Sunday, September 28, 2025
Home Blog Page 12

Top Mistakes You Should Avoid In Online Business

Muzahed I.
-
0
Top Mistakes You Should Avoid In Online Business

The online business trend has gained in popularity, especially in the last decade, with more and more people doing their shopping via the Internet. However, as with any other business, there are certain common mistakes that fresh online business owners should try not to make, for it can seriously damage their business or even lead to its downfall. Young entrepreneurs are hungry for knowledge and want to know what these common mistakes are, so we compiled a list of the biggest mistakes made when launching an online venture.

Trying to solve unimportant problems

The future of your business would be bright and customers would come by themselves if your product or services you offer solve an important problem. Solving a problem nobody actually cares about is the reason why businesses fail all the time. Instead of looking for a bigger audience, try looking for a more important problem to solve. When you put your product out there and people start buying it, you will know you are on the right track.

Choosing something you do not care about

Your business does not have to be your life’s work or the biggest passion in your life, but do not make things more difficult by choosing something that you do not care about. The competition is fierce and you will need to be resolute, creative and have deep subject knowledge. If you love what you do, achieving all this will not be an issue. Otherwise, you will not be able to compete if the gap between your love of a topic and your competitors’ is too wide.

Not listening to your customers

Your customers mean everything to your business. Listen to your customers, but listen very carefully, and you will know what business moves to make. Listen to the ones who give validation, buy your products but do not use them, and the ones who ask for refunds. The audience feedback is important because that is where the answers to all your questions lie.

Too much thinking, not enough doing

In a one-person business, you are both the worker and the CEO, and you need to find the thinking-to-doing ratio that works the best for you. However, the reality is that if the ratio is less than 80% doing, you should do more if you want to keep your business afloat. Theories are to be proven by practical actions.

Waiting too long to launch a product or service

Before offering something for sale, entrepreneurs are known to get stuck with the content for a long time. They try to get high website traffic and a big audience before doing, under the excuse that “the time is not quite right”. Whatever the reason for not building and offering a product/service is, this is a trap. The biggest risk should be addressed head-on, so work, create, perfect and the launch your product. You would need some practice, but if you have good ideas, it will eventually pay off.

Not being different

If the niche you chose to do your business within is overcrowded, you need to stand out from the competition so the customers could notice and pay attention to you and your brand name. Giving your customers a reason to choose your product instead of competitors’ should be the aim of your marketing plan. Do not copy or mimic blogs or websites of other better known business, but try to be a superior version to them. Be different.

Not having support

Thinking that one can dive in it all alone is another mistake that young entrepreneurs make. In the end, you work with people – customers, suppliers, service providers, and web developers. If you have entrepreneur friends that are at similar stages or more experienced is essential for gaining support and necessary connection. Otherwise, you can feel quite alone when not knowing that the obstacles you face other people face as well. Talk, socialize, and share your problems and progress.

Offering multiple payment ways

Some people do not want to give their credit card information that easily. When entrepreneurs do not think of offering multiple ways for their customers to pay for the product or services, the conversion rate will not reach its maximum potential. Offer them to pay via a secure online payment service as well, and increase your revenue as well as the number of satisfied customers.

However, perhaps the biggest mistake you can make is not starting at all. Do not get overwhelmed by worrying about all the potential mistakes that could be made, because mistakes are the best teacher you have in life. Simply dive in and surround yourself with people that will help and support you.

Why You Need To Invest In Gold

Muzahed I.
-
0
Why You Need To Invest In Gold

There is a lot of insecurity in the market today. Because of this, people are electing to buy stores of the one thing that seems to remain constant throughout the ages: gold. All over the world, people see gold as the physical representation of wealth. It hasn’t actually been this for a long time, though. This is a digital age, in which having intangible stocks in a large internet company can make you one of the richest men alive. Don’t believe this? Take a look at the owner of Facebook.

