Home : Business
10 mistakes to steer clear of when starting an online business
Business

10 mistakes to steer clear of when starting an online business

Starting a company online may require lesser effort. But, budding entrepreneurs tend to make avoidable mistakes, affecting their business operations. Some of these mistakes include miscalculating profits or trying to fulfill various customer demands from the very beginning. To improve the chances of success in running an online business, here are the ten most common mistakes one must avoid right from the get-go. Avoiding these errors can help the business stabilize and grow. Not having a plan of action A formal business plan of 20 pages is not necessary for a successful online business. But one must chalk out at least a rough framework regarding the organization’s target customers, expectations, products to be sold, and expected prices. In addition, keeping a record of available cash is essential. Stressing too much on minor details. The first thing a startup should focus on is working on those operations that will take the business off the ground. Even though this advice seems too obvious, most business owners lose focus on the main task at hand and get diverted to insignificant details like the appearance of business cards or company logos. Not thinking about money Most business owners do not worry about the funds before it is too late.
Avoid these 10 mistakes when starting an online business
Business

Avoid these 10 mistakes when starting an online business

Consumers have turned to different online modes to shop or book a service appointment. Starting an online business can be challenging and tricky. Online businesses offer massive benefits and can be expanded to provide goods or services in more than one location. But there are inevitable mistakes that may not make the business a success or may act as a hindrance to progress. Therefore, it is important to be aware of every aspect of an online business. No business plan It is good to have a business idea. But having a base business plan is also essential. This plan will give an outline for starting the business and will also help attract and impress investors as it will give an idea of using the provided funds. It will also help in setting a timeline for when you anticipate the business to break even. Delaying the launch Evaluation and research are good, but taking too much time exploring and not starting your online business on time may be the biggest mistake. A longer launch timeline may also provide competitors an opportunity to launch a similar business. Also, launching the product on time will provide you with sustainable revenue. Lack of passion for the business Sometimes, people start their business without passion, dedication and commitment to that particular product or service.
4 printing mistakes and ways to avoid them
Business

4 printing mistakes and ways to avoid them

When it comes to printing, some mistakes can prove more costly than others. It is important to learn to recognize mistakes early and correct them so that you can get the best quality prints. From leaving the right margins to choosing the correct print quality, being aware of minor details can help. Here are four common printing mistakes and ways to avoid them, so you get a quality print each time. Not creating bleeding space Even though machines have become far more precise in cutting artwork to its intended size, you may still find 1-2 mm of inconsistency. Not adding bleeding space will result in a thin white border around your artwork. To rectify this, create a bleed or extra space of 5 mm around your image, so even if the paper moves, there won’t be any white space on the print. Printing in RGB If you’re wondering why your print doesn’t match the colors on the screen, it may be because you are printing in RGB color mode. Artworks and documents set in RGB are meant for digital viewing, whereas those set in CMYK are meant for print. To avoid this error, ensure that the color mode of your design is set to CMYK.
5 mistakes to avoid for a successful business call
Business

5 mistakes to avoid for a successful business call

In today’s globalized world, phone and video calls are indispensable means of business communication. However, many make communication errors that can affect their reputation and professional relationships. In addition to paying attention and responding politely, you should try to master the skills required for handling client concerns on calls. If you want your calls with clients and colleagues to be smooth and productive, here are a few common errors to avoid during business calls.  Being unprepared Not preparing before answering or making a call is one of the most serious mistakes to avoid. Looking up the company or individual, you are calling, gathering relevant data, and making a list of key points to discuss are crucial steps in making business phone calls. Not doing your due diligence could make you seem less confident and unable to effectively convey your message. Not introducing yourself Failing to introduce yourself can confuse people and make them uncomfortable continuing the conversation. So, mention your and the organization’s name at the start of the conversation to ensure everyone on the call knows who is on the other end. Not focusing on the discussion Talking too often, zoning out, and not paying attention to the conversation are signs of ineffective communication.
POS systems for small businesses – Benefits and top picks
Business

