Tag: Tips

Money Management Tips For Your Home Business

To help you avoid financial struggles or even the loss of your business, here are a few money management tips. Don’t neglect this crucial area, especially if you don’t have any previous experience managing money. Remember that making money, not losing it, is the main reason why you’re in business.

Money Management System

You probably don’t want to spend hours doing complicated record keeping, but you need to spend a little time setting up and following a system to manage the money coming in and the money flowing out. This would help you avoid future money management mistakes.

Money management ideas and skills are essential to the success of your business, so it should be one of your top priorities. Here are some basic money management tips that will help make this area easier and more effective:

Money Management Strategies

Software – A money management software program is the easiest way to keep track of your home business finances. You can track all of your checks, schedule payments and create a budget (Quicken by Intuit is ideal for a one or two-person business). Determine your business needs and choose the most appropriate software to match them.

Invoices – Word-processing programs like “Microsoft Word” or “Lotus AmiPro” provide you with templates to create your own invoices.

Business Account – Open one at a bank with your registered DBA. Don’t mix your business money with your personal money. To find a good bank, ask for references from other business owners. Depending on the frequency, you should update all your bank transactions once a week or once a month.

Cash Flow – It’s the lifeblood of your work at home business. To maximize your cash flow, you should collect on services or products when you deliver them. The easiest way to collect the money you are owed is by making credit card payments available to your customers. Occasionally, you may need to extend credit however, check out if your client is credit-worthy, and make a habit of following up on overdue payments without delay.

Create a Budget – A budget is a record of your planned income and planned expenses for a fixed period of time. You plan your finances and then track if you’re operating according to your plan. Compare your planned income and expenses with the actual income and expenses each month. Before making each purchase, ask yourself if it will help you improve your business or set you back. Budgeting is one of the areas that will give you more control over your money.

Cash Reserve – Every business has ups and downs, so you need to protect yourself from the “slow” times. A cash reserve will give you a cushion to survive these tough periods. Depending on your budget, you should have a cash reserve equivalent to at least 2 or 3 months of spending.

Money Management Advice

The management of money boils down to exercising discipline. Either you control the money or the money controls you. Good money management will greatly improve your chances of success. You have many helpful resources and articles online for money management tips to help you on this topic. Best of all, they’re FREE!

WARNING! – 95% of the online business opportunities are scams. Don’t be the next victim! Get free information on how to avoid scams and choose the best legitimate business opportunity.

5 Powerful Tips to Consider Before You Start a Catholic Business

There are about 1.2 billion Catholics in the world. With that many people with something in common, there is a great opportunity not only to build a great business but one that is socially good virtuous.

Now, in reality, a Catholic business shouldn’t be any different from any other business aside from its goals. When devout Catholics want to start a business, you’ll often see them create a book store. That’s great, but often these small shops get dominated by larger online chains.

Here are some tips for starting a business that carries with it the conviction that comes with faith:

  1. The most important thing to realize that everybody needs a solution to something, and if you can fulfill that need you are making their life better. Your business does not have to be overtly Catholic (i.e. a Catholic book store, or a Catholic bakery), rather your mission statement and the soul of your business should be geared toward holiness. That way, you could start a web development, show shine, or online fishing store and still carry with it the impact of your faith.

  2. You need to learn effective selling and marketing skills. I can’t tell you how many Catholic businesses I’ve seen that have horrible promotional campaigns, terrible websites, and still wonder why they can’t get any customers. Just because your business is faith-based it doesn’t mean that you can ignore the fundamentals.

  3. Engage in social media. There are a lot of folks out there that are willing to spread the word of your business, especially if you’ve engaged them on a consistent basis. Do not ignore the revolution that is taking place, and take a course on social networking if you have to.

  4. Find a mentor – even if they are not Catholic. You need someone to bounce ideas off of and to ensure that your ideas are realistic and doable. A mentor will act as a guide and will make sure that you are successful.

  5. Join a mastermind group and share ideas. The best way to learn something new is to learn it from someone else. There are meetup groups all over the place and for almost every industry, and you need to take advantage of them. One additional benefit is that you’ll be networking with other people who may become future clients.