As Old As The Earth, But No Longer As Important

In the world today, it can’t be denied that gold is no longer the currency of choice anywhere. While it was the forerunner to modern currency and the existence of money, there simply isn’t enough of it in the world to support the huge demand for more money that people have. Does the fact that gold isn’t money anymore mean you should be deterred from investing in it? Definitely not! Here’s why you should still consider buying up even a small amount of physical gold.

Sparkling Prices To Die For

For one, the price of gold is actually less than the price of the process it takes to refine it and make it fit for public consumption. Never try to actually consume gold. Unless it is in vodka. One of the best reasons to actually buy gold would be its price! If the price of the asset that you are buying is less than the cost of replacing it, there is no denying that it is going to be extremely worthwhile setting aside the funds necessary and investing in it.

However, this price may not last. The cost of refining and perfecting gold is rising every day because of the lower amount of the mineral in mines around the world. 8 billion people (and counting) are demanding gold in some form, and the earth simply can’t keep up. This means that the price of gold might also rise in the future. From an investor’s standpoint, waiting for the price to rise before reselling could actually give you a huge profit!

It Allows You To Diversify Your Portfolio

This is more attractive to an investor who is serious about their financial stability and their appearance to others. It is always a good thing to diversify your investments as much as possible, in order to prevent massive loss if one sector of the market should fail. This is a big word for not putting all your eggs in one basket. Gold is definitely a great way to diversify your investment portfolio before something bad happens and you lose everything. Knowing the current market, this could happen at any time in the near future, so be prepared!

There are a number of other reasons why you should invest in gold as soon as you can. It is a really good investment decision, allowing you to save money now and make a profit in the future should the prices go up. Even if they don’t, you will still have some of your wealth with you in physical form for whenever you might need it. Add this to the diversification of your portfolio and you have yourself a deal!

Useful Productivity Tools Your Business Can Benefit From

Muzahed I.
-
0
Useful Productivity Tools Your Business Can Benefit From

Everybody who decides to separate from their employer and go their own way should know that it will take a lot of sweat to get to the top. What makes such a move more reasonable now than ten of twenty years ago is the number of productivity tools you can use these days. From software solutions that work on all your devices to different online tools, modern technology offers great support to startup owners. We bring you a summary of some of the most popular and useful business tools.

All-in-one textual services

No matter how many people use email and social networks nowadays, SMS seems to stand the test of time. As the number of smartphone users is still growing, smooth textual services will be of even greater importance in the years ahead.

The TextMagic textual tool is a perfect choice for young entrepreneurs. It integrates all message-related services you might need. It converts email messages to SMS and offers an integrated analytics addition that can help startup marketers get some fresh ideas for SMS marketing. TextMagic can be used as a regular SMS tool, but it can also enhance your marketing strategies and boost your revenue.

Best choice for invoices

The tax authorities are merciless in every part of the globe. They want what they think is theirs and they will not leave you alone until they get it. If a startup owner agrees to work in accordance with tax regulations, they need to save and keep every single invoice.

With the FreshBooks software tool, you can create and send invoices, as well as transfer all the payments made to your business via credit cards and PayPal. Moreover, this tool can be used to calculate the expenses that new business projects might cause. The best thing is that you can try it for free and see if it meets your business needs.

Central social media dashboard

The current impact and influence of social media on business in general is so strong that business owners can hardly follow all the ongoing changes. Luckily, now you do not have to spend all day scrolling down the Facebook timeline or your wall to see what is going on.

What you need is the Hootsuite tool. This all-round solution serves as the supreme tool for posting content to different social media and following its reception. It is extremely easy to use, since you have only one dashboard from which you control and supervise all the posts to all your social media accounts. Also, thanks to its analytics features, Hootsuite can serve as a virtual assistant for finding perfect times to publish your content. If you want to learn more about its options, read the review on the PCWorld website.

Time-harnessing solution

It is not other businesses that most young entrepreneurs have problems with, but it is simply the time. As business tasks and other obligations are piling up, people fail to manage the time successfully and start falling behind. However, it can be changed literally in a few minutes, given that start using Google Calendar.

