Posts tagged: returns

Why it Pays to Have Your Fingers in Many Pies When You’re Self Employed

freelance moneyThere are so many great benefits of being self employed. Flexible hours, you can work from wherever you want and there’s no superiors to answer to. You can really fit your work around your life, instead of trying to fit your life around rigid work hours. However there is a downside, self employment work can be unreliable and unlike regular employment you don’t have a set paycheck that lands in your bank each month. Things can be a little up and down, which is why it’s so worth having a number of different options available to you for earning money. If you’re having a slow month, you can always pick up one of the others. Here are some ideas.

Run a Business

For most self employed people, their main focus will be running some kind of business. You could be baking cakes, making clothes, buying and selling things online or something else completely. Either way, this is a great way to make money when you work for yourself. However you could experiences peaks and troughs with your profits throughout the year, and if you’re having a quiet few weeks or months, you could earn extra money with the following methods.

Start a Blog

It takes time to build a blog, but if you start one up and publish regular content (even once a week) it will grow. Later down the line, your blog can be a real cash cow– sponsors generally pay well to have their content or links posted on your site and so it can be a quick and easy way to earn some extra money. Plus you can link your blog to your main business, and use it as a promotional tool as well. Blogging brings with it all kinds of opportunities, and so it’s well worth setting one up, even if it’s not your main source of income.

Freelance

It’s always worth signing up to a freelance site, that way if your business or blog is slow you can pick up some extra work. There’s almost always work available, and you can work on it any time you’re free to boost your bank balance. Whether you’re a writer, app or website designer, illustrator or something else completely, your skills will be needed online and freelancing gives you the ability to earn cash from home in a legitimate way.

Stocks and Trading

If you’re interested in finances then chances are you’ve took a keep interest in crypto currency over the last few months. While Bitcoin is still the one you hear most about, there are lots of others that can give you opportunity to earn well. Look at these Ethereum facts for example. While there’s always an element of risk when it comes to investing, as long as you’re smart about it it can be a good way to secure yourself some extra cash.

Don’t risk a slow financial month leaving you in the lurch. When you have bills to pay and other expenses to cover, when you’re self employed it pays to have your fingers in many pies. That way, you can always make up the necessary amount each month in your bank.

Advice For A First-Time Business Owner

time for businessIf you have entrepreneurial determination then that’s a good starting place for a business. Of course, it’s only one component of many. You need to think about your own experience or expertise regarding the management of a business, how you’re going to fund such a venture, how many other people you might need to hire to help you with this company, and, most importantly, what type of business you’re going to start. Money is probably the biggest worry on your mind but if you focus on making sure all other components of your business are running smoothly then the profits will look after themselves. Here’s some more detailed advice for any first-time business owners out there.

Become a real boss.

You might have an innovative idea and qualifications in a certain line of business but that isn’t going to be enough to transform you into a successful business owner. When you’re the boss of a company, you need to be an all-rounder. For example, if you’re running a legal business then it isn’t enough to simply have a qualification in law. You need to know how to manage finances, marketing, and, most importantly of all, people. If you want your business to get off the ground then you need to learn how to manage your team and fill them with the same passion for the company that you feel. Making that step will transform you from somebody with a great idea into somebody with a great business.

Research the market.

It’s your job to drive the direction of the company. You might have a good business plan at the moment but the market is always changing. You need to update your approach in order to adapt to a changing industry. You need an enticing and widespread online presence in this digitally-driven era of business, as we’ll discuss in the next point, so you might want to look into online companies such as Youi Pty Limited, who deal specifically with buying and selling goods online, for a little insight into their credit ratings and financial situation.

It’s important that you take note from other companies, whether they’re in your industry or not, so as to not only get an idea of what they’ve been doing well but what they haven’t been doing well. The great thing about being the second or third business to dive into a certain industry is that you don’t have to make the same mistakes as the companies that took the plunge first. You can save yourself a lot of money and time by figuring out how to cut straight to “Successville”.

Get your online marketing campaign right.

As touched upon in the point above, you need a strong online marketing approach in order for your business to succeed. You might not be a marketing expert but you should certainly get marketing professionals to help you if that’s the case. The “build it and they will come” mentality doesn’t always work because there’s a lot of competition offering the same products and services as your business. You need to stand out from the crowd if you want consumers to come to you. Figure out how to optimize the content on your website and social media pages so as to climb the rankings on Google and other search engines. That’ll get you in front of your target market.

