Mohit Tater's Blog, page 711

Practical Debt Prevention Methods

Credit: LendingMemo

Staying out of debt in the 21st century is almost impossible. While the Chancellor, George Osborne, boasts that the UK is out of recession and its economy is growing faster than its other European counterparts, the vast majority of hardworking, normal people in the UK still feel like they’re earning the same as they were before the recession struck.

Ultimately, this means that if you feel like you’re the only one who’s having money problems, you’re not. It’s more than likely that many of your friends and family feel the same way that you do, and once you know that the trick is to be proactive about your debt. With some preventative measures, you can keep yourself out of the red and in the black. Just follow our practical debt prevention methods, and you’ll remain in the financial clear.

Saving on a Shoestring

When you don’t have a lot of money to begin with, it’s hard to imagine how you’re going to get the money together to be able to save something each month. However, with careful money management strategies, you’ll be able to keep a small amount each month that will represent some savings.

The best ways to save are the old fashioned ones because they’re the most straightforward and easy to implement. Nicknamed the “jam jar” method of saving, take some envelopes (your jam jars) and allow each one to represent an element of your monthly outgoings (i.e. phone contract, entertainment subscription fees, utility bills etc.), and then also have one for savings.

At the beginning of each month, ensure that you draw out the money necessary to fulfill your financial obligations, as well as drawing out a set amount for your savings. With your jam jars filled, the money left in the bank is all you’re allowed to spend.

Consolidation and Money Management

Next, in an effort to ensure you’ve got as much money left at the end of the month as you can, you should consolidate and analyze your existing outgoings. For the first part of this, it could mean taking out a loan that takes all of your existing debt and converts it into a more manageable single monthly repayment. The second part is likely to be more time consuming, but worth it in the long run.

Essentially, you need to go through each and every one of your existing monthly direct debits to ensure that you’re getting the best for your money. Is your internet TV subscription deal the best it possibly could be? Is your phone contract as low as it could be? For more advice on how to manage your existing debts, read this handy guide from Different Money.

Investing in Your Future

Finally, it’s essential to realise that your personal finances can’t be secured overnight, and the best defense against debt is an active offence. To go on the offensive, financially speaking, means getting your head around investment. The simplest way to invest is in property. So whether that’s purchasing your first home, or taking out a second mortgage on a property that you plan on renting out, property is a good way of guaranteeing that you’ll have income coming in in the future that can help you defend against personal debt.

Of course, all forms of investment are inherently risky, so if you are investing, ensure you know how to minimize the risk as best you can.

Ultimately then, although the UK economy marches onwards, normal people like you are being swept under the rug. This means you’re going to have to take extra preventative measures – like the ones above – to keep yourself in the black and out of the red. Follow the above advice in this article, and you give yourself a good chance of staying afloat.

Shop Online for Eyeglasses With DIY Measurements

It can be expensive and time-consuming to buy eyeglasses from an optical store. Fortunately, you can take advantage of the deals online when you DIY with eyeglass measurement. Determining what size frames you need is actually easier than it sounds. First, make sure you understand the following common eyeglass measurements.

Frame Width

This measures the width of the entire front of the frame.

Lens Height

The lens height is the vertical height.

Temple Arms

Temple arms are on each side of the frame, and they extend to your ears.

Lens Width

This is often referred to as the “eye size.”  It is measured horizontally and is the diameter of one lens.

The Bridge

The bridge is the part of the eyeglasses that goes over your nose.

For details on measuring these areas on your own, refer to this infographic by Zenni.

 

Benefits of Using a Virtual Office For a Brand New Business

The learning curve of business

Doing business means that you need to continue learning about all facets of management and training to keep up with the different challenges that come your way. Business owners, who work from home primarily, may not be able to take on management and leadership, so you need to do some research and training, to learn the best way to go about it.

A good idea is to build a network of people that are also in the same business, with whom you can exchange ideas and discuss issues that are common to all. This is a great way to discover new ways of working and ways around common problems. Often just talking things through is enough to then come up with a solution.

