Mohit Tater's Blog, page 622

How the Use of Robotics is Rapidly Growing the Food Industry

Automation is enjoying a steady growth as robots continue to move into the food industry’s primary side.  A Technavio report predicts that from 2015 through 2019, the market for robotics in the food and beverage industry will enjoy a 29% compound annual growth rate. One of the primary drivers as cited by the research firm is the demand for contamination-free and clean production areas. According to MarketsandMarkets, by 2022, the food robotics market is projected to be worth about $2.5 billion.

In countries such as the US, Japan, Australia and South Korea, there is a higher demand for industrial robots in companies that deal with food and beverages. The suppliers of robotics are rapidly expanding the ability for the end users of robots to change parameters on the fly for products of different sizes and shapes.  Some of the features include monitoring of quality, position and force as well as speed controls.

Such improvements to an industrial robot means reduced expenses, increased output and improved quality in food and beverage processing.

They are getting a grip on agricultural products

The food industry is not only large but also a fast growing segment for the automation of robotics. While some food segments are new to robotics and will have a higher learning curve than the user base that is already established, it is crucial for both the supplier and the integrator to educate the market.

The robots of today can pick, place, pack and palletize structured objects such as boxes, crates and cartons. This makes them a natural fit for the food and beverage processing industry. The manufacturers of robots are now designing robotic grippers that can handle products of different sizes and shapes. Such grippers have adjustable grippers than enables the robot to firmly grasp a produce such as tomato without squeezing it too hard to damage it.

The use of robotics in secondary food handling

Manufacturers find it much easier to add robots into the secondary phase of the production line since this is where the sizes of items are more standardized. However, even in these environments, there is increase call for monitoring capabilities and sanitary wash-down.

The use of robotics is now extending into primary food production such as cereal and dairy and meat processing. More humans are finding it hard to work in harsh environments such as humid or hot food preparing environments or refrigerated warehouses. By, contrasts, robots are designed to handle such tasks. The only difference between the food processing industries and others is the fact that it has very strict precautions against contamination.

What can business take away from the rapid growth of the use of robotics?

Collaborative robots could allow for the spread of robotics throughout the food industry from cooking, packaging and retail to agriculture. While adoption is likely to increase, there is need to comply with safety regulations that distinguish food robotics from the other types of automation. Due to improvements in machine vision, automation in harsh conditions as well as manipulation of varied objects will eventually lead to a rapid growth of robotics in the food and beverage industry.

What is the future of robots in the food industry

In the future, the food industry is expected to fully adopt collaborative robots. Just like other types of automation, the success of cobots in the automotive industry will result in the increase in robotic use in other industries.

In this regard, manufacturers and suppliers of robots such as Universal Robots will need to continue innovating and differentiating themselves from their competitors in the food industry market.

If you are looking to integrate an industrial robot or the use of robotics into your food processing business then you should remember that automation is becoming more common in all aspects of the food industry. This can range from restaurants and logistics to precision agriculture.

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What is Working Capital Finance and How can I Use it?

As well as ensuring the delivery of high quality goods and services, you also need to keep a close eye on your business’ finances. Every day that your business operates you’re certain to incur any number of expenses which all affect your working capital. However, if these costs regularly exceed your business’ income, it could indicate impending financial difficulty. But there is a solution. By applying for Working Capital Finance, your business could benefit from a wide range of finance solutions that could help you quickly turn the situation around.

Why should I apply for Working Capital Finance?

Working capital measures your business’ current assets (income, account receivables, inventory, etc.) against your current liabilities (business tax, supply costs, repairs, utility bills, staff wages, insurance premiums, etc). Naturally, you want to be aiming for positive working capital. But if your working capital has turned negative, then you need to act fast to prevent the situation from getting any worse. This is why applying for Working Capital Finance as soon as you’re aware of any issue is so important.

Working Capital Finance describes a wide range of finance solutions that can be used for a variety of purposes to help reinforce your monthly income or support income-generating projects. Plus, some of the products that are available could be agreed in as little as 48 hours, depending the complexity of the request. But in order to make an informed decision, you must ensure that you have a comprehensive understanding of the products that are on offer.

