Best Profitable Businesses to Start in Canada (Most Successful)

Best Profitable Businesses to Start in Canada (Most Successful)

Are you looking for business ideas in Canada with low investment? Do you want to know what the most profitable business in Canada is? Canada offers a wide range of opportunities for entrepreneurs looking to launch their small businesses from home.

With the rise of the internet and digital technologies, it has become easier than ever to turn a passion or skill into a profitable venture.

Every year, nearly 100,000 entrepreneurs launch their own small business in Canada.

According to the Government of Canada website, between 2014 and 2018, the average number of small businesses created in the country was 97,640.

There is endless opportunity in this great country to start your own business. However, just because you start a business, doesn’t mean it will succeed. The average number of small businesses that dissolve in Canada is 89,227.

So, if you’re looking to start your own company, what do you do to ensure its success?

One of the most effective strategies is to start with the right business idea.

In this article, we’ll cover everything you need to know about the best businesses to start in Canada even if you’re new to the country.

You’ll learn what the best industries are, what the most profitable businesses are, and how you can secure funding to start a business here.

With that said though, the best business that you can start is something you are good at like, a catering business, car wash business or lawn mowing. You’re going to need some capital to start your business, depending on what you choose to start. There are plenty of different ideas and options to still consider, so let’s dive in.

This big list of profitable business ideas provides a great entry point whether you are a beginner, a self-starter, or anyone with a tight timeline.

1. Catering

One of the most profitable businesses today, the catering market was predicted in late 2022 to reach $3.78 billion.

It is a low-investment business idea where your startup costs can range from $5,000 to $50,000, depending on the type of catering business.

Register your business and obtain the required permits and licences. Create a menu based on your target market and provide packages and custom requests.

Catering services in Canada earn an average of $57,174 a year.

If there’s one thing all people love—it’s food. It’s something that brings people together. And, when people are brought together for other reasons, such as a celebration, there’s always food involved.

That’s why catering is one of the best businesses you can start with a small investment. Catering isn’t only needed for birthdays and weddings. But, they’re also great for small get-togethers and parties.

If you have a passion for cooking and an attitude of serving, then this could be the perfect business for you. Plus, it can pay really well.

2. Provide HVAC Services

The Heating, Ventilation, and Air Conditioning (HVAC) industry continues to thrive as people constantly need heating, cooling, and ventilation in their homes and businesses all year through.

To start an HVAC business, check with your city or municipality for the needed permits or licences. As HVAC is regulated, technicians must be fully certified and have completed apprenticeship programs.

Experienced HVAC technicians in Canada can earn up to $85,800 a year, while the average salary is $466,360 per year or $34.03 per hour.

3. Mobile Car Wash Services

With an investment as low as $25,000, you could start your own mobile car washing business.

If you have a passion for cars, and you want the freedom and flexibility that comes from owning your own business, then a car wash business could be a great opportunity.

4. Set Up a Coffee Stand

Coffee continues to be a big business in Canada, with the hot coffee market valued at $23 billion in 2021. It is the best business in Canada for immigrants and locals who love coffee.

You can start your own coffee stand or purchase a coffee cart business for approximately $20,000.

To set up a cafe in Canada, register your business, obtain licences or permits from your city or municipality, pass inspection, and get approval.

The national average income of cafe owners in Canada is $49,785 a year.

5. Exam Coaching

Exam stress is a major issue for numerous students, resulting in anxiety and physical symptoms. Coaching services for exams can offer valuable assistance to those who are struggling.

By becoming an exam coach, you can teach effective techniques to help students manage their stress levels and improve their memory recall abilities.

Under your guidance, students can learn to use breathing exercises and other strategies to ease their nerves during exams.

Furthermore, you can assist them in developing and executing effective study plans in preparation for their exams.

6. Cleaning Business

Cleaning can be one of the most inconvenient tasks for people. In fact, so many people despise cleaning that they’re willing to pay other people to do it for them.

