Business Finance Articles

Your First Financial Choice....

Ifama

7 Tips for Starting a Coffee Brand

Last Updated on By Leave a Comment

As the coffee industry develops further, it’s said that it’s expected to expand in the coming years as more people become regular lovers of the beverage. Because of that, it might be the perfect time for you to consider starting a coffee brand now. Like any business endeavor, establishing a successful coffee brand in a highly competitive industry entails meticulous planning and knowledge of the business.  

If you’re thinking about starting a coffee company soon, the following are just pieces of advice to ensure a successful launch and long-term success. Keep on reading to learn more.

Take an In-Depth Look into the Coffee Industry 

Once you decide to start a coffee brand, be ready for a significant investment in time and money if you want a good start. Your first task is to set aside time to learn more about the industry and what it takes to succeed. In most cases, you’ll need to reach out to coffee shop owners and learn from their experience to pinpoint what works and what you should avoid.

Although it’ll take a long period, you might take delight in the fun aspect of the learning task since you’ll be visiting several coffee shops. Doing so will give you valuable insights that you can use to think of something unique for your coffee brand.  

You should also take into consideration your client base. Make sure you determine their specific needs, or the most hectic times of the day, to name a few. Remember that knowing your target customers well will be a deciding factor during the planning process, especially when creating a menu, price range, and so on.  

Take Time to Ponder on your Vision 

Once you’re ready to start your coffee brand, there might be a lot on your mind, envisioning an up and running cafe.  

Put everything down in writing if you want to make your vision a reality. Note down what you want to achieve and the type of atmosphere you want to create.  

Research and gather design concepts for the location, inside and outside, along with the menu so they’ll serve as your inspiration on how you want your cafe to look. You should also consider the type of food you’ll serve and how your customers will feel when they walk into your cafe.

When you clearly define your coffee brand, it’ll help you focus and stay consistent when deciding on the name, decor, food, coffee, coffee packing bags, and how you’ll interact with customers.  

Even if you plan out things meticulously, you can’t please everyone. If you want your coffee brand to succeed, one of the most important things you can do is figure out who you’re designing it for.

Establish a Comprehensive Business Plan 

Man and Woman in a Coffee stall

Creating a business plan is crucial to success. When you make an effort to put together a business plan, it serves as an overview of the entire process.  

A business plan assists you in fully comprehending all of the critical points about the local market as well as the figures you must consider to ensure your company’s success.

The business plan will walk you through every step of setting up and running your cafe and serve as a roadmap for structuring, managing, and growing your coffee brand.

When creating a business plan, it should cover the following: 

  • An overview or breakdown of your company’s mission and key aspects that’ll set it apart from the competition;
  • Analysis of the local market, including regular customers and competitors;
  • Your workforce and how you’ll delineate the tasks;
  • A marketing strategy that outlines how your business will set itself apart from the competition and how you will communicate your strategy;
  • The necessary funding to get your business started and the source;
  • Financial projections which cover the cash flow and potential profit and loss; and
  • Details of the location and lease strategy.

Even though you’ll be juggling a lot of data when writing your business plan, the effort will be worthwhile, especially regarding the data analytics and marketing aspects.

Choose a Suitable Location

The location is one of the most important aspects to consider when starting a business. The location is extremely important if you want to build a coffee brand.

It’s best to spend some time in the areas where your cafe will be located. Make a mental note of the number of people walking and the available parking space. The visibility of the location you’re considering is also an important factor. 

Remember that you’ll spend most of your time in your chosen location, so learn about what the locals enjoy.

Look for the Right Suppliers  

Working with reliable suppliers will also be a critical factor in ensuring the success of your coffee brand. It’s best to list all the supplies you’ll need, regardless of the specifications you have in mind for the coffee brand you’re launching.

Although the list may appear daunting, knowing all of the essentials will prepare you. Once your list is ready, you can look for reputable suppliers that fit your specific business needs and philosophy. 

Select the Right Workforce Members for your Team

Today’s highly successful coffee shop owners see their employees as a key factor in their business’s success.

Make the right decision by hiring the right people. Although experience is one of the considerations during the hiring process, attitude matters the most. Make it a priority to hire people who are the best fit for your company.

Promote your Coffee Business

Before launching your coffee brand, you have days or weeks to build your network. You might want to tap into the power of several popular social media platforms to spread the word about your coffee brand. It’ll serve as a channel to build up your reputation.  

Aside from social media platforms, don’t forget to list your business on local search engine listings to appear in local searches.

When creating marketing campaigns, make sure to keep them personal, engaging, and interactive to gain the attention of your target audience. Incorporate images and videos to encourage engagement and sharing. When you use the right approach, you’ll be amazed at the far reach of your business in no time. 

Final Thoughts  

Establishing your coffee brand will take time and effort. Coffee will always be necessary for many people worldwide, and proper preparations are crucial if you want to capitalize on your passion for the beverage by developing a unique brand. With the help of these valuable pointers, use them as your guide in ensuring you’ll have a good start with your coffee brand and ensure success.

4 Tips to Make a Profit in Crude Oil Trading

Last Updated on By Leave a Comment

Often referred to as black gold, crude oil is a very profitable commodity for traders. However, although it can be quite lucrative, trading in crude oil isn’t easy, especially if you don’t have the right information and proper strategies.

