Think about your everyday life and what you interact with: your phone, social media, even this article; none of that content would be there without coding. There are many resources for learning how to code, including certificate programs and intensive boot camps as well as traditional degrees. If you have the time and patience, there are also online learning resources.
\nIf you’re proficient in a skill — whether it’s something academic or based in the professional world — you can capitalize on those talents. There is always a high demand for teaching SAT skills to aspiring college students, which you can build on to teach other standardized tests like the GRE or MCATs. Do you speak another language? You might be the right person to teach someone who wants to learn.
\nWhether you work through a company or as a freelancer, teaching can be your way to a steady secondary income. If you plan well, you can even translate this into a better-paying primary profession. Dedicating the time and resources to learning programs, like QuickBooks and Adobe Photoshop, which have a multitude of free tutorials, can give you a leg up on others who want to learn such software but aren’t able to teach themselves.
\nBuild up to larger clients by starting small. Schedule small group workshops or private sessions and charge by the hour. Patience and a great personality are critical to making your business successful.
\nTo piggyback off of tutoring, teaching music is a discipline that can net you a substantial profit. For the musically gifted, offering lessons to others who want to learn how to play an instrument can be a great source of extra income. Unless you’re teaching piano, students can bring their own instruments to your home for hour-long lessons.
\nStock up on sheet music or songbooks in various genres and aimed at various skill levels, so your potential clients have a wide selection from which to choose. Voice lessons can also bring in a lot of money if you market yourself to local high school and community theater groups.
\nToday, many people turn to handmade crafts for invitations, greeting cards, wall art and more. Build a website or a social media account that displays your work so you can show credibility and attract customers. Whether you’re selling your products in an online Etsy shop or hand-painting wedding invitations and greeting cards for a friend, leverage your skills and make a profit.
\n\n\n \n\n\n8. Home repair service
\nA home repair business is a great way to work with your hands, help people in your community and make some extra cash. Put up flyers, advertise in local publications and recruit friends and family for an online social media blitz.
\nThen, get to work repairing everything from leaky pipes to faulty electrical wiring — just be sure you understand the proper techniques and procedures and check with your local government to make sure you have the necessary permits for any projects you might take on. If you want to continue to grow your business, look into lead-generation services like Angi for more potential big-money jobs.
\n9. Entertainer
\nWhile the term “disc jockey” might be a little outdated in the age of streaming music, there’s no question that event entertainment is still in high demand. With your music collection, some mixing software and your laptop, you can get people out on the dance floor at weddings and birthday parties or simply provide background music at more casual events.
\nDJ equipment is a big investment, but plenty of companies offer daily rentals of speakers and other accessories that you can use until you can save up enough to buy your own. The best part? DJ gigs are often during the weekend and can earn you high payouts.
\n10. Makeup artist
\nIf the term “artist’s palette” brings eyeshadow and lipstick to mind and you’re constantly watching the latest YouTube beauty tutorials, you may want to become a freelance makeup artist. Although it’s wise to take a cosmetology course before you open up shop, the foundation of this side business is your makeup skills, a good reputation and client trust.
\nSince beauty professionals often build their business through client referrals, work on friends and family for free or at a discounted rate at first. Once you have a solid customer base, offer competitive rates to do makeup for weddings, proms and other special events.
\nWhat to know before starting a side hustle
\nStarting a side hustle isn’t an effortless process. Even for only a little extra income, it involves a lot of work and determination to realize fully. Here are a few things to think about and keep in mind as you continue along this track.
\nWhy exactly are you starting the side hustle?
\nThe obvious answer here is that you want some extra cash, but even that should have a reason behind it. Knowing your motivation before starting this new venture will help identify the side hustle that will help you feel fulfilled and accomplished.
\nWhat do you want your side hustle to be?
\nWhile it’s important to pick a lucrative side hustle, finding one you’re passionate about is even more vital. You have much more freedom to decide what you want to do outside of work, so why not pick something you enjoy? This way, you’re more likely to stick with it and see long-term gains.
\nAre you willing to wait for success?
\nNo side hustle is guaranteed success. Often, your first, second or even third attempts might not bear fruit. If you want to see extra money come in, then it’s important to persevere through the failures until you find something that works.
\nCan you handle the extra financial burden?
\nIn the beginning, you may need to pay some additional expenses to get started on your side hustle. This might include supplies or software that are necessary for you to find success in your new venture. On top of that, if you succeed, the extra money coming in will impact how much you pay in taxes.
\nHow much time can you dedicate to it?
\nWhile the term “side hustle” can make this work seem small, depending on which one you choose, it can be a significant time sink. There’s a chance your main job doesn’t leave enough room in your schedule to give your venture the time it deserves.
\nPick your side hustle
\nWhile the idea of anything resembling a second job might not seem appealing at first, side hustles are more entrepreneurial than they are traditional jobs. You have far more control over something you do on the side than you might with your main job. Your side hustle can even be a hobby that you decide to turn into a source of profit. In trying financial times, having an extra source of income coming in can bring peace of mind to the entire household.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"2371","_score":2,"_source":{"canonical":"https://vaylees.com/6456-new-manager-tips.html","displayModified":"2023-10-24T14:23:03Z","docType":"article","editorsPick":false,"href":"6456-new-manager-tips.html","id":"2371","ID":2371,"isSponsored":false,"published":"2019-02-16T00:50:00Z","site":"bnd","stream":"Help your team succeed by adopting effective leadership traits.","subtitle":"Help your team succeed by adopting effective leadership traits.","title":"Characteristics of a Good Leader: Tips for New Managers","author":{"displayName":"Isaiah Atkins","email":"stella@scs-creative.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/05/20081244/isaiah-atkins-1.png","type":"Senior Writer"},"channels":{"primary":{"name":"Lead Your Team","slug":"lead-your-team"},"sub":{"name":"Leadership","slug":"leadership"}},"meta":{"robots":"index, follow","description":"A manager's leadership qualities can make or break a team's effectiveness. Learn the characteristics of good leaders to find success in your position."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04080302/1554241457.jpeg","caption":"SFIO CRACHO/Shutterstock","alt":""},"content":"Stepping into a leadership position for the first time can be daunting, even if you feel prepared to handle your new responsibilities. Going from focusing primarily on your own work’s quality to overseeing an entire team’s output can feel overwhelming. However, effectively leading your team and experiencing success can be extremely rewarding.
\nThe relationship between a manager and their team can be complex to navigate. There’s more to it than telling everyone what to do; in fact, that management approach is highly discouraged. We’ll explore the characteristics of true leaders in management positions and a few behaviors to avoid to become an excellent manager.
\n\n\nWhat are the ideal characteristics of good managers?
\n\n\nWe’ll highlight four primary characteristics of good managers and offer advice from seasoned influencers on how to incorporate these traits into your leadership style.
\n1. Good managers are collaborative.
\nCreating a collaborative environment where everyone feels heard, respected and valued is a crucial step for new managers. A team that works together creates a welcoming, supportive culture.
\nAs a manager, you can encourage a collaborative environment by setting the pace for workplace ethics.
\nAccording to Summer Salomonsen, former chief learning officer at Grovo, tips for creating a collaborative work environment include delegating tasks, encouraging communication and feedback through regular one-on-one meetings, and prioritizing reciprocal trust among the team.
\n2. Supportive managers are growth-oriented.
\nGood managers should focus on helping their employees progress both individually and collectively. Get to know your workers personally so you can help them leverage their talents. Find what works and what doesn’t, and prioritize identifying and removing obstacles so your employees can perform at their best.
\nWill Esdaile, vice president of performance marketing at Blue Nile, suggests that managers “have a development goal that isn’t about the business. Have one goal focused on the development of a person (or people) on your team that isn’t connected to a business outcome. This could be developing confidence in presenting by sharing work to a big group or learning a new language.”
\n3. Excellent managers know how to communicate.
\nCommunication is a driving force behind nearly everything people do, so clear communication is a vital characteristic for supervisors. You should set clear expectations for your employees, be transparent about important topics, and establish guidelines for both giving and receiving feedback.
\nTo inspire original thinking, Salomonsen advises managers to create a diverse and inclusive company culture where everyone can voice their concerns, opinions and ideas. Encourage authenticity and vulnerability by leading by example, this could be asking for help or admitting you don’t understand something in front of your staff. Great leaders are aware of their strengths and weaknesses, and communicate how they are working to improve challenges.
\n\n\n \n\n\n4. Good managers motivate their employees to improve.
\nMoney isn’t the only incentive that motivates employees. Every worker wants to feel valued. If they don’t believe their work is making a difference in some way, they won’t be motivated.
\nYaniv Masjedi, marketing personnel at Aura, said new managers should “take some time to get to know each team member’s strengths and where they need extra support. Use assignments as a learning process for you and your team. Then support where needed and lean extra hard when you’re able to.”
\nMasjedi added it’s best to learn alongside your team as you grow into your role. Your staff will see you putting in the work to improve, which will inspire them to do better in their own positions.
\n\n\n \n\n\n\nBad leadership habits every manager should avoid
\n\n\nNew managers often fall into bad leadership habits as they take on their new responsibilities. Salomonsen noted six leadership weaknesses to avoid at all costs.
\n\n- Providing only negative feedback: Managers can fall into the trap of providing feedback only during performance reviews or when problems arise. Feedback is essential to an employee’s professional development. However, feedback includes praise for specific tasks, not just criticism. When employees experience a carousel of negative – and only negative – feedback, they can become discouraged and thus disengage from their work.
\n- Micromanaging staff: While you must oversee your team’s workflow and help staff handle roadblocks, you shouldn’t try to control them completely. It’s essential to trust your team to complete tasks as a whole and respect each individuals’ work style. Forcing your workers to perform tasks counter to their typical methods can cause a significant drop in productivity as they adjust. As long as the end result is the same, give your staff room for creativity.
\n- Not requesting feedback: Poor managers rarely solicit or address questions, feedback and concerns. Good managers offer the floor to team members so they can freely express their questions and concerns. This will often clear up misunderstandings and create a more collaborative space. Keep in mind if one team member has a question, others may need the same guidance.
\n- Shutting themselves off from new ideas: Closed-minded managers won’t accept criticism or new ideas. They become a roadblock keeping the team from performing at its best. Each team member has their own perspective on the creative process, and is uniquely suited to recognize inefficiencies within their workflow. Listen to your team’s input, and use their perspectives to enact positive change.
\n- Avoiding tricky conversations: Good managers must tackle challenging situations that affect the team’s productivity head-on. Avoiding these situations lets the problem fester and can cause employee engagement to drop significantly.
\n- Not setting clear expectations: Bad managers are unclear about team goals and often set expectations too high or low. Instead, managers should establish project expectations before starting so their team understands the end goal. Setting expectations too high can make goals seem unattainable, but going too low can cause the overall performance to fall under key benchmarks.
