Archives for August 2019

Is The Fear Of Starting A Business Legitimate?

August 16, 2019 by Contributed Post Leave a Comment

Just take a second to step back and realize what exactly, starting a business really means. Practically, you’re beginning infrastructures that will either belong to you, or paid for by you. Real physical things like a commercial office, a building, a car park for employees, the brick and mortar store, everything you work with day in and day out is yours. You’ll also be working with or hiring other businesses, such as distributors, transport logistics, trucks, cargo planes etc. Your financial future is therefore tied to what you have created. It’s not like you can just do 8 hours a day and then go home. Business owners have to make their business their lifestyle. Hiring people, taking on the responsibility of following workers rights and also paying your staff on time and in full. You’re also going to be ruthlessly competing with other businesses. There is no hugging and kissing here, you’re trying to take the other business out everyday. So is the fear of starting your own business legitimate?

Do you want control?

Perhaps the number one reason people start their own business is because they want to work for themselves not somebody else. In the beginning they very naively think that the boss is just lounging around, reaping the benefits of their hard work. So they say they’ll work for themselves so they can keep the rewards. However soon you’ll realize that being the boss is the hardest job to do in a business. You’re responsible for everything. The leader doesn’t get to have normal 8 hour shifts, they have to be constantly by their phone ready to handle any problem. But if you do want more control over your financial and professional life, then starting a business really is a responsibility you must be ready to take on. Don’t think of the money you’ll make, ask yourself whether or not you’re ready to be held accountable for other people?

A lack of knowledge

The lack of knowledge to begin a business is also right up there in the top reasons why people don’t start their own business. Well, listening to people who were just like you but did make that first leap is incredibly helpful. Learning from their mistakes so you don’t have to, increases your knowledge without any risk at all. For example on this business podcast, they speak to regular people who have become entrepreneurs and small business owners. Unlike other podcasts that just care about the big names, this is a type of podcast where up and coming business owners talk about their personal experiences. Everything from people management, industry cultures, legal pitfalls and budget building blocks is discussed.

Being a name

Sometimes people just don’t want their name hitched to a business because they are in fear their public reputation might be diminished should they fail. However, you don’t need to make it public knowledge of who owns the business, you can create a name and identity that is nothing like your own.

People do have legitimate fears of starting a business, but the modern day tools at your disposal make taking on the responsibility much easier than ever before.

5 Unmistakable Signs Your Boss Is Trying to Make You Quit – And How to Respond

August 16, 2019 by Sienna Walker Leave a Comment

Passive aggression isn’t a good look on anyone – especially not your boss. If your boss has been acting weird lately and it feels like something is up, he or she might be subtly, quietly trying to push you to quit. Although this type of conduct is less than becoming, it happens quite often.

Firing someone is awkward and difficult, and sometimes your boss might not have the gut or the necessary cause to do it. In such situation, some bosses might decide that making your life at the company more miserable will make you quit on your own accord, saving them the uncomfortable duty of firing you. If you think that is the case with you and you’re being pushed to quit – don’t sit idly. Look for signs and make some moves.

1. You No Longer Feel Like a Part of the Conversation

Communication is the entire basis for accomplishing anything. If no one knows what anyone else is doing, we’d all be bumbling around in the dark without two sticks to rub together. Effective and frequent communication makes a workplace function at its highest capacity. If you have suddenly stopped getting memos and notifications about a big project, or your attendance at the business meetings is no longer required, this should be cause for concern. It might mean that people are working around you, rather than with you.

2. Something Isn’t Right When You Log In

Everything is digital. You probably need several different credentials and passwords to log into things at work. If you can’t log in or your permissions seem messed up, it might be a cybersecurity issue. Rule that one out first. If it isn’t, this means someone has revoked your access or changed your permissions. If this change seems to isolate you and it affects your ability to do your job, it could be an obvious hint that your contributions aren’t needed to important projects.

3. The Team is Moving On Without You

Think back to that “Teamwork Makes the Dream Work!” poster in the breakroom. Even if all those team building activities felt a little cheesy at the time, they were important. They helped to foster a connected work environment where everyone understood their teammates’ strengths. If it seems as though these bonding activities are taking place without you, or that other members of your team seem to be placed in elevated roles, this kind of exclusion is a bad sign. If your boss intended for you to be a part of the next group project, he or she wouldn’t have let you sit out during team time.