The liquidity of crude oil as a commodity, the volatility in prices, and various other factors (such as the costs of isolating Russia, one of the world’s largest oil producers) contribute to fluctuations that impact the price. Consequently, in order to make money from trading crude oil, you need to understand all the factors, as well as all the hidden pitfalls that can eat into your earnings.

To make it easier for small traders to succeed, we’ve put together four tips that will help them make money in crude oil trading.

1. Have a Trading Strategy

Creating a solid strategy is one of the first and most important steps to consider when trading in crude oil. Not having a strong plan could very easily lead to losses. Trading in crude oil is very different from investing in the stock market. In order to ensure profitability in crude oil trading, you need to have a solid knowledge of the energy sector.

It is highly recommended to work with expert market advisors that are well-informed in the global political and social-economic trends, especially in countries that export the commodity. For instance, Russia’s invasion of Ukraine caused petrol prices to hit another record high. At one point, oil spiked to $139 a barrel, reaching the highest level for almost 14 years, whereas wholesale gas prices for next-day delivery more than doubled.

Keeping an eye on such trends and knowing when drastic changes take place will help you make more informed decisions and prevent significant losses.

2. Learn how Crude Oil Moves

Crude oil moves based on supply and demand perceptions, which are influenced by global output and worldwide economic development. Traders are encouraged to sell crude oil markets when demands are shrinking and there’s oversupply while rising demand and dropping or flat output encourage traders to bid higher.

Strong uptrends can be created by a tight convergence of positive components, like the surge of oil prices to $25.9 per barrel in 2001 and $93.25 per barrel in 2014. Conversely, downtrends can be created by a tight concentration of unfavorable components, like on the day after the USA and allies launched an attack on Iraq when the oil price dropped 33% in January 1991.

3.  Try different Trading Strategies

There are four top crude oil trading strategies you can try:

  • Buy and Hold

which is considered the best and most popular crude oil trading strategy. Traders examine supply and demand factors before taking a calculated position, and then cancel their positions to book profits before expiry if their prediction comes true.

  • Spread Strategy

which tends to be less risky than outright long or short trading positions. The goal is to profit from the predicted difference in both contracts’ selling and purchasing prices.

  • Swing Strategy

is a method in which you buy and hold a commodity for a short length of time. It can last anywhere between a few minutes to 3-4 days. To predict the market’s trend, swing traders use short-term variations in demand and supply, candlestick charts, and technical analysis.

  • Technical Analysis Strategy

This is a method where technical indicators such as trading volume, bar charts, and candlesticks are used by traders to forecast crude oil’s future price movement and make investment decisions.

4.  Differentiate between different Types of Crude Oil

It’s crucial to understand the differences between West Texas Instrument (WTI) and Brent crude. The former is produced inland in the United States by fracking, whereas the latter is produced offshore. Due to greater WTI production and output relative to offshore Brent, the previously established price convergence between WTI and Brent has begun to diverge over the preceding decade. If you’re an investor who wants to gamble on both alternatives, you’ll need to understand their unique performance.

Final Thoughts

Whether you are a big corporation or a small trader, trading in crude oil can be highly profitable if done properly. In order to make consistent profits in the crude oil market, traders must have a remarkable skill set. Market participants interested in trading crude oil futures and derivatives must understand the physical differences across grades, the commodity’s long-term price history, what moves it, and, of course, have a solid strategy.

4 Important Things To Consider When Looking For An Online Bank

Last Updated on By 1 Comment

More and more people are tired of the traditional banking methods and are looking for something more convenient. Nowadays, we are all on the go and the cash payment method is slowly fading.

Online banks offer numerous benefits such as on-the-go withdrawals and deposits, analytic tools, money management strategies, mobile applications, virtual and physical cards, and much more.

If you are new to the world of online banking, then we have just the tips for you to make your process of transition seamless. Here are 4 things you should be looking for in an online bank.

Convenience

Time is money and with today’s fast-paced way of living, nobody wants to wait in a line to make a withdrawal or a payment. In addition to that, most of the time time, mistakes occur during the process of filling out money orders manually which later leads to additional administrative hassles and headaches.

Online banking completely transforms the world of banking by providing all the usual services, adding new services and features, and, ultimately, completely putting queues out of fashion.

Many standard banks indeed offer online banking services but not all of them are up to par. A sign of a great online bank is a properly developed and functioning mobile app and website that will provide you with 24/7 access to your money account, let you make payments on the go, and provide top of the line security and analytic tools.

Withdrawing from ATMs owned by other banks can be quite pricey. An online bank should offer ATMs and bank locators so that you can avoid high fees on other ATMs.

Always look for an online bank that goes above and beyond to offer more. Online banks should offer unique features like money goals that will help you save money and make your spending pragmatically calculated.

Reasonable Fees

Brick-and-mortar banks never hesitate to charge you monthly fees, and high fees for ATM withdrawals and there’s no way to go around them. Online banks, on the other hand, offer lower or no fees as they don’t have to worry about branch maintenance and these are the banks that you should be aiming for. Furthermore, overdraft fees that are sidelined and low ATM fees are indicators of a great online bank that cares for its customers.

Traditional banks usually require a certain sum for an account to be opened. With online banks, anyone with internet access and the need for convenience can do it easily on their mobile phones.

