fbpx
Connect with us

Others

The Basics of Making Your Money Work for You

Published

on

make money

It’s a common misconception that growing your wealth is a function of how hard you work. Your dedication to the grind plays a pivotal role, to be sure, but it is by no means the only driver on your way to a more comfortable financial situation.

If you’re willing to dip your toes into the money management world, you’ll soon realize that there are simple steps you can take to maximize your paycheck beyond the number you see on your bi-weekly stub. Here are three of those steps for you to consider, apply, and improve your quality of life:

In Your Best Interest

It’s quite easy to find a high-interest savings account that will pay you twenty to thirty times more interest than a savings account at a major bank. This is because interest rates in the developed world are currently quite low, allowing certain financial institutions with low overhead costs to pass these savings along to you.

The idea here is to open one of these high-interest accounts and fund it with the money you reserve for basic expenses. That way, whatever is in it will grow at a steady monthly clip as you go about your day-to-day life. If you’ve done business with your current bank for many years, you may find it more convenient to keep two accounts open—one high-interest savings, and one chequing—and transfer spending money from the former to the latter.

Starting a Business

This point is about creating additional income streams for yourself beyond your main source of employment. Consider hobbies you enjoy that you could monetize and eventually build into thriving businesses, or you can be more strategic and identify a field with an unmet need you’re compelled to find a solution for.

You don’t have to be an expert in your business so long as you’re willing to learn, save some start-up capital, and put in the hard work to give yourself a solid foundation. Part of that foundation should include knowing that, even if you take every precaution as an entrepreneur, setbacks will still find a way to show up at inconvenient times.

It’s conceivable that you might need to resort to a payday lender to get yourself out of trouble. But before you do, shake off the stigma of looking for advice on getting a loan and crunch some numbers to make sure it contributes to your overall financial plan.

Investing in Stocks

Long-term investing means buying shares of stock in the world’s leading companies to participate in their growth, usually through index funds or their actively-managed counterparts. Owning these shares represents an essential step toward long-term wealth accumulation. Over the last two or three decades, they’ve returned an average of 7% per year.

You can open a TFSA or RRSP at any major bank and automate investment contributions to coincide with your paycheck. Thanks to the power of compound interest, your money will appreciate in value as the companies you own become more profitable through new products and services.

Why deprive yourself of a more comfortable financial cushion when the means to acquire one are within reach? In addition to working for money, go ahead and shop around for bank accounts, cook up a new venture or two, and invest surplus funds every month to get your money working for you.

Continue Reading

Others

Four Benefits For Using Quality Labeling Software

Published

on

By

product

When you’re running logistics or making a lot of bulk purchases for your business, making sure your inventory is labeled is absolutely important. Gone are the days where you need to rely on a printing company to print your labels because there’s a lot of label design software out there that can do it all for you at much less the cost. There’s so many things you can do with labeling software, especially when it can be integrated into your other bookkeeping and office software. There are four specific benefits to label printing software that your business can take advantage of.

Custom Label Templates

Printing and graphic design companies can charge quite a bit to design a label that has your own logo and custom design on it. But with quality labeling software, you can design your own labels or use already made templates to create your labels. These labels can even include colored designs, in-store merchandise tags, special warning signs and so much more. You just need to make sure the software allows you to import files and images if you already have designs that are custom-made.

Printing For Shipping Purposes

One of the most common reasons for printing labels is for shipping purposes. If you’re a supplier, it’s important that your boxes, pallets and crates are labeled so that they’re sorted properly in shipping trucks and easier to process once they’re received by your clients. Quality labeling software can help you setup your shipments and make sure they’re classified in different sections and numbered for stock keeping units. For some shipping services, you may need to have a bill of lading software system to be in legal compliance.

Printing Barcodes

You should also have barcodes for your labels because these make it even easier to track, receive and authenticate your products. Once you claim your barcode or QR code, you can minimize the risk of misplacing or having your products stolen and replaced with counterfeits. With good labeling software, you can have barcodes generated without needing to know how to input coding or configure your own algorithms. The label software can have them configured and ready to print with just a few clicks. The kinds of barcodes you can use usually include code 39, interleaved, data matrix, QR, PDF417, and many others. You just want to make sure your barcodes are unique as possible and secured against duplicates.

Flexibility With Different Platforms And Printing Equipment.

Most label printing software today can be used as part of an online suite in which you can purchase a full enterprise suite or only want a small basic version of the print software you need. It won’t matter whether you’re using a Windows, Mac or Linux system or which office suite you’re already using. Cloud-based label printing software can work with whatever operating systems your business is using.

