Owning and running a car dealership is full of both opportunities and challenges. With 6.3 million cars sold in 2017 alone and the majority of households owning a car, the industry is alive and well. However, it’s not all easy. In 2017 there were 16,812 new car franchised dealerships and 145,364 used car dealerships in the United States, not accounting for the thousands of independently-owned dealerships as well. It’s a competitive market. Convincing customers to buy a car is challenging enough, only made harder by increased competition. By implementing the right strategies and understanding what customers want in their car buying process, you’ll find that driving sales for your car dealership is entirely possible. The Sale Begins OnlineOne common mistake car dealerships make is focusing solely on the in-store experience. Yes, getting a customer into a showroom, a test drive, and on the lot is crucial to making a sale. However, data has shown that most customers thoroughly research online before buying a car, and that research includes a dealership’s website. While most customers come into the dealership on weekends, 30% of total online inventory views and 37% of total leads occur on Mondays and Tuesdays, proving that customers are researching days in advance of visiting a dealership in-person. It’s important to recognize this research as the first part of the sales process. In this process, your website and social media channels are your opening pitch, with in-store visits being a way to seal the deal. Ensure your website and social media channels are always up to date, featuring your best products or promotions, and, most importantly, showcase how and why your dealership is different from the rest. Make a Good Digital ImpressionWith customers using your website and social media channels for research, it’s imperative that you make the right impression. Research has shown that customers often have a negative opinion of car dealerships. Whether it’s the buying process or negotiating, people often dread dealing with the ins and outs of buying from a car dealership. In fact, 87% of Americans dislike something about car shopping at dealerships and 61% feel taken advantage of during the process. While this may sound discouraging, it’s actually an opportunity for your dealership to set itself apart. If you can improve the aspects that shoppers dread and relay it in your messaging, people will be more likely to visit your dealership. Fifty four percent of customers said they would buy from a dealership that offers their preferred experience, even if it didn’t have the lowest price. You can demonstrate this preferred experience to customers through your digital presence. Explain how your dealership is different from the rest throughout your website, but especially on the homepage, about us page, and FAQs page. Whether you focus on how you advocate for the customer or always try to get your customers the best price, narrow down your value proposition and run with it. Then, of course, follow up on that promise in-store to solidify the relationship. Don’t Underestimate Social Media – Especially YouTubeSocial media is one of the easiest ways for customers to familiarize themselves with your company and its offerings. According to Think With Google, 69% of people who used YouTube while buying a car were influenced by it, more so than television ads, newspapers, or magazines. Consider how your dealership can capitalize on your social media accounts. By showcasing product features or promotions in YouTube videos or Facebook Live Streams, you’re able to insert some control in the customer research process. While you can’t control what Kelley Blue Book has to say, you can show customers how your newest line of trucks drive in the rain or how the Bluetooth in one of your models works. Not only does this help with their research process, it instills trust between your dealership and the customer. Each social media channel will have a different way that works best, and, with a little trial and error, you will slowly learn what each channel’s audience engages with most. Become Active In Your CommunityA car is a long-term, expensive purchase that customers feel pressured to get right. As a result, the car buying process requires extensive trust between a customer and the dealership. One way to begin building that trust with existing and potential customers is by getting involved in your community. Whether it’s sponsoring a kids’ sports team or attending events at your local Chamber of Commerce, it’s important that people get to know you and your business. Creating a positive, trusting relationship with your local community will not only put your business top-of-mind when someone is ready to buy a car, but can also lead to friend and family referrals. Even if you hadn’t met a person yet, if someone they know recommends your dealership, they will feel more confident shopping with you than someone else. Running a successful car dealership is just as much about understanding your customer as it is understanding your product. By knowing how customers shop for cars and how they would like that process improved, you can differentiate yourself from the competition and come out on top. Author BioBruce Hakutizwi is the USA and International Accounts Manager for BusinessesForSale.com, the world’s largest online marketplace for buying and selling small and medium size businesses. Bruce has over 7 years’ experience working within the US business transfer marketplace connecting buyers and sellers. If you’d like more recommendations and industry advice, check out BusinessesForSale.com resources for everything you need to know about buying, selling, and running your own business. The post How to Drive Sales For Your Car Dealership appeared first on NuWireInvestor. from https://www.nuwireinvestor.com/drive-sales-car-dealership/