What Working Capital Finance solutions could I apply for?

Invoice Finance: is a secured form of lending that enables you to release up to 90% of the capital tied up in any business-to-business (B2B) invoice worth in excess of £5,000. There are two types of Invoice Finance: Factoring and Discounting. Either you remain the debt collector or transfer this responsibility to the lender, depending on the type of Invoice Finance you choose. Any funds that you do receive can be used for a range of purposes, including replenishing inventory, cashflow shortfalls, refurbishments and other essential growth projects.

 

Overdraft Replacement: on the other hand, this form of funding acts very much like a credit card for your business. It works by offering you a line of credit that gives your business access to an allowance. The credit limit on this allowance is based on your past income. Although you aren’t required to make use of any of the funds that are available, anything that you do withdraw will need to be repaid within 30 – 90 days (depending on the agreement), plus interest. Should you take more than what was agreed, you’ll also be charged an overdraft penalty. As soon as you’ve fully repaid whatever you’ve withdrawn, you’ll be able to instantly draw from the allowance again on a revolving cycle, resulting in it acting as a buffer for your finances. Because Overdraft Replacement doesn’t carry any usage restrictions, it can be used to support uneven cashflow, cover staff wages, supplies, emergencies, tax demands and any other essential business projects.

 

Merchant Cash Advance: If your business is able to support credit and debit card payments, you could apply for a Merchant Cash Advance and receive an advance based on your predicted future monthly card-based sales. This is achieved by the lender reviewing your card-based sales reports for 3 or more consecutive months and using them to calculate an average. So, if your business usually generates around £30,000 in card-based sales in any month, the advance could be in the same region. To repay a Merchant Cash Advance, the lender will deduct an agreed percentage from each of your card-based sales until the agreement is fully repaid. A Merchant Cash Advance allows you to support emergencies, tax demands, uneven cashflow, staff wages, supplies and ongoing growth projects.

 

Asset Refinance: enables you to raise capital for your business by releasing up to 100% of the equity held within one or more your business’ unencumbered assets. This form of funding can last for a term of upto 5 years, during which you’ll be required to make fixed monthly repayments, plus interest. By choosing to apply for an Asset Refinance agreement you can support equipment purchases, cashflow shortfalls, staff wages, emergencies, tax demands and other essential growth projects.

Looking to support your business’ working capital?

As a business owner, ensuring that your day-to-day operations are carried out successfully is crucial. However, if you were to unexpectedly experience a drop in monthly income, supporting operations can prove challenging and may force you into a precarious financial situation. Yet by applying for Working Capital Finance, managing your financial situation needn’t be a problem. All you need to do source an agreement suitable for your business’ needs.

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How to Make Money Cleaning up Foreclosed Homes

Successful entrepreneurs are seldom left wanting for opportunities to make serious money. While property is and always will be one of the primary cash-cows for savvy businessmen, there are other ways to profit aside from sales and lettings.

This is where foreclosures come in, or to be more specific, bringing foreclosed homes up to scratch for buyers. As these type of properties are typically sold in “as is” conditions, they will not have adequate repairs or be brought up to spec for the buyer. A Queens foreclosure may look like a dream property according to its location and exterior, but the inside of the home may be more of a nightmare.

In 2017, there were close to 700,000 foreclosure filings. While this is not quite at the rate it was at the turn of the decade, it still represents a worthy business endeavor for any willing entrepreneur.

A Low Cost & High Margin Opportunity–Banks or U.S. Department of Housing of Urban Development (HUD) are typically mortgage holders of foreclosed homes. While they are not responsible for bringing the properties up to good repair, they do hire contract cleaners to ensure the home is clean and reasonably presented. This is who you will approach or hope to have approach you, for your services.

Your job will be to remove any unwanted items and freshen the place up a little, which does not make for costly overheads or massive expenses. In fact, you can even rent out equipment to complete the job until you build up your reputation

Ensure You Can Get Business in Your Area – There is little point in starting a foreclosure cleaning company if there is no business in your area. You can do some market research to determine if the opportunity to make money in your new venture is worth the time of setting up your business. Look through the foreclosure listings in your area, and how many other entrepreneurs have already established their businesses.