The point of this article is that you need to do everything that a secular business person needs to do. Just like being religious won’t help you to be a better soccer player, if you intend to join the game of business you need to learn the rules of business. So get out there, and start learning.

Tips for Lucrative Business Ideas That Are Available Online

There are many ways to make money on-line and you should pick the opportunities that are legitimate and rewarding. Life sometimes surprises us with an unexpected bill or the car breaks down so it can be very comforting to have lucrative business ideas set up to generate income. There are not very many things worse than running out of options and having a backup plan can help eliminate that from happening. Here are several tips that I believe can help you center on what is important when choosing and building your business:

• Look for opportunities that allow you to use sweat-equity and not very much cash investment up front. You are your biggest asset when starting something new. Choose a business where you can learn, grow and earn money without a large initial cash investment. You should study and work hard in the beginning to make it really pay off. For example, rather than hiring someone else to advertise or promote for you, I found that it is possible to get low-cost or free advertising on-line. Once you know how to create an interest in your service or product the sky is the limit. This brings me to another step to your success.

• Choose ideas that can be promoted on-line using the power of the internet and start by setting up a website. In my opinion, you must use your time sensibly for lucrative business ideas to be successful and flourish. Once you set it up your website will work for you 24 hours a day.

• Consider working with a company that offers free website start-ups. There are companies on-line that are devoted to helping people start new websites for an extremely low-cost. They are rewarded by making sales on upgrades or additional services later on down the road. This works out good for both you and the company helping to start your new website. A few years back, I started a website from scratch by using site building tools that are available on-line. These are great for putting together your own custom website, but it took a long time to add all the content that was needed to get it finished and ready to do business.

• Look for companies that offer websites with lucrative business ideas built-in and ready to start selling. This is a good choice for those of us that need income but do not have anything to sell.

• Learn how to use simple marketing techniques such as using keywords, article writing and banner ads that will generate traffic to your website. Some of those who visit your site will buy what you are offering and you will receive income on each sale.

• There will be some fees after you get a website started, so learn as much as you can about what you are getting before handing over your hard-earned money.

In summary, lucrative business ideas are available on-line and are easily tapped into by getting involved with one that peaks your interest. Start by using your current skills and continue to learn while you build your business.

How to Generate Home Based Business Ideas – My BEST Tips For Anyone Starting a Business at Home

Want to know the absolute BEST way to generate ideas for your home based business? It always amazes me how many people STRUGGLE, and suffer through the process of picking what it is they want to do. Want to know the truth? There is only ONE sure fire way to pick a winning strategy that almost NEVER fails to work.

  • It’s NOT stuffing envelopes.
  • It’s NOT MLM or network marketing.
  • It’s NOT surveys.
  • It’s not buying and selling on Ebay.

The absolute BEST way to generate ideas for your home based business?

Identify what you are MOST passionate about first. And then come up with a cacophony of creative ways to parlay your passion…..into PROFIT. Period!

Let me share with you a little unfortunate secret that most “gurus” DON’T want you to know…….

90% of home based business people will fail. Most will SPEND far more money “learning” than they’ll ever make. The people who almost ALWAYS end up on top are those that LOVE what they do, and then generate an avalanche of ways to monetize that passion with marketing.

So the REAL secret is not necessarily PICKING the idea…..you already have that in your heart and soul. Each of us has things we are passionate about right now…and it could be anything from cooking, to gardening to martial arts to providing services like coaching and consulting like me.

It’s actually figuring out how to MONETIZE that idea, which is often far easier than you realize.

Ask yourself the following questions to start.

  1. Who NEEDS what I do best?
  2. Who BENEFITS most from my unique skill set?
  3. And who has the EASIEST access to these people already?

Often, the FASTEST way to turn your simple idea into an amazing “overnight” success, is to simply find the people who already HAVE your customers in their sphere of influence and simply contact them. Do it on Twitter. Do it via email. Leave a comment on their blog.

The key is to simply take what you love, and identify the ways that are MOST amenable to make money from them. And then build relationships with people already DOING what you love…and make a WIN/WIN proposition that works for all! (it really IS that easy as well..:-)

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