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Your investment strategy depends on your ability to make consistent contributions to your retirement funds over time, but your success relies on a number of factors, including the consistency of your income, your ability to budget, the total value of your contributions, and how your investments grow over time. After a strong start, it’s easy to become complacent; subtle changes in your environment can add up, and ultimately threaten your ability to become financially successful long-term. One of these subtle, growing threats is known as lifestyle creep, and if you want to stay on top of your financial future, you need to be aware of it. The Hallmarks of Lifestyle Creep Lifestyle creep sets in when your standard of living gradually improves. There’s nothing specifically wrong with this, but it can lead to the development of bad habits, problems with your budgeting, and an attitude that leads to weaker financial decisions. These are the hallmarks of lifestyle creep:
Key Examples It’s easiest to understand lifestyle creep through the lens of specific examples. When you’re young, you might treat yourself to a specialty café beverage before work on occasion as a way of rewarding yourself—as a luxury item. Over time, as you earn more income, you might start buying those drinks on a daily basis. Before long, it will become difficult, if not impossible, to summon the willpower to forgo this daily purchase. Subscription services can also add up quickly. As you earn more money, you might be willing to sign up for more services, like fitness centers, streaming channels, or other forms of periodical content. Rather than seeing them as indulgences, or entertainment expenses, they might become “baked in” to your budget. You could consider them practical necessities even if you don’t use them that often. How Lifestyle Creep Hurts You Assuming you’re trying to become independently wealthy, retire early, or otherwise improve your financial position, lifestyle creep can hurt you in multiple ways:
Fortunately, there are ways you can combat lifestyle creep, or even begin to reverse it. First, make a list of all your true necessities. Anything above and beyond these baseline necessities need to be considered as discretionary expenditures. For each purchase you make, consider whether it’s worth the loss of investment material, and whether you’d get a similar level of happiness from something less expensive. It can be hard giving up the luxury items you’ve grown used to, but it’s an important step if you’re trying to live as financially responsible as possible. The post Is Lifestyle Creep Interfering With Your Investment Strategy? appeared first on NuWireInvestor. from https://www.nuwireinvestor.com/lifestyle-creep-interfering-investment-strategy/ Amazon pulled out of the HQ2 deal in New York after public opposition to the new site slated to be built in Long Island City. The new headquarters promised 25,000 new jobs and at least $2.5 billion in investments and tax revenue over the next few decades. That’s not to mention the indirect impact of Amazon’s massive new HQ for other New Yorkers. It would’ve meant thousands of other jobs and businesses that would result from one of the largest technology companies in the world to set up shop there. For those New Yorkers who were looking forward to the boon to their own business and financial prospects and are sorely disappointed by the turn of events, there are still other ways to profit off Amazon. Starting an Amazon Business One of the best ways for anyone in the world, including in New York City, to profit off the massive success and long-term prospects of Amazon taking over the world, is to start an Amazon business. Amazon sells many things directly to the customers. They got their initial start selling books online in the mid-1990s. In recent decades, they have become a marketplace platform for other sellers to market and distribute their products on Amazon. You may have noticed that when you search for a product on Amazon, there often is multiple listings of the same product. That is because there are multiple third-party merchants, or sellers, selling the same product. You can be one of those sellers and get in on the action. There are over 5 million Amazon marketplace sellers across all of their platforms, with 1.76 million of them active with currently listing products for sale. The data shows that becoming