With such strong competitive rates offered by online banks, it’s no wonder that traditional banks are no longer the go-to banking method.

Customer Service And Alerts

Of course, technology isn’t flawless and sometimes you will find yourself in need of a helping hand with your online banking experience. Check whether the bank provides 24/7 customer service so that problems can be resolved instantly.

With today’s busy schedule, it’s hard to keep track of everything that’s happening with our bank account. To tackle this, the bank should provide e-mail or mobile application notifications for every outgoing and incoming transaction as well as changes in the account balance.

Privacy And Security

You should feel confident that the money placed in the financial institution is completely safe and fraud-proof. As mentioned above, the bank should provide alerts if suspicious activity is noticed. Look for a bank that offers FDIC-insured accounts, which means your funds are protected by the Federal Deposit Insurance Corporation.

Choose a bank that offers two-step verification to avoid unwanted events if someone manages to breach the first line of defense for your bank account, the password. Some banks also offer Face ID and fingerprint recognition, which are top-of-the-line security measures.

Always look for the padlock symbol in the URL area of your browser when using an online bank’s website. This means that the website is secured by a digital certificate and that any information exchanged between you and the website is secure.

Final Thoughts

Because of their convenience, online banks have taken over the world, and it appears that they are firing on all cylinders as a growing number of people recognize the benefits of online banking. Choosing the right online bank is of significant importance to your financial health. Look for the above-mentioned features as a guide to help you decide on an online bank.

Tips for Trading Forex in 2022

Last Updated on By Leave a Comment

If you are new to trading forex or have been out of the game for a little while, you may not know or have forgotten all the ins and outs of the trading. However, there are a few simple tricks and tips you should remember.

FX trading doesn’t have to be something super complicated, and it doesn’t have to be something that takes up all of your time. Here are a few forex trading tips to help you find success.

Study

Studying and educating yourself on the markets, currency pairs, and trends is one of the best things to do, no matter what you’re trading. While you don’t need to be an expert, there are multiple online courses you can take.

YouTube is also a great source of information, especially to find out the current trends and any hidden gems that one should be aware of.

Start Small

Much like trading stocks, Bitcoin, or any other cryptocurrency, it is essential that you start small and not get too deep into trading too soon. Forex is great for this as you can start with a very small budget.

You can trade with as little as $10, even $5; this gives you the safety net of knowing if you make a mistake, you won’t lose a lot of money.

Pick Your Pair

If you are new to forex trading, pick one trading pair and stick to it for a while. The USD/GBP or the GBP/EUR pairs are some of the most common as they are the biggest and, therefore, the easiest to follow and trade.

Once you have the hang of trading one pair, you can expand into others and possibly some more unique ones that involve the Yen or Yuan.

Trading Plan

Creating a trading plan allows you to have a list of trading objectives and a game plan for if something goes wrong. A trading plan also allows you to stay focused, as one of the biggest mistakes traders make, especially beginners, is putting too many fingers in too many pies.

Don’t Complicate Things

It is too easy to make trading an overly-complicated activity that requires you to look at graphs and data all day. This is another mistake that many traders make that often leads to too much happening and results in losing track of your investments.

You can keep your trades and strategy simple and still be successful. If you find a trading pair or two that you like, there is no reason to expand beyond them if you choose.

Demo Accounts

Don’t underestimate the power of a demo account. If you have never traded before, almost all brokers will offer a demo account. These accounts are filled with fake money that you can use to make trades and use all the trading features on offer.

Demo accounts can also be the best way to test new trading strategies or test any theories you may have about a particular trend, all without any risk to your wallet.

Understand Risk

Understanding the concept of risk vs. reward in the world of trading is essential if you want to be successful and not waste your time. You can learn to identify risks but also learn to identify any patterns that may suggest the risk is worth it.

Identifying risk is a skill that you can learn and get better at, with many expert traders knowing precisely what to look for and forming a plan around it.

Mistakes are Lessons

In trading, the best way to learn what to do and what not to do is to make mistakes. A large parting of trading is trusting your gut and your knowledge, but this requires the knowledge of what is right and what is an error.

While the concept of risk can be scary, it isn’t unavoidable, as there are no sure things in trading. However, experiencing a loss will teach you what to avoid in the future.

Use Leverage

Too many traders are still missing out on the benefits of using leverage. The profits in forex are usually a few cents per Dollar or Pound, meaning the more money you can invest, the bigger the profit.

In simple terms, if your broker offers you 20x leverage and you have $100, you can use the leverage and have $2000 to trade with. While you should definitely familiarize yourself with the terms and conditions of using leverage with your broker, it is one of the best ways to maximize your profit-making opportunities.

Disrupt the Process rather than the Product–Product Manager’s role in disruptive market forces

Last Updated on By Leave a Comment

Nearly three decades after the theory of disruption was introduced in business, entrepreneurs, marketers, and design engineers are still grappling to find the correct definition and implementation for it.

Disruptive innovation is broadly defined as designing a novel product or service that addresses the needs of some niche customers and then is scaled up to challenge the established players in the market. Gartner defines it as, “The process of conceiving, defining, delivering, monitoring and refining products in, and withdrawing products from, a market in order to maximize business results.”

