong about many things. However, if you feel the need to be correct, there’s no room for growth. Instead of wanting to prove you’re right, seek the truth. Spend time building a more accurate view of the world rather than trying to force your current perspective on it. Learn new ideas, develop an open mind and seek other opinions. Even the most successful people learn a lot from their peers.

Attachment to Your Identity

Do you see yourself as an ineloquent person? If so, you’ll never become a great orator. Do you believe you’re naturally a heavy person? A lean, healthy body will always be out of reach.

The limiting self-belief shapes a limited reality.

It’s very challenging to create a reality that clashes with your identity. Why are you attached to your opinion of yourself? Psychology has shown that the body always follows the mind.

If you are attached to the wrong identity, start working on your internal dialogue and self-belief system.

Attachment to Habits

Your life is the ultimate expression of your habits. Depending on the practices we adopt, our lives get a little better or a little worse each day. Over several years, these habits dictate the quality of your life. 

Many success experts believe that the development of new, effective habits is the cornerstone of success. Let go of old habits to make room for the new.

Attachment to Places and People

Many of the best opportunities can be in other locations. Are you attached to your hometown, state, or even country? The world is a vast place. A breakthrough for you might not be within 25 miles of your front door.

We often become attached to places because of our connections. It’s not easy to leave friends and family for the sake of attaining success.

 The people in our lives are also habits. Think of the most successful people you know. Describe the people they spend time with regularly. Compare that to the people in your social circle. Can you see a difference? Moving ahead often means letting go of certain people.

The Bottom Line

Attachment is limiting. If your life seems to be stagnant, your attachments are part of the challenge. Examine your tendencies and determine which are impeding your progress. Be willing to change and accept another viewpoint. Many attachments are pleasurable in the short term but detrimental to progress in the long run. Let go of the wrong attachments to enjoy success.

These ideas are a summary of lessons from Limitless Success by Tonika Bruce. Get and read it here..

Read article: 5 Self-Development Tips to Make Winning Your Lifestyle

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business ideas financial strategies

How to Make Networking Easy As a Busy Entrepreneur

Networking is one of the most valuable things you can do as a business owner. 

Studies indicate that networking can gain companies up to 20% of their new customers. Having a networking plan can also be the key to finding new investors and partners that will help to grow your business. 

Unfortunately, it isn’t always easy to meet new people, especially with a busy schedule. But, successful leaders and entrepreneurs find a way to make networking a part of their business life, and so should you.

Building connections takes time. But, as every entrepreneur knows, time is money. So how do you ensure that you’re still working on your networking strategy when you’re short on time?

In this article, we share some strategies that will save you time and money.

Leverage Existing Connections

Networking isn’t just about building new relationships. 

There’s a good chance that you already have some quality people in your existing network who could help to introduce you to important figures in your space. A great place to start building your network is in the workplace. 

Learn about your teams and their background. Grab lunches with staff when you have the opportunity and look for chances to get to know new people through them too. You might discover that your internal network has a lot more value to offer than you thought at first. 

Getting to know your team could also reveal that certain employees have hidden talents that you could use better in your business.

Make Network a Habit

The more you practice networking daily, the more naturally it will fit into your day. 

Instead of setting aside an hour or two a week for this, use five minutes each day. Take a few minutes of your breaks to send emails to potential business connections and catch up with your peers on social media.

Add phone calls with potential partners and investors into your calendar and work through them whenever you have time. For instance, when you’re stuck in traffic or waiting for something.

Once networking becomes a habit like brushing your hair, then it starts to feel more natural and easier to do.

Make Use of Available Opportunities

If you take part in social activities from time to time, why not use those as part of your networking strategy? If you regularly volunteer at nonprofit organizations, for example, then you can strike up conversations with people in this environment.

Even if you don’t make valuable connections at events, taking the time to connect with people improves your networking skills. The trick is to strike conversations everywhere — from your gym to your laundry place. 

Creating time in your day where you can work on your ability to build emotional links to others is a lot more valuable than most people realize.

Schedule Important Events in Advance

You can also make time for a specific in-person networking event, especially when you have a lot to work on in your business. It will help to prepare well in advance. As an entrepreneur, there is a chance you may not be able to attend most events, but you can go to the important ones by staying organized. 