\n
\nWhat strategies should a new manager implement?
\nSeveral techniques help new managers ensure their team is working optimally. Consider these methods:
\n\n- Introduce yourself to team members. When stepping into a new managerial role, it’s essential to introduce yourself to your new team as soon as possible. Meeting everyone allows you to build trust with the group while setting professional expectations for the foreseeable future.
\n- Set recurring one-on-ones. Regularly checking in with individual team members gives you a chance to provide feedback, praise them for their strengths and address any potential roadblocks. This way, you can discuss any issues regularly and work together to overcome obstacles.
\n- Align team and company goals. Aligning team goals with the company’s overall objectives helps set your project’s pace. Additionally, when employees know what you expect from them, they’ll have clear professional goals to achieve. These goals can give them a sense of how their work contributes to the company’s success.
\n- Set measurable benchmarks for team performance. Setting metrics for your team’s performance is good for everyone. Team performance goals can help employees set achievable professional goals. Team goals also give you an easy way to determine when an employee is struggling with their tasks.
\n- Maintain transparency about company decisions. As a manager, you’re privy to more leadership decisions than your employees. However, keeping these decisions to yourself and changing your team’s workflow without explanation can cause employees to disengage from their work. Instead, be as open and honest as is allowed about company policy shifts. This way, you build trust with your team even if the changes you have to make are difficult.
\n
\n\n\n \n\n\nHow can you grow and develop as a manager?
\nYou should never feel lost or unsupported when taking on a new role, especially as a leader. Here are three ways you can learn and grow in your new position.
\n1. Participate in management training.
\nEvery company should offer training before hiring. However, many businesses don’t prioritize management development because of expense or time concerns. Some even reserve these programs only for senior leaders or offer workshops just a few times a year, explained Salomonsen.
\n“These sessions may be rewarding and inspiring, but they rarely make an impact on day-to-day work,” she said. “Moreover, sending every new manager to a management seminar their first week on the job is prohibitively expensive for most companies.”
\nInternal training is another option that’s especially suitable for small businesses. Host a few sessions with company experts or managers to run through the basics. Often, employees are promoted to a management role, so they already understand company standards and expectations.
\n2. Utilize microlearning methods.
\nMicrolearning is a popular training method for small businesses. It’s quick, intensive and collaborative. This way, managers learn all they need to know in short bursts without feeling overwhelmed.
\n“With microlearning, both new and experienced managers can access digestible lessons that focus on the critical behaviors they need to perform their best, right in the course of their day-to-day work,” Salomonsen added. “Done right, a microlearning approach allows managers to quickly put new knowledge into practice, and gradually improve their habits and skills over time.”
\nMicrolearning is efficient and far more affordable than extensive training programs.
\n3. Work with mentors and L&D partners.
\nWorking with a mentor or learning and development (L&D) partner can set up new managers for success by providing support and expert knowledge.
\n“Each person is different, and every new manager has their own areas of growth in the early days of their new role,” Salomonsen said. “Whether they need to develop their interpersonal skills, time-management skills, strategic planning skills or leadership approach, they will need support from senior colleagues. … Finding a management mentor or L&D partner early can help set a strong foundation for the new manager’s development in their role.”
\nKeep an open mind about colleagues, friends and professional connections, and network as much as possible. Once you work with someone who can guide you through the beginning process, you’ll feel more confident in your role.
\n“Everybody needs a mentor,” added Brett Helling, owner of Gigworker.com and Ridester. “Find one and discuss the problems you are facing. Having a mentor or someone with expertise is the clear indication of growth within yourself.”
\nKiely Kuligowski contributed to the writing and reporting in this article. Source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"2436","_score":2,"_source":{"canonical":"https://vaylees.com/1484-starting-a-business.html","displayModified":"2023-10-20T17:57:14Z","docType":"article","editorsPick":false,"href":"1484-starting-a-business.html","id":"2436","ID":2436,"isSponsored":false,"published":"2019-01-28T21:52:00Z","site":"bnd","stream":"It's important to research your industry, find competitors, understand risk and map out your finances before starting your business.","subtitle":"It's important to research your industry, find competitors, understand risk and map out your finances before starting your business.","title":"11 Things to Do Before Starting a Business","author":{"displayName":"Stella Morrison","email":"stella@scs-creative.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/04072059/stella-morrison.png","type":"Senior Writer"},"channels":{"primary":{"name":"Start Your Business","slug":"start-your-business"},"sub":{"name":"Startup Basics","slug":"startup-basics"}},"meta":{"robots":"index, follow","description":"Before jumping right into launching a new business, spend time getting everything prepared. Here are the steps to take."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04080417/1554243582.png","caption":"Arseniy Krasnevsky / Shutterstock","alt":""},"content":"Starting a business can be stressful. It often feels like there are 1,000 things to work on all at the same time. There’s no avoiding this reality for new small business owners. Still, with a little planning, it’s possible to manage expectations and take actions with a sense of purpose toward building your business.
\n\n\n \n\n\nLaunch your business: Starting a business is a lot of work, but we’re here to help! Check out our useful resources for everything you need to successfully build your business from the ground up.
\n\nBeyond giving it your all, it’s important to direct your energy to the right tasks – especially at first. Some good first steps in starting a business are researching competitors, assessing the legal aspects of your industry, considering your personal and business finances, getting realistic about the risk involved, understanding timing, and hiring help.
\n11 tasks to complete before starting a business
\nTo make sure you’re prepared before launching your business, make sure you’ve completed these 11 important tasks. Doing so will better position you and your new company for success.
\n1. Do your research.
\n![\"graphic](\"https://images.vaylees.com/app/uploads/2019/01/09064432/Do-your-research.png\")
\nYou want to make sure you understand the industry you’ll be involved in so you can dominate it. Even if you think your business idea is unique, you should be aware of competitors, said Ian Wright, founder of British Business Energy.
\n“Just because you have a brilliant idea does not mean other people haven’t also had the same idea,” said Wright. “If you can’t offer something better and/or cheaper than your competitors, you might want to rethink starting a business in that area.”
\n2. Determine your audience.
\nSpend time considering who your target demographic is. This audience will be the driving force in each decision you make. Understanding who needs your product or service can help fine-tune your offerings and ensure your marketing and sales strategies are reaching the right people. Part of this decision is understanding if you are a business-to-consumer (B2C) or business-to-business (B2B) enterprise. Within those parameters are multiple categories, including, but certainly not limited to, age, gender, income and profession. You can’t earn a profit without your customers, so understand who they are and make them your priority.
\n“It is crucial to make sure you are delivering what your customer wants, not what you want,” said Sonia Lakhany, attorney at Lakhany Law. “This will give you insight into your customer’s buying decision and save you lots of experimenting down the road.”
\n\n\n \n\n\n3. Have a strong mission.
\nStanding out is no easy feat, and no one magic formula guarantees results. However, knowing your business’s purpose is central to guiding these decisions. By recognizing your business’s strengths, differences and purpose, you can make informed choices to expand your services and markets down the line in a way that is harmonious.
\n4. Choose a structure.
\nA key initial step to take when starting your business is choosing its legal structure, said business attorney Mason Cole of Cole Sadkin LLC. “It will dictate the taxes, paperwork, liability of the owner(s) [and] other legal aspects, as well as whether or not the company can have employees,” he said.
\nAdditionally, you must acquire the proper local and state registration required to open your business.
\n“This means the entrepreneur will need to create the articles of incorporation, obtain an employer identification number and apply for necessary licenses, which will vary by state and industry,” Cole said.
\n5. Map your finances.
\n![\"graphic](\"https://images.vaylees.com/app/uploads/2019/01/09070255/map-your-finances.jpg\")
\nStarting a business requires money that you likely won’t have right away. This is why you need to seek out ways to acquire capital.
\n“Most entrepreneurs start a business with a very limited amount of capital, which is a large hurdle to many,” said Cole. “However, plenty of options are available to a budding business owner. The first and most common place to seek capital is with friends and family. If that is not enough, expand the search to angel investors and venture capitalists. Should these options not provide the amount needed, then apply for business loans through banks and small business associations.”
\n\n\n \n\n\n6. Understand your tax burden.
\nTravis Sickle, a certified financial planner at Sickle Hunter Financial Advisors, advises entrepreneurs to be organized with taxes and fees. There are multiple payments to make, and filing any of them late could result in severe consequences.
\n“You have to figure out how much your payroll will be to make your tax payments timely,” said Sickle. “The timing can vary depending on your payroll. You must also figure out other business taxes, such as city, county and state.”
\n7. Understand the risk.
\nOf course, launching a new business venture will always involve a level of risk. Calculating, understanding and planning for risk is an important step to take before you start working on your business. This means assessing your industry’s risks before developing a business plan.
\n“Entrepreneurs should know their industry’s risks before purchasing business insurance,” said Jeff Somers, COO of HouseCanary. “For example, accountants will want to consider professional liability insurance if a client files a lawsuit, claiming a costly error on their tax return. Restaurant owners are more likely to need general liability for slip-and-fall accidents and liquor liability insurance, which can pay for lawsuits.”
\n8. Put together a business plan.
\n![\"graphic](\"https://images.vaylees.com/app/uploads/2019/07/01132925/Write-a-detailed-business-plan.png\")
\nA business plan outlines the steps you need to take for a successful launch and continued growth. This document is important for establishing a focus for your business, attracting C-level professionals to work for you and seeking and retaining capital. A business plan ensures you put your best foot forward with other professionals who are evaluating your company, so be sure to have this document on the back burner and ready when requested. [Looking for help putting together a business plan? Check out our tips on how to write a business plan.]
\nTake the time to put together the main components, including:
\n\n- Your mission statement
\n- A description of your business
\n- A list of your products or services
\n- An analysis of the current market and opportunity
\n- A list of decision-makers in the company, along with their bios
\n- Your financial plan so those who review can understand the opportunity
\n
\n9. Time it right.
\nTiming is an important element of building a business. Sure, you want to start your business at a time when the economy is healthy and your prospective industry is expanding, but there’s also a flow to decision-making that’s important to be aware of. Kevin MacCauley, founder and CEO of Upper Hand, said it’s important to be decisive when building a business.
\n“I wish I understood how detrimental the role of time [can be] in building a business,” he said. “You only have so much time to find out if you’ve made the right business decisions. As I once read, if you’re 70 percent of the way to making a decision, make the decision. If you try to get to 90 percent, you’ve waited too long. If I could have had that mindset from day one, I would probably have had fewer sleepless nights when I was going through tough times.”
\n10. Look for a mentor or advisor.