The architect of disruption theory, Clayton M. Christensen, and his co-authors say that if product managers fail to understand the disruption theory and are unsuccessful in applying its tenets correctly to their product, then the whole business strategy of a company or business goes haywire.

manager explaining product description

Disruptive Innovation

What is moot to the whole disruptive debate and the concomitant disruptive innovation is that it is a process. According to Christensen, healthy “disruption” is not confined to end products, but it disrupts the processes that lead to the end product and creates lasting value for the business.

Innovative disruption is routinely used for any situation that disrupts an industry leader’s position in the market. This means that no distinction is made about the innovation’s impact on a particular industry or situation.

What needs to be kept in mind is that industry disruptions are ongoing conditions and not sudden transient happenings that disrupt and disappear.

Organizations that have agile teams have a competitive advantage, and those who don’t, should focus on building one so that they can become resilient and adapt to a rapidly changing environment.

Product Manager’s Role in Changing Processes

Product managers many times fail to use innovations in the correct context. Conventional product management isn’t geared towards seamless experiences for the customers or giving agile holistic solutions for any disruptive market problems.

Today, product managers are expected to leverage their skills across the board of a product life cycle to impact an organization’s development and strategies.

They have evolved from being mere departmental heads to be now known as the “ground level CEOs” involved in driving a company’s core policies.

Transition to this position by enrolling in product management courses in India and hone your skills. Create strategic value and solutions at both the product level and the processes that shape it.

Customer-centric

This highly data-driven field is customer-centric. Product managers keep an eye on the evolving market and changing customer needs. The pandemic has brought about sweeping changes in customer behavior, Pre-Pandemic, there were clear signals about market trends and customer behavior patterns to follow, but the pandemic has been a great disruptor with consumers demanding easier, accessible, cheaper, and faster products. According to research by Accenture, there was a 30 percent increase in disruption levels between 2011 and 2018, in the consumers’ goods, service, and retail sectors. Post-pandemic, this figure is bound to cross 50 percent.

Multi-focus

They need to have in-depth knowledge of the product’s life cycle so that they can immediately adapt and change courses to meet any unexpected market disruptions.

A product manager needs to be fully conversant with design, engineering, sales, customer services, marketing, budgeting, and product compliance needs. It is a collaborative and interdisciplinary process.

He collates and collaborates between various verticals and streamlines processes involved in bringing the product from the research table to the retail shelves or the end-user.

According to the Product Management Trends and Benchmark Report 2020, company profits can increase by 34 percent with a fully optimized product manager.

The Disruptive Process

Product management is an iterative process that depends on making decisions based on data analysis, feedback, and outcomes.

Product managers need to be data-driven to separate fads or transient trends from true disruptions. Data analysis helps to identify and anticipate market conditions or potential value additions for future product success.

The product management approach is about building product road maps for better strategies. It is about taking a holistic approach to a problem by making use of cross-functional teams focused on outcomes. This ensures a solution-focused approach that transforms disruptions into opportunities.

Companies with this approach can afford to build on long-term growth goals without being affected by any sudden upsets in the market.

This is because the roadmap works on building processes that can withstand sudden headwinds and ride the tailwinds in the market.

If you want to be a part of the process and meet the challenge of being a mini CEO, join our product management course.

Online Side Hustles: 10 Tips to Get Started

Last Updated on By Leave a Comment

Today, many people find it difficult to depend solely on their salary to meet their personal and family needs. With the current cost of living, relying on only one source of income makes you feel like you’re not making any headway.

Aside from that, you may have debts to pay, and a percentage of what you earn is deducted to cater for those loans. For that reason, you’d want to bring in some extra income by starting an online side hustle.

Having a profitable side hustle can assure you of financial security and eliminate the constant fear of job loss. With a bit of creativity and commitment, you’re sure to have additional cash to supplement your current budget. That said, have a look at some of the tips to get started:

girl using laptop in study room

1. Choose A Suitable Online Hustle

For starters, there’s a long list of online side hustles and you need to pick one that suits your line of interest. Have time for self-reflection to establish your outstanding skills or even a hobby. 

For instance, if you like reviewing products, you can spend your free time filling out online paid surveys. Luckily, it’s not difficult to get one since you only need to register and have a profile and portfolio on a reliable platform. Afterward, the operators contact you the moment they find a survey that suits your profile.

Here are some of the benefits of doing paid surveys as a side hustle:

  • They’re entirely free to take part.
  • You can work from the comfort of your home.
  • They pay very well.
  • You have a choice of selecting the type of surveys you prefer.
  • Your opinions count since businesses take them into consideration.

2. Determine Your Start-up Capital

All online hustles have a start-up cost. Thus, it’s wise to draft your budget early enough to get ample time to build up enough savings.

That said, here’s a list of items and expenses to include in your budget:

  • Data or reliable Wi-Fi for internet connection
  • Accounting software for bookkeeping
  • A smartphone and laptop
  • Office equipment, if needed
  • Advertising costs
  • A payroll structure if you require workers to assist you with your hustle

To be safe, try to cut your costs to conserve your starting capital as you grow. For more insight, consider seeking advice from friends running similar gigs. Alternatively, you can get ideas by listening to podcasts, attending online events, and visiting reliable professional networking platforms such as LinkedIn.