One of the other areas to work on is through learning how to organise and specifically, where you will work. Instead of working somewhere supplied by the employer, you will need to arrange this for yourself. Working from home is a good option for many small businesses, particularly in connection with the use of a virtual office to provide professional and business as a secretary for your business. Without the cost of an office building and employees, you should be able to create a well-designed office space with everything you need in a good spot within your home.

One common problem for small business owners is that there is just too much to do. Becoming skilled in time management and self-organisation is very important, but also important is learning to give time to participate in social life and to just relax, so that you can maintain the enthusiasm and energy for the business challenges ahead. Having a virtual office for your company be flexible with is a perfect complement to home workers and helps to keep the stress levels down.

Virtual space to help make sales

The point of business is to sell something, which means that the company must convert initial interest into satisfied buyers. The first step is to generate interest through marketing and advertising. Websites are by far the most popular method for potential customers to test the product, so the site should give clear information and easy to use. Nowadays much of this can be achieved at home with just a good internet connection, but there may be days when using a virtual office for your company works better.

Despite the growth of Internet shopping, there are still many people who are wary of identity theft and unsafe information, so make sure that your site is well protected and honest about the level of security. Provide clear information about your company name and address and contact details, other than solely on the website, as it is important background information for many potential customers.

In order to convert visitors to your website into buyers, you need to create a process that leads people in a logical way of any product listings, descriptions, and individual prices through output. Sales can be lost if potential buyers must re-find information that has been forgotten or repeatedly fill out forms, so make sure that all the information is transferred and remains available.

For those who do not want to buy through the site, but would prefer to call to place an order, you can give the user a friendly and professional service with a virtual office, which is available on all of those cases where you cannot get to a phone, because you’re on the road or with the client. Working in tandem from a home and virtual office this way, can prove a very fruitful venture for many companies.

Using QuickBooks to Pay Your Staff

Credit: Tripp

QuickBooks desktop edition has powerful tools to manage your payroll. Many small and mid-sized businesses use QuickBooks to manage their employees and contractors payments and accounting.

Employee

After a quick setup process, paying employees and filing taxes using Quickbooks is easy. To setup a new employee, you just need to add this information:

Name and address information
Social security number
Pay rate

To ensure you are in compliance with all state and federal laws, make sure to get W-4 and I-9 information as well to ensure your employee taxes are paid correctly and that they are a legal United States worker. If you live outside of the United States, QuickBooks can still be used, as it has other tax tables and forms.

Here is a great video on setting up new employees for payroll.

Contractor

Paying contractors is even easier than employees. To pay a contractor, you just set the company or person up as a “vendor” and use QuickBooks to print a check.

When you print the check, make sure to choose the correct expense category so your reporting is accurate when tax time comes around.

Paying Employees on Demand

When I was the treasurer of a non-profit, we had one employee that had to be paid. Because it was only one employee, it was easiest for me to just create a new paycheck and define the pay period manually for each check.

With a very small business, that is the easiest way to handle payments. When you are ready to pay your employee, just enter their hours (you can setup several rates depending on your needs) and save and print the check.

When you are getting ready to enter payments, it can be a good idea to refresh your tax tables, which only takes one click. That way, Quickbooks will handle the deductions and taxes correctly.

Paying Employees on a Regular Schedule

If you have multiple employees that are all paid either a salary or hourly on a regular schedule, such as weekly, bi-weekly, or monthly, you are best off using a payroll schedule.

Payroll schedules allow you to pay all of your employees at once from one screen. Just enter all of your employees time and save all of the transactions and send to the printer. It only takes a couple of quick steps.

Hourly vs. Salary

Paying hourly employees is simple with the Quickbooks system, as it was built to make payroll easy. In fact, payroll is easier than many other accounting tasks in Quickbooks.

To pay salary based employees, who make the same regardless of the number of hours worked, the best option is to treat them as a 40 hour per week employee every week. Just divide their annual salary by 52 weeks, and then divide that number by 40 hours. That is their “hourly” rate you should enter when setting up the employee.

Don’t Forget Your Taxes

Quickbooks will calculate your taxes each quarter, but it won’t pay them for you unless you pay Intuit for their premium payroll service, which is not worth the cost in my opinion. Just remember to print your forms and checks and send to the Federal and State tax agencies each quarter and you are all set.