To build your connections, plan to attend at least one each month – even if it’s an online event. Start by making a list of the events that you most want to go to and add them to your calendar.

However, remember to be selective about the kind of events you choose. These should be those that add value. You do want to spend a lot of time in places where you can not reach people who can benefit you and your business.

Make Use of Social Media

All businesses thrive on networks, not only money. 

Social media is one of the most popular and convenient ways to network these days. 

Make a little time each day to go through your LinkedIn connections and reach out to those who might be valuable to your social circle. The key to success with social media networking is ensuring that you don’t let it eat up too much of your day.

For leaders and entrepreneurs sharing meaningful content on social networks helps to connect with more people and potential buyers.

Keeping up with your online accounts can be tedious so consider consolidating them with a social media marketing tool. That way, you can share content more easily and attract potential connections. 

Another option if you have the cash to spare on marketing is to hire social media marketing managers to handle all your online accounts and keep up with your online connections.

The Conclusion

Networking is vital for your success and that of your business. The ability to perform critical networking activities without it consuming too much time from your schedule is essential. So, try implementing some of these tips to kill two birds with one stone.

 

You may also like Top 5 Tips To Evaluate a Start-up Company.

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business ideas financial strategies

Top 5 Tips to Evaluate a Startup Company for Investment

It’s no secret that finding the right startup investment opportunity is very hard. Investors find it hard to decide the type of investment to venture into. Before starting an investment, the first step to consider is to do your best not to lose your venture capital. Any miscalculations will lead to losses. Therefore, research will help you to find the best startup investment opportunities to invest your capital.

How will you know the right investment? Okay, most investors will follow their gut while others will do thorough research before making any decision. But, to avoid unnecessary mistakes, there are certain pointers to consider. 90% of startups don’t succeed because most investors decide blindly on the startup investments without any research and not taking the right measures.

Remember that any investment needs capital. So, you need to be sure of the startup investment you want to start to save your capital from sinking. Still, having difficulties in deciding on the startup investment? A coach will be of assistance to you. A coach will help you evaluate the available startup investment opportunities and how to be successful.

Here are the top 5 tips to help you evaluate a startup company for investment.

  1. Return on the investment: Ensure that you get the right figures for the startup’s yearly revenues and profits. This indicates the returns to anticipate from the investment. Most startups try to please investors by giving improbable projected returns. To be sure of the ROI of the startup, do extensive research and request previous financial statements to help you make the right decisions.
  2. Market drive and demand: What is the product’s position in the market? This is a strong pointer for investors. If the company has great momentum for growth, investors will be able to determine the return on investment as this will help them know how well the company will perform in the future.
  3. Company’s mission: Some investors go by the business mission. The company’s mission will express the startup principles and values. The business mission is also another indicator to help you evaluate a startup investment if the mission lines up with your beliefs.
  4. Competitive advantage in the market: Startups have a lot of competition in the market. This will be a worrying factor for investors. So, you should know the level of competition in the market before making any decision on startup investment.
  5. Founders of the startup: Who are the founders of the startup? If the startup is made of a strong, experienced founding team, this is the best indicator that the startup will function well. As an investor, you should look at the team’s experience, culture, passion, and work principles.
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business ideas financial strategies

How to Save More in 2021: Practical Money Saving Tips for Better Financial Planning

Having a plan to cut back on unnecessary expenses and cultivate a culture of building up an emergency fund and wealth reserve is the only way to ensure peace of mind.

Most people need a substantial amount of money to shield themselves in the wake of unexpected misfortune. So, here is a round-up of some of the best money saving tips financial advisors recommend.

Create Automatic Savings

On payday, the cash seems to disappear faster than regular days. That’s why financial advisors recommend the ‘pay yourself first’ approach. With the multitude of bills calling out, self-discipline can be a trick. Experts recommend creating automatic contributions to a savings account to keep from skipping so that there are savings consistently all year. An alternative to a savings account could be automating the funds to a recurring investment account like acorns. Acorns help put the savings to work through simple investments like EFTs.

Use Credit Card Perks and Cashback Wisely

It’s natural to treat oneself when there are additional earnings like cash backs and credit card rewards, but financial experts warn against such a move. These are ripe opportunities to put the extra cash to better use. Instead of indulging in a shopping spree, purchase essential items like groceries and home effects. Make money saving a priority instead of spending.

