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Tag: Money & Finance

  • 6 Things Landlords Should Know About Automated Rent Payments | Entrepreneur

    6 Things Landlords Should Know About Automated Rent Payments | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a first-time real estate investor or new property manager, you are responsible for choosing which rent collection method(s) you’ll offer your tenants. Automatic rent collection is increasingly popular among landlords and tenants alike, but it often comes with questions and concerns from both parties.

    If you’re thinking of offering automatic payments to your tenants, there are a few things you need to know first. In this article, we’ll review the benefits of autopay for rent collection as well as six key points to know before getting started.

    Related: How Successful Landlords Approach Rent Collection

    Benefits of automated rent collection

    Automated rent collection, often facilitated by a bank or property management software platform, is a method of rent collection that automatically transfers funds from your tenant’s account to yours each month.

    Autopay differs slightly from online bill pay, which you may also be familiar with. The key difference with online bill pay is that a tenant gives permission for their bank to make recurring payments from their account to the landlords’. Autopay, on the other hand, is when the tenant permits the landlord to debit their account each month.

    Autopay is an excellent way to manage regular payments in the same amount each month, like rent. Other benefits of automated rent collection include:

    • Guaranteed on-time payments

    • Fewer late fees for tenants

    • Peace of mind if there is no rent grace period

    • Less stress on the first of the month for both parties

    What landlords need to know about automatic rent payments

    Before you get started with autopay, however, there are a few important things to know. Keep each of the following six tips in mind before implementing your automatic rent collection system:

    1. You should include an autopay clause in your lease agreements

    It’s important that you establish all your rental policies and expectations in the lease or rental agreement, including payment options and requirements. In every lease, explain in detail the options tenants have for rent payment, including autopay. Be sure to also include a description of how autopay works through your property management software or other platforms, as tenants will likely have varying levels of literacy with technology.

    Related: 5 Property Management Tasks to Automate in 2023

    2. Don’t require tenants to use autopay (or electronic payments)

    This is one of the primary causes of legal issues regarding rent payments for landlords. In certain states (such as California), it’s illegal to require tenants to pay rent electronically. In these states, you’ll need to provide at least one offline method for rent payments, such as cash or check. The same applies to autopay — whether or not you can require tenants to set up autopay depends on which state your property is located in. It’s important to know which state and local laws apply so that you can provide tenants with multiple options to pay rent when necessary.

    3. Be aware of fair housing regulations

    Even in states that don’t specifically forbid it, requiring tenants to set up and use autopay could be interpreted as a violation of fair housing laws. In some states where tenants are protected against discrimination based on age, a policy requiring tenants to pay via automatic payments may be seen as discriminatory against older renters, who are less likely to be digitally literate.

    If you have older tenants, an online-only policy could induce unnecessary stress or even motivate them to find a new rental. Use caution when developing your rental payment policy, and be cognizant of how your leases uphold fair housing laws.

    4. Be sure you can reject automated payments

    No matter which method of rent collection you use, you must have a way to reject payments. This is important because in some states, accepting full or partial payments during the eviction process could delay the legal action and require you to file an entirely new complaint. For this reason, it’s critical that you are able to reject an automatic rent payment and stop autopay altogether when necessary, such as when the lease ends.

    5. Learn about NACHA rules and regulations

    The National Automated Clearinghouse Association (NACHA) is responsible for regulating the ACH network and ensuring its security. For example, NACHA requires merchants (like landlords) to have a written security policy explaining how tenant information is stored. These rules ensure the integrity and confidentiality of sensitive information and are critical whenever you’re dealing with tenant data. Be sure your payment processor is NACHA-compliant before implementing your autopay policy.

    Related: ACH Payments: What Are They and How Do They Work?

    6. Watch out for cases of non-sufficient funds

    Just because a tenant has enabled autopay, this does not mean their payments are 100% guaranteed. If a tenant does not have enough funds in their account to cover the debit, the payment will bounce and you won’t receive the rental amount on time. In many states, landlords can charge a service fee when this happens, but be sure you know how much you can legally charge based on your state.

    Automated rental payments are a benefit to both landlords and tenants but are typically accompanied by a learning curve. Be sure you’re aware of these six points to prepare for a smooth integration of this rent collection method.

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    Dave Spooner

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  • 5 Strategies for Navigating a Looming Recession as a Founder | Entrepreneur

    5 Strategies for Navigating a Looming Recession as a Founder | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a founder, you must know that a recession can come whether you expect it or not. It is essential to prepare yourself beforehand to have a cushioning effect when it comes. Waiting until it is full-blown before trying to figure out how to survive the recession may be detrimental to both your wellness and the survival of your business.

    To say the least, navigating a looming recession as a founder can be challenging. With careful planning and strategic actions, you can position your business for resilience and even growth during tough economic times. When recession strikes, it will be tough to continue operations, but that doesn’t necessarily mean that the company will be headed for doom.

    This article highlights five of the best tactics that founders can use to navigate a recession from the onset.

    Related: Worried About a Recession? Do This to Prepare Your Company.

    1. Assess your business and financial health

    Often, founders have a hard time separating themselves from their business. This can cause your finances to get muddled up. The first thing you should do as a founder, recession or not, is to separate your finances from those of your business and assess them independently.

    To begin, you need to review financial statements and projections on both personal and business accounts. This is important because a poor condition in one will affect the stability of the other.

    As a founder trying to navigate a looming recession, you should thoroughly analyze your cash flow, profit and loss and balance sheet. You have to ensure that you won’t be leaning heavily on your business for survival and vice versa.

    Also, you need to analyze your business’s financial health. Done properly, your analysis can reveal risks and weaknesses that could threaten your chances of survival when the economy comes crashing. Some of the red flags to look out for are:

    • Overdependence on specific customers or markets: You should try getting more customers or diversifying your market. A good rule of thumb is to ensure that your biggest client brings lower than 10% of your total revenue.

    • High debt levels: During a recession, people don’t generally have much money to spare. So, it might sting when you’re not closing enough deals to offset loans.

    • Inefficient operations: It’s good business to achieve good results with minimal resources. So, if you’re spending more than necessary on operations, you might want to review your processes.

    2. Develop a contingency plan

    Developing a contingency plan is crucial to navigating a recession as a founder. It helps you prepare for potential challenges and uncertainties, enabling your business to weather the storm and come out of the recession in one piece.

    Although it’s unlikely you will predict how things will play out, you can start by estimating how bad things can get. It’s not meant to discourage you. Rather, you should use your estimation of the worst-case scenario to develop a plan to avoid it.

    No matter what your predictions of the future are, it’s good practice to build a cash reserve. One way to do this is by reducing non-essential expenses and negotiating better deals with suppliers and vendors. You might also want to consider moving your workforce to a remote environment to save on property rental.

    While having a robust cash reserve will increase your business’s chances of survival, you need to also make sure that your business cash flow doesn’t take a big hit.

    Related: 9 Smart Ways to Recession-Proof Your Business (Fast)

    3. Monitor and adjust your strategy

    Regularly review and update your financial forecasts to align with changing market conditions.

    Track key performance indicators (KPIs) relevant to your business, such as sales metrics, profitability ratios and customer acquisition and retention rates.

    Gather feedback from customers and employees to identify areas for improvement and understand changing needs. Be agile and ready to pivot your strategy, if necessary, based on the evolving economic landscape.

    Related: How to Talk About Company Finances with Your Team

    4. Seek support and expert advice

    As you plan your way out of the recession, you must be intentional about your network. Join business associations or networking groups to access resources, knowledge and support. Engage with mentors or industry peers who have experience navigating economic downturns.

    You can also consult with financial advisors or consultants who can guide you through financial planning and risk management. The government may also create palliative measures that founders can explore during the recession.

    5. Maintain a positive mindset

    The mindset of the founder will greatly affect how everyone in the company reacts during difficult times. This is why staying calm at all times is one of the qualities that successful entrepreneurs share.

    Be sure to cultivate a calm spirit and positive mindset. It’s important to start building this quality early — you don’t need to wait until there’s an economic downturn before you try to exercise calmness and positivity. At the time, it might be difficult for you to even realize that you’re being reactive.

    Related: 3 Key Strategies That Helped My Business Grow During a Recession

    For your business to survive, you have to meticulously and realistically evaluate your chances. You should begin by drawing a vivid line between your business and personal finances. With a clear view of your business’s financial state and projections, you can make contingency plans and keep track of your survival and growth strategies.

    Importantly, successful entrepreneurs have a solid network of supporters and advisors. It will be smart to connect with them and exchange ideas that might be helpful for navigating a recession. And keep in mind that a positive mindset is worth a million tons of gold. Other entrepreneurs want to associate with people who make them believe that everything is figure-out-able.

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    Judah Longgrear

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  • Smart Investors Evaluate the Founder More Than Their Pitch. Here’s How You Can Persuade Them You’re Investable. | Entrepreneur

    Smart Investors Evaluate the Founder More Than Their Pitch. Here’s How You Can Persuade Them You’re Investable. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I’ve invested in more than 25 world-changing, disruptive businesses in the last decade. These innovative companies have made women safer on the streets, children more protected online, people healthier and given us all more fun via some of the world’s most entertaining creators. Here’s the thing: While all the businesses had a completely new concept at their heart, I invested in the founder more than the idea.

    What I’ve learned as a serial entrepreneur and investor is that a business doesn’t need to have the best idea in order to be a worthwhile investment — they need an investable founder. Just think about the world’s most recognizable entrepreneurs today. Do you know Elon Musk for city guides, Jack Dorsey for a podcasting app or Richard Branson for a student magazine? Of course not. Behind every famous entrepreneurial idea is a pivot or evolution from a determined, skillful founder.

    Every investor has a healthy appreciation for the unreliability of ideas — so often at the mercy of external influences out of your control — versus the reliability of people. If you have successfully returned 10 times once or twice, you will have already proved yourself a worthy, reliable investee — but what if you haven’t? Highly experienced investors have developed an instinct and shorthand to find founders worth investing in.

    Many new entrepreneurs misunderstand this, so focus on the wrong things in crucial meetings to raise capital. In the “shark tank,” the founder might think it’s most important to draw attention towards bullet point three on slide five of their deck, but investors only looked at the headline (as they do with every slide) in order that they can instead peer into your soul. They’re more interested in getting a measure of you, not your idea. So what traits are they looking for in you?

    Related: Here’s What’s Brewing in the Minds of Startup Investors

    1. A superhuman determination to succeed

    People have different reasons for wanting or even needing to succeed. Many that I know like to have control over their lives, from making their own lot better to improving the future for millions (or billions) of people. Whatever is feeding your determination to succeed, make sure it’s a deep well.

    To win, entrepreneurs typically endure relentless decision-making, constant risk-taking and strings of failures. The successful ones are more right than wrong, have great ideas to manage risks and turn failures into opportunities.

    Determination must be a lifelong habit, too, as founders should have a strong sense of urgency (procrastination won’t fly) yet also have an unusual amount of patience (as their idea can take years to come to market or generate profit) combined with persistence. No wonder so many entrepreneurs run marathons and ultramarathons, as being a founder is the ultimate endurance test where resilience is the name of the game.

    2. Endless curiosity

    Being able to remain insatiably curious allows entrepreneurs to continuously seek new opportunities. So rather than just settling for what you think you know, show investors that you always ask challenging questions and explore different avenues.

    Incidentally, this curiosity can usefully extend to skepticism, especially about technology. On the one hand, you should be able to pull things apart from a quality point of view, and on the other hand, you should be able to really focus on what problem you are solving. In the words of my business partner, Chris, “Question everything.”

    For a killer combination, put curiosity together with a willingness to break the rules that you’re questioning. Asking, “Why has no one done this?” could identify a great opportunity to disruptively innovate.

    Related: Do You Have These 6 Personality Traits? You’re More Likely to Score Investors

    3. Commit to building a great team around you

    It’s true that, as an entrepreneur, at first you are the proverbial “chief cook and bottle washer,” you are doing every role in the business. To grow, you need a team, and to exit (which you will, one way or another) you need a team to run the business after you have moved on. So smart entrepreneurs show interest in building a great team around them.

    That’s not only co-founders but indeed the total management team that’s in (or going to be in) the company. Back to the curiosity point, founders who know what they don’t know are really valuable. More than that, ones who can put their ego to the side and see there are specialists — who are better designers or marketers or whatever — are gold.