POS systems for small businesses – Benefits and top picks

In today’s fast-paced business landscape, small enterprises must streamline their operations to stay competitive. Investing in a good point of sale (POS) system is one way to do that. These systems help enhance sales and inventory management and provide data-driven insights, contributing to overall business success. Here, we will list the benefits of POS systems for small businesses and a few best options. But first, let’s understand what exactly a POS system is. What’s a POS system? A POS system is a crucial tool for optimizing operations and managing different aspects of a business. It includes hardware devices like barcode scanners, card readers, cash registers, and receipt printers. It also includes software solutions for price calculation, payment processing, inventory tracking, and other functionalities. Benefits of POS systems for small businesses Here are some significant benefits of POS systems: Quick and accurate transaction processing Reduction in the time spent on manual tasks like updating prices Automated inventory tracking, which avoids over- or understocking Improved customer experience with a smooth checkout process, acceptance of various payment methods, and generation of quick digital receipts Enhanced security due to built-in encryptions, data protection, and user access controls Best POS systems for small businesses Small enterprises looking for a POS system can consider these options:
4 common banner design mistakes to avoid
Business

4 common banner design mistakes to avoid

Banners are a form of promotion strategy that combines text and images for marketing and generating new leads for a brand. One can design banners for various companies focusing on brand promotion, awareness creation, etc., depending on the type of business. Creative designs and well-written copies play a huge role in improving the buzz for any brand. Here are a few mistakes to avoid while designing a new banner for any print or digital campaign. Poor color combinations Color shades make or break your banner designs and can mean all the difference between running a successful ad campaign and losing out on marketing opportunities. Color psychology is a study of how various colors affect human behavior and mood that marketers use to create a good advertisement, irrespective of print or digital. The type of product or service offered by the client can significantly impact the color of banners. Picking the wrong size for banner elements For both print and digital banners, it is important not to mess up the size of the elements used for the banner. For example, a bigger font with limited space on the banner will make the whole copy look disproportionate and unappealing. Spacing is also important, depending on the font you choose.
6 critical mistakes to avoid as a new entrepreneur
Business

6 critical mistakes to avoid as a new entrepreneur

Starting a business is not only a significant milestone in one’s life but also a huge responsibility for the years to come. From planning and managing finances to making major organizational decisions and hiring the right team, entrepreneurship entails several activities demanding one’s undivided attention. The outcome of a meticulously planned and established business is often highly rewarding. So, here are five critical mistakes new entrepreneurs should avoid to increase their chances of success. Not setting concrete business goals The first step to establishing a successful business is to set concrete business objectives. One should begin by asking the significant question, “What do I wish to achieve with this business?” This can provide one with the purpose of starting the business. New entrepreneurs should then translate this answer into concrete, achievable objectives that can become the driving forces of their business. Not seeking guidance from established entrepreneurs No man is an island, and it only helps to seek much-needed guidance from businesspersons who have already begun their entrepreneurial journeys. Established entrepreneurs can provide sound advice on various aspects, from goal setting and team building to obtaining the required capital and resources and initial public offerings (IPOs). Having a poor understanding of cash flow Cash flow refers to the amount of money that flows in and out of a business.
7 trademark registration pitfalls to avoid
Business

7 trademark registration pitfalls to avoid

For businesses and brand owners, registering a trademark is a crucial step in safeguarding their brand identity and ensuring that their intellectual property remains safe and secure. However, the trademark registration process can be complex, and costly mistakes may happen, which may affect the brand’s legal protection, hinder its uniqueness, and confuse consumers, negatively impacting its reputation and success. To navigate this process successfully, here are some common errors to avoid when registering a trademark. Not taking legal consultation One of the most significant mistakes one can make is trying to register a trademark without legal counsel. The first thing one must do when registering trademarks is consult an experienced attorney who can guide them through this complex process, provide the necessary guidance, and prevent future pitfalls. Not making a unique trademark When registering a trademark, the first thing to do is to ensure that it is unique to the brand. Failing to do so might lead to rejection during the registration process. An expert trademark attorney can also help in creating a unique trademark. Not doing complete research about similar trademarks It is also important to conduct thorough research to ensure that a trademark does not conflict with existing, similar trademarks.
6 machines every fabrication shop needs
Business

6 machines every fabrication shop needs

Fabrication shops lose a lot of revenue when they outsource common jobs to other businesses. It also adds to the pressure of micromanaging the project and sharing profits. That is why shop owners must invest in the machines necessary to complete fabrication jobs on their own. Since there is no one-size-fits-all machine, one must carefully consider their choices after conducting thorough research. Here are six useful machines every fabrication shop requires. Hydraulic press brakes These machines are great for bending metal with immense accuracy and versatility. They help bend and shape stainless steel, aluminum, brass, and other metals. Buyers can choose from different axes, lengths, and tonnages to suit their needs. Shears Shears are handy in a fabrication shop. They are used to cut metal into more manageable pieces. Shears generally require no training to set up or use. Depending on the shop’s function, owners can choose between three common shear types: mechanical shears, swing beam shears, and guillotine shears. Ironworkers These versatile machines allow owners to carry out critical operations, such as punching, notching, and shearing. Ironworkers help save on labor, time, energy, and costs. Generally, a well-equipped heavy-duty ironworker is integrated with stations like punch work tables, adjustable punch strippers, die holders, support tables, adjustable hold-downs, and shear blades.
5 important aspects of a marketing action plan for small businesses
Business

