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7 Killer Personal Finance Lessons to Go From Couch Potato to IRONMAN

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Humans by nature have a competitive drive that compels them to succeed. Great athletes are committed to their training because they want to be the best, and anything less than a championship isn’t enough.

If you’re not an athlete, this urge to prove yourself often manifests itself in the car you drive or the house you live in. But to properly manage your money, you need the dedication of a pro athlete to train your mind and create winning habits.

But if you’re the financial equivalent of a couch potato, you can’t expect to become an IRONMAN overnight. You need to start from where you are and create a plan that works for you.

How to Get Startedpersonal finance ironman the free financial advisor

To reach your personal finance goals, you need to train your mind to stay within a specific budget and have the commitment to stick to your goals. Here are four steps you can take to prepare for the marathon of personal finance:

1.     Put your goals in writing. Many athletes have their team to hold them accountable, but since personal finance is usually a solo venture, writing down your goals can help. Maybe you just want to be debt-free by a certain date, or perhaps you’re trying to save a specific amount for retirement.

When setting goals, it’s important to be specific and realistic about how much of your income you’ll be able to save or put toward paying off your credit card each month.

If you’re thinking of buying a new home or a nice car, do some research to figure out exactly how much it’s going to cost. (This includes taxes, insurance, maintenance, etc.) Don’t leave anything out! Give yourself some cushion in your financial planning for times when unforeseen expenditures interfere with your plans.

2.     Assess where you are compared to where you want to be. World-class runners always know the race times they want to achieve, and they train with that goal in mind. Once you’ve listed your current expenses and goals, brainstorm possible ways to cut spending to reach your ideal financial situation. Where are you now compared to where you want to be?

3.     Consider possible ways to increase your income. Evaluate how a second job, a promotion at your current job, or furthering your education could help you reach your personal finance goals. Carefully evaluate whether the income generated from these options will be worth your time and investment.

4.     Put your plan into action. No matter what level you’re at, you’ve got to start somewhere. For Rocky, it was just a matter of getting out of bed, putting on his sweats and sneakers, and training before the sun rose. Put your routine into action, and stay committed — even if your plan falters from time to time.

3 Lessons for Winning in Finance

Once you put your plan into action, it’s important to maintain a winning mindset. It takes many athletes up to eight years of training to make an Olympic team, so it’s crucial to have the tools in place to maintain motivation.

 1.     Remember: Financial success is a marathon, not a sprint. Most athletes will tell you that a slice of cake once a month isn’t going to kill you. But if you indulge in a slice every other day, it starts to become detrimental. The same rule of moderation in the long haul applies to amassing wealth.

To remain financially healthy, you need to develop the foresight to see how unnecessary expenditures can derail your financial goals in the long term. It’s OK to treat yourself every once in a while, but those weekly shopping sprees and daily lattes add up. Reaching your personal finance goals is an exercise in patience and long-term dedication.

2.     Winners never quit, and quitters never win. You’ve heard this one before, right? Even the best experience failure, but how well you bounce back from setbacks and learn from them ultimately determines whether you reach your goals.

“I’ve missed more than 9,000 shots in my career,” said Michael Jordan. “I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game-winning shot and missed. I’ve failed over and over again in my life. And that is why I succeed.”

Don’t use your failures as an excuse to put your dreams on hold. Just get back on track, and keep moving forward.

3.     There’s no “I” in team. Tim Rees asked nearly 200 elite golfers about their support systems. He found that during stressful matches, golfers with strong support systems performed better than those without. Similarly, your spouse and loved ones can be huge sources of support and motivation in your financial journey. Make sure your family understands your goals and is committed to helping you reach them.

Just as athletes don’t expect to win every single game, you shouldn’t expect to become a millionaire overnight. The road to financial success is a rocky one, and life will throw you unexpected curveballs. The key is a consistent, long-term commitment to saving and spending wisely. If you can do that, you’ll retire with plenty of wins under your belt.

Daniel Wesley is the founder of DebtConsolidation.com, a website that specializes in debt-relief services for businesses and individuals.

Photo: Patrick Theander

3 Tools to Help You Make More Money and Spend Less Time Doing It

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What if there were a way to put less time into your business but earn more money? Entrepreneurs tend to believe everything can be solved by spending more time and money on the job. But if simply investing more time and money would put you on the road to success, you would already be there, wouldn’t you? Entrepreneurs always have the drive. What they sometimes lack, though, is the right tools.

