Champagne Taste But Lager Money? Are We Living Beyond Our Means in the UK

Nowadays, the prices of house, car and many essential items have shot up enormously in the market of the UK. Thus, common people find it very tough to afford the high costs of these things, unless they borrow money from the banks or other financial institutions. These financial organizations offer lucratively low-interest rate for their loans granted in various fields, thus encouraging people even more for taking loans. Therefore, the whole of the UK is now reportedly full of borrowers, who have taken some kinds of loans from the financial companies.

Few important facts about the craze for taking loans 

  • As per the recent survey that was done across the country, every household in the UK now owes averagely more than £50,000 debt, including their home loans or mortgages.
  • The lure for a high-standard modern living has forced common people of mediocre income to fulfill their desires of buying expensive items by taking loans in large amounts. Thus, most of them go much beyond their affordability to keep up with the fast pace of modern times.
  • The expenses have risen to the sky-high limit in many normal households, compared to their limited income that has not increased at the same rate. Thus, it becomes difficult for the people to pay off their debt easily.
  • People are more inclined to seek loans through their credit cards and also may ask for unsecured loans, where no object is produced as a guarantee. As per the survey that was done in 2016, the approximate amount of net borrowing in the UK has risen to £34 billion, which is an alarming figure for any developed country.
  • The amount of personal debt has grown at so high speed all over the country that now the ratio of debt to income in a common household was averagely 133% in 2016.

Thus, now the government of the UK has taken some effective steps to eradicate this problem of heavy debt from the life of the common public. There are some measures taken for helping the debt-ridden families, who are struggling to meet all ends with the repayment of their debts. Some helpful services are offered for the families that have borrowed and spent beyond their actual means, which many people have readily accepted. Some government bodies are also spreading financial literacy among the public, where they are taught about all the features and dangers of taking too many loans for simply upgrading the lifestyle.

4 Tips For Making Money Off Your Blog From Day One

Starting a blog is something almost all of us have the capabilities to do, however, making money off it is an entirely different ball game. While most of us think revenue will come with time, ensuring profit from day one will give you a much better advantage moving forward with your business. And if you’ve been curious about how to make money from your blog, then there are a few things you should consider. Check them out below:

Create An Amazing Brand

If you’re going to be creating a blog, then one of the first things you need to focus on is the branding aspects. Not only will this be how people separate your blog from the competition, but what it stands for and why they should follow. After all, a big part about not only having a blog, but a brand is that it’s a symbol for a common belief or culture. And if you’re genuinely going to make money from your blog, this needs to be a top consideration.

To begin, ask yourself what type of personality that your brand would have, as well as what that represents. A big aspect of branding is that it’s just as much science as it is storytelling. While you can have a logo that people understand, a big part of that recognition is also repetition. For example, LucidPress explains that color increases brand recognition by 80 percent, which goes to show how much the little things can add up. Work with some logo creators online to see what identity you could build, since having a great brand means creating a great blog.

Have A Monetization Plan

Although it might sound obvious, a lot of bloggers make their monetization plan a “worry about later” problem. However, doing that not only limits the value opportunity from the start but potentially runs the risk of having it never becoming a part of the conversation, getting wrapped into strictly creating content. If you’ve never considered how to make money with your blog, it should become a top priority as you get more involved.

Get Social With It

As it goes with most bloggers, being active on social media is a top priority to ensure engagement. This not only means getting people to visit your blog but interact with you on social platforms, lending your voice consistently to a multitude of platforms. And although you’ve probably already been working on social, it’s also something that is going to need quite a bit of attention to if you want your blog to thrive.

To begin, start looking at where the different audiences for your website are as well as how you can reach them. For example, as noted by Pew Research, 73 percent of Twitter users also report using Instagram. Being able to hit find repetition can be a great way of doing outreach. Furthermore, a big part of social is starting a conversation with those that follow you, allowing them to shed insights on what’s going on as well as how they can learn more. Remember, as a blogger, your main goal should be to help spread information; if you’re able to capitalize on that with social media, it will be much more powerful in the long run.

Keep Consistent With The Visuals

Finally, even if you think it’s something that will require too much work, providing visuals for both your social and blog posts will increase engagement tenfold. In fact, according to Hubspot, 37 percent of marketers say visual content is one of the most important mediums for their business, which makes sense considering how much more people can digest and form a reaction to it. From there, your content has much spreadability; however, first, we need to talk about your strategy on how to get there.