5 important aspects of a marketing action plan for small businesses

Every business must have a good marketing plan to be successful. Marketing helps a brand communicate its objectives and benefits to its customers and become widely recognized. It also attracts new customers and helps small businesses grow over the years. However, creating a marketing strategy is not as easy as it seems. It requires thorough research, time, and resources. Here are five essential components of a marketing action plan for small businesses. Studying the market When devising a marketing strategy, a small business must study the territory in which it is operating. This involves identifying potential threats, studying competitors, and assessing the firm’s strengths, weaknesses, and opportunities. A thorough knowledge of the market helps businesses properly navigate challenges and capitalize on opportunities. Recognizing the target audience This is one of the most important aspects of good marketing. Small businesses must understand their target audience’s behavioral, psychographic, geographic, and demographic traits. Doing so helps them tailor their marketing strategies so that they resonate with their audience. Setting a positioning strategy for products Small businesses must understand what makes their product unique and then highlight those distinctive features in their marketing plan. Customers are more likely to purchase when they know why a product stands out in its segment.

Top Reads

A look at some of the best free investment advisors
finance

A look at some of the best free investment advisors

As a beginner investor, investing too much money at the start can be quite difficult and overwhelming. However, if you choose the right brokerage account, you can earn a lot back from it in terms of investment knowledge. So if you are looking for the best cost-free investment advisors to provide you with long-term portfolio management services, then you have come to the right place. Here is our collated list: Interactive Brokers Investment Brokers has an entity known as IBKR Lite, which offers commission-free trading on various commodities. It mainly covers exchange-listed stocks as well as exchange-traded funds (ETFs). It also offers low-priced access to various global markets without any account minimum or inactivity fee. Additionally, it offers the best competitive interest rates, while its client portal, which offers trading and account management services, is highly preferred by users. One of the most notable points is that IBKR Lite has been around for over 40 years, having earned the trust of a vast client base. You Invest by JP Morgan Chase You Invest Trade, offered by JP Morgan Chase, is one of the best low-cost investment advisors. It is complete with a range of commission-free ETFs and stocks that can be traded online.
Reverse mortgage eligibility and its criteria
finance

Reverse mortgage eligibility and its criteria

As you approach retirement, most of your money has been invested in your home. A reverse mortgage is an excellent way to tap into your home’s equity. If you have paid off a home loan or have only a small amount to be paid, it is a good option to meet various financial goals. Here are the criteria for reverse mortgage eligibility: Personal criteria Age You must be 62 years or older, to apply for a reverse mortgage. Generally, as you grow older the Home Equity Conversion Mortgage (HECM) amount increases. Property The home should be your primary residence, and you need to live there for the entire duration of the reverse mortgage. Rental properties and vacation homes do not qualify for such mortgages. Home equity You should be the owner of your home outright or possess a minimum of 50% home equity. There is a possibility that you may qualify for a reverse mortgage despite having some outstanding balance on your existing home loan. However, the criterion is that you must first pay off the remaining mortgage from the sanctioned amount and meet other liens. The balance funds may be used for any other purpose. Using a reverse mortgage to refinance existing debt is beneficial in reducing your monthly cash outflows.
Top 10 debt settlement companies to consider
finance

Top 10 debt settlement companies to consider

A lot of people get stuck in debt due to many reasons. The interest rates keep adding up, taking a toll on an individual’s financial stability. In such a case, debt settlement can be quite helpful if you wish to settle a large amount. Here is a list of top 10 debt settlement companies that you can consider to help ease the burden off your shoulders. National Debt Relief National Debt Relief has the most detailed insights on their website that can help you with debt settlement. It talks about the debt qualification, the amount of money you need to pay for enrolments as well as the debt relief services that they offer. The average savings after the fees is around 30%. CreditAssociates This particular company is known for helping clients with the elimination of debt. They undertake this entire process between twenty-four to thirty-six months. They use enhanced software, and the outstanding expertise of their team to help their clients with great debt negotiation services. Pacific Debt Inc This is one of the top 10 debt settlement companies that you can consider. You need to have a minimum of $10,000 in debt to avail their services. They offer an affordable monthly program/plan with payment as well as upfront fees.
6 top business credit card companies
finance