\nStarting a business should not be an independent journey, no matter how tempting that sounds. Finding those who have made this journey before can help set you up for success. Network with other professionals in your industry, attend industry-specific workshops and events, and reach out to thought leaders in your industry to learn their approach. Alternatively, you may want to consider hiring a coach who can give you pointed advice.
\n11. Bring in the professionals.
\n![\"graphic](\"https://images.vaylees.com/app/uploads/2019/01/09065912/Bring-in-the-professionals.png\")
\nEntrepreneurs can’t know everything about running their new venture. Tapping into seasoned professionals’ experience can ensure you’re starting on the right foot.
\nIt’s especially important to have legal assistance to ensure you are protected and going about the process correctly.
\n“We often assume that legal counsel is for when we get ourselves into trouble, but preventative and proactive legal preparation can be the best way to set your business on the path to long-term success,” said Katy Blevins, CEO of Season of Katy. “When you call on legal counsel after you’ve run into a problem, it’s often too late or could critically impact your business in both the short and long term. Investing in their insight at the start of your business can pay a huge return later on by keeping you out of trouble before you even get into it.”
\nAnother smart hire is an accountant. It’s nearly impossible for one person to handle every aspect of a company, and above all, your finances should not be put at risk.
\n“I had a full-time job as I considered starting my own business in 2009, but I did a lot of groundwork before I started, and bringing on an accountant was an important step,” said Sarah Burningham, president and founder of Little Bird Publicity. “It helped me understand what I needed to do to make this work from a profit standpoint, [as well as] the ins and outs of state, federal and local taxes.”
\nStarting a business right can lead to success
\nStarting a business is a lot of work, but if you do it the right way, you can set yourself up for a successful entrepreneurial journey. By following the tips in this guide and taking advantage of the resources we’ve included, you can build a strong foundation upon which to grow your business. Remember, becoming a small business owner is a journey filled with ups and downs, but if you develop a flexible plan and adapt to changing conditions, you can meet any challenge that comes your way!
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"522","_score":2,"_source":{"canonical":"https://vaylees.com/4898-troublemaking-kids-entrepreneurs.html","displayModified":"2023-10-27T15:22:45Z","docType":"article","editorsPick":false,"href":"4898-troublemaking-kids-entrepreneurs.html","id":"522","ID":522,"isSponsored":false,"published":"2021-11-09T16:50:00Z","site":"bnd","stream":"A risk-taking, rebellious mindset can set the stage for business success. ","subtitle":"A risk-taking, rebellious mindset can set the stage for business success. ","title":"Why Troublemaker Kids Make Great Entrepreneurs","author":{"displayName":"Isaiah Atkins","email":"stella@scs-creative.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/05/20081244/isaiah-atkins-1.png","type":"Senior Writer"},"channels":{"primary":{"name":"Start Your Business","slug":"start-your-business"},"sub":{"name":"Entrepreneurs","slug":"entrepreneurs"}},"meta":{"robots":"index, follow","description":"Many entrepreneurs were childhood mischief-makers who showed determination and willpower. Learn how entrepreneurs can channel risk-taking to find success."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04072558/franchise_Ridofranz_getty.jpg","caption":"Ridofranz / Getty Images","alt":""},"content":"Entrepreneurship isn’t for everyone. The path to business success is often rocky, filled with sleepless nights, roadblocks and dead ends. It takes a unique personality type to withstand the uncertainties and ride out the hardships of starting a business. This personality type may be traced to childhood — future entrepreneurs were often risk-takers who eschewed the rules and followed their own path.
\nWhile not every class troublemaker grows up to become a successful entrepreneur who turns ideas into products, services or ventures, a long-term study indicates that people who bent the rules as kids often land on their feet and find business success.
\n\n\n \n\n\n\nWhy do troublemaker kids make great entrepreneurs?
\n\n\nAccording to researchers in Sweden and Germany, most entrepreneurs start out as, well, troublemakers.
\nThe psychologists who posited this theory examined a Swedish study that followed approximately 1,000 children from one Swedish town over 40 years. They found that the children who became entrepreneurs as adults had often gotten into trouble as kids.
\n“We analyzed this data regarding the entrepreneurship the participants were showing later on in their professional careers,” explained Martin Obschonka from the Center for Applied Developmental Science at the Friedrich Schiller University Jena in Sweden. “We wanted to know what kind of social behavior they showed.”
\nResearchers discovered that future entrepreneurs displayed the following behaviors:
\n\n- More antisocial tendencies in adolescence
\n- A higher rate of criminal offenses (mostly misdemeanors)
\n- More frequent disregard of parental orders
\n- More frequent cheating at school
\n- More incidents of truancy
\n- More regular drug consumption and shoplifting
\n
\nThese results were particularly applicable to male participants.
\nThe good news is that, over time, these people shed their wayward ways as adult entrepreneurs. By the time the participants reached adulthood, the entrepreneurial set was no more likely to exhibit antisocial behaviors than those who went on to other occupations.
\nObschonka said it’s not entirely surprising that entrepreneurs showed a tendency toward risk-taking as youths. The same character traits that drive people to innovate and take risks may have their roots in adolescent rule-breaking behavior.
\n“The data suggest that a rebellious adolescent behavior against socially accepted standards and an early questioning of boundaries doesn’t necessarily lead to criminal and antisocial careers,” Obschonka said. “It can rather be the basis for a productive and socially acceptable entrepreneurship.”
\n\n\n \n\n\nWhat other traits do great entrepreneurs have?
\nEntrepreneurs are defined by more than their willingness to rebuff social norms. Starting and running a business requires immense motivation and work. Specific personality traits you need to start a business include the following:
\n\n- Entrepreneurs exhibit determination and willpower. Determination is a critical trait for aspiring entrepreneurs and small business owners. Without determination, a constantly shifting marketplace and fierce competition would have them throwing in the towel before they even get started. People who can set their minds on a goal and work toward it without fear of failure are often primed to navigate entrepreneurship.
\n- Entrepreneurs often have high self-esteem and confidence. Selling your own product or service requires self-confidence and a firm belief in your offering. Many pitfalls stop entrepreneurs before they have a chance to succeed. For this reason, staying confident in your abilities despite setbacks helps entrepreneurs persevere and find success. Entrepreneurs who lack confidence must build up their self-esteem to take their dream to the next level.
\n- Entrepreneurs need creative problem-solving. Starting a business means creating a product or service that answers consumer needs better than your competitors. There’s a world of goods that are already out there, so coming up with something unique or putting an original spin on an old product requires creativity. Creativity can be a learned skill, so don’t give up on your entrepreneurial dreams if you don’t see yourself as creative.
\n- Entrepreneurs must be resilient and adaptable. Resilience and adaptability are key to business success, particularly for entrepreneurs facing industry changes and unexpected setbacks. Entrepreneurs can improve their resilience if they learn to accept setbacks as a normal part of the business ownership experience and learn to pivot when needed.
\n- A positive attitude improves an entrepreneur’s mindset. Developing a positive attitude in the workplace is important for everyone, but it’s crucial for entrepreneurs. Your attitude affects your entire team, particularly during stressful times. Approach setbacks with a positive mindset and focus on what you can do to solve the issue.
\n- Emotional intelligence is a valuable entrepreneurial trait. While emotional intelligence is a crucial skill for all team members, leaders with emotional intelligence set the tone for the entire organization. When entrepreneurs understand that their emotions impact everyone around them, they can create a smooth environment filled with camaraderie instead of fear and anxiety.
\n
\n\n\n \n\n\nTips for aspiring entrepreneurs
\nEven if you have the right temperament and attitude to start a business, the process involves many twists and turns. Before opening your doors, it’s essential to have as much knowledge at your disposal as possible to help ensure success. Below are a few tips that can help you hit the ground running.
\n\n- Start your business slowly. The time between generating an idea for a business and opening it to the public can be extensive. Spending time and money without immediate results might not be appealing, but taking it slow can counter any potential issues. The long road to business ownership underscores why determination and passion are an entrepreneur’s most vital assets. If you genuinely believe in your product or service, that can drive you to find solutions even when it seems like you’ve hit a big roadblock. However, passion isn’t the deciding factor on whether things work out, so it’s also essential to start the proceedings while you’re still employed elsewhere.
\n- Grow your business at the right pace. Most businesses start small, so once yours is up and running, expanding it might be an immediate goal. For example, you may want to move to a larger location, expand your business to another state, or even go international. However, growing too fast is dangerous. If the new equipment, space, or employees don’t meet demand, you might have trouble keeping up with overhead costs. Keeping careful financial records can help you decide whether or not you’re ready to grow your business.
\n- Recruit and hire the right way. Attracting and retaining top talent is crucial. Many online tools can help you find quality employees. For example, you can reach hundreds of job seekers via online job sites. If you go this route, ensure you write a job description that accurately reflects the position. Otherwise, promising new hires might disengage when they find out the job isn’t what they thought it would be.
\n- Scale your business once you’ve perfected your offerings. Scaling a business is similar to growing a business because both are about changing to increase overall profits. The difference is that scaling businesses want to increase revenue faster than they acquire new costs. Generally, scaling means reaching out to new customers while making your internal operations more efficient. The only surefire tip to effectively scale your business and reach out to new customers is to provide the best product or service possible.
\n- Keep a positive work-life balance. Maintaining a healthy work-life balance is particularly crucial for entrepreneurs. New businesses require enormous investments of time and energy, often at the expense of the owner’s health, relationships, and other priorities. Amid your entrepreneurial venture, take time to prioritize self-care and give your relationships the attention they deserve.
\n
\n\n\n \n\n\nAnyone can have a passion for entrepreneurship
\nJust because you did follow the school rules doesn’t mean you’re not cut out to be an entrepreneur. While a certain entrepreneurial mindset can be traced to childhood risk-taking, anyone can learn to step out on their own. If you have a passion for your product and solid preparation, you can start a business just as well as the class troublemaker.
\nJeanette Mulvey contributed to the reporting and writing in this article. Some source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"3431","_score":2,"_source":{"canonical":"https://vaylees.com/9389-reasons-employees-quit.html","displayModified":"2023-10-23T22:40:51Z","docType":"article","editorsPick":false,"href":"9389-reasons-employees-quit.html","id":"3431","ID":3431,"isSponsored":false,"published":"2016-09-04T20:55:00Z","site":"bnd","stream":"Employees of all generations agree that being underpaid is the top factor motivating them to leave their jobs.","subtitle":"Employees of all generations agree that being underpaid is the top factor motivating them to leave their jobs.","title":"Money Is the Top Motivator for Employees Who Quit Their Jobs","author":{"displayName":"Isaiah Atkins","email":"stella@scs-creative.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/05/20081244/isaiah-atkins-1.png","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Your Team","slug":"your-team"}},"meta":{"robots":"index, follow","description":"Being underpaid is the top factor motivating employees to leave their jobs. Learn the data behind this trend and suggestions for keeping your team happy."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04073427/quitting_Zinkevych_getty.jpg","caption":"Zinkevych / Getty Images","alt":""},"content":"Ask any employee about the most essential aspect of having a job, and many might say their paycheck. In fact, salary issues are so critical that many employees might be willing to jump ship over low pay. Research finds that most employees say not getting paid enough is what’s most likely to prompt them to look for a new job.