A big part of producing visual content is either having the talent yourself or bringing on someone that does to both photography and design, as those two core elements can go a long way. Furthermore, having a consistent track record and aesthetic is also a crucial element to look for in your hiring process, especially if your identity is early on. Remember, while no one said your identity has to be perfect from day one, it’s also something that should be developed over time to ensure success.

What are you most excited about in launching your blog? Comment with your answers below!

Using Investments to Support Your Start-Up

Ideas that are truly inspired are often considered to be genius. But, if a genius idea remains merely an idea, it doesn’t do anyone any good. The good news in today’s culture is that regular people with great ideas can get their ideas funded instead of stolen by large companies. People have access to crowdfunding and have easier access to money in today’s world.

Small businesses and entrepreneurs can easily get a short-term loan or secure some other type of funding. The most important thing to realize in today’s connected world is that many hands make small work. This applies to methods of gaining funding via crowdsourcing or borrowing.

Crowdfunding

The advantage that crowdfunding brings is that if enough people support your idea, you can get the money for your project without having to pay it back. There are costs to crowdfunding, usually a percentage, and often kickbacks are offered to incentivize potential contributors, but if your idea meets the necessary threshold, your project is funded. No installment payments to pay back the money or pressure to make enough to outpace the terms of the loan.

The main disadvantage of crowdfunding is that you might not get any money, because it is a zero-sum endeavor. And you must put your idea out into the public, perhaps even before you are ready. As for the funding aspect, it is essential that you present  your idea in a way that moves people to contribute. Usually, you want people to support your idea with vigor, and if your idea is solid, they will do so even without incentives.

Another disadvantage is that you must expose your idea to the public. This requires that you patent your idea and gain the exclusive legal right to produce it. This can be expensive, and if mistakes are made, the idea could be stolen. This also puts your production on the clock as soon as it is exposed to the worldwide web. Delays could mean losing out in the competitive world of business.

Borrowing

If your product can produce the kind of revenue to cover the expense brought on by borrowing, the internet has made getting venture capital easier, even for companies not based in Silicon Valley. Micro-lending and broad-based lending are becoming available to people with good ideas and a plan to implement them.

What is exciting about this possibility is that the standard requirements for lending do not constrain lenders. The old saying is that a banker is someone who will give you an umbrella when the sun is shining and take it back if it rains. With the new lending models, it is less important to show that you do not need the money than it is that to show that you have a plan to use the money responsibly and therefore repay the loan within an allotted period of time. One huge advantage to these new lenders is that they significantly outperform old methods of crisis borrowing such as credit cards.

Credit cards have funded startups like AirBnB and allowed them access to the capital they needed to get off the ground. But had they not enjoyed a significant wave of fortune when the Democratic National Convention in Denver, Colorado sold out all the local hotel rooms. Delegates, reporters, supporters, and unrelated travelers were needed to find alternative forms of lodging during the event. Airbnb was happy to fill the need, and the event was successful enough that they were able to pay off their credit cards and turn their attention to more significant sources of support. Now, reasonable terms can be used instead of the exorbitant interest paid to credit cards to fund your startup.

Conclusion

New business ideas spark spinoff ideas which continue to spin off and benefit the economy, providing more business opportunity for entrepreneurs. There are many ways to take advantage of this exciting time. Crowdfunding can be a great resource, but your idea must be compelling enough to reach its threshold, and you must be willing to expose your plan to the world before it is fully realized.

New forms of funding can alleviate the stress of not reaching the crowdfunding goals for your project, or from being ineligible for conventional borrowing. If you have an idea pursue it. Do not let yourself become the guy with a genius idea who complains to the bartender that he thought of that billion-dollar idea first.

If you own a business, what are some creative ways you have found to secure the needed funding to do business? Share your best advice in the comments below. Your insight could give a small business owner the advantage they need to succeed in their industry.

4 Industries We’d Love To See Crypto Help Out

With the explosion of crypto, there’s been numerous speculation about what industries can utilize blockchain. Yes, from agriculture to finance, a lot of entrepreneurs have been looking to see how they can implement blockchain technology into their industry. However, as with any tech craze, there’s not always going to be a fit, which is why we’ve listed a few of our early favorites and who we think will be successful with blockchain. Check them out below:

Lending

 If there’s one industry that could definitely use the help of blockchain, it has to be with lending. According to SuperMoney, there was approximately $1.38 trillion lent last year in the US alone, which blockchain has a lot of potential to disrupt. Why? Because not only could lending be down in cryptocurrencies, but the process to get funded could be done on the blockchain as well.