    4. Focus on execution more than the idea

    There are new ideas to be discovered, and that’s one reason I’m optimistic about the future. We live in a dynamic world, so new ideas are always needed. That said, a great team can execute a mediocre idea, make it great and make a great company. So investors look for your ability to execute. They want to see an exceptionally talented product and technical leadership with domain expertise.

    So, if you’re building a product for a specific market or an ecosystem, ideally you have brilliant experience in that world. When billionaire investor Peter Thiel’s fund was investing in cleantech entrepreneurs, they quickly realized that the people wearing suits to pitch for capital were salesmen with no real technical expertise, so they instituted a rule to never invest in cleantech founders wearing suits.

    5. Old-school hard work

    We’ve all heard stories about entrepreneurs sleeping in the office at night. I’m not saying that’s optimal; however, you will work harder than you ever have in your life. Ever tried running a startup and running an investment raise at the same time? They’re both full-time jobs, but no one else can do it — it’s all on you. Beyond that, it’s true that the person who works more hours is almost always going to succeed or do better than the person who works fewer hours, and investors will be looking for a solid work ethic.

    Related: Beyond the Basics: 5 Surprising Qualities Investors Seek in a Winning Team

    6. Be a good storyteller

    Being able to articulate a bold vision and your mission, as well as your personal story that brings you to the investment pitch is incredibly helpful. It’s about amazing storytelling. When he took over Tesla, Elon Musk said fossil fuel will run out, so we need electric cars, but because they’re expensive, Tesla will make the most luxurious ones and rich car owners will fund the development of mass-market ones.

    That’s great storytelling that let investors see the opportunity, made rich car owners feel good and mass market owners feel excited about the advent of cheaper electric cars. When you’re captivating, and of course have great control of your commercial numbers, you’re going to be able to raise money.

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    David Newns

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  • Why Investing in the Accessibility Space Is a Smart Business Move | Entrepreneur

    Why Investing in the Accessibility Space Is a Smart Business Move | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As entrepreneurs, we’re always looking for ideas on how to effectively run our businesses, launch new ventures, raise more capital, be better leaders and attract incredible employees. Investing in the accessibility space is one surefire way to accomplish many of these goals at once.

    Six years ago, I launched a startup, Verbit, which quickly grew into a $2 billion company that’s leading the way in accessibility. Many of my entrepreneurial peers and our partners are building and running thriving businesses and attributing their success to greater investment in access.

    Everyone from Google to Microsoft to Harvard University has an accessibility policy or inclusion arm. Microsoft launched a neurodiversity hiring program, while Apple is giving prescription hearing aids a run for their money with its AirPods’ hearing aid feature.

    Here are some tips on how and why entrepreneurs like you should commit more resources to accessibility for business longevity and financial success.

    Related: How Accessibility Teams and Executives Can Work Together for Disability Inclusion

    Why entering the accessibility space is such a smart move

    One key indicator of business success is the total addressable market, the size of the audience you can appeal to. Apple and other tech giants are pushing resources toward accessibility-focused innovations because they understand the statistics

    More than 1.5 billion people have some form of hearing loss globally. Projections suggest that by 2050, that number will rise to over 2.5 billion. That reality has boosted the over-the-counter hearing aid market, one ripe for innovation, to over $1 billion.

    Hearing aids, and now even assistive technology in cars that helps people continue to drive as they age, are examples of innovations that improve people’s lives by helping them maintain autonomy. It’s lucrative for entrepreneurs to start businesses that give people more control, freedom and better quality of life. Businesses that open themselves up to accessibility are attracting more talent, customers and best of all, investors.

    Start by looking internally: Your current hiring practices and employees

    Filling positions can come with a price tag of $15,000 for each employee who earns around $45,000. It only goes up from there. Being unable to fill positions also puts existing employees at risk of burnout.As an entrepreneur building your startup into a functioning business, you need to eliminate opportunities for turnover. Enlisting inclusive hiring practices is one place to start.

    Studies at CVS and Microsoft showed that their initiatives aimed at hiring employees with disabilities improved their bottom lines. People with disabilities are underemployed, even in job markets with low unemployment levels. Start by training your team to prevent ableism — the idea that candidates with disabilities may not be able to perform — when they are more than qualified. Educating hiring managers and ensuring that your process is an accessible one is a great place to start. From the CV submission process to the interview, make sure your team is trained and platforms are accessible to all applicants.

    I’d also recommend hiring someone or making a current team member responsible for accessibility and inclusion to orchestrate these efforts, review your processes and hold you accountable. Creating a leadership position to address accessibility and inclusion highlights the importance of them to your startup, which investors will find attractive as well.

    Related: Employing Individuals with Disabilities May Solve Your Talent Crisis

    How an accessibility focus can help you attract investors

    Investors are paying attention to what startups and companies are doing for the common good. You’ve likely seen the term “ESG” pop up. Environmental, social and government (ESG) considerations evaluate a company’s impact on the natural world and humanity. These metrics are vital for many investors and accessibility is an important part of the equation.

    Inaccessible businesses neglect the social component of ESG and expose themselves to legal risks. As a result, even if they aren’t put off by the lack of accessibility, risks of costly lawsuits can deter would-be investors. To prevent this, even newer founders should be in discussions ESG consultants. Consultants, even if you don’t have enough funding yet to hire them, can help you identify areas to focus on. Is your website accessible? Are you contributing to air pollution? Investors will be impressed by your efforts to track changes in these areas.

    ESG reporting is all about transparency. Investors will want to see your scores and showing them the proactive steps you’re taking to develop a responsible corporate culture will attract them.

    Doubling down: How to start an accessibility-minded business or arm

    There are so many barriers impacting the lives of individuals with disabilities. As an entrepreneur, you’re gifted at identifying key problems. Why not find one that they’re facing and solve it to create a positive impact?

    My product was initially developed for the legal industry. I started considering additional use cases and the TAM. I founded my company in Israel, which is home to 1.8 million people with disabilities. However, even from the startup stage, our prospecting and growth efforts were focused on selling abroad to serve the 61 million adults with disabilities in the US. Putting out Verbit in the US meant an exponential increase in our TAM. Now, our solutions are making it easier for people worldwide — not just those with disabilities — to study, work and live their lives more efficiently. That’s why entrepreneurs are poised to enter the accessibility space — we think big and can have big impact.

    My advice to you is to keep finding ways to pair your ideas and startup’s capabilities with greater problems in need of solutions. Investors need to understand that your mission will be lucrative, but if they also buy in to the “why” with the good you can do for the world, their commitment and mentorships will extend beyond the financial investment alone. The same goes for your team — if they buy into your mission or see how you’re reinventing your hiring processes, they’re going to stay. They won’t see it as just another job.

    Creating something that’s able to improve the lives of millions rather than a “nice-to-have” offering makes for smart business. Get into the accessibility space if you’re interested in doing just that.

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    Tom Livne

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  • How to Make Money Online: 10 Proven Ways to Make Money Online | Entrepreneur

    How to Make Money Online: 10 Proven Ways to Make Money Online | Entrepreneur

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    For many, the Internet is the perfect opportunity to make a little extra cash. But there’s more than one way to make money online, and some are faster and more accessible.

    Today, look at how to make money online by examining 10 different business ideas, ventures and other entrepreneurial enterprises you can undertake.

    1. Start affiliate marketing

    Affiliate marketing is a great way to make money online, partially because it’s so accessible. All you need is a blog and a handful of affiliate marketing agreements with known brands whose products and services you want to sell.

    In a nutshell, with affiliate marketing, you write blog posts, then advertise or link to products that are part of your affiliate program. Each time one of your blog readers purchases after clicking to a product from one of your links, you’ll get a commission for your effort.

    Affiliate marketing is one of the top ways to make money if you are an online blogger or have a brand blog for your ecommerce store. While it’s not always best for beginners, freelance writers with a knack for SEO can develop a robust income stream by partnering with high-quality brands and digital products.

    Note that you can also use affiliate marketing as a great way to make some side income online to complement your other ecommerce income.

    Remember, affiliate marketing is easier if you already have a loyal reader base for your blog. For this reason, while affiliate marketing doesn’t cost a lot of money, it may take some time before you have enough people consuming your content to make it worthwhile.

    • Requirements: Computer, WordPress or other blog platform and an affiliate marketing partnership.
    • Time to earn money: 4+ weeks.
    • How to set up: Set up a blog, join an affiliate marketing program and write content that links to affiliate products.

    2. Build a dropshipping business

    Dropshipping is a unique business model where you partner with product suppliers, manufacturers and shipping companies. Here’s how it works:

    • You advertise products a third party makes, like a product manufacturer, under your store brand. You can use a platform like Amazon to do this or practice dropshipping on your own ecommerce website.
    • When a customer orders a product, you send the order to a fulfillment specialist company, like a shipping company, to handle delivery and shipping.
    • You take home a percentage of the profits without having to store inventory, make products or do anything else.

    It might sound too good to be true, but dropshipping is a viable business model and a great way to make money online. It’s also a stellar way to make money online if you don’t have the infrastructure to run a traditional ecommerce brand.

    However, dropshipping requires you to have a brand and strike up partnerships with product suppliers. Be prepared to do a lot of research to see what products will be most profitable and worth your time to bring to the market.

    Eventually, you can make extra cash and passive income through this “side hustle.”

    • Requirements: Computer and research materials.
    • Time to earn money: 4+ weeks.
    • How to set up: Build a brand website, join a platform that allows dropshipping, get partnerships with product suppliers and fulfillment companies and sell products.

    3. Do freelance work

    Freelance work is more popular than ever, and for good reason. It’s an excellent way to make some side income or work as a new full-time job.

    If you have an in-demand skill set, like graphic design or freelance writing, you can potentially make enough money to pay for all of your bills and then some without having to work for a traditional company or agency.

    Freelance work, however, does require you to hustle and get most of your clients using sites and mobile apps like Fiverr or Upwork. These freelance job boards have clients post jobs that they need to be completed.

    You’ll then compete with other freelancers to complete the required work. Many entrepreneurs start this business to earn extra income, but you can make money from home consistently this way.

    At first, you may not earn a lot of money and you’ll have to build up a reputation from scratch. But in time, and if you keep with it, you can become an in-demand freelancer and raise your prices, truly elevating your potential success to the next level.

    Freelance work is rewarding and allows you to work on your own schedule without worrying about being “on the clock,” too.

    • Requirements: Computer, specialized software, webcam and microphone.
    • Time to earn money: 24+ hours.
    • How to set up: Join freelance job boards, seek out clients and complete work.

    Related: 9 New Ways to Make Money Online

    4. Fill out online surveys

    Online surveys are readily available and accessible on sites like Surveyjunkie and Swagbucks. On this site and others, you can complete online surveys for marketing brands and agencies seeking to take the public’s pulse on various issues, like what kinds of products you enjoy and what your opinions are on certain topics.

    Filling out online surveys often gives you small cash rewards (sometimes through gift cards). Through this work, you can earn money online slowly but surely — it’s a great way to make some extra side cash while doing something else, like surfing the Internet or watching TV.

    Some sites may have you test websites, complete tutorials or do small tasks other than answer survey questions.

    Of course, you won’t get rich by filling out online surveys. Still, this could be an excellent way to add to your gift card collection or make money semi-passively without wasting too much effort.

    For the best results, research which survey companies and websites are available and what they pay you for your answers.

    • Requirements: Computer.
    • Time to earn money: 1+ hours.
    • How to set up: Join a survey site, answer surveys and get gift cards or cash.

    5. Work as a virtual assistant

    Virtual assistants are knowledgeable professionals who act as digital secretaries for CEOs, managers and others.

    As a virtual assistant, you’ll complete a wide range of different responsibilities and tasks, such as:

    • Assisting with scheduling.
    • Notifying your clients about appointments.
    • Organizing your clients’ data or spreadsheets.
    • Speaking to customers (in some cases).
    • Data entry.

    You can work as a virtual assistant with barely any set-up time and don’t need a degree. However, depending on who you work for, you may need to be at your client’s beck and call, which could limit your freedom and flexibility.

    Still, working as a virtual assistant could be a stellar way to make money online, especially if you can’t leave the house or otherwise cannot earn money in other ways. Many virtual assistants make decent part-time income.

    As you build up your reputation and expand your clientele, you could also charge more money for your services.

    • Requirements: Computer, microphone and headset, webcam, Microsoft Office software and other software tools.
    • Time to earn money: Days to weeks.
    • How to set up: Make a resume, apply to virtual assistant positions, join a virtual assistant agency and start working.

    Related: How to Make Money As a Virtual Assistant | Entrepreneur

    6. Start a YouTube channel

    YouTube offers creators a lot of potential, and many would-be creators and influencers have started their channels on this platform to earn money online.