This simple but incredibly useful tool can be accessed from all kinds of devices and it works perfectly on all three mainstream operating systems – Windows, iOS and Android. Here you can plan and schedule all your important business events and deadlines. Google Calendar is a team-friendly feature, too, since it checks the appointments of all the members of a group and offers managers the most acceptable times for business appointments with their employees and business partners. Like every other business intelligence software solution, it can lead to much better work organization.

This is only the beginning of a century governed by tools that enhance work productivity. What is important for business owners is to realize that this is 21st century and start using such tools to increase their efficiency. Those who fail to realize the potentials of such technologies will surely fail to deliver eventually.

Secrets for a Great Hiring Campaign every HR Manager should know

Muzahed I.
-
0
Secrets for a Great Hiring Campaign every HR Manager should know

Finding the best talent to join your company is the biggest challenge for an HR manager. However, to the contrary, finding these folks call for some smart recruiting efforts. So what it is that an HR manager can do to find the best talent pool for his/her company?

Note that the brightest talent out there is sure to be employed at some other firm. Now here comes the cache: It is certainly daunting and challenging to headhunt for potential employees, who aren’t actually looking out for a switchover. And once you find these folks, the next challenge is how to persuade them to work for your organization?

Perplexed as what to do? Hold your horses, as here are few innovatively cool ideas that are sure to pay off and make your hiring campaign a huge success.  Winning the talent acquisition war is all about outdoing your competitors out there.

  • Extend your Social Media Outreach

Avoid confining yourself to LinkedIn, Facebook and the likes. Try to pitch your voice possibly beyond the most obvious places. Make sure that the job commercial or ad downrightly stands out with eye-catchy headlines, few USPs of your company et al. Try and leverage advanced social media recruitment solutions to broaden the reach of your ad or classified. Target niche-based communities and social media platforms for the same. The whole idea here is to be there where your potential candidates really are and engage with them.

  • Billboards work great

Yes, billboards are still in. If we go by the proven strategies of successful HR managers, billboards are sure to find a mention. Renting billboards nearby busy highways or your office location is an excellent way to spread the word. Make sure that the ad copy is catchy and attention grabbing to get those eyeballs rolling. Keep the ad copy precise and appealing with minimal text. The billboard ad ought to be crisp and easy for the audience to comprehend. Make sure you accentuate on the available positions and contact details making it easy for interested candidates to reach you.

  • Employee referral reward programs

It is always a win-win situation when you hire a candidate, who was referred by your current employee. This is because current employee is the one, who understands the work-culture of your organization and thus, can give a sense whether the new recruit will be a perfect fit for your company or not. Cash rewards, referral bonus, promo codes, etc. are few employee reward ideas that you may mull over. Staging the reward programs is another excellent trick that works. For instance, give out small rewards immediately upon recruitment followed by bigger rewards when the referred employee stays onboard for a longer tenure. This shall drive your current employees to refer candidates who are looking for long-term positions rather than referring folks that are planning for shorter stays.

  • Give out recruitment cards

Give out business cards to each employee in your organization. These cards ought to have website address and company phone/ name with the words “We are hiring” somewhere at the front in some catchy font and color. Most importantly, ask your employees to carry these recruitment cards wherever they go and hand them to people they meet as a token for job well done. Be it a cashier for his swift computation service at the local Sears’ outlet or a waiter’s polite behavior from Starbucks. This trick shall fetch you with some real good talent, who went out of their customary way to offer impressive services and made a lasting impression. Eureka, you never know this trick might help you get that shrewd accounting expert or your next sales maverick. Remember you can always impart skills, but you can never impart personality.

Closing the Curtains:

Last but not the least, one can never overlook the importance of assessing the quality of candidates. Recruitment is undoubtedly a very subjective art. It is as important as the cultural fit and your gut feelings in comparison to a candidate’s experience and proficiency. Have in place scoresheets for your hiring personnel and recruitment crew to help with structured evaluation of both cultural fit and candidate’s skills.