Grab Everyday Saving Opportunities

Financially healthy people add up their savings fast by finding and utilizing everyday opportunities. They choose cheaper streaming services, save on shopping by intentionally going for online sites that give incentives, and throw the spare change from debit and credit card purchases into a savings account. Financial planners recommend using a financial app like acorns that offers features to save on purchases with big retailers such as Nike, Airbnb, Walmart on their Found Money portal.

Beef Up the Insurance Deductibles

Researching insurance options is a great approach to save money that would have otherwise gone into a way expensive deal. It is always best to shop around for deals and make comparisons.

Some helpful strategies are; increasing the deductibles on home and auto policies, bundling up the plans, or purchasing different insurance plans from the same company. Opting for a premium plan saves you money in the long run. Insurance comparison websites can easily make the analysis. A good example is Gabi’s comparison and insurance shopping services.

Consider a Long-term Investment Plan

Creating savings, investing in stocks and bonds is good, but real wealth lies in long-term investment. This year every person working towards financial fitness must consider at least one such plan.

While there are many long-term investment options out there, settling on one that fits one’s style can be challenging.

Diversyfund offers innovative real estate investment options for the everyday investor through non-traded REITS.

Implementing money-saving tips is the first step to solve money worries. Consider these and other useful ideas from financial experts for a better year.

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business ideas financial strategies

3 Smart Financial Strategies for 2021

The past year was volatile and challenging for everyone. The economic strain left many struggling to stay afloat, and then there was the reality of little to non-existent individual cash reserves.

The biggest takeaway is that the only sure thing in life is uncertainty. That serves as a cautionary tale.

With the effects persisting in 2021, it is a great time to reconsider adjusting financial strategies. It doesn’t necessarily mean making extreme investment changes but utilizing smarter approaches.

Here is a list of the top three to get you started;

Reevaluate the Insurance Plan

It may seem odd that assessing an insurance plan is on this list.  It’s possible to be overpaying for the insurance without realizing it. 2021 is the time to compare all those insurance plans. The services of an insurance comparison agency can help identify if there’s a need to switch plans.

The Gabi insurance comparison service offers more benefits.

  • They make comparisons for all insurance plans such as auto, home, rental, landlord, and umbrella.
  • They can cast a wider net since they have an insurance license in 50 states.
  • Not to mention their auto calculator brings results from 40 plus insurers to compare in just a few minutes.
  • They get the leads for the best rates and also contract the insurance company for the client.

Launch a Retirement Plan

Retirement is saving for later and not an investment but, it can be a good platform for investing in a tax-free account. The secret is to grow the savings in a deferred tax account like IRA. Over time the tax deferral in a retirement plan will compound to create a higher return.

One of the best financial strategies in 2021 is to start a retirement plan or increase the contributions to an existing one. Acorns financial partner offers easy and automated accounts for retirement plans. These are IRA accounts SEP, traditional, and Roth. They also help you pick the best one for the goals and lifestyle you have in mind.

Invest Smarter

The pandemic became a game-changer for the stock market leading to a free fall in prices.

So, what is the smart investment move to make in 2021? Even though commercial real estate took a hit in 2020 with the move to remote working, the residential sector seems promising as the prices maintain a steady increase.

Real estate serves as the best option for volatile stocks.

REITs are a sound option. It is prudent to choose well where to invest that hard-earned cash. DiversyFund’s growth REIT has a brilliant spin to it. By taking a flipping approach, they buy apartment units, renovate, and sell at a higher value.

Bottom Line

Last year sent its shock waves over the financial well-being of people. There were jobs, businesses, and investment losses. 2021 is a time to regroup and embrace better financial strategies to absorb that shock. These can be by making a wise investment, creating security for later years, and rethinking insurance plans.

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8 AWESOME Business Ideas for Passive Income

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Do you like to make passive income? Who doesn’t?!

In this blog, I have made a list of 8 awesome business ideas for passive income.

Before getting started, I would like to ask you an important question. Are you willing to put in the effort to make passive income?

If your answer is YES, perfect! You’re good to go! However, if you answered NO, please be noted that putting in the effort is essential to become rich.

Ok, now let’s get started!