\nWe’ll take an in-depth look at what drives good employees to other organizations and offer advice for retaining your team.
\n\n\n \n\n\n\nTop reasons employees quit their jobs
\n\n\nIn a study from the Pew Research Center, 63% of respondents cited low pay as a key reason they left a job in 2021. It’s not surprising that people want higher pay. However, the survey also found that people without at least a four-year college degree typically identified multiple reasons for quitting, not just pay.
\nAdditionally, most respondents who quit their jobs and found either full-time (55%) or part-time (23%) work say they’ve found more fulfilling work. Among these respondents, 56% said they were now earning more money, with more opportunities for promotion. Still, only around 42% of respondents said their employee benefits packages have improved, with 22% saying their benefits had worsened with the switch to a new company.
\nWhile salary issues topped the list for 2021, respondents left jobs for additional reasons, including the following:
\n\n- No opportunities for advancement: The same amount of people (63%) as those who made salary their primary motivation said a lack of employee growth opportunities was their main reason for quitting. While a salary boost isn’t dependent on the sort of promotions this group seeks, most advancement opportunities come with a pay increase. But even without money in the picture, most people don’t want to stagnate in their position, particularly younger employees.
\n- Feeling disrespected in the workplace: Around 57% of respondents say they quit because they felt disrespected in the workplace. This could also tie directly into the salary issue because workers might not feel they’re getting paid what they’re worth. Of course, that’s far from the only reason an employee might feel disrespected. Whether from company practices, a toxic work environment, or a terrible boss, disrespect can drive anyone away.
\n- Childcare issues: Around 48% of respondents said they left their jobs due to childcare issues. The COVID-19 pandemic was in full swing during 2021, keeping kids away from school and possibly without adult supervision. If employees’ work didn’t provide adequate childcare benefits or enough pay to hire someone, they would’ve had no choice but to leave.
\n
\n\n\n \n\n\nHow to keep employees from quitting
\nAccording to Gallup, employee turnover can cost up to 1.5 to two times the employee’s salary. That number can increase depending on the employee’s seniority. In addition to saving money, employee retention is essential for business growth and success.
\nAlthough there is no surefire way to keep employees from quitting, you can enact strategies to reduce employee turnover and keep effective teams intact.
\n\n- Show respect to all your employees. Listen to employee input and show your team their opinions matter. Give praise when praise is due, and give constructive criticism positively and professionally when necessary.
\n- Be consistent as a manager. True leaders are consistent. When you state your expectations from the start and don’t change the rules on a whim, you will make all employees feel more secure in their positions.
\n- Allow employees to take the lead. Giving your team more room to grow shows that you value their work and see a future for them within your company. Listen to their ideas and see if you can implement their suggestions.
\n- Give employees opportunities to expand their skill sets. Money isn’t the only driving force for leaving or staying at a company. New-hire training initiatives and programs to encourage professional growth for longtime employees help team members enhance their resumes with new skills. This also brings the organization additional skill sets and value.
\n- Offer the best benefits package possible. A company’s benefits package and vacation allotment can significantly impact whether or not an employee will quit. Not every business can afford top-notch salaries, but there are unique and personalized ways to keep employees happy without a raise. In addition to official employee benefits, consider flexible work policies that appeal to employees’ need for a positive work-life balance.
\n
\n\n\n \n\n\nRetaining your best employees
\nHigh employee turnover isn’t great for a company in the long run – you’ll need to take money from your bottom line to train new hires. You can attract and retain top talent and keep experienced employees loyal if you know their motivations for staying at a job. Meet those expectations, and that’s less money out of your pocket – and a more effective team overall.
\nAdam Uzialko contributed to the reporting and writing in this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"3005","_score":2,"_source":{"canonical":"https://vaylees.com/6981-secure-messaging-apps-business.html","displayModified":"2024-04-11T20:22:49Z","docType":"article","editorsPick":false,"href":"6981-secure-messaging-apps-business.html","id":"3005","ID":3005,"isSponsored":false,"published":"2018-04-04T21:40:00Z","site":"bnd","stream":"These apps are faster than email and more secure than texting.","subtitle":"These apps are faster than email and more secure than texting.","title":"5 Best Free Secure Messaging Apps for Business","author":{"displayName":"Isaiah Atkins","email":"stella@scs-creative.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/05/20081244/isaiah-atkins-1.png","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Technology","slug":"technology"}},"meta":{"robots":"index, follow","description":"These apps are faster than email and more secure than texting."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04081308/1554241132.jpeg","caption":"SFIO CRACHO / Shutterstock","alt":""},"content":"For quick and easy communication, instant messaging is more convenient than email and more secure than SMS text messaging – at least, if you have the right app. A secure messaging application lets you safely exchange private information with employees, clients and co-workers without compromising your data. While no messaging app is totally foolproof, business users with privacy concerns would be wise to check out these five secure messengers to ensure they’re as safe as possible.
\n\n\nWhat are secure messaging apps?
\n\n\nSecure messaging apps are software platforms that allow users to communicate and transfer information through a high-security interface. The information is kept secure and confidential using several cybersecurity measures, such as end-to-end encryption and self-destructing messages.
\nWhy use a secure messaging app for business?
\nThere are several reasons why a secure messaging application is vital for business operations, whether you operate in a sensitive industry like healthcare or you simply want to ensure the security of sensitive company data. Here are a few common reasons businesses need secure messaging applications:
\n\n- Protection of confidential company data: A secure messaging app uses advanced encryption and other methods to ensure the recipients are the only eyes on your message. This keeps your company’s most sensitive data safe from hackers, for example, or your proprietary information secure from competitors.
\n- Meeting HIPAA requirements for healthcare organizations: Privacy is a must in the healthcare industry, and secure messaging apps can keep you compliant with relevant regulations. The Health Insurance Portability and Accountability Act of 1996 (HIPAA) is the primary law of concern. It stipulates that patient information must be kept secure. For example, secure messaging is critical in healthcare organizations, which is why it is a standard feature offered by the best medical software.
\n- Staying in compliance with data regulations: Businesses must protect their employee and client data in accordance with international data privacy laws, which are becoming more common in recent years. Moreover, responding to data breaches is often time-consuming and expensive; in fact, a data breach can be so costly as to even lead to the closure of small businesses.
\n
\n\n\n \n\n\n5 secure messaging apps for business
\nThere are many secure messaging apps to choose from if you’d like to protect your business. Below is a short list of a few top-tier apps to help you pick the right one.
\n1. Pryvate Now
\nPryvate is an encrypted communication service with several offerings, including its free messaging app that allows you to send encrypted texts, make voice calls and share images. There’s an Enterprise version that caters to business and collaboration uses, which includes secure video calls and file sharing. It includes admin tools for multiple-user management and video conferencing with multiple team members. There’s also an encrypted file storage feature that allows you to store encrypted files locally, but the keys to unlock them are stored elsewhere, so if your device is ever stolen, your files can’t be opened.
\nThe base app is free but can be upgraded to the SME version, which costs $2.86 (£2.50) per month. The Enterprise light version costs $5.71 (£4.99) per month.
\nDownload Pryvate for iOS.
\n2. Signal Private Messenger
\nEnd-to-end encryption and a user-friendly interface make Signal a top choice for business users wanting a quick and easy solution to their communication security problems.
\nUsers can set up encrypted groups for private conversations. Signal uses your existing phone number and address book, so you don’t have to remember any additional usernames or passwords, or maintain a separate contacts list.
\nIn addition to offering instant text communication (without SMS fees), Signal allows users to make secure phone calls, even internationally, without long-distance charges.
\nDownload Signal for iOS now.
\n3. Telegram Messenger
\nIn addition to offering the free messaging you want, Telegram makes it easy to sync your conversations across various devices, so you can start a chat on your phone and then pick it up on your laptop without missing a beat. In addition, you can share media and files without any size limits; however, the default setting automatically stores your files in the Telegram Cloud. This can be an asset, because you can access the information shared at any time without taking up space on your device, but if you want a truly secure chat that leaves no record, make sure you turn on the Secret Chats function.
\nWhen Secret Chats is enabled, all of your chats will self-destruct automatically (across all devices involved). None of the files you share are stored anywhere, and end-to-end encryption will be turned on.
\nDownload Telegram for iOS now.
\n4. Wickr
\nWickr has been around since 2012, making it one of the first secure chat services. It’s still a popular choice for encrypted messaging today because its service is reliable, easy to use and well encrypted. You can set separate expiration dates for each message you send, which is handy for business users who may want to keep a short-term record of conversations or keep conversations going over a span of several days.
\nIn addition to offering a free app that works across all of your devices, Wickr has business-centric versions called Wickr Pro and Wickr Enterprise. Wickr Pro is a suite of collaboration tools that, in addition to allowing for secured communication, offers users access to administrative controls and deployment, account controls, identity verification controls, multifactor authentication, and other business-focused features. Wickr Enterprise is a self-hosted version that gives you and your IT department even more control.
\nBasic Wickr services are free, but you can pay for higher tiers of service. Wickr Silver costs $4.99 per user per month. Wickr Gold costs $9.99 per user per month, and Wickr Platinum costs $25 per user per month.
\n5. Wire
\nWire is an encrypted collaboration platform that lets you hold protected conference calls and share documents with team members. You can create group chats where you can send messages and share links and files with other members, which you can choose to set a timer on so they’re available only for a limited time until they’re permanently deleted. With Wire, you can start one-touch group calls, which you can invite up to 100 team members to. You can also share screens and send files. This is all covered by the platform’s end-to-end encryption.
\nPersonal accounts are free, while business accounts are $7.65 per user per month. Business accounts include admin tools for your organization.
\nDownload Wire for iOS and Android.
\nOther secure messaging solutions
\nWhile messaging apps are one method to protect your business’s data, several others can help you keep information secure. For example, virtual private networks (VPNs) are one of the most popular methods of securing data privacy. They place a server between your network and data to hide your IP address from outside viewers. This means your internet service provider and outside parties can’t see what you send and receive online.
\nEncrypted emails can be a more specialized option for secure communications. Email is one of the most commonly used methods for business communication, so it’s important to protect it. Securing email uses many of the same methods as securing phone messaging, such as end-to-end encryption. This security through every delivery stage can keep IT hacks from compromising sensitive information.