    Through YouTube, you can create video content in your chosen niche, ranging from entertainment to education and more.

    Your YouTube channel can be whatever you like. That makes it a desirable choice for people who want to earn money online. Remember that you won’t start earning money on YouTube until you have many views or subscribers.

    The more views and subscribers you get, the more likely YouTube will place advertisements on your videos. The more ads that play, the more money you’ll make from YouTube. You can also join advertising programs as you become more popular and build up a content audience.

    In many ways, you can and should consider using YouTube to supplement your income if you already have an online brand through your entrepreneurial endeavors and your social media presence.

    • Requirements: Video camera, video editing software, YouTube account, experience in video making (a degree is helpful but not necessary).
    • Time to earn money: Weeks, if not months, at a minimum.
    • How to set up: Make a YouTube account, make videos, track metrics, create new videos, get subscribers and lots of views to make money.

    Related: 8 Ways to Make Money Online Without Quitting Your Day Job

    7. Become a social media influencer

    Have a passion for chatting with people online and sharing the cool things you like? You could work as a social media influencer and make money online in no time. As a social media influencer, you’ll post content on platforms like Instagram, Twitch, Facebook and TikTok.

    But how exactly do you make money? Once you build up an audience base, you can advertise the products and services of marketing partners, such as brands whose products you already know and believe in.

    Social media influencers are critical elements of most digital marketing strategies, so there’s a lot of opportunity to work in this field.

    Of course, it’s easier to start being a social media influencer than it is to succeed as one. To succeed, you’ll need to spend plenty of time building up your audience base and developing a brand reputation as being authentic. Don’t expect to earn money quickly this way, but it can be a valuable side opportunity over time.

    • Requirements: Social media profiles, brand and marketing experience.
    • Time to earn money: Weeks at minimum.
    • How to set up: Join social media platforms, start advertising and join partnerships with brands.

    Related: 5 Ways to Identify Influencers Worth Your Brand’s Time and Money

    8. Try online tutoring

    What if you like sharing the knowledge you’ve built up over time? You don’t have to become an official teacher. Indeed, you can try online tutoring to make money over the Internet instead.

    As an online tutor, you’ll work with parents and their kids to teach them valuable subjects. In particular, English as a second language is a very in-demand online tutoring niche — many kids from countries where English is not a primary language need to learn it for business or college opportunities.

    If you have a degree in teaching, you’ll find it easier to get clients as an online tutor, plus make the maximum amount of money possible.

    Like with many freelance gigs, as you complete jobs, you’ll build up a reputation and be able to use that to increase your tutoring rates. Online tutoring is flexible and can be an excellent way to do something very worthwhile with your time.

    Once you’re known enough, you can make your own website and create on-demand online courses, making even more extra money in the process.

    • Requirements: Teaching degree or degree in the subject you wish to teach, webcam, microphone and educational software.
    • Time to earn money: Weeks at minimum.
    • How to set up: Have teaching experience, then join online teaching sites to post your resume and experience to attract new clients and students.

    9. Run a podcast

    Podcasting is a popular means to earn money online, particularly for those who already have brands or a lot of followers of their online stores, blogs or other content. When you run a podcast, you can interview interesting people and talk to your followers about topics you know about.

    Podcasting is a very open-ended field. In most cases, you’ll earn money by hosting your podcast for free but striking up advertising deals with other brands. Then you’ll have commercials in the middle of your show, similar to traditional radio shows.

    Naturally, this requires you to build up a good audience base so that it’s worthwhile for marketers to pay you money to have their commercials on your podcast. Still, this is a potentially excellent source of side income. If your podcast becomes profitable enough, you can even make it one of your primary sources of income.

    • Requirements: Podcast software, microphone, script, website and hosting platform.
    • Time to earn money: Months in most cases.
    • How to set up: Come up with a podcast idea, have a brand or following, make podcast episodes and strike up advertising deals with marketers.

    Related: 7 Realistic Ways to Make Money Online

    10. Start an online store

    You should consider setting up your own ecommerce store to make the big bucks. When you start an online store, you can decide what and who you sell to. Of course, this takes a lot of effort, but it could be an excellent way to achieve your entrepreneurial ambitions in the long term.

    Running an online store takes start-up cash and a website, of course. If you don’t have either of those, you’ll need to acquire them, along with a business plan, a stellar business idea and potentially even staff. From there, running an online business is similar to running a retail business in many vital ways.

    With an internet connection and a passion for starting a small business, you can start making an online store on Etsy, Shopify, eBay, Facebook Marketplace and even Craigslist.

    Get a unique domain name and make an AdSense account so you can begin marketing. Your startup can eventually make a lot of money, especially as you get referrals from other satisfied customers.

    • Requirements: Online storefront, business experience, products and business plan.
    • Time to earn money: Months in most cases.
    • How to set up: Come up with a business idea, build an online website or hire someone to do it for you, make your products, advertise products and build your brand.

    Start making money online today

    Whether you want to realize your entrepreneurial dreams or earn some side cash, there’s always a way to make money online. Consider trying one or several of these ideas soon.

    If you want to learn more about side hustles and other financial topics, check out Entrepeneur’s other articles for more information.

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    Entrepreneur Staff

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  • New Tax Credits for Small Retirement Plan Sponsors

    New Tax Credits for Small Retirement Plan Sponsors

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    One of the primary goals of the Setting Every Community Up for Retirement Enhancement Act (SECURE 2.0) is to expand access to employer provided retirement programs. In particular, smaller employers, who frequently do not offer retirement benefit plans. The SECURE Acts (1.0 and 2.0) add or expand several tax credits for smaller companies that open a retirement program, so business owners can adopt this powerful tool for attracting and retaining employees, including:

    • Tax Credit for Adding Automatic Enrollment
    • Tax Credit for Employer Contributions
    • Tax Credit for Military Spouses

    Key Takeaways: Through these credits, a small employer may be able to adopt a plan and make employer contributions for very little cost. Companies should consider how a retirement program tailored to suit their specific work force and business needs can improve their recruitment, retention and engagement with top talent.

    Complete the form below and download the latest retirement planning report.

    Gallagher Fiduciary Advisors, LLC (“GFA”) is an SEC Registered Investment Advisor that provides retirement, investment advisory, discretionary/named and independent fiduciary services. GFA is a limited liability company with Gallagher Benefit Services, Inc. as its single member. GFA may pay referral fees or other remuneration to employees of AJG or its affiliates or to independent contractors; such payments do not change our fee. Neither Arthur J. Gallagher & Co., GFA, their affiliates nor representatives provide accounting, legal or tax advice.

    Securities may be offered through Triad Advisors, LLC (“Triad”), member FINRA/SIPC. Triad is separately owned and other entities and/or marketing names, products or services referenced here are independent of Triad. Neither Triad nor their affiliates provide accounting, legal or tax advice.

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  • No. 1 Hot Side Hustle in 2023 Is Something You Might Already Do | Entrepreneur

    No. 1 Hot Side Hustle in 2023 Is Something You Might Already Do | Entrepreneur

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    Nearly two in five U.S. adults work a side hustle, according to a new Bankrate survey.

    The opportunities are endless: from your run-of-the-mill tutoring and dog walking to more attention-grabbing examples, like retirees who rake in $20,000 per month answering questions online or people who turn simple household chores into lucrative new gigs.

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    Amanda Breen

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  • How To Make Money Fast: 10 Real Ways To Make Money Quickly | Entrepreneur

    How To Make Money Fast: 10 Real Ways To Make Money Quickly | Entrepreneur

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    Do you need extra side cash, make more money to pay essential bills or save up for a splurge purchase at the end of the month? In these cases and more, you might need to know how to make money fast without waiting for a traditional pay cycle.

    Fortunately, there are lots of ways you can leverage your talents to make a bit of fast cash. Keep reading to take a look at 10 ways now.

    1. Sell your things on eBay, Craigslist or Facebook Marketplace

    If you want to make money quickly, one of the best ways is to simply sell the things you already have. Have old clothes, electronics, books and other knickknacks taking up space in your garage?

    You might consider a yard sale or garage sale to declutter your storage space; however, with the internet, you can quickly sell those things online on platforms like eBay, Poshmark, Craigslist, Etsy or Facebook Marketplace.

    Each platform lets you list the items you want to sell to people in your local area. If the items are valuable or in good condition, you’ll get some offers for those items in a matter of days. Then you can decide whether to accept those offers or keep looking for better bits.

    Selling your things using online platforms is a great way to get rid of items like cars, clothes and more.

    Remember that sometimes you must deliver or ship items to their buyers. Those shipping fees can eat into the overall profit you make from your sales (for example, if you sell something on eBay and have to pay shipping fees to get it to its buyer).

    • Time to set up: A few hours.
    • Time to make money: Days or weeks.
    • Requirements: Computer, items to sell and accounts on your selling platform(s) of choice.

    2. Start an Amazon dropshipping business

    A dropshipping business involves partnering with product manufacturers, wholesalers, shipping companies or fulfillment specialists.

    As a dropshipper, you create a brand website to advertise products for sale. Then, when you sell one of those products, you put the order into your fulfillment partner, who gets the product from the manufacturer and ships it to the final customer.

    You can run an online dropshipping business without the typical infrastructure and money you need to operate a traditional retail business. Thus, it’s an accessible and affordable way to start your entrepreneurial dreams.

    You can get started with dropshipping business right on Amazon. Amazon is also a great place to do this, as it’s a centralized marketplace with many different products you can sell once you get partnerships with the right manufacturers.

    However, remember that while you might make some money quickly, you won’t make as much money until your brand gets a reputation and many stellar reviews for its services and products.

    You’ll need some good credit card space and full-time dedication to your business if you eventually hope to make quick cash and passive income with this strategy.

    • Time to set up: A few days.
    • Time to make money: Weeks, at minimum.
    • Requirements: Computer, business experience and business agreements with product manufacturers and shipping companies.

    3. Start affiliate marketing

    Affiliate marketing is a unique type of online marketing where you, the affiliate marketer and blogger, advertise the products and services of partners through your blog or other ecommerce content. Then, when a customer clicks on one of the links to those products or services and makes a purchase, you get a cut of the profits your partner made.

    Affiliate marketing is a perfect way to make money fast if you already have a blog up and running. You can join affiliate programs for popular brands, many of which are based out of Amazon. Make a blog post highlighting the best products in a particular niche or industry, then include affiliate links to each product.

    If you have a readership, you could earn affiliate profits quickly. However, if you don’t already have a blog and readership, this moneymaking method could take a little more time to get up and running.

    • Time to set up: A few hours.
    • Time to make money: Days or weeks.
    • Requirements: A computer, blog, reader base and join an affiliate program.

    Related: 18 Ways You Can make money Right Now

    4. Take online surveys

    Alternatively, You can take online surveys to make some money in hours or even minutes. Sites like Surveyjunkie and Swagbucks allow people like you to join their programs, then take surveys in exchange for cash prizes or gift cards.

    By taking online surveys, you can complete a handful of surveys in a few hours and immediately earn some spending cash in your pocket.

    Taking online surveys doesn’t earn much money, but it could be an excellent way to earn money quickly when you need to make a purchase ASAP, like buying new shoes or going to the movies. Some sites may also have you do usertesting services on your laptop, such as testing new sites.

    Even better, you can take online surveys while doing other things in your spare time, like watching your favorite TV shows. In this sense, it’s a low-cost and highly accessible way to earn cash without needing a college degree, a lot of setup or any extra gadgets aside from a mobile device or computer.

    Most online survey sites pay you cash-back bonuses or unused gift cards. Others have “cardcash” systems where you must use the extra income at that site. Keep this in mind, as it could indicate a scam or prevent you from being able to cash out your money.

    • Time to set up: Minutes.
    • Time to make money: Hours.
    • Requirements: A computer or smartphone.

    Related: How Online Surveys in Market Research are Driving Change

    5. Pursue side gigs on freelance sites

    Freelance websites like Upwork and Fiverr are job posting boards. If you have a skill you can translate into freelance labor, such as programming, graphic design or writing, you can use these job boards to take freelance side gigs and earn money very quickly. This is good money you can segue into a career with an internet connection and some skills.

    You make an account on one of these sites, then bid on available jobs from prospective clients. If you get chosen by a client, you can complete the work to the client’s specifications and get paid. Some jobs can be completed quickly (and many clients will be very pleased with your speed of completion).