That’s where the opportunity is for a potential business owner.

You can start a cleaning business in a variety of niches. You could concentrate on home cleaning, office cleaning, window cleaning, or even air-duct cleaning. It’s a relatively simple service business that could easily be scaled by hiring cleaners and gaining new recurring contracts.

7. Provide Technology Repair Services

Experts predict the electronics and computer repair industry revenue to reach $1.7 billion in 2026, with technology repair companies achieving higher profits by specializing in niche services.

To enter the technology repair trade, you must obtain specific certifications, such as CompTIA A+ or Server+, which allow you to work with businesses.

The average base salary of an electronics technician in Canada is $24 per hour. In Burnaby, BC, the hourly rate is $37.53.

8. Offer Accounting Services

Accounting is a sought-after and financially rewarding career in Canada, with the Government’s Job Bank expecting strong prospects for accountants until 2028.

To start an accounting business in Canada, you can take advantage of the strong demand and promising financial rewards in this field. Register your practice, apply for an Employer Identification Number (EIN), obtain insurance, and acquire the necessary permits and licenses.

According to the Government's Job Bank, accountants are expected to have strong job prospects in Canada until 2028.

In Ontario, the average salary for a Certified Public Accountant (CPA) is $185,000, while the median salary is $130,000.

To launch an accounting business, register your practice, apply for an employer identification number (EIN), get insurance, and obtain the required permits and licenses.

What Business Can You Start With 50k in Canada?

The truth is, you need to have money to make money. This holds true for starting your own business.

And, while some businesses require hundreds of thousands of dollars—or even millions to start up, you can launch a wide variety of businesses with as little as $50,000.

Here are some of the best businesses you can start with $50k in Canada:
  • Gourmet Coffee Kiosk (Mobile Coffee) 
  • 3D Printing 
  • Dance Studio 
  • Bakery 
  • Catering 
  • Food Truck
  • Pet Related Business 
  • Editing Services 
  • Tanning Salon 
  • Fitness Boutique
  • Vending Machines 
  • CBD Business / CBD Vending
  • Cell Phone Repair
  • Co-Working Space
While these are some of the top businesses to start in Canada with only $50k, there are hundreds of others you can start with just a few thousand dollars.

If you need help funding your business venture, click here.

Work From Home Businesses and Side Hustles

If you’re looking for work from home business, or even a side hustle, with today’s technology, the sky’s the limit. With that in mind, here are some of the most popular and most popular options.
  • Freelance writing
  • Transcribing
  • Becoming a virtual assistant
  • Teaching languages
  • Narrating Audiobooks
There are plenty of other options out there as well, but these are the most popular currently.
How to Get Small Business Loan in Nigeria Without Collateral

How to Get Small Business Loan in Nigeria Without Collateral

Startup business loans aren’t a specific type of loan; rather, they are any type of loan used to open a new business. You might need this money to help develop a product or service, hire employees, lease space or equipment, and buy inventory. Startup loans can also include funding for businesses that have opened their doors but are still in the earliest stages.

Startup loans generally don’t require business credit or high revenue—lenders know they’re lending money to support a new idea. However, your personal credit and experience in the industry can affect your eligibility and loan terms. You can also use different types of financing to support your business. Here are nine common options.

What credit score is needed for a startup business loan?

The credit score you need for a startup business loan can depend on the type of loan and the lender, but having a personal credit score that’s at least in the high 600s (the maximum is 850) can be helpful. However, some types of financing, such as crowdfunding, don’t require good credit.

How to get a startup business loan

  • Create a business plan.
  • Evaluate your personal credit.
  • Compare different types of financing.
  • Apply for financing.
You may want or need multiple rounds of funding to get your idea off the ground, and the specifics will depend on the options you choose. However, the basic steps start with preparing your pitch, reviewing your qualifications, and seeing what you can qualify for at the time.