an eCommerce merchant on Amazon is not only viable but a reality for millions of people. Amazon’s third-party population has been growing in the US as well. More than 300,000 sellers joined the platform in 2017 alone. It is also estimated that 140,000 US sellers generate more than $100,000 in sales. Little Tech Experience Needed One of the greatest benefits of starting an Amazon business is that you need very little tech skills to get started. If you can learn to email, set up a Facebook account and browse the web, you can start selling on Amazon. There are even software-as-a-service platforms that will allow you to automate your listing, marketing, ordering, fulfilling and inventory managing for you. There are platforms like Shopify, Big Commerce, and Magento that will allow you to do this with relative ease. These platforms are great for small merchants getting started, but they will also allow you to scale and growth there as well. For example, you can get started with the starter package on Big Commerce. It’s ideal for small merchants with just a few products to sell. But when you start to grow both sales and individual products, also known as SKU’s, upgrading to Big Commerce Enterprise will allow you to grow without having to port all of your data and operations to another platform. You may need an expert or consultant to help you at this point, but you have the revenue to justify hiring someone on a contract basis to get things configured to your enterprise level needs. Sourcing Products The first step is to find products to sell. Many eCommerce merchants have ‘hacked’ the system by looking at what’s already selling well on Amazon. Then they’ll sell source and sell the exact same products or similar products in that category. Some sellers manufacture their own products. Handcrafted items are a growing niche inside the Amazon ecosystem. It’s a great way to get your home-made products out to the 320 million visitors Amazon has each month to their marketplace. Fulfillment by Amazon You don’t even need a warehouse or staff to ship and handle your products for you. Amazon even has this covered. They provide a service to eCommerce merchants called Fulfillment by Amazon (FBA). They will receive your products, store them and fulfill the orders as they come in. The product doesn’t even have to pass through your hands to get it to your customers. FBA has also enabled top sellers to grow without the overhead and capital investment required to have huge fulfillment operations. In fact, about 66% of the top 10,000 sellers use FBA. Services like Shopify and FBA have enabled thousands of merchants to work from home or virtually from anywhere in the world, without the need for a physical office or warehouse space. That means you can do it from the comfort of your own home or down the street at the coffee shop. Profit with Amazon For those New Yorkers that were disappointed by the HQ2 decision, you are not without options to still profit from this giant tech company. You can still leverage their enormous platform, growing customers, high volume traffic and brand in order to build your own business from home. The post Plan B For Amazon HQ2 Disappointment appeared first on NuWireInvestor. from https://www.nuwireinvestor.com/plan-b-amazon-hq2-disappointment/ Being money wise is something that is becoming increasingly difficult with each passing year. It seems that our purchasing power as individuals is steadily declining and we have less and less in our bank accounts at the end of the month. This means we have less opportunity to save for the future as well as enjoy the occasional luxury to spice up our lives. Working from paycheck to paycheck is hardly an appealing prospect, as I would imagine you work as hard if not harder than the next person to bring home enough money to sustain yourself and your family. The world isn’t always a great place for the individual, so it’s necessary that you look out for yourself and your own best interests. Part of this is properly managing your finances so you can move into the future as positively as possible. If you’ve previously had issues with personal finances, maybe these tips can help you stay on the straight and narrow: Eliminate DebtDebt is one of the easiest things to acquire and one of the hardest things to get rid of. Debt brings down your credit score and at the end of each month you’re likely making some kind of payment against the debt. In essence, it’s like a reverse pension. There are services like Crediful that will help you manage your debt and keep your from accruing any new debt over time if you have extreme difficulty doing it yourself. Debt is a significant hindrance on your net worth overall. If you lived in America with only $10 to your name and no debt, you would be richer than 15% of your fellow Americans, that’s about 50 million people. What’s also bad about debt is that it usually comes along with interest payment. What started as a simple $1000 in credit card debt might end up being double or even triple that in money paid back once interest has been factored in. If you have debt, pay it off fast and eliminate any new sources. Manage