All the aforementioned ideas can drive your hiring campaign to be a huge hit churning out some good numbers of deserving talents. Note that employees simply cannot resist being part of a campaign or idea that creates good amount of buzz in the community. What more, the excitement involved will only help drive your business to higher altitudes whilst you boast of a well-organized and diverse pool of talents.

Payoff from these creative yet budget-friendly hiring ideas is sure to astound you in the long run. So now that you know the secrets for a great hiring campaign, it is time to take the center-stage and inflate that talent pool of yours.

Author:

Anwar Shaikh is a creative-cum-technical writer with strong emphasis on human resources topics and technologies, cloud computing and business intelligence/analytics. A self-made reared-up writer and poetic soul, Anwar has a great penchant for Digital Marketing. He writes for Pocket HCM, a leading provider of cloud based payroll and HR software to small and mid-sized businesses all across India.

You can find more about Pocket HCM at Twitter | Google+  | Facebook

Best Leadership Hacks to help your Small Business get going

Muzahed I.
-
0
Best Leadership Hacks to help your Small Business get going

Behind every successful business lies a team of motivated and eclectic employees. So be it a game of NFL, baseball or a business, every team ought to have a leader, who can bring out the best of his team members. This is the reason why leadership turns out to be the most prominent aspects for a business especially in a small business setting, wherein employees often turn up to business owners for supervision and guidance on a regular basis.

Though every business functions in a distinct manner, leadership principles remain universal with all irrespective of the industry and its code of conducts. Here are some cool and useful leadership advices to help your small business skyrocket in time.

  • Got a plan, stick to it

Leadership is all about guiding and steering your resources to get the most out of them. It acts as a ray of hope in times of darkness. This is why it is recommended to keep handy a well-defined plan right from day one. It is equally important to share your plans with the employees to ensure that everyone is on the same page. Clearly defined roles, responsibilities and objectives with steadfast guidance from your end is the key to long-term success.

  • Be proactive and accessible

A good leader is the one, who makes himself accessible to his subordinates every time. Whilst this is crucial for a large-scale business that has several departments, one cannot deny its essence in a small business setting as well. In fact, there are multitudes of channels that an employee can use to reach his leader in today’s times, be it through emails, social media channels or a simple text message. Irrespective of the channel, the key is to be responsive. Let your personnel know that any topic ranging from personal problems to anything pertaining to company’s betterment are gladly welcomed.

  • Listen

A good leader is also a good listener. He also should be a good communicator. Nevertheless, it doesn’t have to be limited to listening only, instead make sure that the discussions are engaging. Simply put, communications ought to be two-ways. So the next time you are in a meeting with your workforce, ensure that the meeting doesn’t end up with your employees listening and you being the only one who was talking.

  • Develop relationships

Look out for ways to fortify your relationships with your people, which includes your customers, clients, employees and everyone who is connected to your business.

The secret to building robust relationships is all about being constructive, rational, consistent, transparent, decisive and attentive. Remember, all these boil down to trust. Every business leader or manager aspires for team players, but unfortunately, in the race, many leaders tend to overlook the importance of themselves being active members of the team.

It is not only crucial for your employees to develop trust among themselves, but it is also important for your employees to have full trust in you as their leader.

  • Hone your people

Don’t fall for any random piece of technology or software that claims to simplify processes for your business. Instead, invest attention, time and money in your workforce. Help them hone their skills and talents to the fullest. Remember your employees are the face of your business, who meet, greet and service your customers. Thus, without a dedicated workforce, your new tech wizard or software will be of no use.

  • Set the right tone, be an example

Yes, a leader’s foremost responsibility is to set the perfect tone and work culture in his company. To put it straight, an attentive and thoughtful leader can empower the entire organization. So ensure to set examples of collaboration, openness and trust. Your focus ought to be on fostering a positive culture within the organization rather than backstabbing and blame-games.