    If you do a good enough job, you can eventually build up a reputation as a reliable freelancer and start working as one more consistently. The most successful freelancers do it as their primary career, earning decent incomes while enjoying the freedom and flexibility of working on their own schedules.

    Eventually, you can make a small business from this quick-money strategy. Depending on your niche, you can develop online courses, land gigs as a virtual assistant or earn slots as a recurrent contributor for press organizations.

    • Time to set up: Hours.
    • Time to make money: Days.
    • Requirements: Skills and qualifications for freelance work, a computer and any necessary software.

    Related: Freelance Writer – Entrepreneur

    6. Try pet sitting and dog walking

    Apps like Rover are excellent opportunities to make money fast, particularly if you like animals. If you’ve ever wanted to be a pet sitter or make money walking dogs, playing with cats and watching other people’s pets, this is the opportunity for you.

    Pet sitting and dog walking can earn income in less than a day. Once you make a profile and fill it with important information on the pet sitting app of your choice, you can accept pet sitting and dog walking requests from potential clients immediately.

    There’s nothing better than making money while taking care of animals, especially if you’re a pet lover or pet owner yourself. Plus, if you do a great job, any pet parents will pay you a bonus or premium fee to secure your services when they go on vacation or have an emergency to take care of. Remember that it may take some time and successful jobs as a pet sitter before the big bucks start rolling in.

    • Time to set up: Hours.
    • Time to make money: Hours.
    • Requirements: Pet sitter app, a smartphone and pet supplies (such as leashes and bowls).

    Related: 7 Quick Ways to make money Investing $1,000

    7. Consider babysitting

    Babysitting can be just as rewarding as pet sitting and potentially just as profitable, if not more so if you find jobs on social media. However, people vet their babysitters a lot more strictly than their pet sitters in most cases.

    With babysitting, you usually can’t rely on an app like Rover. Instead, you’ll need to develop a reputation as a good babysitter in your area, then apply to job boards or get referrals from your current clients. Babysitting is an excellent way to make money quickly, however, as many parents require fast babysitting solutions on short notice (for example, if there’s a family emergency they need to respond to).

    If you keep your schedule open, you can respond to those babysitting requests as soon as they pop up, making some extra cash for little more than watching someone’s house, playing with kids and making sure they go to bed on time. This part-time job is free money in your bank account if you have the right temperament.

    • Time to set up: Days.
    • Time to make money: Varies.
    • Requirements: Babysitting supplies and a mobile phone.

    8. Host guests on Airbnb

    Airbnb is a highly popular app for homeowners, and for good reason —; it allows them to rent out the real estate they don’t use to travelers and tourists coming to their area. By hosting guests on Airbnb, you can make money quickly, as you’ll receive your income as soon as your guests arrive.

    Airbnb hosting isn’t without its struggles and potential pitfalls, however. When you host your property on Airbnb, you are responsible for ensuring the property is ready for guests and ensuring that the guests have everything they need to have a good time. After the guests leave, you need to ensure that your property is ready to go for the next set of guests.

    That said, if you have a great property or a spare bedroom in a prime location, there’s a lot of potential to make tons of cash by renting it out on Airbnb. It’s also a much more productive use of the space than simply letting it sit unused by anyone.

    • Time to set up: Days.
    • Time to make money: Varies.
    • Requirements: Home or spare room to rent and an Airbnb account.

    9. Become a delivery driver

    Delivery driving is one of the best side gigs since it’s easy to pick up, and it relies on having a few things that almost everyone already does: a vehicle and a smartphone. When you become a delivery driver, you can work for many different rideshare and food delivery apps, such as Lyft, Uber Eats, Instacart and DoorDash, and start making money in minutes.

    You’ll drive to and from restaurants, drop off food at delivery locations, and watch your app for delivery jobs as they ping you. If you have hours to kill and want to earn some money with a minimum of setup and without leaving your vehicle often, this could be a perfect opportunity. For Instacart and similar platforms, you will be a delivery driver and shopper all in one, helping customers obtain and deliver groceries and other items.

    However, you do need to join those companies as a delivery driver through a traditional process. You should expect to submit a resume, sit through an interview and submit to a background check. That could take several weeks to complete, so don’t expect to become a delivery driver in a single day if you need cash fast.

    • Time to set up: Weeks.
    • Time to make money: Hourly, once employed.
    • Requirements: A car and a smartphone.

    Related: 44 Side Hustle Ideas to Make Extra Money in 2023

    10. Do odd jobs

    Lastly, you can also make money quickly and boost your personal finances by doing odd jobs around your neighborhood or local area. There’s a good chance that people in your local community need a variety of jobs done, like:

    • Home or neighborhood repairs.
    • Grocery shopping for older people.
    • Groundskeeping or yard work.

    Many of these jobs are just waiting for an appropriately skilled handyperson to come to tackle them. If you already have decent tools and the skills to get the job done, why not do these odd jobs and get paid?

    If you like it enough, you can advertise around the neighborhood. You can also use apps such as TaskRabbit, which lets people around your neighborhood post available jobs. Doing odd jobs is an excellent way to earn money quickly since most of them allow you to get paid as soon as the job is done, and most of these jobs can be completed in a matter of hours, if not sooner.

    • Time to set up: Hours.
    • Time to make money: Hours.
    • Requirements: Handyman skills, tools and an app profile.

    Start making money fast

    The above 10 ideas are just a few ways to make money fast. The sky’s the limit, so use your imagination and prepare to put your nose to the grindstone.

    To learn more about personal finance and other topics, check out Entrepeneur’s other articles for more information today.

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    Entrepreneur Staff

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  • Amazon Uses These Psychological Tricks To Take Your Money on Prime Day | Entrepreneur

    Amazon Uses These Psychological Tricks To Take Your Money on Prime Day | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Brace yourselves, dear navigators of the e-commerce maze, as we embark on an exploration of the monumental spectacle of retail that is Amazon Prime Day. Much like the gladiatorial combats of ancient Rome, it’s a thrilling spectacle fraught with both promise and peril. And it’s your cognitive biases that often play the role of both the lion and the gladiator, pitting you against yourself in a fierce battle of wit and will.

    Trap 1: The confirmation bias chimera

    Picture this: you’re browsing through Amazon’s tantalizing offerings and you stumble upon a particularly appealing set of steak knives, which you’ve convinced yourself are just the upgrade your kitchen deserves. Never mind that you’ve managed perfectly well with your current cutlery for years, the deal seems too good to pass up.

    This, my friends, is the confirmation bias chimera, rearing its misleading head. In this case, confirmation bias leads you to seek and believe information that supports your existing predilections, while ignoring anything that contradicts them. Suddenly, every review sounds like an ode to these new knives, all the while downplaying the possible utility of your old set. The antidote? Simple: approach each deal with an open mind, always willing to challenge your preconceived notions.

    Related: You’re Probably Falling for All of Amazon Prime Day’s Psychological Sales Tactics. A Marketing Professor Reveals Them — and How You Can Actually Get the Best Deal.

    Trap 2: The attentional bias abyss

    Clicking through the alleys of Amazon’s discounts can sometimes feel like trying to find a needle in a haystack, only for the haystack to be filled with dozens of distracting shiny objects. This is the attentional bias abyss, a trap that lures you into focusing only on aspects that catch your fancy while sidelining the not-so-glitzy details.

    Your eyes light up at the sight of an enormous discount on a flashy 4K TV, but fail to register the hefty fees for peripherals, or perhaps the inferior brand reputation. The way out of this abyss? Be a vigilant explorer. Make it a point to scrutinize every detail before you click “Buy Now.”

    Trap 3: The anchoring bias albatross

    Who hasn’t fallen for the classic “discounted from a staggering price” trope? You see a blender originally priced at $200 now selling for $100, and you’re convinced it’s a steal. This is the work of the anchoring bias albatross, forcing you to base your judgments and decisions on the first piece of information you encounter.

    But what if the blender’s real value is closer to $80, and it’s been artificially inflated to trick your cognitive biases? The defense? Make sure you do your market research before Amazon Prime Day arrives. Knowing the true worth of an item can keep the albatross at bay.

    Related: 3 Ways New Amazon Sellers Can Stand Out From the Crowd on Prime Day

    Trap 4: The loss aversion leviathan

    The loss aversion leviathan feeds on your fear of missing out. The Prime Day deal will disappear on July 12! The ticking clock nudges you into a hurried purchase. You’d rather not risk the regret of missing out on the deal, even though you don’t truly need the item.

    The beast of loss aversion leads you to value the avoidance of losses over equivalent gains. After all, the sting of losing $10 often feels stronger than the joy of gaining the same amount. The weapon to slay this leviathan? Practicing self-restraint. Remember, there will always be another deal, another discount, another Prime Day.

    Trap 5: The optimism bias ogre

    Finally, we come face-to-face with the optimism bias ogre, the creature that convinces you that everything will work out in your favor. It’s the force behind your belief that the laptop you’ve just bought won’t turn out to be a dud, or that the designer dress you’ve ordered will fit you perfectly.

    But the ogre’s optimism can lead to disappointment and unnecessary expense. Don’t let the optimism bias cloud your judgment. Make sure to thoroughly research products, read customer reviews, and double-check your sizing before making a purchase.

    Conclusion

    Avoiding these cognitive traps on Amazon Prime Day requires both awareness and strategy, but with these tools in your arsenal, you can conquer the event like a seasoned gladiator, with your wallet — and your sanity — intact. Step forth into the arena, armed with the knowledge of your cognitive biases, and claim the spoils of retail victory!

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    Gleb Tsipursky

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  • Amazon Prime Day Blowout: All Entrepreneur eBooks Just $1.99 | Entrepreneur

    Amazon Prime Day Blowout: All Entrepreneur eBooks Just $1.99 | Entrepreneur

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    Our 48-Hour Flash Sale is happening now! Get any eBook in the Entrepreneur Bookstore for just $1.99 — that’s a savings of up to 80%. You won’t find a better deal anywhere else on Amazon Prime Day.

    Use code LAUNCHSALE at checkout to save big on eBooks that will help you:

    • Launch Your Dream Business
    • Make More Money
    • Transform Your Leadership Skills
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    Start Your Own Business, 8th Edition

    Learn everything you need to launch your startup, from securing funding to marketing your products to 10X-ing your revenue.

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    The Wealthy Franchisee

    Take your business from average to extraordinary with guidance from the country’s top-performing franchise leaders.

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    Million Dollar Habits

    Discover proven power practices to double and triple your income through better decision-making and efficient follow-through.

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    Ultimate Guide to Instagram, 2nd Edition

    Unlock the latest secrets that successful entrepreneurs use to grow their followings and drive sales on Instagram.

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    Dig into this comprehensive analysis from CPA and attorney Mark J. Kohler to learn how to make the new tax laws work for you.

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    The Best of No B.S.

    Get best-of-the-best advice from marketing expert Dan S. Kennedy on everything from grabbing new customers’ attention to boosting sales to relaunching a brand.

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    Revamp your resume, effectively market yourself, find your dream career, and achieve happiness.

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    Utilize the full power of Google — get more site traffic, build profitable ad campaigns, and more.

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    Entrepreneur Staff

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  • Want Taxes to Be Easy? Work on Them Year Round, Not Last Minute. | Entrepreneur

    Want Taxes to Be Easy? Work on Them Year Round, Not Last Minute. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Taxes aren’t just a once-a-year phenomenon. Filing taxes begins with a plan and a daily routine. If your goal is to learn a language so you can visit a foreign country, learning in small, easy-to-digest segments makes it easy to absorb and retain. When you finally take your trip, it’s that much more rewarding.

    The same is true of taxes. Attacking them in the handful of days before they’re due is a formula for stress, error and failure. Breaking down tax-related recordkeeping and related tasks into smaller segments, such as reviewing receipts and invoices an hour a week, makes the process more manageable and less overwhelming. Keeping taxes on your radar all year can even be good for your overall finances.

    Related: Make Tax Season As Painless as Possible by Taking These 6 Steps

    Make a regular tax thing

    Have you ever skipped mowing your lawn for a few weeks? Suddenly, it’s up to your knees, the grass gets stuck in your blades and it takes way longer than it should. The same is true of handling your tax-related finances. If you document and file your receipts and invoices when they’re fresh in your mind, they’re easy to account for properly. That’s why you should look at them regularly — how regularly will depend on how much work there is. I recommend looking at everything at least once a month, but if you’re doing a lot of business, you may want to do it every two weeks or even weekly. Just make it part of your routine.

    An excellent way to handle that is to write down an appointment in your business calendar. Writing it down will help in multiple ways. You should also physically write down what you must address at each session.