\n\n\n \n\n\n\nProtecting your business and your clients’ data from prying eyes should always be a priority, especially if your business frequently handles private information. A lack of safeguards can risk serious harm and prolonged legal trouble for your organization. Finding the security options that meet your needs and keeping them updated can help you withstand even the most determined threat actors.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"2703","_score":2,"_source":{"canonical":"https://vaylees.com/11063-what-is-amazon-storefronts.html","displayModified":"2024-01-16T23:45:39Z","docType":"article","editorsPick":false,"href":"11063-what-is-amazon-storefronts.html","id":"2703","ID":2703,"isSponsored":false,"published":"2018-09-18T20:03:00Z","site":"bnd","stream":"Amazon Stores offers small and midsize businesses a platform for selling products directly through Amazon.","subtitle":"Amazon Stores offers small and midsize businesses a platform for selling products directly through Amazon.","title":"What Is Amazon Stores?","author":{"displayName":"Isaiah Atkins","email":"stella@scs-creative.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/05/20081244/isaiah-atkins-1.png","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Technology","slug":"technology"}},"meta":{"robots":"index, follow","description":"Amazon Stores offers small and midsized businesses a platform for selling products directly through Amazon."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04080821/1554238257.png","caption":"Amazon","alt":""},"content":"As a small business owner, you probably know how hard it can be hard to differentiate yourself from other companies within your market. That can be especially true on the Amazon seller marketplace, since Amazon is so saturated with products from nearly every industry. However, the online retailer offers a solution in Amazon Stores.
\n\n\nWhat Is Amazon Stores?
\n\n\nAmazon Stores are high-quality, image-rich webstores that sellers can create on Amazon. They’re landing pages meant to convert potential customers to buyers and encourage repeat purchases from current customers. An especially strong Amazon Stores page can stand in for your business website if you only have money to invest in one of the two.
\nThe Amazon Store for the brand Lark & Ro is a great example of what an Amazon Store should look like. Its eye-catching top banners appear customized and elevated above the typical Amazon storefront aesthetic. Keep scrolling and you’ll see products. The idea is that you’ll catch the customer’s attention with a sleek design and then smoothly transition them to making a purchase.
\n![\"Lark](\"https://images.vaylees.com/app/uploads/2018/09/24062859/lark-and-ro.png\")
\nLark & Ro’s Amazon Stores page looks much like what you would expect from a business website. It also includes ecommerce functions so the merchant can sell directly to users on the page. (Credit: Amazon)
\nHow large is the Amazon Seller marketplace?
\nAmazon Stores caters to over 30,000 small and midsize businesses originating from every state in the U.S. and more than 130 countries. Collectively, these businesses have sold over 250 million items to over 70 million customers. There are around 30 main product categories and over 25,000 subcategories to help customers narrow their searches.
\nIn addition, around 85% of brands that use Amazon Stores say the service has helped them add new jobs. For stores not selling through Amazon, the corresponding figure is 52%. According to Amazon’s Small Business Impact report, small businesses selling on Amazon have created more than 1.8 million jobs. Additionally, through Amazon Business, small businesses can access more resources in greater volume at lower prices.
\nWho should use Amazon Stores?
\nAmazon Stores provides the most benefit to businesses that want to grow their brand but have hit a wall in terms of marketing. A visually appealing online storefront can help newer organizations create a brand-tailored shopping experience that attracts a loyal customer base and keeps them coming back. Additionally, the included analytics tools that measure the storefront’s effectiveness can help businesses further refine their brand image.
\nWeb development can be expensive, especially for an e-commerce website. Costs vary, but a basic small business website can cost $1,000, while a custom e-commerce website can cost up to $10,000. For many small businesses, either expense might be prohibitive, but not having an e-commerce website can limit sales and lead to missed revenue opportunities.
\nAmazon Stores offers a cost-effective alternative for small businesses that want to create an e-commerce website but don’t have the budget for custom web development. To qualify for Amazon Stores, you need a Professional seller account, but the Amazon Store itself is free of charge. A Professional seller account costs $39.99 per month – much more manageable to most small businesses than a $10,000 upfront investment in web development.
\n\n\n \n\n\nSelling on Amazon
\nYou can still sell successfully on Amazon without an Amazon Store. Before getting started, though, it’s essential to understand how selling on Amazon works, what scams you should be wary of, and how you can succeed by selling on Amazon.
\nThere are two basic plans for Amazon sellers: Individual and Professional. The Individual plan costs $0.99 per unit sold, while the Professional plan is priced at $39.99 per month. There is also an approval process for the Professional plan.
\nIt’s important to understand both plans and choose the one that best applies to your business. Do your research before you decide how you want to proceed with selling your goods on Amazon. Amazon recommends the Individual plan for sellers who expect to sell less than 40 items per month, don’t have an advertising plan, or are still testing the market and deciding on what to sell. Amazon recommends the Professional plan for sellers who sell more than 40 units per month, have an advertising plan in place, and need access to data analytics.
\nOnce you have your account set up, you can start selling your products in the predefined categories on the website. With an established operation, you can set up a feature like Fulfillment by Amazon to encourage customers to purchase your products.
\n\n\n \n\n\nHow Amazon Stores adds a new element to selling on Amazon
\nSelling on Amazon is a lucrative business, and selling your products via Amazon Stores can allow your small business to shine. One of the strengths of owning a small business is your connection to the community and the products you create. Use that connection to build your brand’s story and create a product that people will want, no matter where in the U.S. they live.
\nMax Freedman also contributed to this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1334","_score":2,"_source":{"canonical":"https://vaylees.com/4659-what-is-roi.html","displayModified":"2023-10-23T19:41:54Z","docType":"article","editorsPick":false,"href":"4659-what-is-roi.html","id":"1334","ID":1334,"isSponsored":false,"published":"2020-02-05T13:57:00Z","site":"bnd","stream":"Here's everything you should know about return on investment and how to use it to ensure your business spending is increasing your earnings.","subtitle":"Here's everything you should know about return on investment and how to use it to ensure your business spending is increasing your earnings.","title":"What Is ROI (Return on Investment)?","author":{"displayName":"Isaiah Atkins","email":"stella@scs-creative.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/05/20081244/isaiah-atkins-1.png","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Finances","slug":"finances"}},"meta":{"robots":"index, follow","description":"Here's everything you should know about return on investment and how to use it to ensure your business spending is increasing your earnings."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04072333/investment_cat-scape_getty.jpg","caption":"cat-scape / Getty Images","alt":"Accountant using a calculator"},"content":"In business, few concepts are as important as return on investment (ROI). The adage that “you have to spend money to make money” is often true, but only if you’ve anticipated the ROI potential of your investments. Whether you’re implementing new business software or aggressively investing in a marketing campaign, the ultimate goal is to make more money. Understanding how to calculate ROI can help you understand which investments are paying off and which costs should simply be cut.
\n\n\nWhat is ROI?
\n\n\n\nReturn on investment refers to the amount of profit directly related to an expense or group of expenses. Companies generally use ROI to measure the success of a specific project or purchase. If a business owner were to invest money in an advertising campaign, they’d analyze the sales generated by the ad and use that information to determine the ROI. If the money generated exceeded the amount spent, the profit would be referred to as the ROI of the ad campaign.
\n\n\n\nInvestors also want to know the potential ROI of an investment before committing any funds to a company. Forecasting a company’s potential ROI is a key factor for investors who, after all, ultimately want to profit from their investment.
\n\n\n\nWhat is annualized ROI?
\n\n\n\nAnnualized ROI describes the average yearly return on an investment over a period of years. This shows how profitable the venture is overall. Annualized ROI can help you analyze and compare the performance of your investment during specific time periods.
\n\n\n\nWhy is ROI important in business?
\n\n\n\nOnly smart businesses that spend wisely and monitor ROI closely survive in the long run. Some reasons why ROI is so important include:
\n\n\n\n\n- Budgeting insight: Calculating ROI can give you a clearer insight into what parts of your business aren’t performing well. This way, you can make more informed decisions on where you should focus your budget.
\n\n\n\n- Better hiring decisions: Tracking the ROI on your labor spending can help narrow your criteria when hiring new employees. With insight into your team members, you’ll be able to find the ones that work best for your business.
\n\n\n\n- Long-term business planning: ROI can help you understand where your business shines and where you can improve it. With detailed analytics, you can plan for business growth more effectively and have more confidence in your decision.
\n\n\n\n- Meeting customer expectations: Keeping track of ROI can also help you meet your customers’ needs. When those needs start to shift, your ROI might decrease. Tracking it means you’ll have enough time to pivot your business strategy.
\n
\n\n\n\nIf you don’t see an optimal ROI on a certain endeavor, stop throwing money at it — you’re better off scrapping it. Continuing to spend on lost causes is a surefire way to run out of money and run your business into the ground.
\n\n\n\nWhat is considered a ‘good’ ROI?
\n\n\n\nWhat’s considered a good ROI depends on the investment. When a company is spending money on a piece of equipment, for example, the ROI is in productivity. Meanwhile, marketing spending requires an ROI in sales. The ROI you expect from your search engine optimization efforts will be different from the ROI you look for from an investment in a new factory.
\n\n\n\nA healthy double-digit ROI is great for starters, and if you identify high-percentage ROIs, you should aim to figure out how to amplify and extend those effects. Consider carefully whether you get an ROI at all and be realistic before signing contracts and spending money. Don’t make any big purchases right away — someone promising the moon is likely not going to deliver good returns.
\n\n\n\n \n\n\n\nLimitations of ROI
\n\n\n\nYou can gain a lot of financial foresight by calculating your ROI but measuring your business’s success based on an ROI has its limitations.
\n\n\n\nHere are three limitations to consider.
\n\n\n\n\n- Your company’s cash flow is not directly reflected in your ROI, so your business’s financial health may not always be measured accurately using ROI alone: “For example, the ROI may be 5%, but it may be losing cash flow and be a very costly investment,” said Robert Gauvreau, certified public accountant and chief executive officer (CEO) of accounting firm Gauvreau. “Whereas another investment that is generating 4% ROI may be generating a positive cash return to the investors.” Depending solely on ROI to evaluate the financial health of a project only gives you a partial understanding of what’s affecting your finances.
\n\n\n\n- To calculate an accurate ROI, you need a firm grasp of your future business expenses: If you don’t yet have accurate numbers for future expenses, or if the numbers comprising your calculation are variable, such as interest rates that may change, the ROI may be inaccurate.
\n\n\n\n- ROI only measures the financial success of a project: For example, investing in new computers and tech for your employees may have a negative ROI, but it may make your employees happier and increase retention. The ROI of a project or venture doesn’t account for the nonfinancial benefits of an investment.