Easy to Get Started

If you are not sure where to start with your business finances, Quickbooks desktop is the cheapest and most powerful option available.

Buy QuickBooks Pro and Premier in Download Version Now and Save Upto 50%. Easy to Setup, Learn, and Use!

Note: I added affiliate links for Quickbooks Pro

Staying Sane While Working From Home

Credit: Wade M

The term “home” is flexible in this day and age. Whether you’re working comfortably from home or traveling from place to place- it’s possible to successfully run a business from anywhere. You might actually be working from your true home or from a hotel or hostel. Whichever the case be, keeping sane both mentally and physically is going to increase your chance of achieving success. There’s no doubt about that.

 From Head to Toe

Take time to create an ergonomic workspace. Do your best to set up the most neutral position for your body from head to toe. This means 90-degree angles all around, starting with your feet flat on the floor. Crossed legs reduce blood flow in your legs, which isn’t ideal. If you have a standing desk, that’s excellent. If not, make sure to take breaks to get the blood flowing in your legs. Have your keyboard or laptop setup at eye level so your elbows bend into a 90-degree angle. Watch your neck and head level as well. Check out this article for more ergonomic tips and tricks.

Go outside. Now, please.

Be sure to change up the scenery. Staring at a screen all day can be incredibly mind numbing. Taking small breaks to get fresh air and move your body is worth the time and effort. It’s easy to pass up breaks especially when it’s crunch time, but take a few moments and step away from that screen. Some of my best ideas have come during a run or walk, a quick chat with a friend, or listening to music.

Mastermind

Join a mastermind/accountability group. Working from home independently can be isolating at times. Having a group of likeminded people allows you to spitball ideas, hold each other accountable, and give you something to look forward to. I meet with my mastermind group every Sunday morning. Around Thursday morning, I think about my group and my gears start turning as to what I can bring to the table. You don’t want to be that person that doesn’t have any updates. 

Quit Making Excuses

At the end of the day and most likely at the beginning of your workday, it’s you. It’s all you. If living the dream of owning your own business and thriving is really going to happen, you have to make it happen. It’s not something that’s going to magically happen. Make those dream boards all you want, but you have to seriously put yourself out there. Do what you say you’re going to do and quit making excuses.

Celebrate

The beauty of working from home or from wherever you are is total freedom. Sit back and see the beauty in that. You can work when you want, push yourself, and see results. Celebrate that and don’t take it for granted. When you are having a tough day, think about that long commute and that dreaded cubicle you would have had to bear had you been working a “normal” job. The grass IS greener on this side.

This is all easier said than done. Taking the time to take action is something different than talking about it. Improving your workspace and taking thoughtful breaks can do wonders for your mind and body. Check in with your mastermind partners in crime too. These are all components of truly staying sane while working from home, so go ahead and make it happen

How Much Money Do You Need to Start a Business?

credit: Steven Depolo

Some people think that you need hundreds of thousands of dollars, if not millions, to start a business. However, that doesn’t have to be the case. Here are a few businesses I have started, and others have started, for less than $1,000.

Blogging or Freelance Business

The owner of this site and I recently spent a weekend together with a few hundred other finance bloggers in St. Louis. The hundreds of people at that conference each have some sort of online business, and none of those businesses require more than $1,000 to start.

When I started my most recent website, the total cost out of pocket didn’t need to be higher than $70. Website hosting? Deals can be found as low as $5 per month. Domain name? I got mine with a coupon for less than $10. That is really all you need to get up and running.

Service Business

Depending on your business, startup costs can be pretty low. When I started my flash mob business, my costs were a website (I already had hosting, so it was $7 for the domain) and one big, loud speaker, which cost $250. I actually used my own personal speakers for the first few events and didn’t spend on a bigger one for a few months.

Most service businesses don’t really need an office or work space to be rented. If you can work out of a home office or do your service on the go, you can save even more.

$100 Startup

In Chris Guillebau’s $100 Startup, he features a long list of businesses that started for a low cost and are able to support a family. Some of my favorites include the husband-wife couple who create high quality artwork including specialized maps and the guy who delivers mattress orders by bicycle in Portland.

There are countless businesses you may be able to start for as low as $100. With only that much at risk, why not give it a try?