6 top business credit card companies

The right business credit card can help you save thousands of dollars. Business accounts can earn more rewards like discounts, hotel stays, and cashback offers. You may also use these cards to meet short-term financial requirements. In case you haven’t applied for one yet, you must check out 6 of the top business credit cards that you can apply for to make your life easier. American Express Blue Business® Plus Card This is an ideal business credit card offered by one of the leading credit card companies and does not levy any annual fees. You receive twice the Membership Reward ® points upto $50,000 with no category restrictions, which reduces to 1% thereafter. The cashback earned automatically gets credited in your statement. The regular APR on this card is 13.24% to 19.24% variable. CitiBusiness® AAdvantage® Platinum Select ® MasterCard® This is an excellent option if you undertake frequent business travel with American Airlines. You earn 2 AAdvantage® miles for every $1 spent on eligible American Airlines purchases. Additionally, the card offers 2 AAdvantage® miles for every dollar spent on telecommunications, fuel, car rental, and cable and satellite services. All other purchases earn you one mile for every dollar spent. The annual fee is $99 (waived in the first year) and regular APR varies between 15.99% and 24.99%.
Top 6 NNN properties for sale in the country
finance

Top 6 NNN properties for sale in the country

NNN properties are known as triple net lease properties and can be categorized as single-tenant properties that are available for lease. In these properties, the maintenance fees, taxes, and insurance have to be paid by the lessee instead of the landlord. These costs have to be borne by the lessee in addition to the rent. Here are some of the top NNN properties for sale: 7-Eleven, Texas There are plenty of 7-Eleven properties that come under the category of NNN properties. This one is our top pick at the moment, as it serves two commodities that are always in demand: gas and foods. The property is on the 3601 West Freeway in Fort Worth, Texas, making it quite a hot spot for sale. The current annual rent for this property is $267,500, while the cap rate is 5.75%. Burger King, Florida Burger King is one of the country’s favorite fast-food chains. The current annual rent for this property is about $140,000, and the cap rate is 5.15%. This property was built quite recently as compared to the other options on our list, and it has the potential of providing good returns quickly, as it is in a strategic location on SW Port St.

Top Articles

6 high dividend ETF funds you can invest in
finance

6 high dividend ETF funds you can invest in

Before you search for the best dividend exchange-traded funds (ETFs), it is recommended you understand your needs and overall investment objectives. ETFs are hybrids of mutual funds and stocks. When you invest in the ETF, you purchase shares in the fund, which buys the underlying asset. Here are six of the best high-dividend ETF funds: Vanguard High Dividend Yield (VYM) This ETF adopts the simple method of choosing stocks that have higher dividend yield when compared to other companies. This has resulted in building a diversified portfolio comprising 400 stocks with higher market capitalization. The majority of these stocks belong to the healthcare, consumer, and financial sectors. During the last decade, VYM delivered average annual returns of 12.9%. The expense ratio is the lowest in the industry at 0.06% per annum. Vanguard Dividend Appreciation (VIG) The ETF focuses on investing in companies that have a long history of increasing their dividend payouts over the years. The portfolio includes approximately 180 stocks with low yields. The ETF has earned average returns of 12.6% per year over the last 10 years. The expense ratio is 0.06%, which makes it an excellent option if you do not mind lower dividend returns currently but want to earn more in the future.
Top 5 providers for automated investments
finance

Top 5 providers for automated investments

Roboadvisors are gaining popularity as these investment programs offer affordable financial advice to a large number of investors. These automated advisors use an algorithm to recommend investment options that best suit your requirements. The best automated investing algorithms offer simple account setup, portfolio management, low fees, strong goal planning, and security. Here are the top five providers of automated investments. Betterment This roboadvisor is the best for delivering top-quality services. You may sync various financial accounts without investing to gain an overall picture of your investment portfolio. You may choose the pre-built Betterment portfolios or customize one to meet your needs. The algorithm gives you the flexibility to add new goals as required while monitoring your progress without any difficulties. The advisor charges between 0.25% and 0.4% management fees with no minimum account requirement. Wealthfront It is one of the largest Robo-advisors and provides goal-based investing enabling you to understand the future effects of your financial decisions. You may choose from a wide range of portfolios that comprise individual stocks to meet your financial goals. Once your portfolio accumulates USD 25,000, Wealthfront allows you to borrow against its value. The service provider also offers margin lending. The management fee for most accounts is 0.25% and you need an account minimum of USD 500.
Top 5 retirement investment funds for your portfolio
finance