First, what is passive income?passive income

The money earned by investing very little time and effort is called passive income. In other words, if you don’t put in active effort to make money, then you are making passive income. Be noted that jobs aren’t included in the category of passive income.

In the motivational world, passive income can be defined with the expression, “make money while you sleep.”

8 AWESOME business ideas for passive income

The following are some of the passive income businesses that I suggest starting:

1. Rental properties

Old is gold! Rental properties, still after many decades, remain one of the best ways to make passive income.

If you want to buy an asset to make a passive monthly income, rental properties are what you should look for. Moreover, nowadays, purchasing a rental property has become pretty simple.

Some of the best types of rental properties include apartments, villas, farmlands, etc.

2. Affiliate marketing

In the affiliate marketing business model, you partner with a company and promote their products for a commission.

Affiliate marketing falls under the digital marketing category, and you can make a lot of money from it. If you put in the effort and follow the right strategy, you can make thousands of dollars in passive income from affiliate marketing.

Also, you can start affiliate marketing with a low investment. So, if you want to make passive income and only have a few hundred dollars to invest in a business, affiliate marketing is an excellent option for you.

3. Sell books, courses, etc.

In this digital era, you can make a lot of money by selling online courses, e-books, etc.

Sure, creating an online course and e-book requires a lot of research and experience. However, trust me, the effort you invest will be worth it!

You can sell your digital information products through your website, or you can also list them for sale on platforms like Udemy. I suggest selling them on your own website as you can make higher profits.

You can create your website in a day or so. Talking about the money required for creating a website, you can create a very quick one for less than $60 from HostGator. Be aware that this is a yearly plan which includes a free domain name for a year.

4. Write a book

If you’re the kind of person who prefers selling physical books, you can make passive income by doing so.

There are several ways through which you can sell your book. You can sell them through your website, dealers, libraries, e-commerce websites like Amazon, etc.

All methods are pretty good to make passive income. So, you can opt for a method that suits you the best.

However, if you sell your physical book in the form of an e-book, you can make a higher profit as the printing expense will be reduced. This is my personal suggestion.

5. Software

If you’re a tech geek and have high coding skills, you can put them together into software to make a lot of money from it! Moreover, the money you make will be passive.

You can create various types of software such as a mobile application, specific niche-related software, specific program-related software, etc. Regardless of the software you develop, make sure there’s a demand for it.

If you’re interested in developing software but don’t have the necessary skills, don’t worry. You can hire an expert from various freelancing sites like Upwork, Fiverr, etc. Initially, you may feel that they are demanding a lot of money. But, trust me, if you have chosen to develop the right software, you can earn that money back pretty quickly.

6. Rent your car

Do you own a car that you aren’t using? If so, you can make a passive income by renting it.

You can approach a reliable dealer and ask them to take your car for rental purposes. You can’t make huge money through this business, but something is better than nothing!

A car being used to make money is better than a parked car.

7. Blogging

Expert bloggers make a lot of money! This is a fact!

Blogging requires very little investment. A computer and an internet connection are the only primary requirements to start blogging. Besides the primary requirements, you need to have a website to publish your blogs. So, you can start a blogging business with an investment of less than $100.

Blogging can yield a high passive income. However, it won’t happen in a single night!

If you want to succeed in blogging, you should have excellent SEO and writing skills. This is a must! If you aren’t familiar with SEO and writing, it may take around 6-7 months to learn about them. The time period might seem long, but it is worth it!

Once your blogs start ranking high on Google, you can make thousands of dollars in passive income.

8. E-commerce

Ok! The leading ecommerce companies were founded a few decades ago. This may lead you to think about how to stand apart from the heavy competition. Don’t worry! There are lots of ways!

As a startup, I suggest starting a niche-based e-commerce store. The reason is that you can target a specific group of audiences which makes the marketing process easier.

As you all know, e-commerce is gaining a lot of popularity nowadays. Moreover, the leading e-commerce companies are some of the largest and the richest companies in the world.

Also, as a beginner, you can make a lot of passive income from a niche-based ecommerce store compared to a general store. However, the investment required to start an ecommerce business is much higher than other online businesses.

Conclusion

I hope this blog gives you a clear idea about passive income and the various passive income businesses that can be started.

Fortunately, we live in an era where there are a lot of passive income opportunities. So, if we want to earn money passively, we have to put our efforts to achieve it!