Efficiency experts know we often exert too much effort to accomplish a task. Organization is central to the flow of information and communications. Here are three tools to help you leverage your time and make more money:

Microsoft OneNoteweight scale

The interface is simple to grasp. OneNote enables you to collect all information in one place. No more searching through files and folders to find what you need. OneNote will hold audio, video, and graphic notes, and you can instantly clip things from websites or other documents directly to your notebooks. This is one powerful tool. A similar alternative is Evernote, but there are open source variations, as well. For the busy entrepreneur, it can be simpler and more cost effective to simply stick with the original. Check Microsoft Office online for cloud-based package to help you soar.

Now that your own desk is organized, get your team on board. Project management programs can be way too complicated. Unless you are building a space shuttle, you probably don’t need an elaborate communications system. Most of us can get by just fine with a simple board to post notes and track task status.

Trello

Life doesn’t get much simpler than this. Trello offers a straightforward interface of columns with text blocks that can be moved from one position to the next. A task may start out in the “To Do” list, move to “In Progress,” and end up “Finished.” You title the columns and decide your own system. Trello records it and allows you to share access with team members. Trello also offers a paid version with a little more flexibility. Breeze is a paid service very much like Trello, but with time tracking.

Leads are vital to any business. You can have the best sales funnel ever constructed, but if no prospects are entering, there will be no sales. Most businesses will spend lavishly on website development, SEO, and paid ads to develop leads, but balk at taking advantage of a service that provides targeted leads. The best practice is utilizing a good mix of sources.

Quote Wizard

The best lead services don’t try to be everything to everyone. Rather, they concentrate on a specific niche. Quote Wizard, for example, focuses on insurance leads. Reduce cold-calling and praying for an appointment. With targeted leads, your presentation and close rates can jump-start success and boost enthusiasm. For other niches, search to find a similar service that fits your needs.

Organization, project management, lead development: three areas where the right tools can make all the difference. Are there other service you are using for leverage? Let us know in the comments below.

4 Things To Consider When Looking For An Online Accounting Degree

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Whether you’re looking to change careers, enhance your skills, or simply follow a passion, there are a number of options to choose from in terms of online courses.The accountancy field is growing in popularity in today’s job market and is ideal if you like or prefer to work with numbers, although the coursework is demanding. There are many online accounting degrees offered by respected and reputable programs, but one of the biggest challenges you will face is finding a program suitable for you. Below are four things you should consider when searching and applying for an online accounting degree.

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Image via Flickr by psd

Flexibility

Flexibility can also tie in with the cost of a program, especially if you plan to continue working, but you should consider the hours you will be able to put into earning your degree. Most online courses are flexible and offer full-time or part-time options, allowing you to work and study at times convenient to you. However, be advised that registering for a program will come with mandatory deadlines and other important dates for assignments or exams, which may coincide your work schedule or other important affairs.

Reputation and Accreditation

A program’s reputation and accreditation are important factors when selecting any academic program. If you wish to study accountancy online, be aware that many firms will want to see that you are well-prepared for the Certified Public Accountant exam. The accreditation of the degree program also justifies that it meets all required standards. An accreditation, depending on its association and regional location, could also be beneficial when you are networking for future employment.

Ranking

A program’s rank usually consists of factors such as accreditation, reputation, and cost, but most importantly, it shows what the past and current students have to say about the program as a whole. Student satisfaction weighs heavily for a school’s rank, thus informing you about what to expect in a program and whether the program matches your needs. Cost also plays an important role in a program’s rank, prompting you to determine if the time and money invested are worth it.

Cost

If you pursue a degree in accounting, you most likely have a knack for numbers. Needless to say, online degrees vary in numbers when it comes to pricing. Though the average cost for an online accounting degree is around $22,000, there are others offered at substantially lower tuition prices that still hold a high rank and reputation for program quality. It is important to note that prices also differ if you are a resident or non-resident of a school’s home state, as well as any association you have with the military.

Even if cost isn’t a concern, it is still crucial to review the other qualities listed above to make an educated decision when choosing an online accounting degree. It may also be worthwhile to check online forums, reviews, and other recommendations about what previously or currently enrolled students have to say about their experience before selecting a program.