2. Plan Your Schedule

Most workers are under pressure in their workplace and might find it challenging to manage a side gig. However, it’d not make sense to have a side hustle that you can’t make time for. Aside from your daily job routine, you have to keep in mind that you have other commitments to attend to.

For that reason, consider having a to-do list and allocate your non-working time to each task. Having such a healthy schedule helps you plan ahead of time and balance the workload. Nevertheless, you’ll prevent unnecessary burnout if you make time for self-care.

4. Know Your Trade

Understanding your market is your best chance of achieving customer satisfaction. People have different tastes and preferences, which is one of the primary things that drives them to settle for a particular item or service. Clearly, you can’t sell a commodity without first finding out your customers’ likes and dislikes. 

For instance, suppose your online side hustle involves website development. Your potential clients typically have some features they want to be integrated into their online platforms. Be sure you know exactly what your client wants before you accept the job.

Besides, if you go ahead and fail to meet their specifications, this might cost you an important client. In addition, you’ll receive negative reviews, which is very bad for business. Therefore, make a point of learning more about your trade to improve your service. 

On top of that, you should communicate constantly and make relevant inquiries to help you identify if something is missing and what needs improvement. This way, you can address your current shortcomings and establish a long-term relationship.

5. Set Practical Goals

Every business person must work hard to attain their daily or weekly objectives. Starting an online side hustle requires commitment for you to earn some extra money aside from your full-time job. Therefore, you should generate a reasonable amount of revenue to cater to your expenses and, at the same time, earn considerable profit. 

For a start, don’t put too much pressure on yourself by targeting a figure so high that you can’t hit it. On the other hand, don’t aim at making a small profit because it may not be feasible in the long run. In other words, you should be smart in setting your goals. 

Aside from the cash aspect, you also need to set goals regarding your work output. For instance, if you’re into proofreading, you can have a work goal of two articles a day. If you stick to your plan, you’ll make handsome profits with time.

7. Make Time For Training

Depending on the nature of the online hustle you intend to take, you may have to consider some formal training to acquire the requisite knowledge.

For instance, if you want to offer online bookkeeping services for clients, you must have a basic knowledge of using accounting software like QuickBooks. Therefore, you can consider enrolling in relevant courses if you’re dealing with such technical side hustle.

Remember, it isn’t mandatory to go for paid courses. Right now, there are dozens of free online tutorials you can take advantage of. This helps you get equipped with relevant skills, experience, and wide-ranging content about your particular industry.

But if your choice of side hustle is a bit complex and there are no free tutorials, make a point of attending a comprehensive online course to get the best training. With a good background and a willingness to grasp new content, you’ll undoubtedly experience quick results.

7. Decide Where To Work From

Online side hustle comes in two categories. You can opt for a passive income remote gig or choose one that offers an active income. The good thing about having a side gig that generates passive income is that it only requires a few hours of your time.

Most people do it for fun and generate some income out of it. On that note, if you prefer this, you shouldn’t be worked up about setting up a workstation. For instance, bloggers, YouTubers, and Instagram influencers can work from the comfort of their homes.

However, online jobs that generate active income are very demanding and might require you to hire a team of professional workers. For this reason, you’ll need to have an office setting to manage your operations effectively. They include:

  • An E-commerce store
  • Animation and video making
  • Web designing

8. Market Yourself

girl recording video on mobile

Marketing is an essential aspect of the business world. If you can’t reach your target audience, you may not do any meaningful business. Since you’re dealing with online activities, you’d want to use online marketing to promote your gig. This way, customers can easily find you and consider your product or service.

Below is a breakdown of ways to market your online hustle:

  • Create a website.
  • Embark on search engine optimization (SEO) for readers to quickly find your site on search engine results pages.
  • Post your product or service on popular social media channels.
  • Develop a good portfolio.
  • Request your current clients for reviews and referrals.
  • Start a blog.

9. Differentiate Yourself

Competition is unavoidable in the business world. Indeed, you’re not the only provider of a product or service in the market. You’ll be positioning your online hustle against a pool of established competitors in the industry.

Nevertheless, most of these players will make a move to try to outmatch your performance. This is common as most existing businesses view entry into the market as a threat. On the other hand, customers always demand the best, and you’ll need to give them a reason to choose your services.

Therefore, to avoid such market frustrations, make a point of having a competitive advantage. Make sure you’re excellent at what you do to provide something unique and outstanding. Here’s an outline of some of the differentiating factors:

  • Pricing Strategy: Charge reasonable prices depending on your market evaluation. Also, don’t reject low-priced contracts because they initially help you get experience.
  • Remarkable Customer Service: Keep your customers coming back by fully satisfying their needs.

10. Prepare For A Challenging Opening Period

Successful businesses don’t take a month or two to build from scratch. The owners most likely invest their resources and time in laying a good foundation. In that regard, it’d be good to be emotionally prepared for such challenges initially.

An online hustle has its share of challenges, especially at the initial stages. Problems are meant to be solved, and like any other businessperson, you need to step up to the task and find a way out of it. You have no reason to quit the moment things take a rough turn.

However, it might take a while before you get your first contract or the right traffic for your channel.  Consider consulting the experts in your field or using the internet to help you find the answers.

Furthermore, be patient enough and give your hustle a growth period for consistent long-term performance. This could potentially be your full-time job in the future.