Your ExpensesThere’s a limit to how much money you can earn each week since even if you did work 24/7 there’s only a limited amount of time in a day. There is however almost no limit to how much money you can save every week besides what goes towards your rent, electricity, food, and other essentials. You should carefully consider each and every thing that you spend your money on and decide if the monetary value associated to it brings you enough happiness/satisfaction to justify it. The $5 coffee example is one cited often, but it does add up if you get a coffee each and every day. Quitting your expensive habits like smoking and going out on the town is another way to reduce your monthly outflow of cash. Always be mindful of what you’re spending your hard earned dollars on week after week. Look For DealsEverybody pays for goods and services throughout the month to get them through the day. What not everybody does however is make sure that they are getting the best deal possible for the service they are receiving. For instance, you should always be searching around for better deals on things like TV and internet because companies are always fighting each other over market share of a particular area. Sometimes, just the threat of leaving your internet provider is enough to have your bill reduced by up to 20%. When shopping for things like food and even luxuries, you should time your shopping with days that certain deals are going on and make your purchases accordingly. This will only save you money if it’s things you were going to buy anyways though, if you end up buying way more than you usually do because you “saved 40%” on it, you didn’t save anything, you just spent 60% of what you could have on something you don’t need. You should always be on the lookout for new and interesting ways to save a buck. A penny saved is a penny earned, after all. Carefully take a look at your finances and separate what are needs and what are just extras. First you should trim the fat off of your personal finances as an individual and then use that extra money to pay down any debt you might be saddled with. Keep this up for a few months at a time and you might notice your wallet is a bit bulkier than usual. Best of luck to everybody out there who’s trying to get by, you got this! The post How to be Wise with Your Finances appeared first on NuWireInvestor. from https://www.nuwireinvestor.com/how-to-be-wise-with-your-finances/ Using Airbnb to list properties for rent has become a successful side-hustle for some, and a full-time investment for others. Those who fall into the latter category will often invest in numerous properties to generate income through this endeavor. However, investing in an Airbnb rental property isn’t for everyone. There are a lot of different things to consider for this method of income generation to be a success. Here are some of the main things to evaluate before going this route. Location, Location, LocationLocation is extremely important when considering an Airbnb rental property. Investors need to consider the desirability of the location, as well as the value proposition. Cities like Sydney, for example, are desirable locations, particularly if the rental is in a convenient spot. However, there are also a lot of other Airbnb and hotel options in this area. So while the desirability is there, the value proposition that sets it apart also needs to be considered. On the other hand, a beach house may be in an area that sees significantly less traffic but still appeals to a specific market of travelers. A house in a rural subdivision that’s far from anything that draws vacationers and business travelers is unlikely to do well on Airbnb. Maintenance and UpkeepAnother thing to consider when evaluating the profitability of an Airbnb rental investment is the management and upkeep of the property, particularly if you won’t be nearby to assist. There are many investors who travel far and wide while renting out their location, and they do so by hiring someone local to see to the needs of their guests. According to the Airbnb management Sydney based experts at HomeHost, there are numerous ways that outsourcing to a management service can help. Whether it’s screening guests, assisting with the check-in process, cleaning or offering support as needed, a management service can help. While the services come at a price, they’re often well worth the freedom and flexibility that serious investors seek. Marketing StrategyIf you truly want to stand out against the competition, you need to think of your Airbnb rental property as a business. That means spending time and money investing in a marketing strategy. If you’re unable to dedicate time to doing this, then you limit your potential return on investment in this endeavor. Marketing strategy goes beyond posting pretty photos online, though that’s a part of it. It means connecting with an audience to drive traffic to your rental. Additionally, it’s thinking about a pricing strategy and finding the balance between making a profit and pricing yourself out of the market. For those who are seriously considering investing in an Airbnb rental property as a