\n
\n\n\n\n \n\n\nBenefits of calculating ROI
\nUnderstanding your profits and the impact of an investment on your business is important and extremely helpful when making decisions for your company.
\nHere are two more benefits that calculating your return on investment provides:
\n\n- Calculating ROI allows business owners to track and analyze short- and long-term projects: “You can set simple targets for both short-term and long-term goals, and ROI can measure if you are achieving those benchmarks quickly and easily,” Gauvreau said.
\n- Determining ROI helps you evaluate your business’s financial performance: Knowing your ROI keeps your company on track by demonstrating whether your business is profiting above or below its average, said Leonard Ang, real estate agent and CEO of iProperty Management. It’s a good reminder for companies to maintain a standard for their finances.
\n- ROI is one of the simplest performance metrics to calculate: All ROI does is measure the cost of an investment vs. the revenue that investment yields. It’s a universally accepted financial metric because it’s easy for anyone to understand and translates directly to how much money you’ve made from a given expense.
\n- Knowing ROI can help you better understand the impact each department is having on your profits: Since ROI is so simple to calculate, it’s one of the easiest ways to compare the performance of departments within your company. Comparing a department’s ROI this year to its past ROI can help you understand how efficiently it’s performing.
\n
\n\n\n \n\n\n\nTo calculate ROI is to take the gains of an investment, subtract the cost of the investment and divide the result by the cost of the investment:
\n\nROI = (gains – costs) / costs
\n
\nFor example, let’s say you make a major purchase, like buying a home.
\n“You purchase your home for $1 million,” Gauvreau said. “After living in your home for three years, you sell it for $1,120,000. The result, after three years, your home increased in value by $120,000.”
\nIf we follow the ROI = (gains – costs) / costs formula, we find that the return on investment is 12%.
\n\n($1,120,000 – $1,000,000) / $1,000,000 = 0.12
\n
\nAnother example of ROI would be investing in the stock market, Gauvreau said. If you invest $100,000 in shares of a company, and 12 months later it grows to $160,000, your ROI would be 60% because:
\n\n($160,000 – $100,000) / $100,000) = 0.6
\n
\n\n\n \n\n\nUse return on investment for more effective growth
\nUnderstanding the ROI of any project or marketing campaign helps in identifying successful business practices. Many companies use ROI to identify methods of marketing and advertising that yield the highest return based on previous successes. This way, ROI becomes not only a measure of past success but also an estimate for the coming months.
\nROI can be applied to most areas of your business and works as a simple but effective method to measure your performance. Using it in combination with non-numerical data, such as employee happiness, can give you some ideas about how to grow your business. With proper ROI use, you can make the most of your resources for long-term success.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"562","_score":2,"_source":{"canonical":"https://vaylees.com/8658-alma-mater-career-development.html","displayModified":"2023-10-24T18:37:21Z","docType":"article","editorsPick":false,"href":"8658-alma-mater-career-development.html","id":"562","ID":562,"isSponsored":false,"published":"2021-11-09T14:14:00Z","site":"bnd","stream":"Your college network may be instrumental in your future career.","subtitle":"Your college network may be instrumental in your future career.","title":"Can Your Alma Mater Help You Land a Job?","author":{"displayName":"Isaiah Atkins","email":"stella@scs-creative.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/05/20081244/isaiah-atkins-1.png","type":"Senior Writer"},"channels":{"primary":{"name":"Build Your Career","slug":"build-your-career"},"sub":{"name":"Get the Job","slug":"get-the-job"}},"meta":{"robots":"index, follow","description":"Your alma mater's alumni network may be a great job-hunting resource. Learn to connect with alumni services and resources to set yourself up for success."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04072627/college_monkeybusinessimages_getty.jpg","caption":"monkeybusinessimages / Getty Images","alt":"College student using a laptop"},"content":"Have you given your alma mater much thought since graduation? If you haven’t, you may be missing out on a vital career resource in your job search.
\nHiring managers often give strong weight to a candidate’s education when making hiring decisions. In a survey by Intelligent, 84% of hiring managers said where a candidate went to school matters, and 71% of hiring managers are more likely to move forward with a candidate from a top-tier school, with 61% believing these candidates would make better employees. These effects are likely amplified for people who went to the same school as the hiring manager.
\nWe’ll look at ways to leverage your alma mater to find a job and set yourself up for career success.
\n\n\n \n\n\n\nHow to leverage your alma mater to land a job
\n\n\nLeveraging your alma mater to find a job is particularly valuable when you’re trying to find a job with limited work experience.
\n“Alumni networks … are powerful and willing communities that can create jobs and internships and increase the marketplace value of their institutions’ degrees,” said Andrew Margie, co-founder and CEO of Alumnifire.
\nAlthough most alums you connect with probably aren’t directly involved in the hiring process, they’re likely well positioned to help you find opportunities by opening doors within their organizations.
\n“Informational interviews are a great way to … explore different industries and companies without the administrative hurdles and pressures of a formal interview,” Margie said. You may even leave with an internal champion or mentor as a result.”
\nHere are some job search tips that involve leveraging your alma mater.
\n1. Network with other former students.
\nJob searching in the digital age offers many ways to connect with people who graduated from your school. Many professionals list their educational backgrounds on their LinkedIn profiles, making it easy to find fellow graduates of your school.
\nAmanda Augustine, career advice expert for TopResume, advised using LinkedIn’s advanced search function to find people from your college who work in your field or have the job you want. You can also Google potential connections to find these fellow graduates and then reach out to start a conversation.
\n“Ask for 10 minutes of a person’s time, not an hour, and do it over the phone,” Augustine advised. “A 10-minute phone call is a lot easier for that person to say yes to than, ‘Let’s meet for coffee,’ especially if you don’t know [them].”
\n\n\n \n\n\n2. Get involved with alumni events.
\nCollege is like a campus-wide, years-long networking event where you can build fruitful relationships that benefit you in the long term. You can tap back into this network every time you attend alumni events. There are likely many alumni activities that can connect you with someone who might hire you down the line.
\n3. Stay in touch with faculty from your college.
\nMany professors are still active in their industries while teaching classes. Maintaining strong relationships with your professors long after you’ve graduated can prove beneficial in the long run because they likely have connections across your field.
\nEngaging genuinely and meaningfully with the content they post on LinkedIn and other social sites can be a great starting point for keeping in touch.
\n\n\n \n\n\n4. Utilize your alma mater’s career services.
\nColleges want their alums to succeed after graduation, so they typically offer services to increase graduates’ chances of finding a job in their industry. Most universities have a vast network of alumni they can connect you with for career development. They also may provide more basic services, such as helping you create a great resume and cover letter so you can put your best foot forward.
\n\n\n \n\n\nTips for featuring your college on your resume
\nInforming an employer that you went to a top-ranking school can be enough to get your foot in the door. But without professional experience to include on your resume, you’ll need to lean more heavily on your education to prove you can do the job.
\nHere are some ways to showcase your college experience on your resume:
\n\n- Detail your courses. Your coursework is the primary way to show employers you have the expertise needed to excel in the position you’re seeking.
\n- Describe extracurricular activities. Extracurriculars (particularly those closely related to your field) show that you have the necessary skills and that you’ve applied them in real-world situations.
\n- Include references. If you’ve built relationships with professors or other faculty at your college, use them as references to show you’re ready for the job. Be sure to ask their permission first. Even if you’re sure they’d recommend you, getting their permission is an essential formality.
\n- Avoid unflattering information. Although lying on your resume is unacceptable, you can exclude negative information as long as you don’t outright fabricate anything. For example, you can consider excluding your GPA unless it’s 3.5 or above. You’re not lying; you’re just leaving something off the page.
\n
\n\n\n \n\n\nWhat should schools be doing?
\nAlthough job seekers must be willing to put in the effort to network, colleges and universities also have a role to play in connecting their alumni. Margie noted that many schools are strapped for time and resources and struggle to expand alumni engagement beyond fundraising and on-campus efforts. However, networking platforms and technology give these schools additional leverage.
\nHere are some ways schools can help alums:
\n\n- Communicate consistently with alums. Michael Ellison, president of Corporate Insight, said schools must use various communication methods, such as email and social media, to reach alumni at all stages of their careers.
\n- Offer programs to help alums. Schools also can offer graduates frequent networking events, mentoring programs and fee-based career coaching from professional agencies.
\n- Incorporate virtual alumni services. Augustine emphasized the importance of offering virtual options for alumni services. “Not everyone lives close to a major city or to their alma mater,” Augustine said. “Schools should offer Twitter chats, webinar [and other] resources to develop [graduates’] skill sets and help them become stronger candidates.”
\n- Develop relationships with alums. Ellison advised schools to develop strong relationships with alumni so they’ll know when graduates are between or looking for jobs. This is the ideal time to market career services and for colleges to show alumni they’re serious about investing in and helping current and former students. “It is one thing to earn a degree, but it is a different kind of effort to develop a career,” Ellison said. “Colleges and universities have an opportunity to make a profound difference in the lives of their alumni if they assemble the right programs and communication efforts.”
\n
\nSet yourself up for career success
\nThe people you met in college can bring opportunities your way today. Applying for jobs with a hiring manager who went to your school can be an especially smart tactic. Maintaining long-lasting relationships with fellow alums is a great place to start if you want the best chances of landing a good job after graduation.
\nNicole Fallon contributed to the reporting and writing in this article. Some source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"546","_score":2,"_source":{"canonical":"https://vaylees.com/1306-friends-work-leads-to-longer-life.html","displayModified":"2023-02-21T18:48:21Z","docType":"article","editorsPick":false,"href":"1306-friends-work-leads-to-longer-life.html","id":"546","ID":546,"isSponsored":false,"published":"2021-11-09T15:30:00Z","site":"bnd","stream":"Work friendships can reduce stress while boosting morale and productivity. ","subtitle":"Work friendships can reduce stress while boosting morale and productivity. ","title":"The Benefits of Having Friends at Work","author":{"displayName":"Isaiah Atkins","email":"stella@scs-creative.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/05/20081244/isaiah-atkins-1.png","type":"Senior Writer"},"channels":{"primary":{"name":"Build Your Career","slug":"build-your-career"},"sub":{"name":"Office Life","slug":"office-life"}},"meta":{"robots":"index, follow","description":"Work friendships can improve mental health across your workforce. Learn the benefits of work friendships and how to encourage them in your company."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04072616/office_Prostock-Studio_getty.jpg","caption":"Prostock-Studio / Getty Images","alt":""},"content":"\n- Building a strong support network at work can help team members maintain their mental and physical health.
\n- Work friendships can reduce stress – and employees are typically most motivated when their stress levels are low.
\n- Employers can encourage friendships in their business with team-building activities, employee lunches, special events, and more.
\n- This article is for employees interested in the benefits of workplace friendships and employers who want to encourage friendships in their businesses.