A leader can blow up thousands of dollars in consultation and expert advices to shape up a culture for your organization, but it will still bounce back to his approach.

For instance, if you as a leader stay motivated and are content with your responsibility, then others will follow suit. On the contrary, if you are exhausted and burnt-out, that negative energy will invade the entire organization. Therefore, a business manager or owner of a small business ought to ensure that he shapes up his roles and organization in a way to keep the excitement and energy burning. Putting yourself at the last will do no good.

  • Strive for excellence

What do successful business owners, managers, leaders and visionaries have in common? Great leaders strive for excellence and they always believe in setting the bar a bit higher and never settle for anything less than that. This is what sets apart great and true leaders from the herd.

Conclusion:

Though the path to success is always daunting and also, it is quite challenging to bring out the best every time, but remember that success is a result of putting in earnest and consistent efforts towards team’s building, unity and having unending cravings for excellence.

Great leaders always believe in going that extra mile when it comes to pursuing excellence.

About Author:

Anwar Shaikh is a creative cum technical writer focusing on cloud computing, business intelligence, SMAC, CRM, ERP and human resource technologies. A self-made reared-up writer and poetic soul, Anwar is a wannabe Cloud evangelist with great penchant for Digital Marketing and leadership skills. He writes for Sage Software Solutions Pvt. Ltd., a leading provider of budget and user-friendly enterprise management solutions to small and mid-sized businesses in India.

You can find more about Anwar LinkedIn | Twitter | Google+  | Facebook

Prevent Making These Mistakes by Hiring a Financial Advisor

Muzahed I.
-
0
Prevent Making These Mistakes by Hiring a Financial Advisor

People grab their wallets and purses when the names of Charles Ponzi and Bernie Madoff are mentioned. These two financial advisors took advantage of their knowledge and used it to fraud hundreds of people. Luckily, if you hire a financial expert with good reputation, they will work for your benefit and they will stop you from making the biggest mistakes concerning your personal finances. Here are some of the pitfalls that can be prevented by having a good financial advisor.

Falling for Scams

Different types of Ponzi scams are present today. They take different shapes and forms and they are just altered enough for you to not recognize them. However, such a thing will never escape the eye of an experienced financial adviser. They are able to see this sort of thing from a mile away and stop you before you fall into such traps. Therefore, make sure you consult them before any financial endeavor and follow their advice.

Too Much of Particular Stocks

This usually happens to the people that have discounts on the stocks of the companies they work for. Working for a company makes people think they know all about it and about its stocks. This results with portfolios that are not very diversified. In simple words, it means that you are putting all your eggs into one basket, which is a big issue for those that hope to live off their retirement fund. With the dynamic economy, this is not safe. Any financial advisor with a valid RG146 will tell you that.

Improper Budgeting

Budgets need to be made with reason and logic and not just with unrealistic hopes and dreams. You cannot hope for a big retirement fund or savings account if you are living in a house too large, paying too many bills for its maintenance. That is why you need somebody to go through your plans, fix them and talk to you about them. Your budgeting needs to be good, otherwise everything else will just fall apart.

Passing on the 401 k

If your company offers you 401 k, there isn’t a single financial advisor that will tell you to pass on it. This is a retirement plan that is sponsored by your employer. It means that you allow the employer to take a piece of your payment before the taxes and use it for investment. You have the control over how your money is invested. However, there are the companies that offer 401k plan only to employees that work for a while for them.

Bad or Non-Existent Retirement Plans

The math should be simple enough. You need to plan for your monthly expenses once you retire and you need to make sure that you start saving to reach the expected amount. A lot of people make the mistake of setting the monthly amount too low. Firstly, don’t overlook the medical bills. Secondly, calculate that you will be eating out more or perhaps even travel. Besides that, you need to make sure that your plan is realistic in relation to the fact how much you earn. There are many ways to fail planning good retirement fund, so hire a financial advisor to take care of that.