I started my first business, which in retrospect was a bad idea (as they say, hindsight is always 20/20), for less than $300. I made about a third of my money back and lost the rest, but the business lessons were invaluable in informing future business ideas.

Just Try It Already

If you are sitting on a great idea or have been afraid to try a business, what are you really waiting for? What is holding you back? Fear? Fear of what? If you limit your financial risk, you may be better off trying it out than always wondering what could have been.

Startup Costs for Your Businesses?

If you feel comfortable sharing, what sort of startup costs have you experienced when starting out? Please share in the comments.

Schedule E-Mails to be Sent Later With Right Inbox

Right Inbox is a tool/software used to make things easy and has quickly gained fame. However, it is still pretty new in the eye of many people who wonder if it is worth it. So without much ado, let’s review this one today.

What it Does

Right Inbox lets Gmail users schedule their email messages to be sent later. This ensures that your emails are received exactly when you want them to be. It comes in the form of an extension for Firefox, Safari and Chrome browsers.

Gmail has numerous fans across the world and is one of the most preferred email clients today. In spite of this, Gmail still needs to provide key capabilities such as follow-ups. I expect to be reminded when my recipients has not replied within a specified time period, so that I can send another follow-up message.

Against Competition

Let’s compare Right Inbox with some of its top competitors; Followup.cc and Boomerang. Followup.cc is great and just like Right Inbox, it is client-agnostic. Unfortunately, it does not integrate with Gmail meaning it may not be useful for Gmail users. Boomerang, on the other hand, is good but pretty costly. If you are using Google Apps then be ready to part with $15 per month. The list is endless, but clearly Right Inbox thrives.

The Crucial Details

Right Inbox is and will still be a favorite for most people, thanks to its affordable price and seamless integration. It is important to mention that Right Inbox has a $5 month service fee which allows you access to a couple of several other new buttons that blend perfectly with Gmail’s native ones.

Installing Right Inbox is very simple and literally takes seconds. Open RightInbox.com and select install it by selecting from your browser of choice. Once the installation is complete, you should be able to see a new button for “Send Later” placed next to the renamed Send Now button.

Once you are done composing your email, click on the Send Later button to view more options regarding the time you want the message to be auto-sent. From the options list, you can select a standard 1-4 hour delay, a generalized tomorrow morning or tomorrow afternoon. Alternatively, you can schedule your email to be sent at a specific time, date and time zone by clicking on the last option on the same list.

After scheduling your email, it will automatically appear in your Drafts folder. The scheduled time is appended to the subject of your email. When the scheduled time comes for the message to be sent, the subject automatically returns to its original state.

By utilizing Right Inbox, you can make sure all your emails are sent and received at the exact time you want them to be. In case you are familiar with your recipient’s schedule, sending an important email during downtime will be helpful in ensuring the recipient reads it.

Pros

It is reasonably priced, even for Google Apps users
It seamlessly integrates with Gmail

Cons

None really.

Conclusion

Having used it for a few weeks, I will say the tool is totally worth it, especially if you use Gmail for communication purposes. The affordable price is its biggest asset.

Try Right Inbox for free today!

Working with Your Debtors to Get Your Money Back

Credit: meddygarnet

With late payments, the key is to strike a balance between being polite and civil without being ineffective, and being assertive without being too threatening.

If you follow the steps laid out here you should be able to work very well with any debtor to get your money back, while maintaining a good relationship and the possibility of continuing business with them in future.

Your Debt Collection Mindset

Collecting money from people is similar to salesmanship and marketing. Understand their situation, and what pushes their buttons (through fear or promise) to dramatically increase the probability of them taking action and paying you.

Many business owners new to the game find it daunting to pursue debt, and almost feel like they’re being too threatening or mean. They hesitate to take strong measures. You must get rid of this mindset before you begin or you’re likely to spend a lot of stressful time spinning your wheels.

It’s your money, you have every right to go after it. They signed a contract with you agreeing to a certain date. So pursue without hesitation, and use whatever tactics work.

Decide Your Steps

First, decide your action steps, and when you will begin. And stick to this. So the moment you realize their payment is late send a gentle reminder, and then determine how long you will wait until the next step.