\n
\nWe often spend more time with co-workers than family members, so it makes sense that deep workplace friendships often develop. Close friendships in the office make workdays more enjoyable, but these relationships may have more profound effects, including long-term health benefits, higher morale, and enhanced workplace productivity.
\nWe’ll explore the benefits of workplace friendships and share tips on encouraging deeper office relationships to create a supportive, productive workplace culture.
\n\n\nWhat are the benefits of having friends at work?
\n\n\nHumans are social creatures by nature, so long periods of isolation can negatively affect our mental health and workplace performance. Building a network of workplace friends is a way to create a personal and professional support system that can make your days more enjoyable while bringing tangible benefits to you and your company.
\nHere’s a look at some notable ways workplace friendships can improve well-being.
\n1. Workplace friendships lower stress.
\nWorkplace stress is an epidemic that can significantly impact employees and their companies. According to Gallup’s State of Global Workplace report, 57% of U.S. workers feel stressed out, while worry, anger, and sadness also affect a significant portion. Stressed-out workers tend to be less engaged, focused and productive. Additionally, physical stress manifestations include headaches, upset stomachs, trouble sleeping, and elevated blood pressure.
\nWorkplace friendships can help create a stress-free work environment by alleviating the isolation that so often characterizes stress. Employees can turn to work friends for help on challenging projects or socialize with work friends to de-stress. Getting to know the people on your team can remove anxiety and help you feel like you’re not alone.
\n\n \n\n2. Workplace friendships improve morale.
\nWorkplace friendships can boost company morale, giving you people to collaborate with during work hours, commiserate with during challenges, and socialize with during break time or after hours. Happier workers who have more fun on the job (within reason) and feel more connected to their co-workers will demonstrate improved morale and engagement.
\nBusiness owners and employees want a happy workforce with a positive company culture, and friendly relationships among team members is an easy way to get there.
\n3. Workplace friendships boost productivity.
\nJob challenges can wear you down over time, leading to employee burnout that kills motivation and lowers productivity. A steady, supportive outlet for the inevitable stress and frustration workdays can reinforce employees’ mental health and motivation, which boosts productivity.
\nWork friends can help with your tasks, keep your mood up, vent with you, and keep you feeling connected to the team and the company’s overall mission – all of which foster a motivated, productive worker.
\n4. Workplace friendships increase workplace trust.
\nBuilding a solid relationship with co-workers can help you better understand your team’s strengths and weaknesses. This understanding can lead to greater workplace cohesion – everyone will know exactly who to turn to when running into specific obstacles. Trusting others to help with your work can increase overall work quality for the entire organization.
\n5. Workplace friendships may support mental and physical wellness.
\nThe workplace friendship benefits discussed above all support healthier employee physical and mental health – but one study goes further, implying workplace relationships may be lifesavers.
\nIn previously published scientific research, Sharon Toker, a Tel Aviv University (TAU) researcher, said employees who believe they have the personal support of their peers at work are more likely to live longer.
\n“We spend most of our waking hours at work, and we don’t have much time to meet our friends during the weekdays,” Toker said. “Work should be a place where people can get necessary emotional support.”
\nToker and other researchers followed the health records of 820 adults who worked an average of 8.8 hours a day through a two-decade period. Those who reported having low social support at work were 2.4 times more likely to die within those 20 years.
\nThe researchers controlled for various psychological, behavioral or physiological risk factors, such as smoking, obesity and depression. They administered a questionnaire to participants drawn from various professional fields, including finance, health care and manufacturing.
\nThe study found that employees’ perception of emotional support at work was the strongest indicator of future health.
\nDuring the study, 53 participants died, most of whom had negligible social connections with their co-workers. Toker concluded that people with a lack of emotional support at work led to a 140% increased risk of dying in the next 20 years compared to those who reported supportive co-workers.
\n\n \n\nTips to encourage employee friendships
\nA cohesive workforce strengthens an organization’s ability to provide top-quality products or services to its customers. As a result, encouraging employee friendships is a net positive for your organization.
\nUpon publishing the TAU research, Toker said many workplaces have lost their way in creating environments where employees can create social relationships. “Despite open-concept offices, many people use email rather than face-to-face communication, and social networking sites that may provide significant social connection are often blocked,” the researchers said.
\nToday’s workplace climate offers additional relationship-building challenges. Businesses must manage remote workforces and flexible workplace options that offer significant advantages but also impose barriers to workplace relationships. Many organizations must work harder than ever to create a team atmosphere.
\nHere are a few things employers can do to foster new connections:
\n\n- Hosting team lunches. Providing food for the entire office so everyone can sit and eat together can promote strong connections. Mealtime is when co-workers are most free to discuss non-work-related topics and find common ground.
\n- Establishing a mentor system. New hires can hit the ground running with a mentorship program that pairs them with senior staff members. This gives them valuable instruction and potentially the start of a strong support network.
\n- Organizing monthly events. A recreational day where employees don’t need to worry about work can help relieve stress. It’s also a big part of team building, which motivates your employees to bond with each other.
\n- Modeling the desired behavior. It’s essential to demonstrate the behaviors that you want to see in your team. Displaying a friendly attitude and genuinely getting to know the people in your workforce can encourage them to follow your example.
\n
\n\n \n\nFriendships in the workplace
\nWhile some employees might work better alone, a support network is about more than work. Supportive workplace friends can help everyone feel like they’re part of a team with a bigger purpose. Workplace friends are there to share the workload, socialize with you, and keep you motivated when work starts to wear you down. Employers who model personable, respectful relationships can foster a friendly, supportive atmosphere that benefits the entire organization.
\nJeanette Mulvey contributed to the reporting and writing in this article. Some source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"2172","_score":2,"_source":{"canonical":"https://vaylees.com/15006-apple-credit-card-financing.html","displayModified":"2023-10-20T17:57:49Z","docType":"article","editorsPick":false,"href":"15006-apple-credit-card-financing.html","id":"2172","ID":2172,"isSponsored":false,"published":"2019-05-02T16:00:00Z","site":"bnd","stream":"Though Apple Card is for consumers, small business owners can take advantage of some of its perks.","subtitle":"Though Apple Card is for consumers, small business owners can take advantage of some of its perks.","title":"Apple’s Credit Card: What Small Businesses Need to Know","author":{"displayName":"Stella Morrison","email":"stella@scs-creative.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/04072059/stella-morrison.png","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Finances","slug":"finances"}},"meta":{"robots":"index, follow","description":"Though Apple Card is for consumers, small business owners can take advantage of some of its perks. See its benefits and uses."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04075846/phone_computer_Sitthiphong_Getty.jpg","caption":"Sitthiphong / Getty Images","alt":""},"content":"Apple Card launched in 2019 with a suite of features that appeals to both Apple-product lovers and those who don’t use iPhones, Apple Watch or other electronics from the tech giant.
\nEditor’s note: Need a credit card processor for your business? Fill out the below questionnaire to have our vendor partners contact you with free information.
\n\n\n \n\n\nAlthough the company doesn’t offer a business credit card, Apple Card’s unique features may be beneficial for self-employed individuals and small business owners. Here’s what Apple Card offers and how you can put it to work for you.
\n>>Read next: Payment Fraud Impacts 293 Million People — Is Your SMB Safe?
\n![\"\"](\"https://images.vaylees.com/app/uploads/2022/04/04075843/Apple-Card_iPhoneXS-La-Colombe-Coffee_032519.jpg\")
\nImage credit: Apple
\nWhat is Apple Card?
\nApple Card is a rewards-based credit card that gives consumers cash back on various categories of purchases. Because Apple pushes the card as part of its ecosystem, users reap more rewards when they buy Apple products and use Apple Pay on their iPhones to pay for purchases. But customers still get a 1 percent reward if they use the card for other purchases. Cash-back rewards are deposited daily — not monthly, like with most cards — under “Daily Cash” in the Apple Wallet app.
\n“It’s not a bad card,” said Chris Kuiper, director of research at Fidelity Digital Assets. “It’s got cash back. It’s got 1 percent on everything — 2 percent if you use Apple Pay, which is becoming a bigger thing, and 3 percent on Apple products. But for all the other benefits, other cards already offer them, or you can get specialized cards for those things.”
\nHowever, in addition to using Apple Card with Apple Pay, consumers can use a physical version of the card for purchases from vendors that don’t accept Apple Pay. It’s a sleek titanium card with the customer’s name etched into the surface. The card is notably devoid of other information, such as the credit card number, CVV number, expiration date and signature box.
\nWhat are Apple Card’s fees and features?
\nIn a helpful move for consumers, Apple Card doesn’t charge late fees, annual fees, cash-advance fees, international fees, over-limit fees, financing fees or any of the other pesky fees other credit card issuers charge. The Wallet app shows the cardholder exactly where and how much money was spent and automatically breaks down spending into color-coded categories. Cash-back rewards are dispensed daily and can be spent immediately.
\nIn October 2022, Apple announced there will be a new high-yield savings account feature available to Apple Card users. This function was supposed to be released with iOS 16.1, but it still hasn’t been launched as of April 2023.
\nIn the meantime, the entire system is designed to give customers more control over how much they spend and get back, combined with the flexibility of using the iPhone with Apple Pay for purchases and the physical Apple Card at places that don’t accept Apple Pay. Millions of retailers now accept Apple Pay, and Insider Intelligence/eMarketer forecasts that 56.7 million people will be using it by 2026, up from 45.4 million in 2022.
\n\n\n \n\n\nWhat are the benefits of Apple Card for small businesses?
\nObservers note some respectable and unique, if not revolutionary, touches to Apple Card, such as machine learning and geolocation tracking of your spending. These features may be exciting for consumers, but what about small businesses?
\nRivka Gewirtz Little, CEO of digital identity verification company Socure, said Apple needs to “do something to make Apple Card more relevant” for small companies because, despite “some nice and usable elements, it is a consumer product. This does not appear to be a business or corporate offering.”
\nNonetheless, Little said there are some attractive management and visibility features that would benefit very small companies and solopreneurs who don’t mind using personal cards for business expenses.
\n![\"\"](\"https://images.vaylees.com/app/uploads/2022/04/04075844/Apple-Card-weekly-spending-screen-03252019.png\")
\nImage credit: Apple
\n1. Apple Card offers spending insights that are easy for solopreneurs to track.
\nWhen you use Apple Card, it gives you reports of where and how you spent your money. These are easy to access through the Wallet app or the Apple Card website. Built-in fraud protection and instant sign-up and deployment may also throw Apple Card into the plus column for very small business operations, since it cuts back the waiting time generally needed to get a credit card up and running.