    When you do that, you can also use the information to look forward. This can be really useful if your income differs from month to month. By seeing what you brought in in the past month, you can:

    • Get a better idea of what your year-end income will be.
    • See whether you may fall short and address that before it’s a severe problem.
    • Know which clients are your best.

    When you know whether your year-end income looks like it will be much different from your previous year or what you expected, you can make plans to have money ready to pay at the end of the year or make adjustments to your estimated tax payments.

    If you find you’ll have more money than you expect, it also provides an opportunity to make investments. You can buy something that will help the business — or even take a larger share home.

    Don’t lose the paperwork

    Your routine attention to tax-related paperwork will pay off at tax time. This is true whether you’ll be doing the filing, an employee will or a tax accountant will. Record the expenses that will count as deductions at your regular session closest to when they happen. This will include regular outlays such as rent; variable outlays such as utilities or internet (note the Internal Revenue Service rules if you’re declaring the costs for a home office versus a traditional office or facility); and your business phone. One of the easiest expenses to lose track of is business mileage. Entering mileage and the reason for travel will make things easier when it’s time to file.

    This is where a document management system (DMS) will help. When your business calendar says it’s time to attend to your tax-related recordkeeping, you only need to capture all the relevant documents. Whether it’s an invoice, a checking account statement, a receipt or any other support you’ll need for the IRS, the best DMS will pull all the data in.

    Leveraging optical character reading (OCR), such a solution will work from cell phone photographs, existing computer files and email attachments. Then, once the data are stored in the cloud, you can categorize your paperwork by type and manipulate them to produce reports you can use, such as expense or income statements. These also reduce errors that make the IRS unhappy and can result in fines and penalties. And, should the IRS wish to conduct an audit, all of those data will be easily accessible and organized. The IRS even prefers electronic records.

    Related: 3 Ways to Save Money on Taxes That Most Entrepreneurs Miss

    Just a little bit goes a long way

    Productivity experts from David Allen to Tony Robbins and publications like Harvard Business Review and Psychology Today have pointed out that the best way to accomplish a large task is to break it down into smaller ones. Short, productive bursts of time will move you inexorably to the finish line as the year progresses. Visual cues, like a Post-It note on your computer, can help you make year-round tax record management a habit. Be specific about your tasks. Mnemonics help; maybe “Taco Tuesday” becomes “Tax Record Tuesday.” With almost no pain, you’ll be prepared when tax season begins. While the procrastinators around you are pulling at their hair and biting their nails, you’ll be doing things directly relevant to your business — with every hair in place and nails intact.

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    Jim Conroy

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  • Fake Heiress Tries to Scam One of the Richest Men in America | Entrepreneur

    Fake Heiress Tries to Scam One of the Richest Men in America | Entrepreneur

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    Take a whimsical journey with us back in time to the late 1800s and meet Elizabeth “Betty” Bigley, a con woman who stole millions of dollars from people, banks and anyone else she could sink her teeth into. As you will hear, Betty (who had more than one alias) was absolutely tireless and fearless in her thievery. Her brazen attempt to bilk money from her “dad” Andrew Carnegie is truly one for the record books. (Spoiler alert: He was not her dad and it did not work.)

    Related: Doctor Makes Millions Performing Bizarre Implant Surgery

    Speaking of books, on this episode we’re joined by true crime writer Railey Jane Savage, who details the misadventures of Bigley and many other huxters in her wonderful book A Century of Swindles: Ponzi Schemes, Con Men & Fraudsters.

    Thanks for listening and please do not commit the crime of not leaving us a review. The true-crime podcast police are watching!

    Subscribe to Dirty Money on Apple | Spotify | Stitcher | Google Play

    About Dirty Money

    Dirty Money is a new podcast series from Entrepreneur Media telling the tales of legendary scammers, con artists, and barely-legal lowlifes who stop at nothing to bilk their marks of millions. Hosted by Entrepreneur editors Dan Bova and Jon Small, the podcast takes a deep dive into the deviants behind the deeds.

    Related: Did the FBI Bust or Botch a Massive Chicago Stock Scam?

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    Dan Bova

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  • The Tale of Two Super Bowls — How Crypto Startups Can Thrive in a Bear Market | Entrepreneur

    The Tale of Two Super Bowls — How Crypto Startups Can Thrive in a Bear Market | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    While you might expect anything to grow in the winter, it is not the same with the cryptocurrency market. Startups do, surprisingly, start, and some even flourish. In this article, we will address your pressing question: to launch your dream project during the seemingly barren crypto winters or to wait for a bull.

    A crypto tale of two super bowls

    There was, of course, a time of superabundant flourish for all of crypto — 2022 was one. Super Bowl 2022 saw a slew of ads from crypto companies. In fact, Super Bowl 2022 was nicknamed the “Crypto Bowl.” The reason for this was not difficult to figure out: it was the crypto bull market. There was a rising demand in the market powered by the increasing popularity of NFTs, meme tokens and the metaverse.

    Fast forward to 2023, the market crashed — no thanks to Luna, FTX and the stiff crypto regulations that followed. There have been no Super Bowl crypto commercials this year, except for one misleading ad from an NFT-based game. The market’s image in 2023 starkly contrasted with what it was in 2022. Retail and institutional investors who embraced crypto last year didn’t want to touch it this time with a ten-foot pole. Crypto startups that once thrived struggled to stay afloat, while potential startups looking to enter the market now faced a dilemma: to launch or not to launch?

    Related: Bear With Me: 3 Ways To Capitalize During the Crypto Winter

    The dilemma of crypto winters

    There is no right or wrong answer to the question: to launch or not? However, this article will provide perspectives to help potential founders decide. But first, we will have to flashback to 2009 – the origin of Bitcoin.

    In the beginning, there was no market — When Satoshi Nakamoto created the first cryptocurrency, there was no crypto market. All the anonymous creator had was an idea that could solve global economic issues by democratizing finance. They were unsure of what to expect. Why would anyone believe, accept, and use a digital currency? Despite this and other valid concerns, Satoshi Nakamoto went ahead to create Bitcoin. And from that one currency, 25,794 coins and tokens (per data from CoinMarketCap) have been birthed.

    Early currencies that followed Bitcoin, such as Ethereum, Litecoin and Ripple, stuck to the plot of innovating within the established democratized financial system. But this wasn’t the case with many of the thousands of projects afterward. These projects, especially after the 2017 crypto boom, went off script. From ICOs and IDOs to meme coins and NFTs, the crypto industry became a center for speculation. Users were not concerned about use cases; they kept hopping from project to project, looking to make quick profits. This is why new founders face the dilemma of crypto winters. Should they risk their new project failing because of the high fear index of the market, or should they just wait to ride on the wave of market hype, albeit temporarily?

    Related: How should investors weather this ‘crypto winter’

    Startups vs. crypto winters: The present dynamics

    During bear markets, investors would rather stick with the few resilient projects they know and trust. New projects, even with viable utilities, may not get their attention if they do not see any quick way to profit from them.

    This is why the founders of meme coins do not bother about offering utility. PEPE, for example, had no utility yet surged by about 7000% within days, reflecting how greed, not value, drives the crypto market.

    But this is not to say that no utility-based projects have successfully launched during crypto winter. UniSwap is one such project. The decentralized crypto exchange launched in 2018 amid a rough bear market. But as of October 2022, the parent company, Uniswap Labs was worth $1.66 billion, controlled 64% of all DEX volumes, and the $UNI token had a market cap of over $5 billion. Users were able to see the project beyond temporary gains.

    Solving the dilemma

    I believe crypto winter is the best period to launch a crypto company or product. It is a period marked by less noise and less hype. A period to test the loyalty and sentiments of users or investors. However, the founder who wants to be successful during this period needs to fulfill two duties: (1) Have a viable product, and (2) Control the narrative.

    Viable blockchain solutions stand a high chance of surviving crypto winters. Though the market is looking for the next cash machine, a utility-focused project would never capture the market’s attention.

    Owning your story as a crypto startup

    Often, founders who successfully navigate the crypto winter are those that control their narrative. They are those that do not let the market stamp them with the “get-rich-quick” tag. These projects continue to present themselves as utility-based and community-centric, even when the market wants otherwise.

    Any founder can capture the attention of the market during bear markets. In fact, a bear market is a period where investors’ attention isn’t divided among the many projects displaying profitability simultaneously. So it is the best moment for startups to emerge provided that they are coming with unique crypto solutions. Once that’s settled, it becomes easy to sell their story to the market.

    Hence, by focusing on viable products with utility and controlling the narrative, emerging crypto startups can increase their chances of success in an unpredictable crypto market.

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    Vladimir Gorbunov

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  • How to Evaluate (and Lower) the Interest Rate on Your Small Business Loan | Entrepreneur

    How to Evaluate (and Lower) the Interest Rate on Your Small Business Loan | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Small business financing can help your business get to the next level, and there are multiple factors you should consider when evaluating loan offers. While the interest rate doesn’t tell the whole story, it is a significant factor that can’t be overlooked.

    Your interest rate determines how much you’ll pay over the life of the loan, and a low rate leads to lower monthly payments and increased savings. Alternatively, an interest rate that’s too high can lead to financial instability.

    Whether you’re looking to take out a loan in the near future or later on in the year, it’s a good idea to understand how to evaluate potential interest rates and the steps you can take to lower your rate.

    Related: 8 Things Entrepreneurs Should Look for When Getting a Business Loan

    How to evaluate the interest rate on a small business loan

    Here are some factors you can use to evaluate interest rates:

    • The lender: Your interest rate will vary depending on the type of lender you work with. For example, banks and credit unions tend to offer the lowest interest rates on business loans. Nonbank lenders may offer slightly higher rates, but the application process is more streamlined, and you’ll receive the funds faster.

    • Fixed vs. variable rates: When you take out a business loan, you’ll receive either fixed or variable interest rates. A fixed-rate loan will stay the same over the life of the loan, while variable interest rates will change depending on current market conditions. In the beginning, a variable rate may be lower than a fixed interest rate, but this can quickly change if certain indexes — like the prime rate — go up or down.

    • The loan terms: It’s also important to consider the loan terms you’re offered. For example, let’s say you’re comparing a loan with three-year terms vs. 10-year terms. The 10-year loan terms may come with a slightly higher interest rate but lower monthly payments. In comparison, you’ll pay less interest overall on a three-year loan, but your monthly payments will be higher.

    • The financial health of your business: Finally, you need to consider the overall financial health of your business. Would the interest rate negatively impact your overall cash flow and ability to repay the loan? If the payments put a significant strain on your business finances, the loan may not be worth it.

    The interest isn’t the only factor that affects how much you’ll pay for the loan. Some lenders charge additional fees, like origination fees, application fees or closing costs. The fees will drive up the total cost of the loan, so you should talk to your lender and ask them to outline what fees you’ll have to pay.

    Related: 5 Ways to Avoid Paying Too Much on a Business Loan

    3 ways to lower your interest rate

    The rate you receive on a business loan depends on a variety of factors, including your business finances, credit score and the industry you’re operating within. If the rate you’re offered is higher than you’d like, here are some steps you can take to lower it.

    1. Improve your credit score:

    In addition to checking your business credit score, your lender may look at your personal credit score. If you have poor personal credit, this can affect the rates you receive on a business loan or make it hard for you to get approved.

    To improve your credit score, focus on lowering your credit utilization rate by paying down as much debt as possible. You should also pay your bills on time since late payments can stay on your credit report for up to seven years.

    2. Put down collateral:

    Your lender may be willing to give you a lower interest rate if you put down some type of collateral on the loan. Collateral lowers the risk to your lender since they can seize the collateral if you default on the loan.

    You can use cash or a tangible asset, like equipment or inventory, for collateral on a loan. However, you should make sure you’re confident about your ability to repay the loan before putting down collateral.

    3. Shop around:

    The rates offered by different lenders can vary widely, so the best way to save money on interest is by shopping around. Choose several different lenders, and get prequalified with each one, comparing the rates and terms offered by each.

    Of course, filling out multiple business loan applications can be a little tedious. Another option is to use a lending marketplace — you’ll apply once and receive offers from multiple lenders in one location.

    Related: How to Choose the Best Small Business Loan for Your Needs

    Next steps

    When it comes to small business loans, what’s considered a “good” interest rate will vary. An interest rate that is acceptable for one business owner may be way too high for someone else.

    It’s important to make a decision based on the financial needs of your business. Consider all your options, and work with a lender you trust so you can find the best financing options for your business.