Top 5 retirement investment funds for your portfolio

Most people work for decades so that they can make investments and collect sufficient funds for their retirement years. Having enough savings for the golden years is ideally the most significant goal for you as an investor, but the volatile market may make it difficult to understand which retirement funds are suitable for you. To help you out, here are the best retirement investments that you can include in your portfolio: Vanguard Target Retirement 2035 Fund This retirement fund is created for investors who want to retire early so that they can enjoy the benefits of their investment within 15 years. However, even if you don’t want to retire that early, this fund has various offerings that make it one of the best retirement investments available in the market. As of now, this retirement fund offers a current yield of over 2%, and the expense ratio is 0.14%. Plus, Vanguard is quite a trusted name for keeping your money safe. Northern Global Tactical Asset Allocation Fund This fund offers one of the best diversifications and a lot more protection in case the fund underperforms. So, it invests in mutual funds and exchange-traded funds and aims to provide long-term capital appreciation at an expense ratio of 0.58%.
Top 5 capital providers for your business
finance

Top 5 capital providers for your business

People who wish to set up their business ventures need additional funding to get going. Many banks and financial institutions help promising businesses with the same and in this article, we would be covering guaranteed business loan providers. You can check the following list out when looking for business loan providers. Wells Fargo Wells Fargo is one of the best financial institutions when it comes to guaranteed business loan providers in the market. It offers various other financial products. It claims to be a leader when it comes to small business loans. The unsecured business loan has varied loan amounts starting from $10,000 and going up to $100,000. The term for this product is between one to five years. Additionally, you can go for other loans offered by Wells Fargo, such as the Equipment Express Loan or the Advancing Term Loan. Capital One Capital One does not only offer good deals on business credit cards, its business loan is worth considering too. If you are looking at a funding source that can help expand your business or get going with the operations, then we highly recommend you to choose the business loan offered by Capital One. Starting at a minimal amount of $10,000 and a maximum term length of 5 years, the repayment term is simple and can be done on a monthly basis.
All you need to know about home insurance policy
finance

All you need to know about home insurance policy

Buying a home comes with a lot of responsibilities. There are a lot of risks that come with owning a home like the risk of theft and property damage. Investing in the right kind of home insurance policy is important so as to be financially prepared for these risks. There are several different companies in the market that offer home insurance policies with different kinds of terms and coverages. Remember the following points before choosing a home insurance policy. Explore your options As mentioned earlier, there is a wide variety of home insurance policies available to homeowners at this time. When selecting one, it is important to consider factors like what potential risks are being covered in the policy. It is also important to consider the company’s record in your area, whether they are reliable as insurance providers, and their response time. Ask about discounts Home insurance policy in 2021 offers additional services and discounts. They may offer discounts on additional safety installment services such as installing an alarm system, smoke alarm, or better locks. There may also be certain offers for old and retired personnel as well as some discounts for policies when taken via your employer’s or organization’s reference.
5 technologies revolutionizing financial services
finance

5 technologies revolutionizing financial services

For any industry to sustain itself in today’s world, implementing digital strategies has become indispensable. This holds particularly true for the financial services industry. The good news is that digital transformation in financial services has already begun, and we’ll likely see more and more innovative technologies underpinning banking and financial institutions in the coming years. Keep reading to learn about the latest digital transformation trends in the financial services industry. Big data and artificial intelligence The combination of big data and artificial intelligence is a revolutionary digital strategy that is shaping the future of banking and financial services. The technology helps institutions process, store, and drive valuable insights from the data they gather from their customers’ activities. Big data and artificial intelligence allow institutions to create a highly personalized experience, helping businesses attract and retain customers. Blockchain Blockchain is a fairly new technology that is becoming increasingly popular in the financial services industry. With blockchain technology, all transactions are permanently stored in the blockchain network, providing the highest level of transparency and security. Nobody can tamper with these transactions, which nearly eliminates the risk of error and fraud. Besides security, the technology is being explored for use in a wide variety of banking and investment applications.