This way you’ll stop yourself worrying every day if you should do something more or not. And of course, your existing relationship with the client will make a difference in how much leeway you give them and how easily you can talk to them about it.

Become More Assertive

So your first step is a gentle reminder by phone or email. When their time is up, the next step is to make a clear demand for payment.

Here you want to make it clear that you no longer think they’re just confused and getting their accounts in order. Make it firmly clear that you either want the payment now, or a firm commitment as to when and how the payment will be made.

Include the date they should pay by, unless you talk and come to a solid agreement. Remind them exactly how to pay you. And clearly express what will happen if they do not pay by that date, which may be a debt collection agency (DCA) like PJCDS.

Talk, Listen, Understand, but be Firm

Depending on how large the contract is, contact your client and discuss it with them. Listen, and understand their situation. The more carefully you listen, the more they will like you and will find it harder to ignore your requests for payment.

Try to come to some sort of agreement that suits you both, such as part payment over time. And make it clear this payment schedule must be met. Often such leniency will be appreciated by the client, and may even help your relationship down the line.

But while you’re civil, also explain your situation so they understand the steps you must take. If you have already stated your procedure, involving a DCA, they will more likely accept this and not feel resentment towards you.

He who shouts loudest gets paid first” – Duncan Bannatyne

Put yourself in your client’s shoes.

Most often in these cases, the company is just going through cash flow problems, as we all have at some time or other. And they have to make a decision for every bit of revenue that comes in – do they put it into the business, pay their employees, or pay one of their creditors.

And which creditor to pay? This is how most people think about it:

“Well, the quiet one who never even mentioned the debt – they don’t seem to even mind the late payment, do they? But the other one who’s sending us emails, calling us, writing letters every day, who even came to visit the office and who appears to be very serious about setting a DCA on us – perhaps we should pay them first.”

Persistence Pays

If you persist, and keep at them, you’ll massively increase your likelihood of getting paid. And then you will also be less likely to have problems with that company in future.

And Finally, Withhold Service

One of the best ways to get payments, if your business relationship allows it, is to just withhold your service from them until they pay. Often the disruption to their business of just the threat of this will be enough to get them paying fast.

Always combine the calm, friendly approach with the gentle threat of a big stick – namely a Debt Collection Agency (DCA), and then even the Small Claims Court if it’s going that far.

But hopefully if you use this procedure, you won’t need either.

The best way to introduce a DCA is if you partner up with one, and all your clients know they deal with your payments automatically right from the start. Funnily enough, this makes it a lot easier to work with any debtor.

 

Scott Bryan is a financial blogger who enjoys explaining the arcane world of finance in everyday terms. Formerly a high street bank manager for over thirty years, he knows that everyone has unique requirements and so is dedicated to helping you find the right solution for you. He now works as an freelance financial writer when not consulting.

Choosing and Developing your Website: The Key Considerations

For any new or established business, the deployment of an engaging and functional website is absolutely pivotal. With an estimated 15% of the UK workforce now self-employed this need is even more pressing, as business ventures of all scopes and sizes must develop a purposeful website that sits at the heart of their model.

There are a number of different facets associated with developing a successful website and online presence. While entrepreneurs and business leaders are able to take care independently, however, there are technical aspects of development that must be handled by viable industry experts.

What are the key considerations when developing a website?

With this in mind, what are the fundamental considerations when designing and developing a website? Consider the following:

Determine Clear Goals and Actionable Objectives for your Website

Initially, you should focus on creating one or a number of actionable goals for your website. More specifically, you should determine exactly what you want it to achieve, whether it is designed to be profitable or simply to serve as a medium through which to interact with and engage customers. This is an important starting point, as the intended purpose of your site will have a huge influence on its design, layout and the amount that you are willing to invest in its development. While monetised sites will often feature advertising space and deliver higher returns, for example, blogs and informational websites will feature richer content and place a greater emphasis on quality.

The Design of your Website, Branding and Layout

While website developers and designers will help you to create a viable, finished product, it is important they are able to execute a clear and concise vision. This would ideally come from you, as your website is the online representation of your brand and must, therefore share consistent messaging. By creating a visual layout of your site and presenting this to developers, you can gain feedback before arriving at a design that is both achievable and desirable. Remember, it is your responsibility to ensure that the layout of your site and its incorporated branding adequately represent its purpose, as otherwise your investment will be wasted. 