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    Joseph Camberato

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  • Why You Have to ‘Date’ Your Financial Advisor to Find ‘the One’ | Entrepreneur

    Why You Have to ‘Date’ Your Financial Advisor to Find ‘the One’ | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Our money is very personal. We tend to be overly private about it and rarely open up and share our financial skeletons, mistakes, what keeps us up at night, how much we make, how much we have and so on. How many people do you really open up to about your money?

    This is the challenge and opportunity. Most of us need help to understand and manage all aspects of our money, but we have one big roadblock that prevents us from getting help: a lack of trust. It’s scary to open up and let someone into your financial life, so we tend to not let others in and then suffer the consequences of not getting the professional help we need to get the outcomes we desire.

    Connecting with a financial advisor is a lot like dating. Ever been on a first date that went poorly? Most of us have! We can learn a lot from the dating process when it comes to finding the right financial advisor for us. Here are three things you should consider when looking for and hiring a financial advisor so you can become the master of your money and take action to improve your finances.

    Related: The Pros and Cons of Hiring a Financial Advisor

    Where we find our financial advisor matters

    When we are ready to commit to a serious long-term and trusting relationship, be that marriage or with a financial advisor, we tend to look to sources of credibility that instill confidence. I like to compare this to finding your life partner via eHarmony vs. Tinder. Both provide a service that people are looking for but the experience and outcomes are arguably very different.

    When looking for a financial advisor we have a similar situation. Finding a financial advisor by getting served up an ad on Facebook and then getting bombarded with cold calls doesn’t quite feel right. It doesn’t exactly give us the confidence we need to open up about our money. Would you marry an advisor you found this way?

    Instead, people should look in places where a community of advisors already exists, like the CFP Board’s LetsMakeAPlan service. Like dating, this helps us know we are looking in the right place to find that first date that we actually want to go on. But it creates another problem: How do we pick the right advisor for this first date when we have hundreds to choose from?

    How we choose our financial advisor matters

    Ever heard of the jelly conundrum? Basically, when we are given more than five or so jelly choices on the shelf at the grocery store, we shut down and don’t pick any of them. The same holds true when trying to figure out which advisor to pick. Serving up a list of hundreds of potential advisors is overwhelming, we simply won’t pick one at all. Imagine having to pick your first date from 100+ people, forget it!

    The importance of advice engagement is becoming more and more important. It is essentially how well an advisor connects with and listens to us which in turn instills trust and confidence so we will take action. Connecting with a financial professional is of the utmost importance since getting help with our money requires us to open up and take action.

    If we don’t connect with our advisor on a deep level of understanding, then chances are we won’t open up about our money, let alone take action on any recommendations they have for us, so the first step is finding and connecting with an advisor we can trust. We know from the paradox of choice that we won’t make a choice when we have too many options to pick from so we have to find a place or service that helps us narrow down the choices from hundreds to three or four.

    Our brains can handle this. The challenge here is that most “refining” processes only let us refine via things like where we live or the type of credentials an advisor might have. Both are helpful, but we don’t connect with other human beings based solely on our ZIP code.

    How to connect with a financial advisor matters

    I love this quote from former President Theodore Roosevelt: “No one cares how much you know until they know how much you care.”

    When dating to find and marry your life partner your first and second dates will cover topics like your interests, your background, what you went to school for, what you like to do for fun, etc. We talk about these things since we are wired to connect with other people like us based on a variety of shared commonalities, philosophies, interests, etc. But eventually, we get to the topics of money, employment, faults, quirks, family baggage and so on. In other words, once we know we like each other, we start to dig into the less glamorous yet equally important topics.

    The same should happen when we’re looking for and trying to connect with a financial advisor. It’s important to get to know your advisor on a human level first. Do you like each other? Do you have share commonalities, etc.? Once you feel like you could work with a particular advisor you can then dig into asking more business-related questions.

    People should look for ways to connect with their financial advisor like they would with someone they might date. Do you have shared commonalities, experiences, interests and philosophies? Connecting on these levels will set the stage for trust and opening up about your money. Trust is a byproduct of what I refer to as human dimensions. Once we connect on these dimensions, then it becomes very important that the advisor we’re considering has the experience and credentials to best help us — hence the above quote from Roosevelt.

    Relationships matter. When it comes to finding the best financial advisor, consider these three tips. Getting help with your money is just as important as where and who you’re getting the help from.

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    Derek Notman

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  • Top 5 Tools to Build Your Financial Literacy | Entrepreneur

    Top 5 Tools to Build Your Financial Literacy | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There are several reasons why Americans may lack in financial literacy. That is why I decided to write the financial literacy book entitled Woke Doesn’t Mean Broke. It is a 688-page financial bible. Most Americans have a limited education. Many schools do not prioritize financial literacy education in their curriculum. As a result, individuals may not receive formal education on financial topics, leaving them ill-prepared to navigate complex financial decisions. Lack of access to resources also comes into play.

    Some individuals may not have access to resources and tools that promote financial literacy, such as personal finance courses, books or online platforms. Limited access to financial education materials can hinder the development of financial knowledge and skills. There are also cultural factors and cultural attitudes around money and financial discussions that can influence financial literacy levels. In some cultures, discussing personal finances openly may be considered taboo or impolite.

    The financial industry can be complex, with various products, services and regulations. Understanding financial jargon, investment options or retirement planning can be challenging for individuals without a strong financial background. Lack of personal finance role models plays a big role. Individuals who grow up without positive financial role models may struggle to develop good financial habits and may not have access to guidance or support in managing their finances effectively. A culture that prioritizes immediate consumption and instant gratification can contribute to poor financial habits, such as overspending, relying on credit and not prioritizing long-term financial goals.

    Related: How Can We Improve Through Financial Education

    Most Americans have high levels of consumer debt. Individuals burdened by debt may focus on managing immediate financial obligations rather than developing broader financial literacy skills. Some individuals may lack confidence in their ability to understand and manage personal finances. Financial topics can be intimidating, and individuals may feel overwhelmed or embarrassed to seek help or admit their lack of knowledge.

    Addressing the lack of financial literacy requires a multi-faceted approach that includes improvements in educational systems, increased access to financial resources and tools, cultural shifts in attitudes toward money and targeted efforts to promote financial education and awareness. Encouraging open discussions about personal finance, providing accessible financial education resources and promoting financial literacy initiatives can all contribute to improving financial literacy levels among Americans.

    Financial literacy refers to the knowledge and understanding of various financial concepts, tools and practices that enable individuals to make informed decisions about their personal finances.

    Being financially literate

    Being financially literate involves having skills and knowledge in the following areas:

    Budgeting: Creating and maintaining a budget to track income, expenses and savings and ensuring that spending aligns with financial goals.

    Debt management: Understanding different types of debt, interest rates, repayment options and strategies for managing and reducing debt effectively.

    Saving and investing: Understanding the importance of saving money and making informed decisions about investment options, such as stocks, bonds, mutual funds and retirement accounts.

    Financial goal-setting: Setting short-term and long-term financial goals and developing strategies to achieve them, such as saving for emergencies, education, homeownership or retirement.

    Banking and financial services: Understanding banking products, such as checking and savings accounts, credit cards, loans and mortgages — and knowing how to choose the right financial services that meet individual needs.

    Insurance and risk management: Understanding the purpose and importance of insurance — including health, life, home and auto insurance — and assessing risk management strategies to protect against unexpected financial losses.

    Taxation: Understanding basic tax principles and obligations, including filing tax returns, deductions, credits and tax-efficient strategies for saving and investing.

    Consumer rights and responsibilities: Knowing consumer rights, understanding financial agreements and contracts, and making informed decisions when purchasing goods and services.

    Financial literacy empowers individuals to make informed financial decisions, achieve financial stability and work towards long-term financial well-being. It equips people with the knowledge and skills to navigate the complexities of the financial world, avoid common pitfalls and make choices that align with their financial goals and values.

    Related: Financial Literacy is Not Taught in Schools: Here’s How It Can Be Learned

    5 tools to help improve your understanding and management of personal finances

    1. Personal finance apps: Utilize personal finance apps such as Mint, Personal Capital or YNAB (You Need a Budget). These apps help you track your income, expenses and savings goals, providing insights into your spending habits and offering budgeting tools. They often offer visualizations, alerts and goal-setting features to enhance financial awareness and encourage better money management.

    2. Online courses and educational platforms: Take advantage of online courses and educational platforms dedicated to improving financial literacy. Websites like Coursera, Khan Academy and Udemy offer courses on various financial topics, including budgeting, investing, debt management and retirement planning. These courses provide structured learning and practical knowledge to enhance your financial literacy.

    3. Financial literacy websites and blogs: Explore reputable financial literacy websites and blogs like Investopedia, The Balance or NerdWallet. These platforms offer comprehensive guides, articles and resources covering a wide range of financial topics. They can help you understand key concepts, terminology and best practices related to budgeting, saving, investing and more.

    4. Personal finance books: Dive into personal finance books written by experts in the field. Titles like Rich Dad Poor Dad by Robert Kiyosaki, The Total Money Makeover by Dave Ramsey and The Intelligent Investor by Benjamin Graham provide valuable insights and practical advice on building wealth, managing debt and making sound investment decisions. Reading these books can broaden your financial knowledge and help you develop a solid foundation for financial literacy.

    5. Financial planning tools: Utilize financial planning tools like retirement calculators, investment calculators and debt payoff calculators. Websites and apps such as SmartAsset, Vanguard or Bankrate offer these tools to help you plan for specific financial goals. They enable you to evaluate different scenarios, understand the impact of your financial decisions and make informed choices based on your current situation and future aspirations.

    Remember, it’s important to combine these tools with ongoing self-education, practice and seeking advice from financial professionals when necessary. Building financial literacy is a continuous process that requires consistent effort, discipline and a willingness to learn.

    Related: ‘Financial Illiteracy’ Cost Americans an Average of $1,819 in 2022 — Here Are The Most Common Mistakes People Make

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    Billy Carson

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  • How to Build an Impressive Investment Portfolio | Entrepreneur

    How to Build an Impressive Investment Portfolio | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Building an impressive investment portfolio is a pursuit that requires careful planning, strategic decision-making and a long-term perspective. While there is no one-size-fits-all approach, several key principles and strategies can help investors construct a portfolio that maximizes returns while managing risks.

    Here are some of the best ways to build an impressive investing portfolio, highlighting diversification, asset allocation, thorough research and the importance of patience and discipline.

    Diversification (foundations of success)

    Diversification lies at the core of building an impressive investing portfolio. By spreading investments across various asset classes, industries and geographical regions, investors can reduce the impact of individual investment failures and potentially enhance overall returns.

    Diversification helps to mitigate risk and protect against market volatility. A well-diversified portfolio encompasses different types of assets such as stocks, bonds, real estate, commodities and even alternative investments like cryptocurrencies. The right mix of assets depends on an investor’s risk tolerance, investment goals and time horizon.

    Related: How to Diversify Investments: 4 Easy Tips to Help You Get Started

    Asset allocation (balancing risk and return)

    Asset allocation refers to the strategic distribution of investments among different asset classes. It plays a vital role in determining the risk and return profile of a portfolio. Investors should carefully assess their risk tolerance and financial goals to allocate assets accordingly.

    Generally, younger investors with a longer time horizon can afford to take more risks and allocate a higher proportion of their portfolio to equities. On the other hand, older investors nearing retirement may opt for a more conservative approach with a larger allocation to fixed-income investments.

    Regular rebalancing of the portfolio is crucial to maintain the desired asset allocation over time.

    Thorough research (keys to informed decisions)

    Thorough research is a critical component of building an impressive investment portfolio. Investors should dedicate time and effort to understand the companies, industries and trends they invest in. Fundamental analysis, which involves studying financial statements, evaluating business models and assessing competitive advantages, can help identify companies with solid growth potential.

    Additionally, staying informed about macroeconomic trends, geopolitical events and regulatory changes can provide valuable insights into the investment landscape. Investing in what you understand and conducting due diligence can significantly increase the chances of making informed investment decisions.

    Related: The Investing Strategy That Can Lower Risk in Your Portfolio

    Patience and discipline (long-term perspectives)

    Successful investing requires patience and discipline. Markets can be unpredictable, and short-term fluctuations are inevitable. Investors should resist the temptation to chase quick gains or make impulsive decisions based on short-term market movements. Instead, adopting a long-term perspective allows investors to weather market downturns and benefit from compounding returns.