Create a business plan. Lenders want to see that you’ve thought through the challenges and opportunities that will come with your new business. Include any relevant information about your experience running a business or working in the industry.

Evaluate your personal credit. Your personal credit may be a factor in whether you qualify for financing and the rates and terms you receive. Many free apps and financial accounts let you check your credit scores for free. See where you stand and what you can do to improve your credit score.

Compare different types of financing. Consider how much money you need, when you need it, and how much you can afford to repay as you review the options and home in on your top choices.

Apply for financing.
Review the eligibility and application requirements and apply with several lenders or organizations. Compare the offers you receive to determine which will be the best fit for your business idea.

Online business loans are often term loans, which means you receive the entire loan amount when you accept the loan offer and then make regular payments over a predefined term until the loan is repaid.

Online lenders may also have easier qualifications and a faster application process than traditional lenders, and they might use modern techniques (such as connecting to and analyzing your bank account) to determine who qualifies.

One of the strongest barrier startups face is in providing collateral for a loan. This is because startups, most times, do not have existing assets, which disqualifies them from the majority of commercial loans.

No Collateral Required
The Smart Business Loan is structured to provide access to loans of up to N20m without collateral.

Flexible Repayment
The repayment plan can be structured to suit your business and flexible for up to 2 years.

Convenience
Easy access to the loan through our digital application forms and automated repayment process.

Top-up is available
If you need additional financing during your loan tenor, we can offer you a top up after 12 months if regular repayments are made.

The Nigeria bureau of statistics has stated that these MSMEs and SMEs contribute to over 50% of the country’s GDP employing about 80% of the country’s workforce. Despite this, MSMEs and SMEs still struggle to access adequate credit, with only about 5% of these businesses having access to funding and credit.

These statistics are probably not so far-fetched as you may know a few yourself that haven’t been able to get credit. For this reason, many business owners have had to squeeze themselves dry to get started. They used their savings, borrowed money from family and friends, and even sold properties just to get some capital. Truth be told, finding credit can seem like looking for a needle in a haystack, but it doesn’t have to be.

In this post, we’ll teach you how to get a small business loan in Nigeria, so your small business can expand and truly reach its potential. If you are new to the business world, we will also talk about ways to obtain a loan for startup business in Nigeria.

Ways to procure loans for small businesses in NigeriaAccess to small business loans, especially business loans without collateral is not as common as most would think, but there are still a few safe and secure ways to get loans. We’ve outlined the main ones below.

Loan Apps

This is the fastest and most common way of getting a loan for start-up businesses in Nigeria. Loan apps usually take about 5 – 10 minutes to decide on your loan package and if you should be given a loan. Loan amounts range from ₦250,000- ₦10,000,000. Majority of the time, these apps don’t require collateral & offer collateral free loans for business. They only use your credit score to determine if you are likely to pay back.

Pros of loan apps

  • They are fast. 
  • They give substantial amounts of money
  • No collateral needed
  • No need to go to a branch. 
  • You only have to download an app.

Cons of loan apps

  • They often have only one physical branch
  • You may not get the amount you want. 
  • The app decides the amount it can trust you with.

Even though loan apps give some of the best small business loans, you still need to do your due diligence. Do not download just any app on the app store instead, check out this list we’ve compiled on the top loan apps in Nigeria and pick a loan app partner based on your needs.

SBA loans

The US Small Business Administration (SBA) doesn’t offer most SBA loans directly, but it partially guarantees loans offered through participating lenders. You can apply for different types of SBA loans depending on your business and how you plan to use the funds. Although the application and approval process can be lengthy, the guarantee can also make it easier to get a substantial loan on favorable terms, even if you don’t have great credit.The SBA 7(a) loan program is one of the most popular programs and offers up to $5 million in funding. In 2021, about 17% of SBA 7(a) loans went to startups.

The SBA 504 loan program could be a good option if you’re buying real estate or equipment, but only 10% of those loans went to startups.