All these mistakes can and should be avoided. However, not many people can see them before it’s too late. That is why a good and reliable financial advisor is needed. No matter how much you pay them, they always find a way to save you more and prevent you from ruining your personal finances.

Dan Radak is a web hosting security professional with ten years of experience. He is a coauthor on several websites and regular contributor to BizzMark Blog. Currently, he is working with a number of companies in the field of online security, closely collaborating with a couple of e-commerce companies.

5 ways to reward your employees around Thanksgiving

Muzahed I.
-
0
5 ways to reward your employees around Thanksgiving

Every responsible company cares about its staff, period. Good workers are not easy to find and caring about them should be one of the top priorities in any line of business. Although this should be basically a morality-based attitude, there are various research studies whose findings show drastic productivity and efficiency improvements when employees felt their work was openly and tangibly valued and praised by their employers. And, what better time to do it than Thanksgiving, with all the symbolism it carries. Here are 5 simple ways to express your gratitude and reward your employees.

Thanksgiving brunch

One of the main features of Thanksgiving is surely a family dinner. Naturally, it should remain reserved for families themselves, but it does not leave you without options if you wish to gather all of your employees for a meal. Organizing a company brunch will be a symbolic gesture saying that you treat your workers as valued members of your business family. After all, you do spend more time together than with your actual families and this is the best time to make the best of it.

 A simple thank you

If the times are tough for the company and things are not looking great at the moment never forget that your employees go through the same troubles as you do. Even though this might not be the time or place for expensive gifts do not let the Thanksgiving pass without appropriate attention on your behalf. A simple ‘thank you’ motivates the workers and words of encouragement during a period of crisis also show appreciation you have for your employees.

Gift cards

Various gift cards widely available are another great way of saying thank you to your valued workers. However, it may be somewhat tricky to choose the proper card for every employee unless you know their habits and needs in detail. For example, giving a gift card for a tools store to a person who never does any home repairs would be a waste regardless of the value of the goods he or she may obtain by using it. Visa gift cards, on the other hand, will be a safe shot since they can practically be used anywhere, domestically, abroad or online. You can even customize them with suitable messages to further acknowledge individual workers’ contributions.

Good old cash

Employee appreciation survey conducted by Glassdoor showed that 75 percent of employees favor financial rewards for their good performances. Furthermore, Thanksgiving is an occasion when most people need a financial injection to properly celebrate it with their families. Bearing all this in mind, giving cash rewards to your best workers would be appropriate at this time of year. Naturally, make sure you reward the best workers with the highest amount and openly elaborate why you did this. Doing this in such a manner will motivate other workers and create a positive competitive atmosphere.

A gift of time

We all know that time is money and this is a perfect occasion to prove this. Give your hard working employees a gift of time by granting them a paid day off, or more if you can afford their absence. They will know their contribution did not go unnoticed and will surely benefit from extra time off, getting back to work rejuvenated and additionally motivated.

As a final reminder, bear in mind that any company in any line of work will surely be more productive and successful when its employees are pleased with their working conditions and the relationship the company has towards them that clearly shows their contribution and eagerness is appreciated and valued.

A Guide to Success: How to Build a Wildly Successful Business

Muzahed I.
-
0
A Guide to Success: How to Build a Wildly Successful Business

The evaluation that nine out of ten startups actually fail has been circling the web for quite some time, so this is the perfect opportunity to see what we can derive from this seemingly discouraging fact. The first observation would be that, considering how dense and vivid the competition is these days, these odds are manageable. The second lesson we can learn is that you should do your best to emulate all the features of wildly successful business in order to find your place in those lucky 10% and success as an entrepreneur. Let us look at some of them.

Focus on the User

Today, with all the online options available, everyone can conduct a successful marketing campaign, even on a meager budget. What separates the successful companies from the unsuccessful ones is that they put the users in the focus of their marketing campaigns, and indeed their end products. When Google’s Android saw its commercial debut in the late 2008, one of the things that helped this ambitious OS to reach the masses was the plethora of customization options which made pretty much every device unique. In short, if you are to succeed, your customers have to find a piece of themselves in your products and services.