3 Keys to Small Business Success

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Let’s turn our attention to business owners before the weekend! 

Looking for ways to make your business surge? When I was an advisor, small business owners would ask me to help them attack their problems. Often I’d find people lacking in these three areas.

Clean Up Your Dashboard

Not only can you run your business from one single platform….you’ll save time and avoid aggravation.

Here’s the analogy: you’re headed on a road trip. Do you have five dashboards or just one? Whether you’re a business person or not, an effective dashboard is crucial to getting where you’re going. Finding a way to handle everything from payments to inventory to customer contacts, all in one place not only makes business easier for the business owner, but it cuts out a lot of jumping around when you’re trying to keep your business running smoothly.

If you’re going to be in business, shouldn’t you run it professionally? I believe half of the “game” of winning in any business is to invest appropriately. Many products out there that can cover all your business needs in one place. A good mobile POS system, for example, allows you to sell your products in your store and online as well as accept payments, manage your inventory, track sales, and refunds plus many other things. Years ago accepting credit card payments in your business meant a long and tedious process of filling out a form and then making a carbon copy of the customer’s credit card. The other options were to be strictly cash or accept checks which carried another set of risks, such as wondering if the check would clear or bounce. In most cases the business owner had to cover the check and bank fees themselves as well as be out the goods that the shopper walked out the door with. Implementing a system platform such as Shopify’s POS, not only takes a lot of risk out of your business but it just makes good sense as a business owner.

Think about inventory controls before mobile platforms existed. Knowing what you had available to sell was a living nightmare to track, and it was pretty close to impossible to know where your sales were coming from. Marketing? There were no good ways to tell if your business was more word of mouth or newspaper ads.

If you’re running a business or managing your household, having a single platform that does all this for your business is one of the most powerful tools you can have. Having the right platform to run your business from is also about having the right sales strategy to go with it.

It's cliche to talk about Apple, but here's single platform, image and sales training by the book....in their Genius Bar.

It’s cliche to talk about Apple, but here’s single platform, image and sales training by the book….in their Genius Bar.

The Right Sales Strategy Can Make or Break Your Business

Sales strategy is not just about cutouts and displays, nor is it only about payment processing and marketing. It is about attitude and learning sales techniques. Inc. Magazine recently blogged about sales strategy, stating that in any selling/buying decision, it might seem obvious, but you need to know who the decision maker really is.

For example, if your business sells furniture, then many people in your customer base will be married couples. I hate furniture stores because I feel like the salespeople are sharks. It’s my least favorite type of buying. To sell to a person like me, you should become the “anti-furniture” store. Teach your staff to track subtle clues instead of hounding customers. Create training programs to hone your listening skills. Does one spouse ask another permission to make purchases, or does one person say “I think I’ll buy this one.” How strong a buyer are they? Be careful to be professional enough to seem knowledgeable, but easy going enough that customers feel like they can relax around you. Speak in turn, and don’t control conversations. I’m there to look at furniture, not to chat about your golf game. Give people space when they seem like they need it. You’ll seem different, and in the furniture business (or nearly any business) different is good.

Image Is Everything

I wrote earlier this week about my dermatologist who shared his political beliefs. Really? Create a system of self-checks and company image rules for your employees. In a story put out by The Guardian, people (not shockingly) responded differently to foul language as opposed to an abbreviated form, such as, “That really “P’ed” me off” instead of the real thing. Foul-mouthed employees in general always amaze me. Can’t figure out why your customer is stand offish? That’s probably why.

While many training programs stress mirroring your customers, there’s still a line in the sand. Even if your customer uses offensive language you would be better not to join in. It would be a shame to build your business, then implement the right platform, then get your marketing in place and then destroy it all with being offensive. Don’t make the mistake of thinking that all you need it the right equipment to look good. The face of the company sets the tone for it all. A positive attitude is king when it comes to dealing with the public, and according to right.com, if you garner a good positive attitude, whether you are the boss or an employee, the people you work with will also have a more positive attitude.

…and like anything, rather than changing the people around you, it all starts with changing you.