The Community Advantage loan program is for businesses in underserved markets, and 45% of these loans went to startups in 2021.

The SBA microloan program offers up to $50,000 to start or expand a business, although the SBA doesn’t say what share of those went to startups.

The SBA also has a lender matching tool you can use to find participating lenders and compare loan offers based on your specific needs.

Banks

Before loan apps, banks were the number one place small business owners who wanted to grow their businesses go to get loans. Although they are trustworthy, loans from banks usually come with high-interest rates and a request for collateral. This often discourages startups from getting loans. However, start-ups can request business loans from banks, if the owners have a good track record and can provide sufficient collateral.

Pros of banks

  • Trustworthy 
  • You may get more loans as you build credit with them.

Cons of banks

  • High-interest rates
  • Lots of documentation and need for collateral
  • Long processing time

Government loan schemes

The Nigerian government has established a few bodies to help MSMEs and SMEs. Examples of these bodies are the Bank of Industry (BOI), Bank of Agriculture (BOA), Development Bank of Nigeria (DBN), Nigerian Export-Import Bank (NEXIM), and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

They were established to give grants, and low-interest loans to MSMEs and SMEs in Nigeria. Here are their pros and cons.

Pros of Government loan schemes

They offer grants or low-interest loans
They focus on MSMEs and SMEs
They sometimes offer collateral-free loans for business

Cons of Government loan schemes

Competition is high, so they are difficult to get

Crowdfunding

Online crowdfunding platforms can help you organize a campaign and raise money from strangers and people you know. There are four common types of crowdfunding: debt, equity, donation, and rewards.

With equity you’re raising money in exchange for a portion of your business, while with a loan or bond you’re taking on debt that must be repaid with interest. Donor crowdfunding, like GoFundMe campaigns, isn’t often used by startups because you have little or nothing to offer in return. But you could consider a rewards-based campaign and offer donors one of your business’s products or services in exchange for their contributions.

Online apps for small business loans

Loan apps in Nigeria are known for their speed when it comes to loan approval and disbursal. They don’t require you to go to a place or present numerous documents. All you need to do is download the app, sign up and request a loan.

This is especially good for small businesses that need money to sort out business emergencies or for businesses just starting out with no social proof and no collateral.

Here is a list of the top loan apps that give loans without collateral:

FairMoney MFB: FairMoney’s main appeal is that it is a full-fledged digital bank that gives loans of up to ₦3,000,000. This means you can sign up to get a loan on the FairMoney app in under 5 minutes and increase your chances of getting a higher amount by banking with FairMoney and enjoying other benefits. 

Here is a detailed review of FairMoney. Check out more details about FairMoney loans here.

Branch: Branch prides itself on offering quick collateral-free loans. They have over 10 million downloads and their loans require no documentation. 

Kuda: They offer loans called “overdrafts”. They can only be given to people who have been using Kuda for a while. The overdrafts typically accumulate a 0.3% interest daily.

RenMoney: They offer loans to both individuals and start-up businesses in Nigeria. Their loan offer is currently maxed out at ₦6,000,000Carbon: Carbon typically helps customers buy commodities and allows payback in instalments at a later date. The repayment period is usually 3-6 months.

These apps have made it possible for the average credit-worthy Nigerian to start and grow business/businesses in Nigeria.
What Are the 5 Areas of Personal Finance You Need To Improve On?

What Are the 5 Areas of Personal Finance You Need To Improve On?



One of the major reasons we fail to secure a financially stable life is because we are unaware of the things that we need to put in place to make it right. Having the basic personal financial skills is one of the most important things we can do to live a healthy and happy life. It is also important to know what the key areas of our personal finance is so that we can keep focus on while creating a road map for our financial well being.

In this article we will look at different aspects of personal finance to give an idea about how your complete financial picture should look like. The height at which you understand these basic will greatly impact your life. This article covers all you need to know about personal finance and all that relates to the subject.