Where blockchain could come into play with lending is the ability to give people more favorable deals on their interest rates, especially since they’ll be contingent upon the market. Additionally, the verification process of approval, as well as the execution of repayment can all be done in the blockchain, saving a tremendous amount of time.

And lastly, with how secure the blockchain is as a file-sharing mechanism, this keeps financial records protected much better than traditional channels. Yes, crypto could be the perfect way to gain financial refocus in a very immediate future.

Contracts

 As the blockchain is all about the execution of smart contracts, the very structure of it alone could save numerous parties from the costs of drafting and execute a contract. Not only will this create an autonomous system that doesn’t rely on as many actors, but it additionally provides a level of transparency and security currently unmatched. And as noted by lawyers.com, with your average lawyer costing $100 to $400 per hour, blockchain just might be the perfect solution to saving big.

While there have been some early players in the blockchain space working on contract protocols, it’s going to be interesting to see how this develops. Although the blockchain won’t completely eliminate the need for lawyers or contract writing, it definitely will make the execution and follow-up of contracts much more efficient. All-in-all, smart contracts can make a big difference soon and should be something to keep an eye on in the next few years.

Asset Management

According to Deloitte, the asset management market is worth $40 trillion the US alone, which is a massive industry to try to enter. However, for the blockchain, this is much more attainable than you might imagine. After all, a lot of assets gain their value based on guesswork, with a lot of folks fudging the numbers around to prop up the price. This is one thing that will wildly be transformed by the blockchain.

Considering that the blockchain provides a receipt of proof-of-stake, every asset can have a chain that tells what’s been done to it and when. For example, the renovations on a house or piece of property, where you have a specific receipt tied to that asset where you know what was done and when.

To be successful with this, there has to be a form of backing or security; this is what stablecoin is trying to solve. All-in-all, expect asset management to become heavily influenced by the blockchain soon, providing a chain of receipts that help define the value.

Art

 Finally, if there’s one industry that’s been a great early use case for blockchain, it has to be the art world. Specifically in the world of digital art, until recently, there hasn’t been any proof of ownership on a digital file. As anyone can take an artists work off their page and post it on Instagram, the blockchain prevents that by providing a proof-of-stake/ownership on who the original creator was. And although a simple application of blockchain, it’s also brought about some surprising figures thus far.

Because the blockchain verifies that a digital file is a one-of-one, this creates scarcity, which in turn increases the value of the art. For example, as noted by Motherboard, a Rare Pepe (the popular internet meme) recently went for $38,500 at an auction, which is a staggering figure for what most would consider a meme. However, as a one-of-one collector’s item, this price point proves it’s just the beginning of digital art on the blockchain.

What are some industries you’re excited to see crypto help out? Comment with your answers below!

Debenhams MasterCard: Is it Worth It?

If you shop in Debenhams you may have been asked to get a Debenhams Mastercard. Before you get one, it is vital to know what it can do for you and if it is the right choice for you. Understanding the benefits and repayments of the Debenhams MasterCard is vital before you start spending, as not keeping up with payments can increase the charge each month.

What Is the Debenhams MasterCard?

The Debenhams MasterCard is a credit card that gives you more. You can spend your MasterCard in Debenhams, where you will get more points, as well as anywhere which accepts MasterCard. If you are unsure, they will usually have the MasterCard logo on their cashiers or you can check online for which retailers accept MasterCard. Every time you spend on your card, you will earn points which can be converted into many great benefits. If you shop in Debenhams often, or even work in a branch, it could be worth your while applying for a MasterCard. Jobs at Debenhams are varied and you can do everything from customer service, to working in the restaurant to management.  The company also has plenty of graduate jobs for those with the appropriate qualifications.

How Does It Work?

Each time you shop, you earn points. This includes in store or online, at Debenhams or any other retailer that accepts MasterCard. You will earn 3 points for every one pound you spend in Debenhams and one point for every two pounds you spend elsewhere. The more you use your card, the more rewards you can gain. Every three months, the rewards you have earned will be sent to you in the shape of Debenhams reward vouchers, which can be spent in any Debenhams store. You get many other benefits such as free delivery, cheaper food at Debenhams cafes and cheaper cash exchange when changing money in any Debenhams cash bureau.