Photo: pingping

Save Money: 4 Items To Buy Online

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Online Purchases
According to the Economic Policy Institute, the average family budget for a two-parent and two-child family runs $48,166 in Marshall County, Mississippi, to $94,676 in New York City. Meanwhile, costs like childcare in Washington D.C. for just one child run $1,318. The institute found even in solid economic conditions, low-wage jobs would not cover basic family needs. Annual wages for a full-time minimum wage worker run $15,080 which makes it difficult, if not impossible, to live in even an inexpensive area.

While you may not be able to control the cost of living in your area or your wages, there are ways you can save money. Shop online for often overlooked necessities like groceries and eyeglasses, and dramatically slash your budget. Here’s a look at items you should always buy online to beat brick and mortar stores at their own game.

Groceries

A weekly grocery bill for an average family of four runs about $200, according to the USDA Center for Nutrition Policy and Promotion. Spending just short of $800 a month just on groceries is a serious budget breaker. Trim your costs by buying groceries online with sites like Amazon or Walmart. Amazon offers a subscription service where you can sign-up to receive orders on everything from paper towels to cereal to arrive at a set date and time of your choosing. Aside from convenience, signing up for a subscription can lower your order costs.

Walmart offers a wide range of products and brands like Betty Crocker and Campbell’s at prices that will beat most competitors. You’ll also get free shipping on orders of $50 or more and save yourself the time and trouble of dragging the kids to the grocery store and unloading when you get home.

Eyeglasses

Shopping for new frames at your eye doctors could cost hundreds of dollars for a designer brand. Even discount eyewear retailers like LensCrafters will usually charge around $100 for glasses. Meanwhile, sites like ZenniOptical.com offer prescription frames starting at just $6.95 for men, women and children. The lower cost means less stress over picking out frames and even keeping a back-up on hand for active kids prone to breaking their eyewear. The downside is returns can be tricky with Zenni only offering 50 percent of the value upon return.

Tires

It can be intimidating to order tires online and know what to do once you hit “buy.” But online retailers can take care of all the logistics for you. Such retailers can connect you with recommended tire shops to install them. Tires are shipped for free and arrive fast so you can get up and running quickly. Online tire outlets are also likely to offer ongoing promotions and discounts to save you even more money than walking into a store.

Electronics

Skip the high pressure from salesmen and order electronics online at a discount. Shop online for electronics from stores like Costco and BJ’s Wholesale. You will need to buy a membership at $55 or more a year just to shop, but the savings can still add up. If you don’t care about name brands, buy the generic house brand instead. Wholesale retailers are also likely to carry Sony TVs next to affordable Vizio flat screens for hundreds of dollars less. Costco in particular is great, their customer service is fantastic and their return policy is first rate.

Cutting the Cord: How and Why You Should Eliminate Cable TV

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Nearly everyone has seen a sci-fi or futuristic movie that shows a dystopian future where television has gone out of control, featuring thousands of channels with nothing worth watching. Unfortunately, that future seems more realistic every day, and with the continuously rising prices of cable and satellite television, many people are choosing to cut the cord and switch to other alternatives. The FCC recently completed a study showing the average basic cable bill is over $64 per month before taxes and surcharges, and that doesn’t include any premium shows or channels at all.

Controller

The most obvious extreme is to stop paying for television all together. Whether you realize it or not, every major city in the country still transmits television over the air at little to no cost to you. Basic channels are still available to anyone with a regular antenna, and for a one time minimal charge, you can pick up an HD or digital antenna to get the local shows in high definition.

If you’re looking for something a little more than what an antenna can provide, the obvious choice is to turn to the Internet. Whether you choose to watch from your computer or have the ability to connect your TV to your computer source, there are a few streaming options that can save you loads of cash every month.

Hulu Plus

This service is great if you’re looking to watch TV shows right when they come out. Most are usually up and running on their website no more than a day after it premiers on cable, and they have a wide variety of both TV shows and movies available for streaming.

Cost: $7.99 per month with a free trial available.

Netflix

If you aren’t worried about watching new releases right when they come out, this is a great option. With a wide variety of complete seasons of television, a huge selection of movies and several critically acclaimed original programs, you can watch whatever you want whenever you want. And, with their focus on cross platform streaming, you can use nearly any device.

Cost: $7.99 per month with free trial available.

Amazon Prime and iTunes

The advantage to these two options is that you can stream shows from your devicesand download movies and episodes to watch even when you might be out of Internet service.

Cost: Amazon Prime is $79 per year with 1 month free trial; iTunes varies per purchase.