form of income, it’s recommended that you take some basic business courses and get a better understanding of what this process will entail. Liability and InsuranceIf strangers are going to be in your rental property, you need to ensure that you’re covered from an insurance perspective. Not only are you responsible for the safety of your guests, but you also expose your property to damage and the potential for theft. This is another reason why outsourcing to a management service in your absence is ideal. Do your due diligence regarding both the Airbnb liability insurance as well as your property insurance to guarantee that you and your guests are covered. This isn’t a task that should be taken lightly. Time and MoneyWhen deciding to invest in Airbnb rental properties, it all ultimately comes down to time and money. Your property will act as a business. Set strong business goals and be clear on the type of service you want to offer. Consider all the moving parts before making this significant investment. The post Considerations for Investing in an Airbnb Rental Property appeared first on NuWireInvestor. from https://www.nuwireinvestor.com/considerations-investing-airbnb-rental-property/ Have you considered hiring a bookkeeper to help you account for your investments — whether those are business or personal? While bookkeepers are often thought of in business rather than personal terms, there are plenty of bookkeepers who work with individuals on their personal finances. Bookkeepers also work with charities and non-profit organizations, both large and small. Below we highlight some signs that it’s time to find a bookkeeper. When you’re searching for a bookkeeper and interested in this type of service, it’s important that you also understand the different types of services, how much you can expect to pay and the online resources that are most certainly available. #1: You Dread Handling Financial PaperworkIf you find yourself constantly putting off your tax return, or other crucial financial paperwork, then it’s probably time to hire someone to do it for you. It won’t cost a fortune — and the money you spent will doubtlessly be well worth it for the increased peace of mind. After all, why keep on doing something that you’re not good at and don’t enjoy? #2: You’re Spending a Lot of Time Managing Your AccountsIf you’re spending a lot of time managing different accounting processes on your own, then you’re losing out on time that you could be spending with your family, working on increasing your investment portfolio, or simply taking a well-earned break. A bookkeeper can take a lot of tasks off your plate. #3: You Feel In Over Your HeadPerhaps you’re in a position where your investments have grown in scale and complexity over the years: you might have started off with a single rental home, for instance, but now you have a complex portfolio of different investments that includes things like cryptocurrency or more obscure areas like vintage watches. You might struggle to know how to account for these when filing your taxes. #4: You’ve Already Made Costly Financial MistakesPerhaps you put a large purchase on your credit card — and forgot to pay the minimum balance in time, meaning your credit rating took a serious hit. Maybe you didn’t realize you could use tax loss harvesting to significantly reduce the tax bill you’re paying on your cryptocurrency gains. Whatever the mistake, it’s almost certain that a good bookkeeper could have avoided it. #5: You Know Your Record-Keeping is Minimal At BestYou might know some big picture figures — like how much you paid for a house before you renovated it, and how much you received for the sale after you “flipped” that house — but do you keep track of all your costs? Many investors don’t, as Amanda Han explains: “To prepare in advance for her tax planning meeting, we requested a copy of Jan’s financial statements. Reviewing financial statements is an important part of her tax planning because the financials reveal how her investments are doing financially. However, like a lot of other investors that we work with, Jan showed up to her meeting empty handed.” If your business or organisation makes investments, it’s well worth hiring a bookkeeper to track and oversee those so that you know everything is being done correctly — and so there’s no danger of any conflict of interests or accusations. Your bookkeeper may also be able to advise you on future investments, helping you to make decisions and maximize your profit. The post Do You Need a Bookkeeper to Account for Your Investments? appeared first on NuWireInvestor. from https://www.nuwireinvestor.com/need-bookkeeper-account-investments/ Hundreds of millions of consumers are no longer happy to play by the old-school rules of the stock and bond markets. Many seek alternative ways of doing business, purchasing consumer goods, planning for retirement and even traveling. The global trend of looking for new ways to invest, buy, sell, travel, date and interact socially has led to a huge market for so-called “alternative investments.” Everyday consumers turn to non-brick-and-mortar stores. For example, recent Amazon annual