Before deep delving into the topic, it is important to note that there are 5 areas of personal finance.  There are saving, investing, financial protection, tax planning and retirement planning, but in no particular order. 

What are the 5 areas of personal finance? The areas of personal finances are 5. 

  • Savings: You need to keep money aside as savings to cover any sudden financial need. 
  • Investing: Investing is important to grow money so that you can achieve what you aspire.
  • Financial protection: Now, financial protection through insurance ensures you and your family are able to sail through during the hard times.
  • Tax planning: With proper tax planning, i.e. making adequate expenditure/investment, you can bring down your taxable income, eventually saving a lot of money every year.
  • Retirement planning: Finally, retirement planning is crucial to ensure that you have a big bank balance meant solely for your needs during the twilight years.
These are the important aspects of a complete financial picture and we will discuss each of the 5 areas in full further detail: 

1. Savings: 

The need for sudden money can come at anytime. That is why saving money is important for a number of reasons. Firstly, it helps you to manage your expenses and avoid overspending. By setting aside a certain amount of money each month, you can ensure that you have enough money to cover your basic needs, such as food, rent, and bills.

Secondly, personal savings can provide a safety net in case of emergencies. It is essential to have some money saved up for unexpected expenses, such as medical bills or car repairs. By having a savings account, you can avoid going into debt or relying on credit cards to cover such expenses. It also provides peace of mind and reduces financial stress.

Thirdly, savings can help you to achieve your long-term financial goals, such as buying a house, starting a business, or retiring comfortably. When you set aside money regularly, you can accumulate a significant amount over time and use it to achieve your goals. 

However, such emergency events can be dealt with if we have enough savings to cover the need. As a thumb rule, the fund for your emergency needs should be three to six month of your expenses. 

2. Investing: 

The majority of people consider investment and savings to be synonymous. The point is they are different. Savings as we have earlier stated are excesses from your income after all expenses. While investment involves purchasing assets such as mutual funds, real estate, stocks, bonds, etc. with your money with the expectation to generate a rate of return. Investment comes with a lot of risks. This is because not all assets actually end up yielding ROI. 

Now talking in terms of investment, mutual funds are an excellent investment option if it is done right. However, while investing in mutual funds it is essential to be mindful about choosing the right fund for your investment, otherwise it might turn counterproductive.

Now what funds should one pick as per their financial goals?

Short term goals: The goals that need to be achieved within three years are short term goals. From saving for a trip to saving for a phone, there are multiple things for which one needs to arrange funds within this timeframe.

Mid-term goals: If you have set a goal for yourself that needs to be achieved within three to five years, for example downpayment for a house, it can be termed as mid term goals.

Long term goals: Milestone events like retirement, children education, their marriage, i.e. the goals for which the timeframe is minimum of 5 years are termed as long term goals.

3. Financial protection: We might have different dreams in life and create investment plans to turn those dreams into reality. But unless we protect them with a safety net, the same can turn into a liability. That safety net is insurance.  This is a wide array of products that you can use to guide against unforeseen occurrences. In the case of finances this is generally purchasing some type of insurance. Insurance is a means of protection from financial loss. It is a form of risk management, and it can be used to prevent the risk of a contingent or uncertain loss. There are 4 kinds of insurance we all need which I will discuss  below.
 
The Consumer Financial Protection Bureau was created to provide some financial education assistance and financial tools to consumers that desire to have the facts about financial matters. For more information visit, www.cfpb.gov.

1. Term insurance

It is a kind of life insurance that ensures that your family or dependents do not have to go through financial hardship if you die early. As compared to other health insurance products, the sum assured for term insurance is higher as against the premium amount. Now if you calculate it correctly, then you can account for day-to-day expenses of your family, a retirement corpus for your spouse, cover for your liabilities like – home loan, and children’s education in the sum assured.