Roku Streaming Player

The Roku streaming media player plugs directly into your television and uses your Wi-Fi to connect you directly to Hulu. There are a variety of options ranging from a simple USB Streaming Stick to the new Roku 3, which has Hulu, Netflix, Amazon, HBO Go and others.

Cost: $49–$99 with various free trials.

Apple TV

This product from Apple will essentially turn your TV into a streaming machine without the need for a direct connection to your computer. With access to all the major streaming services, you also can connect directly to your iTunes account, giving you access to purchased songs and streaming from iTunes Radio.

Cost: $99

Ultimately the choice is yours, but with so many options available to you, the decision to cut the cord just makes good financial sense.

Resolutions for 2015: Take Your Inventory Live

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Own a business? It’s your lucky day! Here’s a way to stretch more money out of 2015…..

What hopes do you have for your business in the New Year? Would you like to grow, or add new locations? Getting a grip on your cash flow, inventory, and day-to-day operations is the best step that you can take. By changing to a live inventory system with a POS system you can understand everything that’s happening with your business.

First StepsScreen Shot 2014-10-30 at 8.25.55 AM

New Year’s resolutions are typically easy to make but hard to follow through on, but making a resolution to implement live inventory tracking and point-of-sale system is an easier resolution to keep than you think. Point-of-sale systems are no longer a $20,000 proposition piled with a nightmare web of expensive maintenance contracts and proprietary software. In fact, it is possible to obtain a complete point-of-sale system for around $1500. With the addition of a barcode label and a barcode scanner you’ll have everything you need in order to start taking your inventory live right out of the box. You want to avoid the hazards of assembling a POS bit by bit, which Microsoft points out can cost you a great deal of extra money that you need not spend.

Whatever your reasons for implementing this new system you should know that it is one of the best things you could do for your business. Shrinkage, a perpetual problem in retail and wholesale, can be effectively addressed through inventory control information systems. The Houston Chronicle states that by tying inventory to sales, it is possible to stop or reduce shrinkage that is costing you money every single day. It is estimated that some $13 billion a year is lost to shoplifting alone, that leaves out shrinkage from internal theft, and data entry errors. Getting started is easy:

  • Make a master list of every item in your storefront, stockroom or warehouse. You might want to do these on old-fashioned index cards with information such as SKU/item number, unit of measure, purchase cost, vendor information, and a basic description.
  • Using your barcode label printer (many eCommerce vendors like Shopify offer good printers and scanners) and barcoding software to generate barcodes for any inventory that does not already have them. Typically an SKU or item number will appear along with the barcode from the OEM, you will need to make sure this matches the SKU or item number that you have previously recorded.
  • You will also want to record the location of the items. For example, you may want to denote specific locations where an item is stocked. You may wish to have one barcode for items on the shelf in your stockroom, and a different barcode for items in your storefront. In the case of having more than one storefront you can even designate which store and which stockroom where the item currently resides.
  • Now you’re ready to start the initial inventory. You may want to close down in order to complete this part. It can be very disruptive to business, which is why many stores will close down at the end of the year in order to take their inventory. If you cannot close down set aside a certain amount of goods in a separate inventory to keep the business operational.
  • Make sure you have enough staff and barcode scanners, and bring everyone together to set out the order of march. Assign your personnel to their sections and tackle the job sequentially and systematically.
  • Mark every completed location with a sticker so that it is not counted again, and you may also wish to have the staff member’s initials on each sticker so that you will know who counted each section.
  • Reconcile the inventory against your accounting balances. You may find substantial discrepancies between what you have in your actual inventory and what you have in the books. Take the time to find out what is causing the discrepancies, and then get ready to go live with your new inventory process.

Garbage In, Garbage Out

You get out what you put in. Your new inventory process is only as good as the data that you enter. Especially with an online business….you opened it up to be efficient, so keeping your data as clean as possible by instituting policies with your sales, stock, and management people will keep things moving smoothly. Getting a better grip on your inventory will allow you to streamline your ordering processes, without overextending your cash flow or choking the flow of goods from the vendor to your business to your customer. You will also eliminate what Logistics Management says is one of the key overlooked problems of excess inventory, the expense of maintaining it. Inventory requires storage, square footage, maintenance, and other staff attentions. Excess inventory costs in these areas can over time exceed the value of the actual merchandise. By streamlining your order processes you’ll be able to understand what items are moving, what items are not, and what you really need to mark down and get rid of. While you might not ever completely eliminate clunkers, at least you will know what does and does not work for you.