Is It Worth It for Me?

There are many things to consider before getting a credit card. If you shop in Debenhams a lot, instead of paying for things straight away, it could be beneficial getting a Debenhams MasterCard as you will gain rewards for spending at Debenhams and other stores, making your spending more worthwhile. It can also increase your credit rating spending on the MasterCard and then paying it back each month rather than paying for the transaction straight off. If you know that you will pay it back each month, a Debenhams MasterCard is totally worth it. If you know that you may get carried away, it may not be worth the risk of spending more than you can pay back. Only you can decide for sure if it is worth it for you, but if you can use it safely, the rewards are great for any Debenhams shopper.

The Debenhams MasterCard could save you money in the long term as you get vouchers back for the spending you would have done regardless, as well as improving your credit score. You should always be careful with any credit card and ensure you make the payments on time, so perhaps have a savings account in which you save what you need to pay back each month to make the payments.

Conserving Costs In Terms Of Healthcare

A Tricky Situation

It’s well-known that the healthcare industry is becoming revitalized by industry changes. Some even characterize these changes as exponential. Some of those changes are good, some aren’t. To help you separate the “sheep” from the “goats”, as it were, following is a comparison between the UK’s NHS service, and private healthcare in the United States.

Consider firstly that the NHS of the UK is under intense scrutiny from UK citizens. This is primarily because it represents a government-run option, and as a result citizens hold that option accountable. But there are problems with such systems, as many in America realized when ACA became a codified reality.

Consider this: in America, approximately $3.3 trillion from the GDP is spent on healthcare, or approximately 4.3%. The UK spent about 9.9% of its GDP on healthcare in 2014, or around £179 billion.

Waiting room times for the emergency room in the UK aren’t great, but they are somewhat manageable; meanwhile, the US healthcare system is riddled with much more difficulty, as wait-time statistics there don’t include associated treatment. But something else worth considering here are the numbers associated with population. Even if you work in health industry you won’t be able to avoid some of the health system difficulties.

Population Considerations

One-hundred seventy-nine billion pounds is hardly comparable to 3.3 trillion dollars; especially when you take population into account. America has approximately 323 million citizens. The UK has around 65 million. Basically, the UK is 1/5th the size of the US in terms of population, but they spend almost ten percent of their GDP on healthcare—or more than twice as much as the US.

Meanwhile, the US is five times the size of the UK population-wise, and spends only 4.3% of its GDP on healthcare, as pointed out earlier. In order for the US to have a system of public healthcare that works like that in the UK, citizens would have to be taxed double what they already are. And It’s already been shown that the ACA flat-out doesn’t work—unless, of course, you’re a minority percentage of the population.

The solution? Mixing and matching. As it turns out, there are certain provisions in the US healthcare code which allow those who are covered to sort of “mix-and-match” between government and private provisions.

 

ACA has already expanded the burden of healthcare on US citizens dramatically. Unless those in the US plan on more than doubling what they’re already paying, they’ve got to look into solutions of this kind.

 

Recently, the topic that drew a lot of public attention in the US, is about the Obamacare Penalty changes since December. Apparently, people will still have to pay the Obamacare Penalty for not having health insurance in 2018. For more information on this topic check this article.

Make Your Choice

Here’s where things stand today: for the US to have a “socialized” healthcare system would require a massive hike in taxes—spending would have to be more than doubled to reach the same rate as the UK. As it stands today, the UK is going to cut your paycheck down  34% per $100k. In the US, the same tax comes at approximately $335k.

The question then becomes: be more dependent on the government, and have less money, but available health insurance, or conserve your resources and have less-effective healthcare, but greater personal freedom financially? This is quite the question indeed, and one about which many will have hot opinions for varying reasons.

The bottom line? There’s more comprehensive health coverage in the UK, but it ultimately costs the population more. There’s less effective health coverage in the US, but it also costs less.

How to find the perfect exit point for your trade

Trading in the currency market is not something that you should do every day on a regular basis. In fact, this is the opposite and you should try to do it as less as possible when you can. The professional traders know this and that is the reason they hardly place any trade on the industry. If you look at the novice traders, you will find they are busy with analyzing, knowing the information and placing trades on the market. They spend a hefty amount of their time in their lives in this industry. This article will not tell you why you should not spend much time but it will tell you how you can smartly exit the market when you still can. We are using the phrase “still can’ because many traders find it impossible to exit without losing a significant amount of their investment. We do not want this to happen to you. Trading in this industry is important but what is more important is you know how to exit the market in the right way. Everybody can place a trade but the trader that can exit with the profit at the right time is the winner.