Conclusion

An online side hustle could be the solution to your limited budget. This is a stepping stone to being your own boss, gaining additional experience, and achieving ultimate financial freedom.

Getting started on one shouldn’t be a complicated process. Make sure to take into consideration the above tips and others to have your online side gig up and running. Besides, make a point of selecting a side hustle that matches your interests and skills.

9 Damaging Side Effects Of A Bad Credit Score

Last Updated on By Leave a Comment

Credit scores reflect the creditworthiness of a borrower. In other words, they can tell whether a person can pay his loans religiously or not. In most cases, a credit score is the basis of a lender’s granting a loan application. The better a credit score is, the higher the chance a person’s application will be approved.

Suppose you’re planning to apply for a loan. In that case, you may need to know more about credit history, such as a bad credit score. For that purpose, here’s an article to guide you in discovering the damaging side effects of a bad credit score. So, read on!

credit report

1. Loan Disapproval

A deficient credit score can lead to loan disapproval. Bad credit history may also prompt a lender to thoroughly scrutinize a person’s application, longer than borrowers with average to excellent credit scores. Furthermore, borrowers with lower credit scores may also receive worse proceeds than those with better credit history.

To prevent this, you may need to fix your credit score or press the hard reset button for your financial life. Also, people with bad credit health may opt for personal loans for bad credit if the chances of getting approved are low to zero in traditional lenders.

2. Higher Insurance Premiums

Many lenders often link credit delinquency to bad credit scores. This could mean that people with unpleasant credit histories have a higher chance of overdue payments and dormant accounts. Because of these, they may file claims for their credit insurance. This may repeatedly happen until the person’s insurance score is affected.

Your overall credit record may be tainted when this happens, and your future insurance applications may ask for a higher payment. To fix your credit score and avoid penalties, you may need to take care of the following:

  • payment history
  • credit history length
  • outstanding debt balance
  • payment frequency
  • credit mix

3. Higher Interest Rates

Spotless credit history will likely give you better loan offers and discounts. On the other hand, a bad credit score may lend you loans with higher interest rates. The longer you can pay, the worse it may be for your financial status. Because of this, you’ll likely suffer from a repeated cycle of loan payments without much recovery.

Higher interest rates resulting from bad credit history don’t just include loan rates but also credit card rates and mortgages. So, it may be advisable to settle first your credit history before attempting any loan application.

4. Fewer Credit Card Options

The better the credit score, the more credit card options for a person. These choices include but are not limited to the number of credit cards as to brand and type. In many cases, lenders may only approve borrowers with credit cards with the highest interest and fewer advantages.

On the other hand, people with excellent credit history may be offered lower interests and many perks, such as travel freebies, reward points, and pay cuts. If you’re planning to apply for a credit card, you may just restore your credit health and work on your debt and loan management at a young age to be credit-worthy.

5. More Challenging Apartment Application

boy checking credit score

An unhealthy credit score may result in a challenging apartment lease or rental application. Many landlords look for a person’s credit history to determine his capacity to pay. For this purpose, landlords may ask for the receipts of previous payments or credit settlement records.

Often, this is coupled with a set of requirements that shows his source of income and monthly net or take-home pay. If a person has a clean slate in credit, his application could be quicker and may also have a faster rental or lease approval.

6. Higher Number Of Requirements For Loans

Initially, a person having a fresh start in his credit life may only need to sustain his credit score and history to have a fast and high loan removal. The additional requirements could be the debt-to-income ratio that could be analyzed by sifting through the person’s submitted papers, such as salary or wage records.

On the other hand, lenders usually ask people with awful credit scores to submit collateral, such as property or financial securities. These terms are often classified under secured personal loans. Apart from this, lenders may also seek investment accounts and origination fees to process your loan.

7. Unsuccessful Job Applications

Many Human Resource Department professionals typically check a person’s background through his credit history and other essential documents. Many HR pros interpret payment gaps and delays to reflect one’s character. Because of this, people with horrible credit scores may have challenging job applications.

8. Difficulty In Starting A Business

Starting a business can be complicated as applying for a business loan, and business credit cards are likely rejected if one has a bad credit record. Any financial transaction concerning the business may also experience different difficulties and slow progress.

Because of this, you either prepare your funds in your startup to have enough budget to support your business initially or fix your credit score early. You may also ask other startup owners with credit scores like yours to have more ideas about what to do.

9. Slow Career Growth

Whether you’re after a promotion or a higher-paying reassignment, you need reliable credit health to show that you’re financially responsible. If your credit score is bad, the chance of you getting promoted could be slimmer. Until such a time that your credit history is restored, you’ll always have slow career growth.

Wrapping Up

A bad credit score has many side effects that can affect a person’s entire life. Whether this person has an active credit life or not, a bad credit score can dwindle the chances of promotion, loan approval, and better business opportunities. To prevent this from happening, maintaining a good credit score is vital.

Suppose you’re planning to purchase a property or buy a luxury item through credit. In that case, you may need to weigh down your options properly. In addition, you need to monitor your credit score regularly if you’ve reached the limits for your expenses. Seeking the help of a financial consultant could also improve your purchasing decisions and your entire life.

Who are Retail Merchant Services and What do they Offer?