SME Business Focus: Is Invoice Financing for You?

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Start-up companies and SMEs that have managed to survive the economic crisis are now looking at brighter business skies. However, even though the growth reported by SMEs has risen in the last year, there is still a marked reluctance by banks and major lenders to provide financing for smaller firms. In order to fund growth and development, many SMEs are turning to alternative finance sources. One way in which companies can free cashflow is by using an invoice finance or factoring service. If you are interested in securing finance for your business that doesn’t pose huge financial risks, read on.

Bank

Advantages of Invoice Financing 

Invoice finance, factoring, and invoice discounting frees up the money that is tied into invoices and allows companies access to this money before the invoices are paid. When this tied-up capital is made available, businesses can use the cash to run their day-to-day operations or expand in the future. According to ultimatefinance.co.uk, one of the key benefits of the invoice financing system is the flexibility. You can access funds from invoices within days, rather than waiting months for an invoice to be paid. With this flexible source of funds you can choose to put business plans into action right away, or use the money to wait until the right moment comes to expand.

Avoid the Pitfalls of Common Financing Choices 

According to StepChange, the charity involved in dealing with debt, the number of people who have got into trouble with payday loans rose by 42 percent since 2013. Payday loans may seem like an attractive option as they offer ready money, but the fees are so steep that businesses can quickly discover themselves dealing with financial problems – particularly if companies regularly take out these loans. The APR on these loans is staggering. While it may be obvious to many people, others do not consider the representative APR when deciding which loan to take out – they only focus on how fast they can get the money and the amount of money that can borrow. Invoice financing is a much more affordable, less risky, and better value way of freeing money to use for business costs.

What Do You Need to Consider?

Bear in mind that the type of invoice you supply may affect the ability to get invoice financing. For example, most financiers will only buy commercial invoices so selling goods to the public may not be eligible. Be careful if you turn over the sales ledger to an invoicing company as your customers may prefer that you deal with them directly, not a third party – however, there are options available that allow you to retain control. You can also opt for confidential invoice finance where your customers are not aware that you are using a service. Always make sure you choose a reputable and established provider as it could ultimately affect the relationship with your customers if the company offers a bad service.

Sources: http://www.independent.co.uk/money/spend-save/money-insider-invoice-discounting-allows-firms-to-grow-9715857.html

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

 

Online Businesses: Lots and Lots of Benefits

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Today we’re pretty excited about owning online properties. I thought it’d be worthwhile to explore all of the benefits, especially for people reading this blog considering jumping into the fun!

Instead of hoping for a dream job and a big salary, owning your own online business can open many doors for you and buy you more benefits. On top of the perks many people talk about, like working from home and flexible hours, it also can keep costs down, helping you financially. Internet businesses normally operate at a fraction of the cost of brick and mortar stores. While with traditional businesses you would need to rent or purchase a building, Internet businesses are all online. Many programs such as Shopify simplify the process of starting up your business. It’s a smoother, easier glide path to profits. Compared to the thousands of dollars you’d spend in renting out space, you’d only have to dish out a couple hundred a month at most. Home Office Free Financial Advisor

General Benefits in Doing Business Online

  1. As popular website InternetBusinessJunkie mentions, you have the ability to reach more people if you do business online. Traditional businesses that have a set location don’t reach nearly as many countries as an online business does. Most online businesses have the ability to do national as well as international sales. This blog alone is read in over 35 different countries on a consistent basis!
  2. You can leverage the usage and growth of the internet. The best way to market your business is by networking and there are many free and low cost ways to market online.  Social media is a great free resource to do most of your networking.
  3. You are able to work wherever it’s convenient. As long as you have a laptop or tablet, you can work virtually anywhere with just a WiFi connection. This allows you to keep a more flexible schedule so you can work whenever you need to.
  4. No more commuting. This saves a ton of time and money, especially with gas prices these days. I wake up every day and walk over to my home office and begin working.
  5. Though you are responsible for your own taxes, as Smallbusiness mentions, this could work to your advantage. As long as you remember to, you are able to take out as much or as little as you please. By the end of the year, by paying in taxes as you go, you’re in control of how much you will receive back or if you’ll owe more all at the due date.
  6. It has been said that the Internet has created an economy all of its own. Since millions of people are doing business online, it is only a matter of time before many traditional businesses become a thing of the past. Dbwebdoctor states that in years to come, eCommerce will obtain its main growth from small and mid-sized businesses.