    Regularly reviewing and adjusting the portfolio is necessary, but knee-jerk reactions to short-term market volatility often lead to suboptimal results. Staying focused on long-term goals and adhering to a well-defined investment strategy are crucial elements of building an impressive portfolio.

    Below are two handfuls worth of simple ways to set investors on the right path:

    1. Set clear financial goals: Define your investment objectives, and align them with your overall financial goals. This will help you determine the appropriate investment strategy and time horizon.

    2. Conduct thorough research: Before making any investment, conduct comprehensive research on the asset or company you plan to invest in. Understand the fundamentals, financial health, competitive position and growth potential to make informed decisions.

    3. Diversify your portfolio: Spread your investments across different asset classes, sectors and geographical regions. Diversification helps mitigate risks and allows you to benefit from various market opportunities.

    4. Follow a long-term perspective: Successful investing requires a long-term outlook. Avoid short-term market noise, and focus on the long-term potential of your investments. This approach allows you to ride out market volatility and benefit from compounding returns.

    5. Understand risk tolerance: Assess your risk tolerance, and invest accordingly. Be honest with yourself about how much risk you can handle, and adjust your investments to align with your comfort level. Balancing risk and return is crucial for long-term success.

    6. Stay informed: Keep yourself updated on market trends, economic indicators and industry developments. Stay informed about the companies you invest in, and monitor their performance regularly. Knowledge is power when it comes to making smart investment decisions.

    7. Avoid emotional decision-making: Emotions can cloud judgment and lead to impulsive investment decisions. Avoid making investment choices based on fear or greed. Instead, rely on research, analysis and your predetermined investment strategy.

    8. Consider dollar-cost averaging: Invest a fixed amount of money at regular intervals, regardless of market conditions. This strategy, known as dollar-cost averaging, allows you to buy more shares when prices are low and fewer shares when prices are high, potentially lowering your average cost per share over time.

    9. Take advantage of tax-efficient strategies: Be mindful of taxes, and consider tax-efficient investment strategies. Utilize tax-advantaged accounts like IRAs or 401(k)s to minimize tax liabilities. Also, understand the tax implications of different investment vehicles, and seek professional advice if needed.

    10. Monitor and rebalance: Regularly review your portfolio’s performance, and make necessary adjustments. Rebalance your portfolio periodically to maintain the desired asset allocation. Changes in market conditions or your financial situation may require reallocation to align with your goals.

    Related: Want to Make Smart Investments? Use These Expert Tips.

    Following these 10 steps can help investors make smarter investment decisions that align with their financial goals, manage risks effectively and increase the likelihood of long-term success.

    Building an impressive investing portfolio is a gradual and continuous process that requires careful planning, strategic decision-making and patience. By diversifying across different asset classes, allocating assets based on risk tolerance and financial goals, conducting thorough research and maintaining discipline, investors can increase their chances of achieving their investment objectives. While the investing landscape may present challenges and uncertainties, adhering to these best practices can help navigate the complexities and build a portfolio that stands the test of time.

    Ultimately, building an impressive investment portfolio requires a blend of art and science, combining knowledge, experience and the ability to make sound decisions in pursuit of long-term financial success.

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    Michael Stagno

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  • Creative Ways Startups Can Earn Funding in Tough Economic Times | Entrepreneur

    Creative Ways Startups Can Earn Funding in Tough Economic Times | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In a declining economy, startups face an uphill battle when it comes to securing funding. Despite financial hardships, with resourcefulness, innovation and strategic planning, entrepreneurs can explore various avenues to obtain the necessary capital for their ventures.

    Venture-backed startups have long been the bedrock of innovation, driving economic growth and shaping industries. In recent years, there has been a noticeable decline in the number of venture-backed small businesses. Let’s delve into the reasons behind this decline, exploring the changing landscape of entrepreneurship and the factors that have contributed to this trend:

    Related: How to Access Capital in an Economic Downturn

    Why startups are losing speed

    1. Saturation of the market: One key factor contributing to the decline of venture-backed startups is the saturation of the market. The startup ecosystem has experienced an unprecedented boom over the past decade, leading to an influx of companies competing for funding and market share. With numerous startups vying for attention, venture capitalists have become more cautious in their investments, opting to support only the most promising and disruptive ventures. Consequently, startups are finding it increasingly difficult to secure funding, especially those operating in crowded markets.

    2. Risk aversion and investor preference: In recent years, there has been a noticeable shift in investor preference towards late-stage and growth-stage startups. Venture capitalists are more inclined to invest in established companies that have demonstrated a solid track record of growth and revenue generation. This risk-averse behavior has resulted in reduced funding opportunities for early-stage startups, which typically require substantial capital injections to grow and scale. The scarcity of funding options has undoubtedly hindered the formation and growth of new ventures.

    3. Changing regulatory landscape: Regulatory factors have also played a role in the decline of venture-backed startups. Governments around the world have implemented tighter regulations and compliance requirements in the wake of financial crises and scandals. While these measures aim to protect investors and consumers, they have inadvertently increased the barriers to entry for startups. Compliance costs and legal complexities have become significant hurdles for entrepreneurs, particularly those operating in heavily regulated industries such as fintech, healthcare and transportation. The burden of navigating complex regulatory frameworks has deterred many potential founders from pursuing venture-backed startups.

    4. Alternative funding sources: The decline in venture-backed startups can also be attributed to the availability of alternative funding sources. Traditional venture capital is no longer the sole option for entrepreneurs seeking funding. Crowdfunding platforms, angel investors and corporate venture capital funds have emerged as viable alternatives, providing capital and support to startups. Additionally, the rise of initial coin offerings (ICOs) and blockchain technology has enabled entrepreneurs to raise funds through token sales. These alternative funding options have diversified the startup funding landscape, reducing the reliance on traditional venture capital and contributing to the decline of venture-backed startups.

    5. Changing entrepreneurial landscape: The nature of entrepreneurship itself has evolved over time. With the democratization of technology, the cost of starting a business has decreased, making it easier for individuals to embark on entrepreneurial endeavors. This has led to a rise in bootstrapped startups and self-funded ventures, which may not seek venture capital funding at all. Furthermore, the gig economy and freelance work have attracted individuals who prefer independent work arrangements over building traditional venture-backed startups. The changing entrepreneurial landscape has shifted the focus away from venture-backed startups, contributing to their decline.

    Although we have seen a decline in the number of venture-backed, it’s important to know that there are numerous other ways for startups to garner funding.

    Related: Raising Funding in a Downturn Isn’t Impossible — I Did It (and You Can, Too).

    Creative ways to earn funding

    Below are several creative ways that startups can earn funding even in challenging economic times:

    1. Bootstrapping and self-funding: One of the most accessible and immediate ways for startups to earn funding in a declining economy is through bootstrapping and self-funding. By leveraging personal savings, credit lines or personal assets, entrepreneurs can finance their ventures without relying on external investors. While bootstrapping may require sacrifices and careful financial management, it grants startups full control over their operations and minimizes the need to dilute equity at an early stage. Additionally, self-funding demonstrates commitment and resilience, which can attract potential investors in the future.

    2. Strategic partnerships and alliances: Startups can explore strategic partnerships and alliances as a means to secure funding in a declining economy. By identifying synergistic organizations or established companies in their industry, startups can propose mutually beneficial collaborations. Such partnerships may involve strategic investments, joint ventures or co-development agreements, which provide startups with access to funding, resources, expertise and a broader customer base. These alliances can not only alleviate financial constraints but also enhance market credibility and pave the way for future growth.

    3. Government grants and programs: Governments often offer grants, incentives and programs to stimulate innovation and entrepreneurship, even during economic downturns. Startups can tap into these resources by researching and applying for grants specifically tailored to their industry or innovative projects. These grants can provide much-needed funding, mentorship and networking opportunities. Additionally, government-backed programs, such as incubators and accelerators, offer access to valuable resources, expertise and potential investors, further aiding startups in their quest for funding.

    4. Crowdfunding: Crowdfunding has emerged as a popular and effective funding avenue for startups in recent years. It involves raising capital from a large pool of individuals through online platforms. In a declining economy, crowdfunding allows startups to bypass traditional funding sources by directly appealing to potential customers, supporters and like-minded individuals who believe in their vision. By offering early access to products, exclusive perks or equity shares, startups can incentivize individuals to contribute to their fundraising campaign. Crowdfunding not only provides funding but also helps validate the market demand for a startup’s product or service.

    5. Impact investment and social funding: In the face of economic decline, there has been a growing focus on impact investment and socially responsible funding. Investors and funds dedicated to making a positive social or environmental impact are actively seeking startups with a strong mission and purpose. By aligning their business models with social or environmental goals, startups can attract impact investors who are willing to provide funding in exchange for measurable social or environmental outcomes. Social crowdfunding platforms and impact-focused venture capital firms offer additional opportunities for startups to secure funding while making a positive difference in the world.

    Related: Think You Need Venture Capital Backing to Start Your Business? Think Again.

    While venture-backed startups have long been the driving force behind innovation and economic growth, their decline in recent years can be attributed to various factors. Saturation of the market, investor preference for late-stage companies, changing regulatory landscape, availability of alternative funding sources and a changing entrepreneurial landscape have all played a role. Despite this decline, entrepreneurship remains vibrant, with new models and funding mechanisms continuing to shape the startup ecosystem.

    In a declining economy, startups must adopt creative approaches to secure funding for their ventures. Bootstrapping, strategic partnerships, government grants, crowdfunding and impact investment are just a few avenues that entrepreneurs can explore. By leveraging these funding sources, startups can mitigate the challenges posed by economic downturns and pave the way for sustainable growth and success.

    As the landscape evolves, it is crucial for entrepreneurs and investors to adapt and embrace new opportunities to foster innovation and support the next generation of disruptors. Furthermore, entrepreneurs should remain adaptable, resourceful and open to exploring new opportunities as the economic landscape evolves.

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    Michael Stagno

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  • AI Is Becoming a Game-Changer in Startup Fundraising | Entrepreneur

    AI Is Becoming a Game-Changer in Startup Fundraising | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Navigating the world of startup fundraising can often feel like walking a tightrope, balancing a compelling pitch with hard data, all while trying to predict what investors want to hear.

    The good news? Artificial intelligence (AI) is here to lend a helping hand, providing startups with an advanced toolkit to make informed decisions and craft persuasive pitches.

    Related: Here’s How AI Is Changing VC Funding

    AI in startup fundraising

    AI, in the context of startup fundraising, refers to data-driven technologies that analyze patterns, predict trends and provide actionable insights. AI tools can help evaluate the potential of a startup based on various factors, such as market trends, competitive landscape and financial projections. These tools are increasingly being used by investors to inform their decisions and by startups to refine their strategies and pitches.

    AI’s influence is not just limited to data analysis; it’s also creating a new frontier in how startups connect with potential investors. AI-powered platforms are transforming the traditional fundraising process, providing efficient, data-driven matchmaking between startups and investors.

    The impact of AI on investor decisions

    Investors have always used data as the backbone of their decisions, but with the surge of AI technologies, this reliance has deepened and evolved. AI is stepping up to reshape the decision-making process, offering advanced capabilities in areas that are key to investor deliberations.

    Firstly, AI assists in examining a startup’s financial data more thoroughly. AI algorithms can quickly sift through vast amounts of financial data, decoding patterns and identifying insights that might be less obvious otherwise. This results in an in-depth understanding of a startup’s financial position, which is fundamental for investors.

    Secondly, AI is invaluable in evaluating potential market growth. By utilizing machine learning and predictive analytics, AI can anticipate market trends and growth with superior accuracy. This helps investors gain an insight into the scalability of a startup and its potential to claim a share of the market.

    Thirdly, assessing the competitive landscape is another domain where AI’s prowess shines. With AI, real-time insights into the strategies and market positions of competitors can be gleaned, helping investors understand where a startup stands in its market, and its capacity to endure competitive pressures.

    Finally, AI helps in predicting a startup’s success by comparing it with similar businesses. By drawing on data from businesses with comparable models, AI can estimate the potential risks and returns of investing in a startup. This can be crucial for investors in determining the future trajectory of a startup.

    Related: 5 Things That Have Changed in Startup Pitching This Year

    How AI can help startups with fundraising

    Artificial intelligence is not just a powerful tool for investors; it’s also a transformative force for startups, particularly in the fundraising landscape. Here’s how AI can help startups raise the necessary capital:

    AI can guide startups in developing a data-driven pitch, harnessing the power of predictive analytics to illustrate potential growth and returns. For instance, by analyzing market trends, competitors and customer behavior, AI can furnish startups with the knowledge needed to craft a compelling, evidence-backed argument for their business.