Last Updated on By Leave a Comment

Retail merchant services, what is it? It refers to a reseller offering payment services that are internationally recognized. The offerings of retail merchant services include a virtual terminal to mobile card machines and a payment gateway. They also have arrangements and pieces of equipment to ensure ebt processing.

What does Retail Merchant Services offer?

Retail merchant services are independent sales organizations. It is not some acquiring bank. It connects an organization to merchant account services. The retail merchant services provide hardware and software, including payment gateway, card machines, and virtual terminals.

Card Machines- It is provided by retail merchant services in a wide range and it includes:

  • Portable card machines that connect over Bluetooth or Wi-Fi as a base station and are used in service and hospitality industries.
  • Countertop card machines are in fixed locations and are connected through the Ethernet connection.

Mobile card machines accept transactions from anywhere, even ebt processing. Card machines are available at rental cost. The price depends on the features and model you choose to accept ebt and other debit or credit cards.

Membership Benefits of Retail Merchant Services

Having a membership with retail merchant services, assures you access these:

  • Business legal advice 24/7
  • Discounted business bank accounts
  • Free VAT & Tax investigation insurance
  • Discounted business broadband
  • Discounted business insurance
  • Discounted telephone services

As per the type of Merchant account, the retail merchant services provide technical support round-the-clock. Retail Merchant Services are surely competitive in price. To know their price you have to contact them. Their contracts are for 36 months and they renew them each year. They offer PCI compliance and if you wish to terminate or cancel, there is a charge for it. Canceling without giving proper notice the terminal lease will make you pay in excess.

How to find good merchant services?

Businesses are a riskier proposition and so finding a good merchant services provider is daunting. These providers mostly are connected with various banks and only on receiving approval, they send direct processors. You should maintain a stable account so that the credit, debit card processing is smooth and they accept ebt.

 The merchant services provider suitable for your business comes with low processing rates, a combination of features, favorable contract terms, and reasonable account fees. Providers can offer a good deal to impress merchants, yet it is crucial to look for the best overall value. Concentrate on customer service of high quality, even if it means shelling out some extra amount.

A good merchant services provider is one offering enough resources and payment services. No one wants to overpay. If not, your statement will come with high figures without warning. They will add high-variable account fees, processing rate plans, and surprise incidental fees. If you do not know much about payment processing, assess the pricing information and pick the provider suitable for your business.

Look for retail merchant services offering

  • Flat-rate pricing
  • Interchange-Plus pricing
  • Membership pricing
  • Pay as you go or monthly billing

Signing up with any traditional provider implies a monthly billing plan, as a monthly arrangement, or a long-term contract. On the other hand, payment service providers offer a pay-as-you-go model that costs low. It is the best for seasonal businesses. Monthly billing is ideal for medium-sized or larger businesses as it ensures cost savings.

Why eCommerce merchant services?

Consumers today prefer paying online bills and shopping online. Businesses must offer convenient and secure eCommerce payment processing to ensure sales revenue. Thus, looking for eCommerce merchant services is a must so that you can have an eCommerce merchant account. It allows you to accept ebt, debit, and credit cards on the website.

A merchant account refers to a contract between a credit card processing company and a retailer. This contract ensures you flexible, fast, and secure payment options. The eCommerce merchant account provider receives:

  • Shopping cart featuring integrated functionality
  • Enhanced security for the payment processing with PCI compliance
  • Advanced monitoring capabilities of fraud with customizable parameters

While setting an eCommerce merchant account, you must look for eCommerce merchant services that offer easy-to-use processing solutions. It should integrate with the online software integrations, shopping carts, and online storefronts and maintain alignment with your business.

In case you are already using a CRM, a specific accounting, or some business management software, you may consider a merchant services provider offering integrations with all the platforms. It helps in manual work; there is no need to make manual entries. Thus, save time and preventing errors with data entry. 

Classification of Numbers

Last Updated on By Leave a Comment

A mathematical object use for counting, measuring, and labeling is known as a number. They can be defined as strings of digits used to represent a quantity. The size of the quantity is indicated by the magnitude of the number. The first type of numbers that we got introduced to were natural numbers starting from 1, 2, 3, and so on. As research progressed further, numbers were further classified into whole numbers, rational numbers, irrational numbers, etc.

Number words are used to represent numbers in the form of a language. However, conventionally individual numbers are represented by symbols called numerals. It is not possible to memorize individual symbols for each number as the list extends up to infinity; hence, we most commonly use the Hindu – Arabic numeral system, which uses a combination of ten fundamental numeric symbols called digits to represent any numbers.

Types of Numbers

Natural Numbers

The most basic form of numbers that we learned as toddlers were natural numbers or counting numbers. These numbers start from 1 and go up to infinity, such as 1, 2, 3, 4 …. Natural numbers consist of positive integers. The symbol N is used to represent natural numbers.

Whole Numbers

The set of natural numbers, as well as zero, makes up whole numbers. They start from 0 and go up to infinity. 0, 1, 2, 3, …. are all whole numbers. The symbol W is used to represent whole numbers.

Integers

Whole numbers, along with the set of negative natural numbers, form integers. All numbers that lie between negative infinity to positive infinity comprise the set of integers. These numbers could be negative, zero, or positive; however, decimals and fractions are not included in this set. …. -4, -3, -2, -1, 0, 1, 2, 3,……. are examples of integers. In other words, we can say that all whole and natural numbers are integers but the converse does not hold true. The symbol Z is used to represent integers.