You can contact banks and institutions in your locality to present your services, or approach your local HUD office to see if they require cleaners for their foreclosed homes.

You Don’t Have to Limit Your Services–If you have the resources to set up a home cleaning company, you may include foreclosure clean-ups as part of your overall services. For example, if you target rental properties to begin with, you may earn contracts as a foreclosed property cleaner by establishing your business beforehand. Having a reputation built on the back of excellent reviews may see you refusing work in the end.

As far as a business opportunity goes, cleaning foreclosed homes is an excellent way to make money. If you can convince mortgage holders that your service is the only one worth using, there is a chance that you can establish yourself in a comfortable position. Even if you do start off cleaning foreclosed homes, with enough capital, you can eventually expand to rental properties and offices.

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10 Things to Research Before Starting a Business

The idea of starting your own business could initially fill you with much excitement. All of that control and flexibility! Except that, well, your progress in setting up that business and taking it off the ground could come juddering to a halt if you fail to research the following things first.

Whether you have the necessary time and money

If you are considering treating that business as a side project, you should probably back out now. Adam Robinson, who heads the hiring platform provider Hireology, warns in a Business News Daily article that the decision will “take more time, more effort and more capital than you thought.”

Opportunities which inspire your passion

If there is enough time and money for you to free up for the business, keep an eye out for opportunities – but only pounce on those which genuinely excite you. After all, passion could help keep you going if a business project falters.

Available names for your company

While it’s ultimately your decision what you call your business, your hand could be forced one way or another if your preferred name is already taken by another company.

The structure for your business

There are various structures from which you can choose for your company. The choice you make will affect matters like what paperwork is necessary to complete, what taxes are payable and the implications if you lose money, as The Guardian explains.

Your target market

Your business won’t be making money unless people buy what your company offers. For this reason, don’t skip researching who would be willing to purchase from you and what they need.

The market pricing for what you will offer

Once you know what you will make available and to what people, you should discern how to price your firm’s offerings. In this task, you can refer to the market rate – in other words, the pricing for which similar businesses have opted.

Potential places to work

Without a suitable space in which you can work, your productivity could be hampered. The ideal setting would give you a lot of space and not a lot of distractions.

Work equipment you will need

Even if you will work from home, you might still need to buy a new computer and phone. A printer might be necessary, too. Before starting the business, list all of the equipment it will require.

Ways of marketing the business

However good your business is, you can’t expect it to financially flourish if you don’t get the word out about its offerings. You might stick with just a Facebook page as your company’s online presence, while print marketing methods – like distributing cards – are an option, too.

Your insurance requirements

Some forms of insurance might be legal necessities in your jurisdiction; other insurance products might simply be recommended.

A specialist broker could be a good source of business insurance quotes. In the UK, for example, Be Wiser Business Insurance can provide a range of cover, including that for liability and property.

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Three Ill-Advised Tax Schemes All Practitioners Should Avoid at All Costs

As all experienced practitioners will know, there are many legitimate ways to reduce a client’s tax liabilities. However, there are some who will step into murky territory and advise tax schemes knowing what they are advising their client could be deemed as tax evasion rather than tax avoidance.

Over recent years, with the public backlash growing as multi-national businesses are avoiding paying more and more tax, the UK government have clamped down on tax evasion schemes. Since 2015, Her Majesty’s Revenue and Customs (HMRC) has submitted 1,135 referrals to the Crown Prosecution Service (CPS). Penalties for companies and individuals who have devised the scheme have also reached dizzying heights with a maximum penalty of £1 million.

With this in mind, our friends at Solution Loans have pulled together details and graphics on three common tax scams, if you are recommending these schemes, we would recommend you rethink your advice.