Leave no Loose Ends

Your business may be a well-oiled machine, but, as you now, even the small debris can bring the entire thing to a halt. Sure, giants like Volkswagen can afford themselves to withdraw millions of vehicles off the market, but such moves are not the commodity you can afford yourself. So, in order to prevent such disasters, keep a close eye on everything happening in your company, ranging from product testing to online marketing analytics. If your business is using heavy equipment, like a scissor lift or a forklift, establish regular maintenance duties to keep them in good shape.

Increase Your Online Visibility

If you are starting from the ground up, chances are that your customers will have to stumble upon your name before ever knowing that you exist. That is why it is absolutely essential that you increase your online visibility. The most common way to do that is through blogging and SEO, but any other strategy that will back up these endeavors is more than welcomed. One of the most efficient ways to reach mass audience is to establish a firm foothold on the social media, and then branch out through various contests, and calls to action.

Establish a Professional Network

Doing everything on your own is very hard and counterproductive, especially in today’s commerce environment where a network of influential acquaintances, associates, partners, and possible investors is considered a foundation of any viable business. Larger the network is, higher are the chances that you will get an access to more favorable suppliers, better staff, or even a merger which can grant you an access to entirely new markets.

Play it Safe and Put the Things into Perspective

Remember, Rome was not built in a day, so you should not be discouraged if you do not see the fruits of your labor immediately. What you should do instead is to play safe, keep up with technology, and always put enough resources on the side so you are able to bridge some more difficult periods. Yes, overnight success is something every entrepreneur hopes to, and strives for, but honestly, such cases are very rare. Be prepared for the long and hard work, avoid impulsive moves, and you will reduce the risk to minimum.

While the recipe for instant success most certainly does not exist there is an experience of thousands and thousands of successful businesses before us, we can always resort to.  Follow their footsteps, and those 10% we mentioned above will look much more certain.

Why and How to Hire the Best Financial Adviser

Muzahed I.
-
0
Why and How to Hire the Best Financial Adviser

There are some very good reasons why you will want to hire a financial adviser to help you deal with your personal finances. For one, many of us just do not have the time to take care of our personal finances and the majority of us actually do not put our money to good use, which is something the financial adviser will do. Furthermore, most of us know very little about investing, tax refunds and other ways in which we could save and make additional money. This is where financial advisers come in.

But how to find the right one, the financial adviser who will do everything we need them to do? That is a whole different story.

Ask Around

The best way to begin your search for your new financial adviser is to ask your friends, family and acquaintances. The chances are that someone you know already has a financial adviser and they might be happy to recommend them to you. If you are not that lucky, there are plenty of websites and online boards where you can find people talking about different financial advisers in your area and this is the best place to start.

Decide what You Need

Not all of us have the same needs when personal finances are in question. Maybe you will need someone to take a look at your tax returns and your monthly income. Perhaps you will need someone who will invest your money in different markets. Since not all financial advisers are the same, they will be more or less effective at the things you need. Because of this, before you start interviewing the people for the job, you need to determine exactly what you need. This will save you a lot of time and ensure that you are interviewing only the best people.

Check their Credentials

There are different types of financial advisers out there and they will be more or less skilled and experienced. Before you can even begin to consider someone for the job, you will want to check their education. Did they go to college and have they passed all the needed exams (FNRA in United States and RG146 in Australia). You will also want to check their experience and see for how long they have practiced personal finance advising. If they are really good, they will also have attended seminars and workshops, enhancing their knowledge and expanding their expertise.

Find out about their Past Work

Another thing you will want to check into is how successfully they have been in the past. In order to do this, you will want to talk to people who have been their clients in the past. Good financial advisers will be happy to share the testimonials with you and they will gladly provide you with references. You should follow up on these – get in touch with some of their past clients and see what they have to tell about the work they had done for them. You cannot leave anything to chance.