\nBut there are limits to those advantages. “There are some nice features in terms of manageability and visibility of spending, so if you’re really a small company, it could help you,” Little said. “But if you have more than a few people, then you want to have a view of what everyone is spending on your company card, and at that point you’re going to need a procurement card and some sort of management app.” [See the top expense trackers.]
\n2. Financial health tools attached to Apple Card can help small businesses.
\nLisa D. Ellis, partner and senior equity analyst at MoffettNathanson, said Apple Card’s reporting tools set it apart from other co-branded credit cards like the Amazon credit cards, PayPal Cash Card and Nordstrom Card.
\n“The primary differentiator of Apple Card is that Apple [has] a set of ‘financial health’ tools tied to the card, analogous to the ‘physical health’ tools Apple has tied to Apple Watch, like monitoring your heart rate or tracking steps,” Ellis said. “The financial health tools … enable the cardholder to better track expenses [and] manage credit.”
\nEven if business owners are using top accounting software, the financial tools available with Apple Card may be helpful for getting a look at your business’s monetary health from a different vantage point.
\n3. Businesses can save on credit card fees with Apple Card.
\nCredit card fees can quickly add up, putting a burden on a solopreneur who is already carefully watching their spending. Because Apple Card doesn’t charge the many fees that other business and personal credit cards do, solopreneurs can more comfortably — and strategically — use it to make essential business purchases.
\n\n\n \n\n\nCan small businesses accept Apple Card?
\nSmall businesses that want to accept Apple Card may already be able to do so if they have relatively new credit card processing equipment that includes EMV technology and NFC abilities, which allow them to accept chip cards and contactless payments. If you only have a chip card reader, your customers can use that to pay with the physical Apple Card. [Check out our best credit card processing recommendations to learn more about this equipment.]
\n“In terms of small businesses accepting the card, it [is] run through Goldman Sachs and the Mastercard network, so … the real question is whether they want to integrate the whole Apple Pay system,” Kuiper said. “That’s just going to come down to how much convenience they want for their customers and if they think that’s going to open up a whole new swath of clientele or customers that they wouldn’t have before — like, would someone pop into one store over another because they accept Apple Pay or don’t?”
\nOne incentive to integrate Apple Pay and other mobile wallets is the rising interest in contactless payments. Usage of contactless payments rose in response to the COVID-19 pandemic and consumers’ increased preference to tap their iPhone or Apple Watch instead of touching shared surfaces.
\n\n\n \n\n\nApple Pay and Apple Card may be the future
\nSome experts take a distinctly optimistic view of the overall Apple Card zeitgeist because accepting the card is a straightforward process for small companies, especially those familiar with Apple Pay.
\n“For small businesses and retailers that operate online and already accept Apple Pay, this is a huge benefit, as consumers will be anxious to use the card and begin shopping online at participating stores,” said Bart Mroz, CEO of SUMO Heavy, a consulting firm specializing in digital commerce strategy, design and development.
\nFor businesses that do not yet support Apple Pay, the titanium card’s link with Mastercard encourages its use, widening the potential for additional customers and profits.
\nWhatever judgments small companies may have about Apple Card, they can be sure of certain benefits: fewer fees and instant rewards. Beyond that, when you’re able to accept payments your customers make with Apple Card and Apple Pay, you give them the convenience of using their preferred payment method at your business. That’s a win-win.
\nRebecca Neubauer and Jackie Dove contributed to this article. Source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"4300","_score":2,"_source":{"canonical":"https://vaylees.com/2871-how-most-millionaires-got-rich.html","displayModified":"2024-01-09T20:49:39Z","docType":"article","editorsPick":false,"href":"2871-how-most-millionaires-got-rich.html","id":"4300","ID":4300,"isSponsored":false,"published":"2012-07-20T17:58:00Z","site":"bnd","stream":"Millionaires aren't usually born wealthy. These self-made millionaires earned their fortune the old-fashioned way: hard work and ingenuity.","subtitle":"Millionaires aren't usually born wealthy. These self-made millionaires earned their fortune the old-fashioned way: hard work and ingenuity.","title":"How Most Millionaires Got Rich","author":{"displayName":"Stella Morrison","email":"stella@scs-creative.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/04072059/stella-morrison.png","type":"Senior Writer"},"channels":{"primary":{"name":"Lead Your Team","slug":"lead-your-team"},"sub":{"name":"Strategy","slug":"strategy"}},"meta":{"robots":"index, follow","description":"Millionaires don’t always receive their wealth from family. Some are self-made and earn their fortune through hard work and ingenuity."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04083113/millionaire_gorodenkoff_getty.jpg","caption":"gorodenkoff / Getty Images","alt":"Businesswoman using a smartphone"},"content":"Most of today’s millionaires weren’t born into their wealth, research shows. A study published by Wealth-X found that around 68 percent of those with a net worth of $30 million or more made it themselves. Further, a second study by Fidelity Investments found that 88 percent of all millionaires are self-made, meaning they did not inherit their wealth.
\nFor self-made millionaires, coming into wealth isn’t always a simple process — many of them worked hard to achieve financial success and then used their smarts and savviness to put their new wealth in the right places. What do some of these self-made millionaires have in common, and what lessons can you learn for your own investment strategy?
\nHow millionaires get rich
\nThe Fidelity study showed that when considering their financial future, 30 percent of the millionaires surveyed said they were concerned with preserving their wealth, while 20 percent said they were focused on growing their fortune. This forms the basis of some basic strategies if you’re hoping to join the millionaire ranks.
\n“Today’s millionaires are multidimensional, and to really understand them, you need to look not only at their outlook but also at their path to wealth and their financial goals for the future,” said Sanjiv Mirchandani, former president of National Financial, a Fidelity Investments company.
\nMillionaires suggest several paths to building your wealth. Here are a few that you can learn for yourself:
\nInvest in different places and avenues
\nDon’t put all your eggs in one basket. Diversifying your investments helps manage risk by ensuring all your money is not at risk if a particular investment goes south.
\nHave multiple streams of income
\nMany self-made millionaires have money coming in from several places, including their salaries, dividends from investments, income from rental properties and investments they have made in other business enterprises, to name a few examples. If one income stream slows down, there’s another that can take its place. Much of this is called passive income, or money being earned without actively spending time and effort in the enterprise.
\nReduce expenses
\nBefore becoming wealthy, many millionaires created a habit of limiting spending. They devised a plan for the money they earned and strategically evaluated every aspect of their finances. Such an approach should start with cutting costs and eliminating any unnecessary debt that drains income and prevents accounts from growing.
\nSave, save, save
\nOne common theme you’ll hear from self-made millionaires is to hold on to your money. Put your money in investment accounts where it can sit and earn interest over time.
\n\n\n \n\n\nWhat traits do millionaires have in common?
\nThe Fidelity study’s results showed that even though millionaires have different ways of making money, they often share these traits:
\n\n- They set ambitious goals and act on them. Self-made millionaires put their ideas and dreams into action, whether that’s starting a business or achieving other professional or personal pursuits. This determination is a common driver among many who made their millions without an inheritance.
\n- They have mentors. Many self-made millionaires are quick to admit they cannot possibly know how to do everything. They reach out to others who know the ins and outs of different types of saving and investing, tapping into the best minds on each subject for perspective and insight. That certainly pays off.
\n- They look for feedback. For a self-made millionaire, self-improvement never stops. Self-made millionaires look for critique and feedback on their ideas and business practices, ensuring that they can better identify blind spots and guarantee that their ventures will succeed.
\n- They aren’t afraid of failure. Millionaires understand the benefits of learning lessons through failure. However, the risks they take are thoroughly calculated, and each scenario is played out. Once they commit to something, they give their all.
\n- They understand the value of time. Time is money, and millionaires know this all too well. They quickly learn how to manage their time and know there’s no reason to trade time for money.
\n
\nWhat do millionaires do with their money?
\nWhen it comes to investment strategies, self-made millionaires were more likely to add equity investments, while those who were born wealthy typically had more real estate investments, according to the study. Diversifying those investments is key among many millionaires.
\nMillionaires put their money in a variety of places, including their primary residence, mutual funds, stocks and retirement accounts. Millionaires focus on putting their money where it is going to grow. They are careful not to invest large sums into items that will depreciate. A car for everyday driving, for example, will most likely lose value over time.
\nThe key for most millionaires is to save money before spending it. No matter how much their annual salary may be, most millionaires put their money where it can grow, usually in stocks, bonds and other types of stable investments.
\n\n\n \n\n\nExamples of self-made millionaires
\nAccording to the same Wealth-X study discussed earlier in this article, as of 2018, a little over 265,000 individuals are considered ultra-wealthy, meaning they have a net worth of $30 million or more. Moreover, more than two-thirds of ultra-wealthy people are self-made. Here are five famous examples:
\n\n- Barbara Corcoran. The real estate mogul turned Shark Tank investor started her eponymous brokerage business with a $1,000 loan. Under her supervision, the business grew into a multimillion-dollar empire that she sold for $66 million in 2001.
\n- Janice Bryant Howroyd. The founder and CEO of ActOne Group started her staffing agency with $1,500 ($900 of which she borrowed from her mother), a fax machine and a phone. She is now one of the richest self-made Black women millionaires in the U.S., with an estimated net worth of $285 million.
\n- Warren Buffet. Perhaps one of the most famous and richest people in the world — and technically a billionaire and not a millionaire — Buffett still merits a mention in this list because he is well known for being self-made. The Berkshire Hathaway chairman and CEO made his first millions by running a hedge fund and is known for his principled and sensible approach to investing.
\n- John Mackey. One of the founders of Whole Foods Market, Mackey started his dream $5,000 short of the $50,000 he wanted to save to start his business. He turned the first floor of an old house into a small grocery store that specialized in natural foods. After two years of running the store, Mackey partnered with the owners of another natural grocery store to found Whole Foods Market. In August 2017, Amazon purchased Whole Foods for $13.7 billion.
\n- Whitney Wolfe Herd. At the age of 25, Wolfe Herd founded Bumble and carved a unique space in the world of online dating. She leveraged her experience from working at another dating app toward designing a dating app where women initiated conversations. Wolfe Herd became the youngest woman to take a U.S. company public. As of 2023, her net worth was more than $500 million. Wolfe Herd stepped down as Bumble CEO, becoming executive chair in early 2024 so she could explore other opportunities.
\n
\nCreating your path to financial success
\nBecoming a millionaire requires a combination of financial discipline, strategic planning and a commitment to continuous self-improvement. Where possible, allocating a portion of your income toward your long-term goals can act as a great foundation. Focus on saving and investing wisely to give your money the potential for exponential growth. As the individuals above have shown, the journey to becoming a millionaire is about more than accumulating wealth — cultivating a productive mindset matters, too.
\nShayna Waltower contributed to this article. Source interviews were conducted for a previous version of this article.
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