net sales are 177.9 billion, a figure that shows how eager people are to change their buying, selling and investing habits. What are Alternative Investments?Alternative investments are those categories of assets that are not included in the mainstream categories of stocks, bonds, mutual funds and ETFs (exchange-traded funds). Some of the most common alternative investments include things like precious metals, art, classic automobiles, wine, rare coins or stamps, direct participation in private equity/companies/startups, venture capital, diamonds, hedge funds and more. The category includes pretty much anything notlisted on the traditional stock indices. Reasons Alternative Investments are Exploding in PopularityWhy do so many people gravitate toward alternative investments? There are dozens of reasons, many of which are related to a dissatisfaction with the low returns and uncertainty of the stock and bond markets. Alternative investors often prefer “hard” assets like metals, land, art works and other tangible items. But, there’s much more to the allure of alternative investing than that. Here are the top reasons for the current surge in popularity of alternative investing: 1. Anonymity:Stock market transactions are carefully recorded and are easy for governments and other legal authorities to trace. A majority of alternative investment choices leave virtually no trace of personal information because they occur between individuals. The direct purchase of gold bars from a private seller is a good example. 2. High potential returns:A quick glance at stock market historical returns for the past 75 years can be discouraging for individuals who want to earn more than a few paltry percentage points on their hard-earned money. While many alternative investments carry high risk profiles, they also tend to offer generous potential returns, sometimes in the range of 50 to 100 percent. 3. More choices:Consumers have tired of the “same old, same old” choices of stocks, bonds and traditional funds. The idea of new, innovative places to invest has caught the interest of those who look to vehicles like precious metals, rare wines and collectible cars as a way to break out of the mold and discover fresh ways to earn solid returns on invested capital. 4. Protection against inflation:Many alternative investments offer direct exposure to categories like precious metals and art, both of which has a long track record of gains during inflationary periods. In fact, most of the so-called “hard asset” categories tend to outperform stocks and bonds during inflationary cycles. 5. Diversification:Alternative investments offer an ideal way to diversify a portfolio. Even people who want to hold onto the bulk of their stocks and bonds turn to alternatives as a way to diversity. Along with gold and other precious metals, some of the preferred diversification option include art, wine and rare stamps. 6. Special knowledge:For investors who have special knowledge in areas like coins, precious metals or art, it makes sense to put at least a portion of one’s total portfolio stake into a sector where the investor has specialized or expert-level knowledge. 7. Protection against a market crash:Investors who fear a market crash, now or in the distant future, often turn to non-traditional choices for security. Stock markets and funds can be wiped out in a single crash because all the value is on paper, in accounts that aren’t backed by hard, real assets in most cases. Alternative investments are an ideal way for consumers to gain protection against the unthinkable. ConclusionThere are probably hundreds of reasons that investors are choosing alternative opportunities with increasing frequency. The common factor seems to be a generalized unhappiness with the modern stock market and its reliance on so-called “paper assets.” Second to that concern, it appears that alternative investors want protection against a possible market blowout and the chance to earn very high returns on their money.
The post 7 Reasons Alternative Investments are Becoming More Popular appeared first on NuWireInvestor. from https://www.nuwireinvestor.com/7-reasons-alternative-investments-becoming-popular/ When you’re going into negotiations to buy a commercial property, it will really help to be prepared. The negotiating process is an important one and you will want to be able to get the best possible deal. Getting the process to work to your advantage is easier if you keep these five things in mind!
Before you go into a negotiation, you need to have a clear idea about what you need out of the deal. Your negotiation will be a lot more effective if you have clearly defined what your bottom line is. Put this all down in writing so that you can refer back to it during the negotiating process. This should also include the budget that you have for the property, the size of the property, and the facilities that you need. You should also be ready to be flexible on certain issues when you hit an impasse. You won’t be able to get everything that you want but, as long as it’s not the points that you know you can’t bend on, you should be willing to make some concessions.