The bottom line is label printing software is easy to acquire even without having to make a huge upfront investment for it like you did in the past. You will need the proper printing equipment, especially if you plan on printing colored labels and barcodes. But much of it is easy to learn and can be picked up quickly without too much technical training. You’ll just need to review the software you want and perhaps try out a free version before subscribing to the full service.

Continue Reading

Others

Business Line of Credit: What is it and How to Apply

Published

on

By

Purpose of line of credit in business

Many business owners understand the importance of credit. Business credit may be in terms of money or goods to be sold and paid for later. Business owners who want a large injection of cash can opt for a business line of credit. It can also be used to help stabilize cash flow, buy inventory, or even cater for an emergency expense. But what is a business line of credit, and what do you need to apply for one?

A Business Line of Credit

A business line of credit is a type of loan offered to businesses where they need money but would not like to take a traditional business loan. The difference between a line of credit and a business loan is that with the line of credit, you can borrow and repay as many times as you wish. The only stipulation is that your business is in good standing financially and that you repay the borrowed amount in time.

A business loan, on the other hand, is money lent out to your business that has to be repaid at a stipulated date. Banks and other lenders will usually let you borrow more money before you fully repay your business line of credit but will not let you do so with a business loan.

Getting a Line of Credit

There are two options when businesses want a line of credit; they can go to traditional lenders or search online. The difference is that online lenders will often charge a higher interest than traditional lenders. That said, many of these lenders will need to see your books. Here, they will check to see that you have strong revenue and a few years of good credit history. Sometimes, they may ask for collateral if you are requesting a larger sum, but this often applies to traditional lenders and not their online counterparts.

As for the documents needed, you will require business and personal tax returns, business financial statements, a balance sheet, profit-and-loss statements as well as the business’s bank account details.

If you decide to go with online lenders and choose Advanced Point Cap, they will require fewer documents than this and usually approve your line of credit faster than most other lenders do. 

Using Your Line of Credit

The most common use of a business line of credit is short-term funding. Some of the areas funded include buying inventory, handling payroll, and supporting supply operations. Some businesses can use their line of credit as their working capital especially when they have an off-season.

Difference Between a Business Line of Credit and a Business Credit Card

Even though business credit cards are also lines of credit, they are different from business lines of credit in some ways. For example, a line of credit will usually have a higher limit than a business credit card. Business credit cards are also uniquely suited for the needs of newer businesses which may not have enough revenue to qualify for a business line of credit.

If your business needs some cash, it would be a good idea to get a business line of credit. These usually have a higher limit than business credit cards and can be used to settle any business-related expenses.

Continue Reading

Others

Kickstart Your Business With These Expert Tips

Published

on

By

business

Congratulations, you have had an amazing business idea! But now it is time to put it into action. This is the challenging sequence of steps that can help you on your way to huge business success if done properly. To help you on your way to a successful business launch, we have compiled a list of tips to help you kickstart your business the right way. 

Find The Niche And Build on It 

When looking to start your start-up business it is important to consider the niche for your particular product or service. Does it provide something new that many people are looking for in your local area? If the answer is yes, this is ideal as you are providing something to customers that they have not seen before. This is likely to take off on the market and provide room for growth for your business model.  

Online Is Just As Important 

In addition to finding your niche, it is vital to remember the importance of online marketing. With many of us spending more and more time on the internet and shopping online, making sure that you are visible to target audiences is just as important. This is an amazing yet simple way of using the internet to your advantage when starting your business. Whether this is marketing over PPC or using social media platforms to build a following and market products, this is an amazing way of building your business as well as the awareness of the brand. This online campaign can be conducted in 2 different ways either using the best of digital marketing services UK has on offer or completing the work in house.

Network As Much As You Can 

When you have begun your online campaign, it is then time to put in the work when it comes to networking. From those in the industry you are looking to break into to those involved in the supply chain, these can all prove to be valuable assets. Whether this is through attending numerous different events or through networking on platforms such as LinkedIn this is a great way to start connecting to those in the industry. 

Focus On The Results 

When you have begun with this process it is then time to look into the results that you are gaining. Look at what is working and look at what is not. This will then help you to make changes to reach the most people with your product launches. This can then be assessed and altered as the company continues to make it grow to ensure that you are reaching as many members of your audience at one time or another. This can continue to be tracked and altered at all times, allowing you to tailor your campaigns specifically. 

Whether you are looking to sell items or you are looking to provide a service to your audiences, there are multiple efficient ways that you can kickstart your company without having to spend a small fortune on marketing. Which will you be starting with? 

Continue Reading

Popular