Be Set For Life Financially

Unlike traditional businesses, online businesses operate 24/7. This means that while you sleep, you’re still receiving orders from customers worldwide. This could take the guesswork out of figuring out the right hours to be open. Being the sole owner of your business also means that you set your own wages. You can determine what your products should be priced at instead of listening to the head of a corporate business telling you what to do.

Once you learn the ins and outs of selling online, you have what we refer to as “blue sky” potential. Sure, there are going to be some trial and error runs regarding what products you should sell, but once you know how to sell online, making money will follow. Building a business online also gives you the ability to work for something that you love to do, according to Lifehack. How many people out there can honestly say that they are working towards what they are passionate about and they love what they do?

Resources to help are also plentiful. There are pools of designers and programmers available to hire at places like eLance or Odesk, among others, if you need help building any aspect of your website. There are freelance writers who will write articles for your website and virtual assistants who can take care of tedious details concerning your business. This could take a lot of pressure off of your shoulders while you deal with your product line and customers. The Free Financial Advisor works with a programmer in Minnesota, a virtual assistant in Michigan and another in the Philippines, as an example.

If you have children and are currently paying for child care, this is another expense you can think about canceling. Since you have the ability to work from home, you won’t have the need to spend hundreds of dollars a week for a babysitter. Though you may want to hire a babysitter once or twice a week if it becomes too much of a distraction juggling all of your responsibilities, you won’t pay nearly as much as if you went back to a full time daycare.

Between saving money on everyday expenses and making money at your own leisure, if you are dedicated to your business, you will be able to make it work. There are many resources online that can help you through your journey to owning your own business.

Photo: Lisa Risager

5 Apps To Simplify Your Finances

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Online chartOnly 30 percent of Americans prepare a long-term financial plan including investment goals, states a poll by Gallup. That means 70 percent of people are figuring out their financial plans as they go and hoping the numbers add up somewhere along the way. If you want to be part of the 30 percent, there are ways to simplify the financial planning process from paying bills to knowing where to invest. Take the tedium out of creating a budget and savings plan by downloading a few apps to your smartphone to put you on the right track.

Mint

Simplify your banking and savings accounts, investments, credit cards and loans by having them all in one place. With Mint you can set up your accounts and get an easy-to-read, simplified graph to show how much you’re spending and where. Mint also lets you design a budget, and it will alert you when you’ve gone over or when you’re getting close. It is ideal for those working towards a financial goal like paying off a credit card or a trip abroad because it allows you to set a plan and watch your progress. Seeing how close you’re getting also can help motivate you to push harder towards your finish line.

LikeFolio

Don’t let the overwhelming amount of investment advice stop you from taking action. LikeFolio figures out which companies you and your friends like and talk about most so you can invest in them. The idea is that you should invest in companies you already know and love. LikeFolio pours through your social media status updates for any mentions of brands and products, and then helps give you more information for your potential investments.

Expensify

Expensify is for anyone who hates expense reports and wants to streamline the process. It’s free to upload or email an unlimited amount of receipts, and it allows you to quickly add cash expenses and import your credit and debit card transactions. You also can add mileage, time and other billable expenses as needed. Use their SmartScan process to help separate receipts and type out the following information on your behalf. It shows the merchant name, transaction date and amount. The first month is free, and $5 per month after that.

Check

Pay all your bills in one place with the free app called Check. Get instant alerts for upcoming bills, finance charges and other financial activity. It takes a little time to set-up all of your accounts, but once it’s set, Check does all the work for you. When bills are due, simply log in on your smartphone or other device and pay quickly and safely. The app promises bank-level security and real time alerts so you can monitor large expenses and deposits.

Wally

This highly intuitive app makes financial management easy with a 360 degree view of your money. Wally consistently gets rave reviews for its simple interface, which is both pleasant to look at and use. Get a glimpse of all your activity from spending to savings while Wally helps you figure out where your money is going. Like Expensify, Wally also has an InstaScan feature to scan a receipt for an expense report or your own records.