5 Financial Resolutions For Freelancers

financial azanda for freelancersFreelancing is becoming an increasingly popular way for people to make a living. With the freedom to choose your own hours, who you work with and a bigger share of the profits – what’s not to love?

Many freelancers find themselves struggling to manage their finances, with bad habits that can be hard to break. Want to take control of your self-employed earnings? Here are five new year financial resolutions for freelancers.

1. Prove you’re a professional with a business account

A business account may seem like something that’s unnecessary unless you’re earning the big bucks, but even freelancers on a small income can benefit from having a business account. There are many reasons why you need a separate account for your side job or freelance business, but mostly it will make your life easier. Make it easier to manage your finances by being a professional with your business.

2. You will start keeping better track of invoices and payments

Your earnings can be unpredictable as a freelancer, and while the majority of your clients will pay you on time, there’s always the danger that some will be late with their payments or worse – not pay you at all. Start working out a good cash flow system that helps keep you out of trouble and allows you to manage your income and outgoings better. Get on top of when payments are due and start imposing penalties on those who don’t pay up on time.

3.You’ll manage your taxes better

The end of the financial year can be a dreaded time for freelancers, especially if your paperwork is all over the place. You can keep better track of your earnings and outgoings online. Make the most of tools that are available such as a generator for your 1099 form 2017 that can help make it easier to file your return at the end of the year. When working as a freelancer, you can never be too organized, so make it your mission to keep on track in the new year.

4. Start protecting your earnings

With freelance work, nothing is certain. One month you could have several well-paying clients under your belt and the next you could end up with none. It’s time you started planning for those quiet periods by having a good pot of savings you can dip into if the worst were to happen. There are other ways you can protect your earnings that will help you be more confident in dealing with difficult financial periods and help you to protect your future.

5. Don’t accept less than what you’re worth

When you first start out as a freelancer, it can be tempting to take on jobs that are badly paid, or not even paid at all. This kind of behavior not only hurts you but others in the industry too. You deserve to be paid the fair amount for your services, so start getting into the habit of charging what you’re worth. Always agree payment upfront to avoid any difficult conversations when it comes to billing time.

It’s good to have goals for the new year, and as a freelancer, you should always strive to be better. Give your finances the attention they deserve and start taking better charge of your earnings in 2018.

Life Hardships That Cost You Financially

money crisis timeLife isn’t always plain sailing, I think we can all agree. Often we are dealt a deck of cards and within those situations we can suffer financial hardships as well as emotional setbacks. This isn’t always going to be easy to overcome. But people live on, grow accustomed to their new set of circumstances or see some bad situations as a time to shine and an opportunity to make positive changes for the future. I wanted to share with you what some of these life hardships can be, and how they can cost you financially. However, I also want to provide some tips and hope that you can, with the right actions and steps, move forward.

Committing a crime

There are times in our life where we can make poor choices. Decisions we are faced with for one reason or another. Maybe desperation, a lack of judgement, or just not thinking. We can all be there, and then in some cases we can make the wrong decision which can ultimately result in us committing a crime. Whatever that may be it is always worth getting criminal law lawyers on your side to fight your corner. Whether it is a driving offence, a burglary, or something more there is always a way to move forward positively. Be that taking the consequences for the crime. Always be mindful that anything that happens can be a reason to learn and become a better person for having gone through the situation in the first place.

Losing your job

While it is never easy to lose your job, it can also have a real negative effect on your self-esteem and your mindset. Losing a job, whether that being because you no longer fit within a company structure, for not meeting targets or performing or simply feeling pushed out, is ever going to be a confidence boosting thing. But, what you can do is take the criticisms, learn the lessons and move forward and do something that you love and enjoy. This could be a huge blessing in disguise. It may give you the boost to take on a new career challenge, or learn a new skillset. It could even be a change that provides a more positive future for yourself and your family. The options are endless, and right now it may seem like you are stuck. So it is important to get out of that mentality as soon as possible to enable you to move forward.

Going through a relationship breakdown or divorce

Finally, a big hardship that we can all go through perhaps at some stage in our lives is a relationship breakdown and/or a divorce. It can be devastating on both parts, especially when there are finances to work through and children involved. Of course, what you have to accept is that sometimes these things are best happening, and it isn’t always a good thing to stay in an unhappy marriage or relationship, no matter what consequences or issues you need to resolve. You only live once, and it is better all round to be in a loving relationship that makes you happy.