Many traders often say that they are losing money from their profitable trades. Though they know very well about the market structure, they don’t know when to close their trade. Finding the perfect exit point for your trade is very challenging. But if you can learn support and resistance level, things will become very easy for you.

The retail traders might think that complex trading system is the only way to become a profitable trader. They don’t understand the fact that complex trading system will always increase error factors. You should not also follow other people trading strategy. Identify your requirement and based on your needs, develop a simple but effective trading system. Start using the demo trading account and slowly develop your trading strategy. Try to become a long-term trader and ignore the lower time frame to save yourself from the false spike. Unless you trade hit your potential profit level, you should never manually close the trade.

When you have reached your goal

The goal that you should set in this currency market should not be over ambitious. We are happy that you have decided to invest your money in this risky market but that does not mean you are going to gamble this money. Traders do not understand every trade in Forex is the equation of life and death, loss, and profit. There is no randomness and every price have their reasons behind their changes. Your goal should be appropriate with your trading level and you should not try to exceed it. If you are novice trader, making 10 dollars of profit in a week is enough for you. You should be happy and exit the market when you have made this amount. Do not try to hit big and lose the money. If you have made your profit, exit the industry.

When the profit you set has been achieved

Many people get their desired profit in this industry but the reason behind their loss is their greed. They cannot stop their trades and exit the market. They try to let their profit run as long as possible and when the trend changes, they lost the profit. If your desired profit has been achieved, there is no way you should keep this open. Be happy with your small amount as you do not want to lose this money.

When the trend is signaling to change

Before the trend is over, you will notice some changes and unusual patterns on the chart. If these appear, know your time has come to exit the market. It is better to exit trades with small losses than exiting with a big loss in this currency market.

Mobile Marketing Tips for Real Estate Agents

Mobile marketing isn’t optional. Your audience, no matter who they are, is on their smartphone pretty much all the time. Your business needs to be where your customers are, and if you’re sidestepping the importance of mobile marketing, your strategy is not going to be effective according to experts like the mobile app development firm Buildfire.

Mobile marketing provides you with extensive reach, it keeps you front and center for your audience, it builds loyalty, and it ensures that your messages are going directly to the people they’re intended for. People’s phones are always within their reach as well, so you’re never having to worry about losing a connection with your audience if you’re focusing on mobile marketing.

Mobile marketing is especially important for real estate agents and real estate professionals. The following are tips for real estate professionals who are either just starting their mobile marketing plan or want to change their strategy.

Text Messages

Mobile apps are excellent, but sometimes one of the most effective and also simplest way to market to a mobile audience is by text message. You know text messages are going to be seen, and often they’re opened immediately. This isn’t always the case with something like an email.

There are some different specific ways you can use text messages if you’re a real estate professional, including scheduling appointments or calls, updates on listings, offer updates, and links to properties.

With that being said, you do need to have people opt-in to receive this kind of messages from you, as is required by the FTC.

Mobile Apps

When it comes to mobile apps, there are a few different options for real estate professionals. One option is to use existing apps like Zillow, but a lot of realtors and agencies are instead opting to create their own app.

Your app can include information about agents in the company, directories of listings, and general content.

You can also use your app as a way to provide information and education to your audience, right at their fingertips. This fills a need for your audience, and it also keeps your name and your brand fresh in the mind of users.

Make It Responsive

Responsive design is especially important in the real estate industry because it’s so visually driven. However, a lot of businesses tend to think that responsive design just means that things are small on a mobile screen.

There’s a lot more to it than that.

Real estate professionals need to ensure they’re incorporating best practices of responsive design into their mobile marketing. This can include everything from images to video walk-through tours, as well as things like emails and inquiry forms.

Finally, another key element of a real estate professional’s mobile strategy has to be mobile ads. The idea of putting an ad in a magazine is no longer effective in the way it used to be. Real estate professionals should aim for cohesive branding across all elements of their mobile marketing from their texts and emails to their app and then ultimately their ads.

Embrace the idea of using not only paid online ads through Google AdWords and social media but also be innovative with the use of options like Facebook and Instagram Live videos, as well as Snapchat.