Fractions

These numbers represent a part of a whole. They can be written in the form of m/n, where n cannot be equal to 0. They can be further divided into proper fractions, improper fractions, etc.

Rational Numbers

Rational numbers are used to represent the ratio of two integers. If any number can be expressed in the form of p/q, it is called a rational number. p is the numerator can be any integer, q is the denominator which cannot be equal to 0. If q is 1, then the fraction is an integer. ⅖, 0.9, 30/100 are all rational numbers.

Irrational Numbers

Numbers that cannot be represented in the form of p/q are called irrational numbers. These numbers cannot be written as the ratio of two integers. 3, pi (3.14…), are examples of irrational numbers. In decimal form, the digits are non-terminating and non-repeating.

Real Numbers

The set of all rational and irrational numbers, including decimals, fall under real numbers. Alphabet “R” is used to show the set of real numbers.

Imaginary Numbers

Numbers that are not real numbers fall under the category of imaginary or complex numbers. For example,-3 is an irrational number.

Conclusion

Kids must understand the differentiation between the types of numbers. Children should join a reliable coaching class such as Cuemath to build a robust mathematical foundation. The certified math tutors use several resources to teach a lecture. Thus, kids have an enjoyable learning experience as they have a holistic educational environment.

11 Best Practices for Boosting the IoT Security

Last Updated on By Leave a Comment

There are different kinds of gadgets seeking the home and life of individuals every day which ultimately help in making sure that the overall life of the individuals becomes smarter as well as very much efficient. Hence, it is very much important on the behalf of people to ensure that proper security of all these kinds of connected devices has been paid attention to so that there is no issue with the later stages and nothing is very much vulnerable to risks and threats.

Hence, it is very much important on the behalf of people to have a proper defensive plan in terms of securing the smart home devices based upon the concept of IoT.

It is very much important to secure all the appliances and devices which are connected with the internet to the home network so that there are no opportunities for cyber-criminals. Following are some of the very basic practices on the behalf of people to ensure that there is no issue in the long run;

  1. It is very much important for the people to give the router a proper name and one does not need to stick with the name which the manufacturer has already given. The manufacturer might give a name to the specific kind of model or make to identify it easily. Hence, one must always give a very unusual name to the whole system which is never associated with any kind of Street or overall address. One can give a very different name to the overall concept so that there are no personal identifiers in the whole process.
  2. It is very much important to utilise a stronger method of encryption for the Wi-Fi into the whole set which is connected with the old range of IoT devices. Into the router settings, it is a very great idea to depend upon the stronger encryption methods in one must always go with that particular system which provides proper security to the network and communication areas along with setting up of the Wi-Fi network access.
  3. It is very much important to set up a guest network and one must always keep the Wi-Fi account very much private. The visitors, friends and readers can very easily log on to a separate network that is not connected with the IoT devices.
  4. It is also very much important for the people to change out the default password as well as default username because the cybercriminals normally know all the default password and user names which come with different kinds of IoT-based products. Hence, it is very much important for the people to change all these kinds of things because if not changed properly then it can lead to a path which will provide easy access to the people along with information associated with it. Hence, considering a very different and unique password is very much important in the whole process.
  5. The people concerned in the whole process also need to utilise strong as well as unique password for the Wi-Fi networks and vice accounts so that there is no issue and one must always avoid the common phrases and passwords because they are very easy to guess. Hence, it is very much advisable for people to use unique and complex passwords which are made up of different kinds of letters, numbers and symbols and one must always create that particular password that is based on the management of a security game.
  6. Checking out the settings of devices is also very much important in the whole process and in the cases of IoT devices people should come with that particular setting which comes with default privacy and security settings. Considering the changes of default settings is very much important so that there is no issue in the long run and there are no adverse benefits to the hackers in this particular area.
  7. A very good idea is to disable all the features associated with the IoT devices which people not need. Almost every IoT device comes with a variety of services for example remote access which is normally enabled by default but it is very much important to disable it because enabling that particular feature can lead to different kinds of issues in the long run and some of the features also are based upon utilisation of the location factor.
  8. It is very much important to keep the software up to date because whenever the smartphone manufacturer will send the software update it is very much important to include it. It is very much important on the behalf of people to go with the option of keeping the IOT devices very much up to date in terms of all the things so that there are no issues in the long run and further it is very much advisable to download all the updates and apply them to the devices to stay safe all the time.
  9. Auditing of the IoT devices on the home network is also very much important so that the right kind of upgrades can be easily launched and your models can be taken complete advantage of along with stronger security systems.
  10. Depending upon the two-factor authentication is also a very great idea in the whole system so that every device can be easily secured and this particular type of authentication will always help in keeping the bad guys out of the whole accounting system and will make sure that nothing will be very much vulnerable to threats or risks.
  11. Avoiding the public Wi-Fi networks is also a good idea in the whole system because this will always help in making sure that IoT devices will be very much exclusive and will be implemented perfectly.

No doubt the IoT devices are coming up with a very great angle in the lives of people but further, it is very much important for the people to pay proper attention in terms of IoT security of such devices so that there are no issues in the long run and overall purposes are very easily and efficiently achieved without any kind of hassle and proper monitoring of all the transactions has been carried out.