Category: Business

Having multiple income streams will not only enable you to reach your financial freedom but will lessen the negative impact brought by various crises. Nowadays, people make it to a point to have sidelines or passive incomes. It is only in crises that people see the importance of side hustles.

Interestingly, many multimillion-dollar companies started through side hustles. They have perceived that through the ongoing social and environmental problems, their products and services can make people’s lives better.

With side hustles, people became more innovative and creative. They allocate time to elevate their skills to deliver promising products and services. Not all employees experience continuous training on their daytime job. There are different aspects in life that foster growth that people with side hustle discover.

Another important thing that a side hustle can bring you is a sense of fulfillment. According to successful CEOs, no matter how much you earn in your side hustles what is more important is, it is fulfilling. Doing side hustles is an avenue for most people to pursue what they are passionate about until ultimately they can make it as their own business.

Amidst of crisis, some people were able to pull off their start-up business. People who are in the food industry and online shopping made it to the point to improve their logistics to facilitate better delivery services With their initiatives, they were able to create more jobs for people which is very helpful in the country’s economy.

The current pandemic showed to us the importance of side hustles. The diversified sources of income allow us to survive amidst the different challenges brought by COVID-19. Indeed, struggles due to today’s situations made us to move on stronger and wiser.

The current pandemic enables people to go beyond what they can do to earn some extra income. Most people begin to sell valuable products or monetize their skills. If you are planning to become an entrepreneur, this article will impart ways to start your own business.

Every business aims to solve social issues and current problems through its products and services. The bigger the problem you are solving, the more your business is sustainable and impactful for many. However, according to the article of Entrepreneur.com, it’s better to solve for a specific one, wherein you can competently talk about solving that particular issue.

Moreover, no matter what stage you are at right now, keep in mind that businesses occur due to ‘demand’. To identify a demand, always choose a niche you want to cater to. You can’t settle for a vast crowd. You don’t want to sell your products and services to everyone. That’s is difficult.

One of the ways to start your business is to identify how can you give value to your chosen niche. Always think how can you differentiate your business from your competitors. By doing this, you are building a strong identity in the industry where you belong. Note that the problem you chose to solve through your business is one way of creating value.

Respectively, when you are starting a business, learn to be innovative. Where can you see your business five years from now? What are other products and services that can add more value to your business?

To achieve this, you need to spend time learning. When you are a business owner, learning should be a part of your journey. Successful CEOs handle their companies well because they do not settle on what they currently know—as startups, it is a vital habit that you should adopt to make your business successful.

Learning entails asking for guidance from more experienced individuals. Seeking help from other people is a big help for more business opportunities and growth. Be open-minded when starting a business because there are things that you have not seen but others do.

Starting your own businesses nowadays may be challenging but taking note of these simple ways can make things easier for you. Keep in mind that having your own business is rollercoaster ride but in the end, everything will be worth it.

Compared to traditional banks, digital banks offer higher interest rates to entice more clients to entrust their money. Amidst today’s situations, various digital banks are opening to introduce the convenience of financial technology.

Traditional banks have consumers regard as reliable and secure places to save their hard-earned money. As a result, they’ve witnessed a steady increase in deposits. They don’t need to provide greater interest rates on deposit accounts to entice clients.

Digitally operated banks, on the other, do not need a physical branch to operate. They have a growing demand for their loan- or fee-based products which outpaced their ability to attract deposits. Thus, they set higher interest rates to entice more clients nowadays.

Are digital banks safe? Well, know your risk appetite. Compared to traditional banks, they only have customer service that can be reached through their web-based or bank apps to assist you with your banking concerns. What’s interesting is that they are open 24/7 to assist you. Moreover, the security of your money is also something to be aware of while dealing with digital banks. Not all digital banks are made equal, so it’s crucial for customers to know what they’re looking for and do their investigation — selecting an FDIC-insured digital bank product.

To entice clients nowadays, digital banks obtain no fees when transacting. As cited in the report of Forbes, convenience is the number one selling point of today’s digitized banks since they allow people to conduct cashless payments, especially with the ongoing pandemic.

Digitized banks are emerging because it is hassle-free when checking your balances, transaction history, and payments. They can also directly promote their new services and even communicate their advisory to you.

Start-up entrepreneurs struggle to obtain funds to begin their businesses. Before starting your own enterprise, know the importance of raising capital for start-ups.

Money is vital for start-up business owners not just to begin their operations but also for survival. It is important to be cautious not to spend all your funds before launching your business. As cited in the report of Forbes, the Start-up Genome project determined that most start-ups fail due to pre-mature scaling, wherein capital is spent much before the venture starts. Challenges during the early stage of your business can’t be resolved abruptly by money.

Another thing you should know about raising capital for start-ups is to allocate money for developing your products against your market. As a newbie to the business world, conducting research especially in your target market is necessary. Developing some prototypes entail investment before launching. Customer feedback and enhancements can be acquired once you conduct such testing.

Further, funds should be used when investing in your business model. After creating products that are identified as product-market fit, learn to make strategies for sustainability and scaling up. With the feedback you attained from your customers, you can draw ideas on how to scale up your business.

In scaling up, it is important to consider on how your products address certain problems or make consumers’ lives convenient. As start-ups, it is significant to be innovative. Do not just settle for things that you do from the onset of your business.

Raising capital for start-ups is not limited to the preparation of business operations. It is important to know that the funds you attain should be allocated in the different stages of your business.

Not all start-up entrepreneurs reach the maturity of their businesses. New players in the market may experience various pitfalls. But here are five things that business enthusiasts should avoid.

1.        Not staying close to your customers

As new players in the market, the first years in your business entails to build relationship towards your customers and suppliers. Your customers will generate the significant profit that you need for your business to continue. Always think of ways how you will stay close to your customers. Ideally, asking feedback from your customers will help not only in nurturing relationships but also making your products and services better.

2.        Doing everything by yourself

In business, you can optimize more opportunities if you have a team to work with. Having various projects alone is really costly. If you want to focus more on things you are passionate about, invite more people to ride on your boat. Some start-up entrepreneurs failed to realize that in order to reach their maturity, wherein customers are gradually increasing and more products and services shall be offered, they need people to help them achieve these milestones.

3.        Being close minded

Another tip from start-up entrepreneurs imparted is to share your ideas to people who can help you. Your ideas will be nothing without proper execution. In order to take adequate action, learn to impart your ideas with potential customers and partners so that you will have a different perspectives about your ideas.

As cited in Forbes report, Arthur Menard of Spartan shared his frustration of believing on not to divulge his ideas. But he figured out that successful business owners discuss their ideas with their colleagues. For him, sharing your ideas to other people will help you attain early feedback that can enhance your plans.

4.        Not pursuing innovation

To avoid experiencing entropy, wherein chaotic management occurs brought by maintaining status quo, business owners should strive to innovate. Ensuing practical business solutions is the key to optimize more opportunities.

5.        Being impatient

Losing your patience will not help you attain the success you are seeking. Always trust the processes that you are experiencing. It is ideal to set your goals and build a system. Your small progress contributes to the success that you are planting in the future. Thus, do not be impatient.