Job Board Tax Avoidance Scheme

How it is done:

A contractor joins an umbrella company
The contractor carries out work for this umbrella company
The Contractor is paid a small amount that doesn’t qualify for tax or National Insurance
The rest is taken to pay for advertising the contractors services on a job board
In exchange for the contractor continuing to list their services on the job board they get loyalty points
These loyalty points can then be redeemed for cash by the contractor

Land Tax & Stamp Duty Tax Avoidance Scheme

How it is done:

The buyer sets up an unlimited company and make a gift of cash to the company
The company purchases a property
The company gifts the property to the director as a dividend
The company claims it is exempt from the tax on the basis that the property is being transferred
No tax is therefore paid

Gift Aid Tax Avoidance Scheme

How it is done:

A trust buys something, e.g. £1 million of gilts
The gifts are sold via a third party to an investor who has paid to be part of the scheme for a nominal fee
The investor sells the gilts for their actual value
The investor then donates this money plus a small sum to the charity
The investor then claims gift aid tax relief on their donation
The charity then uses the donation to repay the loan
They do this with a loan from a third party

Unsure if you are advising a tax evasion scheme?

If you aren’t sure if you are advising a tax evasion scheme to your clients, there’s a comprehensive list of known schemes on the HMRC website. However there are some basic questions you have to ask yourself that which help you judge if it is a tax evasion scheme not:

Known tax havens are used
Offshore companies are utilised
Low or no real economic activity involved
Money or assets go around in a circle or have gone through numerous intermediaries
Confidentiality is required

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Professional Debt Consolidation Solution that can Best Boost any Business Endeavor

Debt in business is an elemental factor, and there is always a certain amount of risk factor associated with the business of any kind. However, when you are trying to handle your business with the help of various types of external aids including debts and borrowing money, you should also be aware of the different ways in which it can be waived and consolidated in the later stage if you need to. The risk factor for various businesses is majorly related to the debt that you incur during the business and your inability to pay it off for certain reasons like a loss in your business. There are many professional solutions that you can enjoy in such a situation, and if needed you can take the help of professionals whenever you want to.

The necessity of debt consolidation

Before you opt for debt consolidation, you would need to understand why it is an essential factor about which you must have a clear conception. There are different aspects of loans and the loan policies. If you are facing any trouble due to the loan policies and are unable to pay off the loan in time and that in turn leads to a situation where you are bankrupted, your entire lifestyle would be ruined. Not only that, your family who is dependent on you would face a significant hardship. Debt consolidation is a legal process which ensures that a certain amount of the debt related interest and amount is waived and you can pay it off provided the time has been extended in your favor. Here we are going to find out the best ways in which you can choose the debt consolidation firm for the services that you need.

Specialization of the firm

There is a number of debt consolidation law firms across the states, and you may wonder which the best choice for you would be. The best way to recognize and choose the top debt consolidation option would be checking their website and going through the kind of debt consolidation services they specialize in. The various aspects of business debt consolidations would be listed provided the law firm have the services. This is a significant factor to be noted when you are looking for a solution to debt issues regarding business. Do ensure that you are not opting for a lawyer who may be a debt consolidation lawyer but do not have any specialization in business debt management.

Their experience

There are different types of law firms which you can rely on, and when you are checking their services go through the experience, they have in this field to get an idea of their consistency and reputation. A law firm which is consistently performing over the years would be well versed with the debt laws and would also know the latest updates and changes in the law. This would be helpful for you to determine whether the firm that you are opting for is up to the mark and have good enough services that can get you out of the situation that you are facing. Also, when the firms are experienced enough and have been consistently working in this field, that would mean that they have a number of expert and skilled lawyers who work under them.

The reviews

You can check the various debt consolidation reviews that are available to understand the quality and consistency of the services of the chosen firm better. While you can get first-hand recommendations from the friends and colleagues who have opted for their services, the reviews would also help you out regarding knowing the first-hand experiences of the clients and judging the background of the firm that you are opting for. There are a number of firms to choose from and hence shortlisting is a necessity and has to be done with care to ensure you are getting the best value for the money you pay.