Sense the “Fit”

There are people with whom you can easily work and those with whom you cannot. When looking for a financial adviser, you will want to hire someone who will be a good “fit”, so to say. Maybe you prefer people who are more concentrated on the numbers and who do not need a lot of involvement from you. Perhaps you prefer professionals who keep you in the loop and who will gladly spend more time with you. It all depends on what you need and like.

Once you have done your research and once you are almost 100% sure you have find the right financial adviser for your needs; only then should you commit and hire them to do work for you.

Retire Rich: Solo 401(k) for Small Business Owners

Muzahed I.
-
0
Retire Rich: Solo 401(k) for Small Business Owners

In the recent times, there has been a drastic increase in the number of American entrepreneurs who are not saving enough for their retirement. Retirement is the last thing on the minds of self employed workers these days as they fear to set aside the money, which might come handy in keeping their business rolling. This is the biggest mistake that small business owners make and, therefore, miss out on the opportunity to build up their retirement savings.

Individual 401(k) / Solo 401(k) Plan

Solo 401(k) plan is one of the best retirement plans for the self employed and small business owners whose income is more than $100,000 or more. This plan offers tax-deferred growth potential and is very easy and cost-effective plan for small business owners. The feature that makes this plan an attractive retirement savings instrument is that the allowable contribution to an individual 401(k) plan will be much larger than what you can make under any other retirement plan. Since Solo 401(k) plan is a regular plan in combination with a profit-sharing plan, the owner can defer the maximum compensation under this plan, and can still contribute up to 25 percent of the total amount to the profit sharing plan.

The eligibility criteria for a solo 401(k) plan mainly comprise of the following two requirements:

  • No full time employees: Under this plan, only business owners who do not have any full-time employees, or if their full-time employee is their spouse, can invest under this plan.
  • Self-employment activity: To be able to benefit from this plan, one must have either of the following self-employment activities:
    • Limited Liability Company
    • S Corporation
    • C Corporation
    • Ownership of sole proprietorship
    • Limited Partnership

Solo 401(k) plan also comes in another version as Roth Solo 401(k) to benefit those who are looking for a tax-free retirement solution for their proprietorship. As the state income tax rates are expected to rise in the future, it is one of the most effective ways of making your retirement investment tax-free, including currencies, precious metals, real estate, etc.

Benefits of a Solo 401(k) Plan

The features that make solo 401(k) or individual 401(k) plan so popular among self-employed business owners are:

  • Flexibility to borrow loan: Unlike other retirement plans like IRA, which do not offer any loan to the participant, this plan allows the participants to borrow up to 50 percent of their account value in case of an emergency. This loan can be paid off within five years at the minimum prime interest rate.
  • Easy check book control: Solo 401(k) plan has simplified investment (as simple as writing a check) so that a participant can act quickly when a good opportunity comes up.
  • Easy administration: This plan is very easy and cost effective to operate as there is no annual filing requirement till the assets are under $250,000 in value. In case, the assets increase beyond $250,000, you would be required to file a short information return along with the IRS.
  • High contribution limits: Solo 401(k) or individual 401(k) plan has a striking feature that allows the participant to make up to $49,000 of annual contributions with an additional catch up of $5,500 for those over the age of 50.
  • UDFI exemption: Unlike IRA, which is leveraged with mortgage financing in case of real estate purchase, solo 401(k) plan is usually exempted from Unrelated Debt Finance Income (UDFI).

Therefore, it is believed that solo 401(k) plan is a great retirement investment vehicle for small business owners worth considering, owing to its numerous benefits while planning your retirement.

1...111213...53Page 12 of 53

EDITOR PICKS

POPULAR POSTS

POPULAR CATEGORY

ABOUT US

we are about helping you find financial freedom, which in turn will allow you to achieve higher financial and personal success. Writers and freelancers share their stories, expertise, experiences, and more on this website, to help people find the answer to any financial question that they may have.

Read More!

Contact us: muzahed@gmail.com

FOLLOW US

© Newspaper WordPress Theme by TagDiv