4. You Feel Like You’re Under a Magnifying Glass

Some bosses are natural micromanagers – and it annoys most people who are competent in their roles. If your boss doesn’t have a history of micromanaging you but suddenly seems to be taking a different tact, scrutinizing every action you take, this could be an all-out attempt to annoy you. Your boss might be attempting to aggravate you so much that you decide to leave. Alternatively, he or she may be laying in wait for you to make a mistake that can be used against you as a cause for termination of employment.

5. You’re Suddenly Training Someone Else

It’s a lot like making someone dig their own grave. A new hire comes in and is assigned to you. You start teaching this person the ins and outs of your position. They get a decent handle on things, and you’re out the door. You’ve trained your replacement, and that was the last thing the company needed you for.

This situation isn’t uncommon or wrong in scenarios where the employee knows they’re getting a transfer or a promotion – oftentimes, bosses will outright ask them to train the person who will be filling their previous role. If that’s not in the cards for you, the situation is different. If you’re being assigned new faces out of nowhere and these people are outright shadowing you, you should be alarmed. You shouldn’t make it easy for your company to replace you in such an underhanded way.

How to Respond

If you’re still a little unclear about what’s going on, talk to your boss. If the signs are ambiguous or there are alternative explanations that make rational sense, a conversation might be able to clear things up. If you hit a lot of markers on the list, optimize your resume, start looking for a new position, and go to interviews. Quit once you have something new lined up. You deserve to be treated better.

About the author:Sienna Walker is a business and education blogger, an ex-tutor, and a huge advocate of lifelong learning and constant self-improvement. Whenever not trying out new online courses or listening to some motivational speeches, Sienna might be found online, participating in discussion with HR experts, business owners and employees.

Important Mobile Marketing Stats for Your Business

August 12, 2019 by Guest Post Leave a Comment

The mobile boom that happened during the previous decade made a lot of businesses to rethink their marketing strategies. As our pocket phones became more and more advanced and allowed us to browse the internet for hours, companies saw the opportunity to reach their target audiences in a new way.

Mobile devices almost completely took over the role of desktop computers. Namely, in 2015, 92% of adults owned at least one smartphone, while only 73% of them claimed to have a desktop computer or a laptop.

The time people spend on mobile devices compared to computers is also larger. Users spend 18% more time on their phones than on PCs.

There are plenty of ways to grab the attention of a mobile user. People love receiving SMS messages as 79% rely on them when making shopping decisions. App-based marketing is also effective since 80% of the time on smartphones is spent engaging with the apps.

Emails are still a great way to reach potential customers. The number of mobile email users surpassed 2 billion, and around two-thirds of all customers claim that they use their mobile to check email inbox.

Other useful tools for mobile marketing are games, QR codes, Bluetooth, location-based services, push notifications, and mobile site redirection.

In 2017 alone, stats showed that almost half of all m-commerce sales in the UK were made using a mobile device.

There are plenty of great examples of successful mobile marketing. Red Roof Inn managed to increase its last-minute bookings by 60% with the “Stranded at the airport?” campaign.

Home Depot grabbed the attention of millions of YouTube users with its DIY video series. By adding a new mobile layer, Topshop increased sales by 4%.

Big companies like Starbucks, Taco Bell, Pizza Hut, Ford, and Dunkin’ Donuts all increased customer base by launching well-crafted SMS campaigns. IKEA’s catalog app from 2014 resulted in over 6 million app downloads.

If you’d like to learn more interesting mobile stats like these ones, you should take a look at the infographic we prepared for you below. Enjoy!

Getting Things Off to a Smooth Start to Your Manufacturing

August 7, 2019 by Contributed Post Leave a Comment

The early days of setting up and starting a business can often be spent doing research, assessing the market, looking into your competition, and then looking for ways to fund the business and get things started. One step of the process, especially if you have a product to develop, is starting talks with manufacturers. At that point, things can all start to feel real. But this isn’t always a smooth process, as you need to find one that will be right for you. So here are some tips to do and some pitfalls to look out for when it comes to creating a product for sale.

Set-up a beneficial partnership

Because your business is a start-up, you will have to take steps to make sure that you can be taken seriously by manufacturers, especially those that are well established. The volume of business that you will be able to bring to them is not significant either. So as a result, it is really important to look to create something like an incentive for the manufacturer to want to work with you.