The affordability

A standard law firm would have very standardized rates for their services, and there would not be any hidden cost, and they would be particular about the time that would be required for the entire proceeding. This is another crucial factor that you should take note of in order to ensure that you are getting a quick solution to debt troubles whenever your business faces them. Do set aside a budget for hiring the top lawyers for debt settlement whenever you need and if you get a quality agency you can become their loyal client too over time. This would make the services even more affordable for you with special rebates and concessions.

Conclusion

It can be concluded that there are different types of factors to be considered when you are choosing a debt management firm, and they would be able to help you out with the best possible solutions.

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Trucking: A Road Map to a Profitable Owner-Operator Business

If you’re an entrepreneur looking for a line of work that pays well and where demand far exceeds supply, then you may want to consider becoming a truck driver and building a career as a logistics service provider.  This is such a lucrative field that global market value is not measured in billions but in trillions. It’s flourishing because the world’s supply chain never sleeps. Goods are constantly being transported between points of origin to points of consumption; transported over land, sea, and air; and transported within countries, over borders, and between continents.

After getting your commercial driver licensing, buying or leasing a truck, registering as an operating authority, and creating your own company, you could get a fast start by looking for loads on load boards. Since most trucking contracts require you to give your customers 30- to 60-day credit, you may also want to use a financing company like TBS Factoring to sell your invoices so that you have positive cash flow. Additionally, quickly build a reputation as a reliable provider by applying for fuel cards to get discounts on gas and by using mobile apps to find truck stops, scales, rest stops, and service stations on your delivery routes.

Here’s a roadmap to help you launch your own truck driving business:

Get Skilled Up

How do you start? Start at the beginning. Long before you figure out how to finance your truck or how to launch your own business, get your CDL and then get some experience. If this is too big a leap for you, if you’re not fully prepared to become an independent owner-operator right away, then join a trucking company that has its own training program or that will pay for you to go to school to earn your commercial driver’s license.

Create a Business Plan

Build a solid business plan. If you’re not sure how to write one, then hire a business adviser to help you develop a realistic plan that you can take to the bank. What will your expenses be? How much revenue do you hope to earn? Figure out all the details.

Set Up Your Company

You could set up your trucking business as a sole proprietorship, as a partnership, as limited liability corporation (LLC), or as a corporation (either as C- or an S-corp). Each legal structure has its advantages and disadvantages. If you can’t figure out which one to use for your business, then get professional advice on what will work for your business model.

Get at Least 6-Months of Working Capital

Your biggest start-up expense, of course, will be the cost of your tractor and trailer. Decide whether you want an Operating Lease, a Terminal Rental Adjustment Clause Lease, or a Lease-Purchase plan. Choose an Operating Lease if you’re prepared to take care of permits, taxes, and maintenance and walk away when the lease comes to an end. Choose a Terminal Rental Adjustment Clause Lease if you want to make a small payment and cover the difference in value and cost price when the lease comes to an end. Or choose a Lease-Purchase plan if you can’t afford a down payment and are prepared to pay more in the long-term.

Next, either get a substantial loan or secure a good line of credit. Remember your business plan is only a financial forecast and if you start out with too little money, then the smallest setback could prematurely force you out of business.

Besides the start-up expenses, there will be the cost of business operations. For instance, the cost of parking, the cost of maintenance, the cost of marketing, and the cost of hiring employees or outsourcing services (e.g. bookkeeping and invoicing.)

Compliance and Insurance

Before you start you must comply with a number of trucking regulations like:

 USDOT Number
Operating Authority
Heavy Vehicle Use Tax
International Registration Plan (IRP)
International Fuel Tax Agreement (IFTA)
BOC-3 Filing

In addition, you will need to consider Primary Liability, Cargo, Physical Damage, and Non-Trucking Use (Bobtail) insurance.

In conclusion, although it may seem as though there are a lot of hoops you have to jump through, your chances of earning six to seven figures a year is fairly realistic. In fact, as your business grows, which can happen fairly quickly if you get good at marketing it, you’ll be spending most of your time organizing the business rather than doing the actual freight hauling yourself.