Make sure that you have an in-depth knowledge of what other properties in the area have sold for recently. It can be extremely advantageous to know what the market average is so that you know whether the price you are being asked to pay is fair or not. You should also find out how long commercial properties in the area take to sell. Find out how long that particular property has been on the market for and whether or not you can use this information as leverage to lower the asking price.
You need to conduct a thorough due diligence before signing on the dotted line. Are there any hidden running costs? What maintenance does the property need? Any cots that you may incur once you have taken over the business should be considered when you are negotiating the final sale price for the business. You should also find out whether you are able to expand buildings in the future and other planning restrictions that might be in place. Look at the seller’s utility bills, property tax statements and capital improvements that they have made over the last five years.
Even though you need to research and conduct a thorough due diligence, you will also have to keep things moving. You will want to avoid a competing offer from coming in and stealing the property away from you at the last minute. Make sure that you always communicate with the seller and keep them in the loop. You should be able to reassure the seller that you are still a serious potential buyer. It can be really beneficial to make personal contact with the seller. Even if you have professionals helping you negotiate the purchase of a property, a good rapport can go a long way to ensuring a deal that both parties are happy with.
Getting a professional to help you negotiate the sale of your business can help you to get a fair deal. This is especially true if this is the first property that you are buying. Depending on your network and your needs, the advisor you choose will be different. You can get advice from a lawyer, accountant, broker or commercial property real estate agent. Having some input from a professional can be a great way to make sure that you come out of the deal with a smile on your face. Author Bio By Bruce Hakutizwi, USA and International Accounts Manager for BusinessesForSale.com, the world’s largest online marketplace for buying and selling small and medium size businesses. Bruce has over 7 years’ experience working within the US business transfer marketplace connecting buyers and sellers.
The post Five Top Tips when Negotiating a Commercial Property Purchase appeared first on NuWireInvestor. from https://www.nuwireinvestor.com/five-top-tips-negotiating-commercial-property-purchase/ There’s no denying your twenties are a wild time! You’re just learning how to make your way in the world on your own and trying to have fun doing it. Being fiscally responsible can be daunting when your income is still minimal, and your bills seem to be insurmountable. However, there are steps you can take to paint a bright financial future for yourself now.
We will all likely need to take out a loan at some point, whether it is for a mortgage, a car, or anything in between. Taking out loans is not necessarily a bad thing, but accumulating excessive amounts of debt is. Make sure that you only take out loans when you need to and that you try to get the best interest rate possible. If you don’t feel comfortable navigating the world of personal finance, then you may want to enlist the help of a company that specializes in custom financial solutions.
When you’re in your twenties, retirement seems like it is eons away. However, it is essential to start saving for it as soon as possible. Investing when you’re young is the best way to get the most bang for your buck. Don’t underestimate the power of compound interest. This is when you earn interest on interest over many years, and it is much more profitable the longer it can accumulate. The sooner you start, the more money you will make! A great retirement investment option for young people to help them start earning compound interest is the Roth Individual Retirement Account (IRA). Roth IRAs differ from traditional IRAs in that the money is deposited into the account after taxes are taken out, but taxes are not taken when the money is removed for use in retirement. Conversely, traditional IRAs are not taxed initially, which helps wealthy individuals enter a lower tax bracket. Instead the money is taxed once it is extracted later. Generally, younger individuals don’t need to worry about income tax breaks because they do not make enough, so the tax savings later in life will be much more beneficial.
Once you get that initial paycheck from your first real job, you might feel like royalty, but you shouldn’t get too spending happy. Spending less than you make and ensuring that you are always saving will put you in a much better financial situation for the future. Try avoiding living paycheck to paycheck as much as possible because unexpected things happen. It is recommended that adults always have savings equivalent to six months’ worth of pay in case of emergency or unexpected layoff. The world is unpredictable, so you need to be as prepared as possible. This does not mean that you can never treat yourself. It just means that maybe you should think twice about whether you really need that Ferrari right now.