    Furthermore, AI can take a startup’s financial modeling to the next level. Leveraging machine learning algorithms, AI can predict future revenue streams and cash flow with a degree of accuracy that’s traditionally been hard to achieve. By doing so, it generates a realistic, granular picture of the business’s potential — something that’s crucial for both the startup seeking funds and the investor looking to allocate capital wisely.

    The insights gleaned from AI not only support the crafting of persuasive pitches but also inform strategic decisions, help identify growth opportunities and potentially foresee challenges. Thus, AI’s role in startup fundraising is multifaceted, offering key support in the journey from early-stage venture to successful business.

    Matchmaking with investors

    AI-powered platforms, such as Crunchbase or AngelList, serve as efficient matchmakers between startups and investors. These platforms leverage AI to analyze various factors — the startup’s business model, industry sector, and fundraising stage, among others — to identify and connect with the investors best suited to a startup’s unique needs. This advanced matching capability helps to streamline the fundraising process, increasing its efficiency and effectiveness.

    Beyond initial introductions, AI tools can also assist startups in maintaining robust relationships with their investors. They can automate the process of providing regular updates, tracking critical performance indicators and even forecasting potential issues. This constant communication loop not only keeps investors informed but also nurtures trust and transparency between the parties involved.

    Related: 6 Ways To Raise Capital For Your Startup In 2023

    Pitching to AI-savvy investors

    In the contemporary AI-driven era, it’s crucial for startups to know how to effectively pitch to AI-informed investors. This isn’t just about demonstrating an understanding of AI’s technical aspects. It also involves clearly articulating its impact and relevance to their business.

    Startups must show that they grasp how AI can transform various aspects of their operations. This may include improving efficiencies, optimizing customer experiences, streamlining processes or driving innovation. The ability to comprehend and communicate the potential implications of AI can prove to be a game-changer in gaining an investor’s interest and confidence.

    Moreover, startups should underscore how they are already utilizing AI to bolster their operations and spur growth. Concrete examples of AI applications in their business strategy not only indicate a startup’s tech-savviness but also its ability to stay ahead of the curve. This can be particularly appealing to investors who are always on the lookout for businesses that leverage cutting-edge technologies to gain a competitive edge.

    In the rapidly evolving startup ecosystem, AI is a potent tool, offering a competitive edge in fundraising. It empowers startups to make data-driven decisions, tailor their pitches and connect with the right investors. But as with any tool, its effectiveness depends on how well it’s used.

    As such, startups need to invest in understanding AI and incorporating it into their fundraising strategy. This involves not just leveraging AI tools but also developing an AI-literate team and an AI-friendly culture. This way, startups can use AI not just as a tool for fundraising, but as a driver of innovation and growth.

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    Yan Katcharovski

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  • Marginal Cost Formula: How to Calculate, Examples and More | Entrepreneur

    Marginal Cost Formula: How to Calculate, Examples and More | Entrepreneur

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    The world of microeconomics and business decision-making hinges upon a key concept: marginal cost.

    In the simplest terms, marginal cost represents the expense incurred to produce an additional unit of a product or service. This metric provides critical insights into how much a company’s total cost would change if the production volume increased or decreased.

    Related: Entrepreneurs: Beware of the Marginal Thinking Trap | Entrepreneur

    Understanding marginal cost is vital for businesses as it influences pricing strategy, production planning and profitability.

    It helps answer critical questions like:

    • Should you increase your production?
    • Would it be more cost-efficient to produce more units?
    • How would changes in production volume affect your bottom line?

    The answers to these questions significantly influence a company’s financial health and competitive edge.

    This concept is equally important in the field of microeconomics. Economists use marginal cost to understand market dynamics, as it plays a vital role in defining supply curves, understanding equilibrium and providing insights into efficient resource allocation.

    Overall, marginal cost forms the backbone of cost analysis for businesses and broader economic modeling. Understanding and accurately calculating it is therefore paramount in these fields.

    Related: To Spend or Not to Spend: The Importance of Opportunity Cost Among Small Businesses | Entrepreneur

    What is the marginal cost formula?

    Now that you understand the importance of marginal cost, you need to know how to calculate it. The marginal cost formula, at its most basic, is as follows:

    Marginal Cost = (Change in Total Cost) / (Change in Quantity)

    The formula comprises two main components: the change in total cost and the change in quantity.

    Here is a detailed breakdown of both:

    • Change in Total Cost: This refers to the difference in total costs incurred when a unit increases production. Total cost includes all fixed and variable costs. Fixed costs are those that do not change with the level of production, such as rent or salaries. Variable costs, on the other hand, fluctuate with the level of production, including expenses like raw materials or direct labor.
    • Change in Quantity: This is the alteration in the number of units produced. In most instances, when calculating marginal cost, the change in quantity would be one unit since you’re interested in the cost of producing one additional unit.

    It’s essential to understand that the marginal cost can change depending on the level of production. Initially, due to economies of scale, the marginal cost might decrease as the number of units produced increases.

    However, marginal cost can rise when one input is increased past a certain point, due to the law of diminishing returns.

    Related: Understanding the Law of Diminishing Returns | Entrepreneur

    Remember, the value of marginal cost is a crucial factor in deciding whether to increase or decrease production. A lower marginal cost would suggest that a company can profitably expand production, while a higher marginal cost might signal that it’s more cost-efficient to reduce output.

    As such, the accurate calculation and interpretation of the marginal cost are indispensable to sound financial decision-making.

    What is the difference between fixed costs and variable costs?

    Before diving deeper into marginal cost, you must grasp two core concepts: fixed costs and variable costs. These costs directly influence the marginal cost calculation and are pivotal in overall cost accounting and financial analysis.

    Fixed costs are expenses that remain constant, regardless of the production level or the number of goods produced. The costs a business must pay, even if production temporarily halts.

    Examples of fixed costs include rent, salaries, insurance and depreciation. These costs do not vary with the quantity produced and are therefore “fixed” for a specific period or level of output.

    On the other hand, variable costs fluctuate directly with the level of production. As production increases, these costs rise; as production decreases, so do variable costs.

    Examples of variable costs include costs of raw materials, direct labor and utility costs like electricity or gas that increase with greater production.

    Understanding these costs is integral to the marginal cost calculation. When calculating the change in total cost in the marginal cost formula, both fixed and variable costs come into play.

    However, since fixed costs don’t change with production levels, the change in total cost is often driven by the change in variable costs.

    Related: Outsourcing Turns Fixed Costs Into Variable Costs | Entrepreneur

    What is the relationship between marginal cost and level of production?

    Marginal cost’s relationship with the production level is intriguing and has significant implications for businesses. As mentioned, the marginal cost might decrease with increased production, thanks to economies of scale.

    Economies of scale occur when increasing the production quantity reduces the per-unit cost of production. This is due to the spreading of fixed costs over a larger number of units and operational efficiencies.

    However, this trend doesn’t continue indefinitely. Once production hits a certain point, marginal cost starts to rise.

    This phenomenon is known as diseconomies of scale. This can occur for various reasons, such as increased complexity of operations, higher raw material costs for additional units or limited production capacity.

    What is the marginal cost curve?

    The marginal cost curve graphically represents the relationship between marginal cost and production level. It plots marginal cost on the vertical axis and quantity produced on the horizontal axis. But why is this curve typically U-shaped?

    In the initial stages of production, the curve dips, demonstrating economies of scale, as marginal cost falls with increased output. However, after reaching a minimum point, the curve starts to rise, reflecting diseconomies of scale.

    This U-shape can be attributed to the nature of production processes. As a company starts to increase production, it initially benefits from improved efficiencies and better utilization of fixed resources, resulting in a fall in marginal cost.

    However, as production continues to rise beyond a certain level, the firm may encounter increased inefficiencies and higher costs for additional production. This causes an increase in marginal cost, making the right-hand side of the curve slope upwards.

    Understanding this U-shaped curve is vital for businesses as it helps identify the most cost-efficient production level, which can enhance profitability and competitiveness.

    Related: How to Calculate ‘Breakeven’ | Entrepreneur

    How do you calculate marginal costs?

    Calculating marginal cost might seem challenging, but it’s more straightforward with the marginal cost equation and a clear understanding of its components. The equation is:

    Marginal Cost = Change in Total Cost / Change in Quantity

    Consider a small business that produces handmade candles. The company initially produces 100 candles at a total cost of $800. When production increases to 110 candles, the total cost rises to $840.

    To calculate the marginal cost of producing an additional ten candles, take the change in total cost ($840 – $800 = $40) and divide it by the change in quantity (110 – 100 = 10). The result is $4. Therefore, in this case, the marginal cost of producing each additional candle is $4.

    Calculating marginal cost becomes easier with tools like Excel. Excel’s simple subtraction and division functions can handle total cost and quantity changes.

    Inputting the total cost for different quantities into an Excel spreadsheet and applying the formula can yield marginal costs for different production levels — providing valuable insights for business decision-making.

    Related: This Comprehensive Microsoft Excel Course Can Turn You into a Whiz for $10 | Entrepreneur

    Marginal cost and making business decisions

    The marginal cost is crucial in various business decisions — from pricing strategies to financial modeling and overall production strategies to investment banking valuations.

    Related: 10 Pricing Strategies That Can Drastically Improve Sales | Entrepreneur

    In pricing decisions, the marginal cost is instrumental. Knowing the cost of producing an additional unit can help determine the minimum price to cover this cost and remain profitable.

    For example, if a small business’s marginal cost for an additional product is $20, the product’s price should be more than $20 to make a profit.

    In financial modeling, understanding the marginal cost is vital. For example, projecting future cash flow or evaluating the feasibility of a new product line could rely on knowing the cost of additional production.

    When considering production strategies, a business should factor in the marginal cost. If the cost of producing an additional unit is lower than the current selling price, it might be beneficial to increase production.

    However, if the marginal cost is higher than the selling price, it might be better to reduce output or find ways to decrease production costs.

    Finally, understanding a firm’s marginal cost can provide deep insights into its operational efficiency, profitability and growth prospects in investment banking and business valuation.

    It can be an essential metric when comparing companies within the same industry and evaluating potential investment opportunities.

    By making marginal cost calculations part of regular financial analysis, businesses can ensure they are making informed decisions, maximizing profitability and maintaining competitiveness in the marketplace.

    Understanding and utilizing the concept of marginal cost can be a game-changer in the business world.

    FAQs about marginal cost

    Here are some of the most common questions that come up when discussing marginal cost:

    What is the relationship between marginal cost and marginal revenue?

    Marginal revenue is the additional revenue a firm receives from selling one more product unit. When marginal revenue is greater than marginal cost, profit occurs.

    This is because the cost of producing the extra unit is perfectly offset by the total revenue it brings in, maximizing the return from each unit of production.

    What is incremental cost, and how does it relate to marginal cost?

    Incremental cost, much like marginal cost, involves calculating the change in total cost when production changes.

    However, while marginal cost typically refers to the average cost of producing one additional unit, the incremental cost can refer to the cost change over any quantity of output — making it a more flexible measure.

    How does marginal cost impact cash flow analysis?

    In cash flow analysis, marginal cost plays a crucial role in predicting how changes in production levels might impact a company’s cash inflow and outflow.

    If the marginal cost for additional units is high, it could signal potential cash outflow increases that could adversely affect the cash balance.

    What does a marginal cost example look like?

    Consider a company that manufactures sneakers. If producing 100 sneakers costs $1,000 and producing 101 sneakers costs $1,010, the marginal cost of production for the 101st sneaker is $10.

    Is marginal cost the same as cost pricing?

    Not exactly. Cost pricing is a pricing strategy that sets the price of a product based on the total cost of production plus a markup for profit.

    Marginal cost, on the other hand, refers to the additional cost of producing another unit and informs cost pricing, but it isn’t the same thing.

    What marginal cost means for you

    Understanding and accurately calculating marginal cost is vital in microeconomics and business decision-making. From pricing strategies to financial modeling and production plans to investment valuations — marginal cost insights can be crucial in all these areas.

    Whether examining the effects of an additional production run, pondering cost pricing tactics or interpreting derivatives in a complex financial model — recognizing the impact of marginal cost can significantly enhance business decisions.

    By implementing marginal cost calculations in your financial analysis, you can improve the accuracy of your forecasts, make more informed decisions and potentially increase your profitability.

    Are you looking for more information about staying maximizing your profit potential? Check out Entrepreneur’s other articles today.

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    Entrepreneur Staff

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