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Ali Habib Mayar’s 4 Tips For Small Business Success In Slow Times

Ali Habib Mayar is the Founder and CEO of Platinum Rapid Funding Group, an alternative lender based in Long Island, New York that helps entrepreneurs and small business owners access the capital they need when they require it. He founded the company to help small business owners succeed, leveraging his considerable financial sector experience to help them do so.

Today, Mayar’s company is broadly recognized as a leader in the merchant cash advance industry.Ali HabibMayar himself learned a lot about small business success along the way and has generously decided to share four of his best tips for small business success in slow times with our readers.

The following advice may be applied to nearly any industry:

Utilize Merchant Cash Advance Services for Financial Assistance

Merchant cash advances, or MCAs, offer numerous advantages over a loan from a traditional financial institution. The application process is streamlined because they don’t pay too much attention to your personal credit history. Instead, they concentrate on your business’s cash flow and ability to fulfill its obligations when deciding whether to approve any particular funding request. Not only does this make funding more accessible, it also enables merchant cash advance companies to fund your loan within 48 hours of your starting the process. Good luck trying to do that through a traditional bank!

MCAs are also repaid based on your daily revenues, easing any cash flow issues you may be experiencing. This means that you don’t need to pay much on slower days, helping you keep the lights on until business picks up again.

Finally, there are no restrictions on how you use the proceeds of an MCA. This allows you to run your business however you see fit, giving you the freedom to live the dream of being your own boss!

Leverage Seasonal Employees

Staffing is one of the most significant expenses any business faces. If you employ more people than you need, you’re just wasting money. If you don’t have enough staff, you may not be able to maximize your revenues during a boom period.

The solution to this problem is simple: seasonal employees. Most business owners can anticipate their busiest and slowest seasons in advance, allowing them to cut back for the lean times and staff up again when the need arises. Just make sure that any new personnel you bring in is fully trained and ready to go when you need them.

Adjust Business Hours

You can also survive slower periods by adjusting your business’s schedule. For example, a restaurant that only gets a couple of covers for its lunch service every day is probably losing money by opening its doors at that time. That places more pressure on the company’s dinner business, making slow nights a financial catastrophe that could be difficult to recover from.

In that situation, the restaurant benefits from canceling lunch service entirely to focus exclusively on dinner. Overall revenues might decline slightly, but it’s a net positive if lunch-related expenses are higher than the revenues it generates.

Cut Out Unnecessary Expenses

Finally, leaner periods are the perfect time to review your company’s financials and cut out any extraneous expenses. Is that advertising campaign actually getting people into the door, or is it a sunk cost? Is your management structure efficient, or are you paying for a layer of bureaucracy that you don’t really need? Are your suppliers giving you a fair rate?

Inventory is another expense that quickly adds up. While you should prioritize hot inventory that flies out the door, failed designs and products are better liquidated than stored indefinitely. This way, you recoup at least some of your initial investment while simultaneously creating more space for other merchandise.

Get More Business and Funding Tips From Ali Habib Mayar

If you’re interested in learning more about Ali Habib Mayar or the funding solutions that he can offer, please visit his personal blog, AliHabibMayar.com.

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10 Benefits of Working Part Time when you are a Student

Working as a part-timer is quite a tough task when one is in school or university enjoying and chilling. Student life is basically all about fun and parties but one who does part times has its own perks, you name it and I will give you multiple advantages of these part-time jobs. It makes you independent, that means your money your life. It helps you in time managing skills, it gives a boost to your resume as your resume speaks for you. Students who work during their colleges have better career prospects than their counterparts. There are various advertisements and links streaming on the internet like store hiring near me part-time, job search part-time college students, looking for a part-time job near you, students job postings, part-time sales job, etc.

Money:

Students who hold part-time jobs have money more than they used to have otherwise. Earning boosts one’s confidence and their understanding to spend money within their paychecks. The hard earned money makes one more cautious towards spending it recklessly.

There are many job openings for freshers where one do not have to have a work experience to start with. They can start afresh. There are many part-time job ideas like one can work as a freelancer. And they give a decent paycheck to cater one’s needs and beyond that.