2. Health insurance and Critical Illness insurance

Having health insurance ensures that you do not have to pay from your pocket in case you or any of your family members have taken ill. Health insurance covers all costs for treatment of the insured like hospitalisation, medication, pre and post hospitalisation expenses etc. Meanwhile you can opt for critical insurance along with your basic health policy. In case you are diagnosed with one of the critical illnesses mentioned in your policy, the insurance company will pay you the sum assured.

3. Mortgage Protection insurance

Mortgage protection insurance pays off your mortgage if you die during the term of the mortgage. It ensures the loan or mortgage for home, car, property etc. does not become a liability for your family, in case you die early.

4. Personal Accidental insurance

In case you meet with an accident and get seriously injured, or become partially or fully injured, the insurance company will pay the sum assured to cover the expenses for treatment and also loss of income. Meanwhile, if you die during the accident, the lumpsum amount will be paid to your family. The payable amount, however, is dependent on the fatality of the accident.

Having financial goals is very important to provide you and your family with financial freedom and security. The earlier you start having a financial plan, the better.

5. Retirement planning

Retirement is one of the most crucial stages our life, and it can be as blissful or as miserable depending upon how we have planned for it. It holds true for financial planning too. 

There are two aspect to consider when planning for retirement. First, is saving for retirement and second is, generating income from your assets during retirement. And, here are the two steps:–

1. Building a retirement corpus: Saving for retirement is crucial for two reasons majorly – loss of income and increased life expectancy. Let’s assume that you retire at 60 and live up to 85. How do you plan to fund your expenses for 25 years after retirement, at a time when you do not have any steady income? 

Plus, considering inflation, i.e. the rise in prices of goods and services for regular use, your expenses will be much higher after retirement than it is today. For example, if your monthly expenses are Rs 35,000 right now, it would be Rs 80,000 per month in 20 years, considering you would want to maintain similar living standards.

Now, building a fund as large as a retirement corpus is a lifelong process. So, the earlier you start saving, the better it is.

2. Generating income during retirement: As much as it is important to ensure that you are saving enough for your retirement while you are working, it is equally important that you channel that corpus correctly after retirement. Making the right investments will ensure that you have a steady income as long as you live.
Investment options for generating income during retirement: STP withdrawal/transfer from Mutual Funds, life insurance annuity, and rental income. 

Saving money is an important part of personal finance and can provide financial stability and independence. According to a rule of thumb, don’t spend more than you earn. The instant this starts happening, debt is imminent. Although going into debt can be very helpful. But this is when you borrow to secure an asset with the expectation of a return. 

The process by which you manages your personal finances is usually summarized in your financial plan or a budget. Having all the aspects of a complete financial picture in one frame ensures that your financial future is just picture-perfect.
How to Get Out of Debt Faster in 6 Months Strategies that Work

How to Get Out of Debt Faster in 6 Months Strategies that Work


The road to debt freedom can be tough. But remember, your future is worth the work you put in today. There are a lot of things you can do to get out of debt fast. But without the right plan, it’s hard to make progress and even harder to keep yourself from going back into debt later.

One of the quickest way to be debt-free is committing to filing bankruptcy, but you need to understand your options and the consequences that come with having a bankruptcy on your credit report. Read to the end to find out everything you need to know about bankruptcy.

Learn Budgeting

Your first step to be debt free is to build a budget to pay off  existing debts. It’s easy to lose control of debt when you’re not tracking your spending. Budgeting is a big part of staying out of debt, but it can also help you pay off debt faster.

You need to create a budget that gives you a clear idea of how you spend and save your money. If you have excess credit card debt, budgeting can give you valuable insight into where your income goes each month. Use a budgeting spreadsheet can also help track your spending habit for a month and to see where you can allocate more income toward repaying debt.