The Employment of Professional Services

There are a wide number of expert service providers in the website design and development sector, in addition to those that deliver professional hosting services. It is important to select your service provider carefully, however, as not only will you be forced to work with them closely but this will also represent a serious business cost. Your main challenge will be to save money without compromising on the quality of service, although there are a number of firms that deliver comprehensive design and hosting packages. Take 1and1.co.uk for example, which offers an array of free and paid website design templates and styles while also providing reliable private and powerful hosting. 

Is your Website Optimised for Mobile Usage?

Whether you operate a product or service driven business, you cannot ignore the power and influence of e-commerce in 2014. A growing number of people are using their mobile devices to reference, source and purchase products, with smartphones expected to account for more than 30% of global retail e-commerce spending by the year 2018. This will represent a 15% rise in just five years, so it is absolutely imperative that your website is optimised for mobile usage and devices. This will require you to create the ideal balance of text and imagery on your website, while it is also important to use large and actionable icons to provide a seamless connection with your social media accounts. Your hosting team should also ensure that each landing page can load within 3-7 seconds on a mobile device, as otherwise it may struggle in a competitive marketplace.

How to Build Your Personal Brand on the Social Web

Personal branding is something that each of us should do on a consistent basis, in both our professional and personal lives. It is not difficult, but rather a consistent process that requires considerable time and effort.

Tell Your Unique Story

Before starting to write your mission statement, ask yourself: What feelings do you want to evoke in your audience? What do you want people to think – and feel – about your business? What do you want to hear them talk about you? When you build a strong enough brand, you basically have no competition.

Your story – your mission statement – communicates what is important to you. Write down your own statement before going public. This will help you find the right words and easily connect with like-minded people and businesses.

What to consider:

Goals – Ambition in life (short-term and long-term)
Key values – Who you are and what your beliefs are
Accomplishments – Professional and personal
Contribution – How can you make a difference in the world, including your family, friends and workplace?

Since people are driven by emotion, your story – and the emotions it evokes – plays a critical part in the success of your personal branding. The core essence of your brand isn’t so much what you do, but WHY you do it. Communicating your purpose, your reasons for doing what you’re doing will give people a strong reason to connect with you and your brand.

Leverage Social Media

Here is how you can use social media channels to augment your identity and allow people to easily see what you stand for:

LinkedIn- Use it to make your own personal ad agency, to search for jobs, connect and share your experience in a professional setting. 


Twitter– Use the same photo or avatar from your Facebook and LinkedIn profiles. Update your profile and include a link to your website / blog or LinkedIn profile.


Facebook– From over one billion users, very few people actually brand themselves professionally on Facebook. De-clutter your profile from unnecessary personal photos and input your work experience, while disabling the ability for others to tag you in pictures and videos.


YouTube– Create a brief video of you talking about your unique talents and why you are the best at what you do. Also, take quick videos of you and share an interesting topic – it allows others to see the Real you in action.


Blogging – This is yet another channel for you to convey your interests and expertise. Blogs are also powerful assets because they rank high in the search engines and refer more to your interests and expertise over time.

I’m definitely not introducing new tools to anyone, but rather trying to tell you how to best utilize each of these channels to further build and expand your personal brand.

Personal branding isn’t easy, but assessing your unique strengths, your life and business goals and how you want to be perceived, can have amazingly positive results. It is about sharing who you are, putting yourself out there in an imperfect, exciting and unique way that resonates with lots of other like-minded individuals.

Additional Reading

Here are 4 of my favorite books on personal branding that are very much worth reading:

Crush It!: Why NOW Is the Time to Cash In on Your Passion by Gary Vaynerchuk

Me 2.0: Build a Powerful Brand to Achieve Career Success by Dan Schawbel

Trust Agents: Using the Web to Build Influence, Improve Reputation, and Earn Trust by Chris Brogan & Julien Smith

The Start-up of You: Adapt to the Future, Invest in Yourself, and Transform Your Career by Reid Hoffman & Ben Casnocha