I hope that this has given you some idea of some of the issues anyone can face at anytime.

The Business Costs Startups Should Never Skimp On

invest in start upsAs a startup owner, chances are that you don’t exactly have a huge and unlimited pool of money at your disposal and it’s only natural, and sensible, that you should try to make savings wherever possible if you want to be in the best possible financial situation 12 months from now, but there are some things that startups just should not even think about skimping on.

Here are some examples of the kinds of things you MUST invest in if you want your business to be a success commercially and financially:

Reliable IT Services

So much of what we all do now is done at a computer, tablet or smartphone, and online is the space that modern businesses really need to conquer. What this means for you as a startup owner, is that you really cannot afford to skimp on reliable IT services. If you cut corners in this department, not only could you lose money when your network goes down, but you could actually risk losing sensitive data, and that could get you into a whole lot of trouble, not to mention cost you a whole lot of cash. It really isn’t worth the risk, especially when you can find great IT services which are moderately priced.

Data Backup

It’s also sensible to invest in a good data backup system, preferably in the cloud, so that should your website be hacked and your data lost, you will be able to instantly recover it. You can backup your data securely for as little as $10 per year, so it really would be foolish not to do so, especially when a loss of data really can cripple a small business.

Great Design

A lot of what determines whether or not a business will be successful, rightly or wrongly, is how attractive its brand is. Think of all the massively successful companies out there; your Google’s, Coca-Cola’s and Nikes and you’ll notice they all; have one thing in common – an instantly recognizable brand. If you want to be in their league someday, you need to invest in great design for your website, logo, business cards and, where applicable. Your products.

High-Quality Web Hosting

A lot of small business owners opt for the cheapest web hosting package they can find available to them. This is understandable, after all, hosting is hosting, right? Wrong! Very wrong! You see, a lot of the cheaper hosts go offline a lot, and when your website is down, that means you are losing money. Not only that, but a poor host could mean a slow website which will put customers off and prevent your media from effectively loading. Factor in the time you spend sorting it out, and the losses to your company could be huge.

Web Design

As well as putting a great web hosting package in place, you should also invest some of your startup capital in creating a website that looks beautiful and performs flawlessly. In the 21st Century, your website is often the first thing about you that the consumer will see and if it looks awful, well, they’re hardly going to have much confidence in your products and services are they? Don’t make the mistake of using a basic template when even just a little investment in a custom solution can be all that it takes to make that sale!

Creative Content

Naturally, you’ll want to put some content on your website so that people can actually find your company. If you want that to happen, it pays to invest in high-quality content written by professional copywriters, either on staff or freelance. If you do this, you can bet that you’ll make your money back and then some in the fullness of time.

Customer Service Training

Most startup owners are so focused on the future and how they want their business to be a year, two years or even ten years down the line, that they often lose sight of the things that need to be done now to get them there. One such thing is high-quality customer service training.

You see, although customer service might not seem like your most pressing issue right now, or even something you can justify using the business credit card on, it is actually one of the most vital tools in your arsenal. After all, your customers are the people who will make or break your business, and without them, you won’t even have a business at all. Once you realize this, it’s well-worth taking the time to invest in the right training so that your employees always treat your customers right.

Legal Counsel

We all know that legal fees are expensive, lawyers aren’t exactly known for being poor, after all. However, there is absolutely no way of getting around the fact that, if you want to start a successful business and avoid future financial difficulties and even bankruptcy, you need to invest in good legal counsel when you set up your business. If you don’t do this, you could end up making a mistake somewhere down the line and getting sued and, as I’m sure you will know, the cost of litigation, not to mention the cost of compensation should you lose a case, can be astronomical.

Great People

You can try, but I would bet against you starting a successful new company without a few good people by your side to help you along the way. Every company’s biggest cost is its payroll and hiring more employees than the minimum or those who don’t exactly come cheap might seem like a good way to cut business costs, but if you want your company to grow, you need to invest in the most creative, hardworking qualified people and you need to invest in enough people so that none of you are spread too thin.

As the old cliche says “Sometimes, you have to speculate to accumulate.” This is something that is certainly true in the startup world, and especially when it comes to these particular things.