Time Management:

Students with a job in their hand have less free time than those who do not have and hence they have to prioritize their work over other things so many times in order to meet the deadlines and this helps them in being a better planner than their counterparts. This prepares them for future work life. There are various online student job search portals where one can have the hand on experience in their field. There are also weekend jobs for students which are quite less hectic than those of the weekdays but surely it cuts off the fun of the weekends. But everything comes with its cons too.

Early Work Experience:

A job or an internship, basically an early work experience is quite impressive in front of the interviewers and this gives them the idea that the person has some professional world experience and that would be quite helpful in the further business thing. There are many companies and MNCs that offer summer jobs for university students so that their holidays will be productive and they will gain experience too in the desired field.

Helps in Budgeting:

Students earning their own money know how to spend it wisely, and this helps them in longer run. They have more idea to spend where and on what, than them who spend recklessly and without giving a single thought as it’s not their self-earned money. Part-time jobs for undergraduates helps them in having a broader outlook towards which field they want to go and it also gives an opportunity to explore different career options as it is quite early for settling with a fixed career.

Networking Opportunities:

Working a part-timer helps you develop connections with your colleagues, friends and boss which will later prove beneficial for your career as they may give you reference to other great firms and you may land on yet another big opportunity which gives you an extra boost to your career and paycheck along with other perks.

Career Skills:

Part-time jobs help in developing skills that will be beneficial in long run and which will add to your personality and work style. Students get more committed to their work. Other skills like teamwork and leadership which is important for the functioning of each and every firm. Other skills like organization, customer service and the list goes on.

Helps in reducing student loan debt:

Students with student loans can reduce their debt by working as a part-timer which will make a big difference in the total amount they have to pay debts. Adding small small amounts of money will help one at the end of settling the debt after their graduation.

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4 Mistakes to Avoid when Starting your own Car Selling Business

Starting your own company can be both exciting and lucrative and if you combine this with doing something that you love, well the sky could literally be the limit. Just imagine making a good living while being surrounding by cars and people who love them just as much as you do. But before you dive in, remember that many of these start-ups are doomed to fail before they even begin. If you would like the best chance of making those business dreams a beautiful reality, please read this short article and take note of these proven tips. By following them, your car selling business will have the best chance of not only surviving but also thriving in what is a very profitable business arena.

Business Plan

Without a solid business plan, you may as well forget your car selling venture altogether. These aren’t just there to please your potential creditors, there are many facets to a business plan and you had better catch up quickly. They include researching your competitors as well as many other points. Your location should be thoroughly checked out before making a decision and what about the goals and objectives that you need to be hitting? Essentially, your business plan is an overview of how you want to run the whole entity and without it, you will have no roadmap from which to refer to when things aren’t going your way.

Financial issues

This is almost as important as your business plan because without adequate financial backing, how are you going to make those ideas fly? Look closely at the numbers and if they aren’t adding up in the early days, perhaps you need to speak to the experts before things go too far. Hiring staff, buying stock and simply paying for your premises all add up to some serious money. Buying the latest chevy model isn’t going to be cheap so don’t get caught out by overstretching.

Business focus

Most start-up businesses are going to be on the small side but that isn’t to say that your focus can be taken for granted. If anything, you will need to be more switched on at the beginning and do your best to scout for those bargains and special deals that can help you make a profit. Perhaps you are thinking of specialising in a bespoke area of car dealership, you should do your research and focus on how you can make your own business a better proposition for potential customers. If you can only afford to start off with 10 cars, you should still be as professional as possible because Rome wasn’t built in a day.

Marketing and Branding

Marketing your brand from the outset is the best approach because the sooner your business is out there, the better. You will need to allocate a part of your budget to marketing and by overlooking this, you could be making a mistake that eventually costs you far more. Business leads will eventually start adding up because your brand is becoming more and more popular.

So whether you are intent on specialising in quality cars like the Audi S5 or perhaps cheaper used cars, avoid these 4 mistakes and you should have the best chance of still doing good business a year later.

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