Research

No matter if you are looking to set up a relationship with a manufacturer, or you want to set up a manufacturing unit of your own, then you need to do some extensive research before you make the ultimate decision of what to do. The best places to look are spots like trade journals, as well as fairs, and they can be good avenues to help you to do some research and connect with other manufacturers. You should look into all different things like their processes, what furnace monitoring they have in place, and their costing breakdown. So make sure that you research the people that you want to do business with, but don’t just settle for the first one that you look at.

Sort Out the Legal Details

Once you have made a decision on what route to go down, then ironing out the finer details and keeping this legal is the next step. It can be a good idea to visit government websites in your area, as well as talking to people that are already in the industry, that can help you and give you some advice. Then you can start to get the business licences and things in place, so that you can get your business up and running. When that is all done, you can start to go into business feeling much more confident, and start making decisions like hiring employees and getting the equipment that you need.

Have Several Open Partnerships

If you want to do well in business, then having several reliable options, rather than just honing in on one vendor over another, can be just what you need. Having a choice of good vendors to choose from, and then being able to alternate between the vendors that you choose, can really help to reduce the risk and can help you to have some really competitive pricing, which can be really great for your business.

How to Plan Financially for a Successful Career Change

August 5, 2019 by Shiv Nanda Leave a Comment

Whether you’ve found something more interesting, looking for a more lucrative change, sick of sitting at home, your current employer is downsizing, or you want to start something of your own; whatever be your reason for making a career switch, plan your finances before you take the plunge. And, if you have made up your mind to reinvent your career but funds are keeping you from fulfilling your dreams, then an education loan for working professionals is your gateway to a successful career change.

Follow these 6 steps to make sure there are no setbacks and it’s a smooth sailing career change for you:

1) Understand the Cost of your Needs, Wants, and Desires

The most important aspect of a successful life transition is in knowing how much you spend daily and breaking it into the things that you need, want, and wish for. Depending on where you live and your lifestyle, you can account for your housing, food, clothing, transportation, medical care and bare minimum requirements. A car, cable TV, latest tech gadgets, eating out at restaurants, gym memberships, and designer clothes are your wants and desires that you can cut back on. In a nutshell, you would need to control your wants and desires and save as much as you can when you are looking for career opportunities.

2) Save for a Smooth Transition

Life is unpredictable and money is your saving grace, especially if you are financing a new career. Savings give you the freedom to take sabbaticals, the flexibility to work part-time, and to change careers at any point in life. When you have savings, you are prepared for every transition in life and it also takes away the angst of financial security caused due to the turbulence.

3) Make Your Second Innings a Part-time Job and Upgrade Your Skills

A career change calls for training and education so it is important to expand your knowledge and upgrade your skills. Take up a course or two in the subject matter that interests you or you can also go for a professional certification or a degree so you have a solid amount of knowledge for your new career. Taking up a part-time job in your chosen industry before you make a full-time career change will also give you valuable insights into the challenges that await you on the other side and prepare you.

4) Get Your Credit Score in Top Shape

It is very important to have a good credit score when you make a career change. You can build your credit score by paying all your bills and EMIs on time as you may need a loan if you are starting a new business or relocating to a tier 1 city. Some employers also review your credit score so you need to maintain it. Do not open a new credit account, transfer your balance, or close any account as it can lower your credit score and adversely impact your transition.

5) Know the Benefits of Relocating

If you are moving to a new city in search of better prospects, then be sure to find out if your new employer covers any portion of your moving expenses. Your budget will be affected in a big way if you need to pay for expenses out of your pocket. So weigh the benefits of your new job and compare them with the costs you need to incur for career change. If you would be able to make up for the cost once you are settled, then the career change might be worth it. But, if the change is going to derail your finances, then you may want to consider other career opportunities or you can take a loan for working professionals.

6) Be Prepared to Miss Paychecks and Make Provisions

Whenever you make a career change, whether you are leaving your IT job to become a chef or quitting architecture to become a model, you should have a financial plan in place. Even if you have secured a new job and arranged a week off in between for a break, there is a possibility of an accident, a medical emergency or a delay before you get your very first paycheck after your career change. And, if you have pay cycles or EMIs that you cannot miss out on, then you absolutely need to create financial buffer.

You can follow these simple tips to launch and finance your career change or you can apply for a personal line of credit. A personal line of credit is available online, has a quick approval process, involves no paperwork and you will be charged interest only on the amount you withdraw. So if you don’t dip into your credit line, you are not charged any interest. It stays with you for as long as you need it and gives you the freedom to venture into a career change with full confidence!

Author Bio:

Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at shiv@moneytap.com.