  • You can try to also incorporate a 50/30/20 budget: Meaning, you split your income into three categories: 50% goes toward your needs, 30% goes toward “wants” and 20% goes toward savings and debt repayment.
  • Zero-based budget: At the end of each month, your income minus your expenses should equal zero. This helps you account for every dollar earned, including debt repayment and savings.
  • Envelope budget: Categorize your spending into virtual “envelopes,” such as food, utilities and housing. Allocate your budget at the beginning of the month to cut down on superfluous spending.
  • Minimalist lifestyle: Cut regular but unnecessary expenses, such as eating out or gratuitous shopping trips, to maximize savings. Dedicate any remaining income to debt repayment.

You can also utilize an online debt payoff calculator to determine how much you should allocate toward your debt in order to pay it off within a certain time. This gives you a clearer image of how much you’ll pay every month and how much you’ll pay in interest in the long run. You can customize your strategy to pay off debt based on how much you can put aside each month.

You may able to reduce the cost of your borrowing, this will make repaying your debts cheaper and free up more money to pay off what you already owe.

Credit cards

You could also look at your credit card statement to see what you’re being charged in interest. Reducing the interest rate and amount owing on your credit cards will also help reduce your debt.

Improving your credit score can also help you get out of debt quick. When you have a low score, you almost always pay higher interest rates on everything from credit cards to personal loans.

If your credit score is high enough, you can make significant savings by transferring your debt onto a balance transfer card with a 0% credit period. This will enable you to focus on repaying your debt without interest charges boosting it further. You may have to pay a fee, but the savings normally outweigh this cost.

If you’ve previously missed credit card payments or have a lower credit score, you may not be eligible for a 0% balance transfer card. However, you may still be able to find a card with a lower rate than your current one.

With any balance transfer card, it’s important to remember that its purpose is debt repayment - that means you need to be disciplined and not purchase anything with the new card.

You should also look at how long your interest-free or discount period lasts and ensure you repay your debt before it runs out. Otherwise, you’ll start paying interest again, and simply paying the card’s minimum repayment is unlikely to be enough to clear your debt.

Loans

If you have a fixed rate secured or unsecured loan, you’ll probably have to pay to move to a cheaper option. However, it’s always worth checking.

Work out whether you could save money by moving your loan and then ask your lender how many monthly payments you have left and the outstanding balance. You should also check whether there are any penalties if you repay the loan early.

Increase your debt repayments

One of the easiest way to take control of your finances is to know exactly how much you owe, how much money you have coming in and, with luck, your outgoings are lower.

That means you should be ready to start focusing on your debts and using the money you have freed up to repay them.  

Pay off as much as you can each month. Not only will this speed up your debt repayment, but it will also save you money in interest too. Setting up debt repayments by direct debit can make sticking to your plan easier.

Stop taking on new debt

If you borrow money from one source to pay another, you’re shuffling debt around instead of paying it off. Sometimes this can be beneficial, like opening a new balance transfer credit card to take advantage of a 0% APR introductory period or consolidating your debt into a personal loan with a lower interest rate. 

When you are trying to pay down debt, you must stop taking on new loan. Don’t open new credit cards or apply for loans unless you have strategic reasons, and freeze all unnecessary spending.

Mortgages

A mortgage is likely to be your most considerable monthly expense, so if you can save money on your mortgage, it could make a big difference to the amount of money you have to tackle other debts.

If you’re currently on a standard variable rate mortgage, you could be paying more than you need, and remortgaging could be a simple way to reduce your monthly bills.

Remortgaging with your existing lender can be a good option because you don’t have all the costs of switching to another bank or building society.

An independent mortgage adviser will be able to explain your options and help you work out the exact cost of moving your mortgage. Remember, remortgaging is only worthwhile if it saves you money.

In all likelihood, you won’t be able to save money by remortgaging if you are on a fixed deal. This is because the penalty fees are likely to outweigh the benefits of a better rate.

However, you should still make a note in your diary so that you’re ready when your rate does run out. Then you can switch straight away and start making savings.

Make a grocery shopping list.

One of the easiest ways to save money at the grocery store  is to make a list. Whether you like to write down your grocery needs on a piece of paper or you prefer using a grocery list app. 