3 Famous Celebrities who went bankrupt

With the global economy still fluctuating and no signs of it getting stable this year, there are many individuals and organizations still facing financial woes and might be compelled to declare bankruptcy sometime or later. However, the surprising fact is that bankruptcy is an issue that is not only faced by the common people or small and large companies, but also by celebrities who are said to have earned in their career in millions!

The celebrities do manage to earn a fortune in a very short time, something that cannot be even dreamt by the average individual in his entire life. Despite making huge sums of money during their career in playing, acting or business, a good number of celebrities with household names are found to face financial ruin. This could perhaps be due to some consequences of wrongly taken decisions or lack of future work. Some celebrities are even said to have lost their homes because of non-payment of tax debts.

Three top celebrities who declared bankruptcy

  • Donald Trump: The current president of the United States, Donald Trump was popular for his famous hairstyle, self promotion and high profile romantic exploits. His business is said to have declared bankruptcy between 1991 & 2009 for about six times! He had inherited his father’s real estate family business. He created a fortune by developing large apartment complexes and single family homes, casinos, resorts, golf courses, media productions, luxury residences and much more. With real estate business witnessing downturn during the early 90s and mid to late 2000, he had filed for Chapter 11 Bankruptcy.
  • Mike Tyson: He is one of the most popular boxers who had won the admiration of both the young and the old for his fighting prowess and spirit. Nicknamed ‘Iron Mike’, he entered the frame during the early 1980s and won the WBC heavyweight championship title at an early age of 20+ to become the youngest boxer to get to this mark. He also had a remarkable record of 26 wins from 28 fights by knock-out! During the initial 18 years of his career, he earned over $400 million. But tiffs with the law and his ill fated comeback fight only made his bankrupt in 2003.
  • Nicolas Cage: He is regarded to be Hollywood royalty and has blood relations with some of the prominent Hollywood directors and actors. He found success in acting and won several awards. He earned a fortune between 1996 & 2011, but due to lavish spending and legal troubles caused him to declare bankruptcy.

The above are the top personalities who had declared bankruptcy.

The Biggest Mistakes Small Business Owners Make

Owning a small business can be incredibly rewarding. People generally start businesses they feel passionate about, and it gives them freedom and opportunities to grow that they might not have working for someone else.

At the same time, small business ownership is full of challenges, and as many good times as there might be, there are also bad ones that you have to weather.

You can’t protect yourself against everything as a small business owner, but recognizing common mistakes can help you combat them. The following are some of the biggest mistakes made by so many business owners.

Not Choosing the Right Entity Structure

According to Anderson Advisors, when you’re starting a new business, at the very least you should form an LLC, but this is something a lot of new business owners don’t do. Your business entity may change as it needs to over time, but you should have a minimum level of protection in place.

If you don’t start a business and structure it as an LLC, it can have adverse tax ramifications, but it could also leave you personally liable if you were to be sued as an example.

Setting up the right entity structure isn’t as complex or time-consuming as you might think, and it gives you an advantage in your business from the start. When you don’t choose the right entity, it can cause some problems as well.

For example, you might be putting yourself at risk of facing legal problems, or you may find that because of the entity you selected, it’s challenging to raise capital.

Skipping Research

If you’ve ever seen two businesses that seem pretty similar, except one is successful, and one is not it could boil down to a lack of research and planning. A small business run simply on a good idea alone isn’t likely to be sustainable.

Decision-making at every level needs to be based on data and research. Customers need to be carefully targeted so marketing dollars aren’t wasted. Businesses need to be able to point to why they made the decisions they did, at the time they did. Taking time out for the research is pivotal.

Not Knowing the Numbers

Business owners tend to be big thinkers, and they also tend to be creative, innovative and energetic. These are all great qualities, but sometimes this doesn’t translate well to accounting and understanding the numbers.

Not knowing the numbers of your business or taking a hands-off approach in this area can be irreparably damaging.

If you don’t know what’s going in terms of accounting, you’re not going to know how to be strategic in your objectives. If you outsource your accounting make sure you’re always communicating with the person who handles it for you.

Making Big Purchases Early On

Finally, you’ve started a new business, and you’re understandably enthusiastic. Unfortunately, that’s probably not the right time to make a big purchase unless it’s absolutely necessary.

A lot of startups will make the mistake of investing in an expensive new office space, or the newest technology as an example.

Business owners need to take a step back when they feel the urge to do this and think about whether or not it’s going to help grow revenue. In the early days of a business that has to be the primary objective.

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