Credit is important for trying to make any big purchases in your life. Like loans, credit cards are not bad at all if they are used responsibly. If you do not currently have a credit card, start by getting one and just using it for gas or something small. Make sure that you pay it off in its entirety each month, so you do not accumulate debt and interest. It is best to build credit sooner rather than later because your credit score is partially determined by how long you have been accumulating credit. Eventually, you may want to get a few credit cards because the amount of accounts you have open affects your score. Being on your own in the real world can be daunting, but there is no need to panic. Start with the tips above to set yourself up for future financial success. Happy budgeting! The post How To Set Yourself Up For Success: Smart Financial Choices To Make In Your Twenties appeared first on NuWireInvestor. from https://www.nuwireinvestor.com/set-success-smart-financial-choices-make-twenties/ Starting your own business can be an exciting time in your life, as you now have the opportunity to make the big move from being a regular employee to being your own boss. If you are a pool design enthusiast, or if you have a background in design that you wish to pursue, then this business venture is an excellent idea for you. More and more families desire to have their own swimming pools at home, especially those with kids. Here’s how you can get a head-start on this business:
A business plan is always a universal requirement for any business, be it service-oriented or the selling of goods. The case is no different for a swimming pool company. Your business plan should include the following:
A swimming pool company does not merely build a swimming pool. Let it be known that your responsibilities go beyond just the act of building, as you also have other tasks to do. When you have established a relationship with the client whom you built a swimming pool for, it is your job to go the extra mile, which includes maintenance. Other tasks that you may have to do include:
You should have a detailed idea about these aspects, as these are also tasks that you have to master if you want to have satisfied clients who will keep coming back to you.
Your market study should be different from your business plan. This is because there are also a lot of sub-specialized fields in a market study that you have to fulfill. For example, you have to study your location and the residents, if you can have growth in the market. Determine if your location is full of young professionals who are leaning towards marriage and family life, as this is mostly the group that will demand swimming pools in their homes. In relation to your market study, you have to determine the following as well:
Do not ever try to go into business without first complying with all the legal requirements. You may get away with it during the first months of operation, but sooner or later, the state will find out, and you might face serious consequences. Plus, your clients will also trust you more if you are complete with papers to prove legality. Customers nowadays tend to check into these details, and complying with legal requirements is always a top consideration for them when choosing among swimming pool contractors. Examples of permits that you have to comply with are the following:
If you do not have any knowledge about swimming pools at all, or if you have a limited scope of expertise, take the time to study and undergo all necessary training first. Do not try and pretend to be an expert and later on falter when you are faced with a difficult swimming pool construction problem. You have to show your clients that you really are well-versed with what you’re doing, and you are worthy of their trust. Remember, too, that swimming pools do not come cheap, and even if you are a business, you should always make your client feel that every dollar they spend on your services is worth it.
As a new company in this industry, it is crucial that you also allocate some time, money, and effort to advertise your business. Advertising is the best way for you to reach your market, and this is one aspect of running a company that you shouldn’t skimp on. Examples of advertising media include:
Conclusion Now that you have these steps to guide you, you can now have a clearer idea of how to start your swimming pool company. While you may find certain aspects of it confusing, do not let it dissuade you from pursuing this dream business of yours, as no entrepreneur has ever had it easy. Every company has its own risks, but these risks also translate to high returns in the future. The post Key Steps On Starting Your Own Swimming Pool Company appeared first on NuWireInvestor. from https://www.nuwireinvestor.com/key-steps-starting-swimming-pool-company/ |
AuthorHi I am Sara 30 years old from Liverpool. I am working as an assistant in a local real estate office. I like to share tips with friends and family about real estate investment. ArchivesNo Archives Categories |