But here’s the thing about making a list: You have to stick to it. Especially if you're shopping with kids.

Once you’re debt-free: Learn how to stay out of debt

Becoming debt-free is a difficult task, so it’s important to build better habits going forward so you don’t find yourself in the same situation again. Stay out of debt by monitoring your budget, building your savings and working on increasing your income. 

It’s important that you don’t sacrifice your emergency savings for debt repayment. You should always be saving at least some money in an emergency fund. That way, when you’re hit with a big, unexpected expense, you don’t need to resort to taking out debt again.

Many professionals advise that you have between three and six months’ worth of expenses saved up in case of emergency. If that seems like a lot, start small; create your emergency fund by saving up one week’s worth of expenses, then one month, and build from there. Here are a few traps to avoid as you step your way to debt freedom:

1. Debt Consolidation

You’ve probably heard of it. And maybe you’ve even fallen prey to it. But hear us out: Debt consolidation is a bad idea.

With consolidation, combining your debts for a lower interest rate will make you feel like you’ve done something to help your situation. In reality, though, it’s only going to keep you in debt longer—because debt consolidation often means a longer repayment term.

The only form of debt consolidation we can get behind is for student loans. And that’s only if you consolidate your student loans the right way.

2. Credit Card Balance Transfers

Just like debt consolidation, credit card balance transfers will only offer you a temporary solution. Sure, it might give you a little extra breathing room in your paycheck, but it’ll keep you in debt for longer.

Why? Because you’ll be tempted to spend those “extra” dollars on something other than your debt. Remember, the only way to get out of debt fast is by throwing everything you have at it—until it’s gone.

3. Filing for Bankruptcy

When you don’t have enough money to pay the light bill or buy food, it’s beyond terrifying. But bankruptcy is rarely the answer. If you feel like bankruptcy is your only option, it’s time to slow down, take a deep breath, and remember there’s hope.

Bankruptcy is the last thing you should consider. Before you go there, do everything you can to avoid it. If you’re feeling like you have no other choice, please talk with a Ramsey Preferred Coach first. They can offer hope by walking you through other options.

Conclusion 

If you  are a low income earner, getting out of debt doesn’t have to be far-fetched. Follow these strategies will help in your journey of become a debt-free by eliminating those pesky balances. You could consider a debt consolidation loan if you have several debts with high interest rates to help you get out of debt faster. 

Taking action sooner than later will help you improve your credit score and get one step closer to attaining financial freedom.
10 Best Sales Strategies to Increase Sales Fast | Most Effective for Success

10 Best Sales Strategies to Increase Sales Fast | Most Effective for Success



A sales strategy is defined as a documented plan for positioning and selling your product or service to qualified buyers in a way that differentiates your solution from your competitors. A sales strategy is also a set of decisions, actions, and goals that inform how your sales team positions the organization and its products to close new customers. 

Sales strategies are meant to provide clear objectives and guidance to your sales organization. They typically include key information like growth goals, KPIs, buyer personas, sales processes, team structure, competitive analysis, product positioning, and specific selling methodologies.

Most of these guidelines are helpful for communicating goals and keeping your sales reps on the same page. Where most sales strategies fall short, however, is that they’re too focused on the internal workings of your organization. The actual skills needed to have winning conversations with buyers—along with the messages reps need to be successful—are merely an afterthought.

When you boil it down, the goal of every sales strategy is to make sure your salespeople hit their quota, right? And it’s the messaging element—what salespeople say, do, and write in order to create perceived value—that wins or loses the deal.

To truly be effective, your organization’s sales strategy needs to focus on customer conversations. These skillfully delivered conversations are what creates a distinctive purchase experience, demonstrates value for your buyers, and separates your company from the competition.

How do you create the best and most effective sales strategy? You can’t just hope someone will stumble upon your product and purchase it, though. But the only way a business succeeds is by earning customers and growing sales from that service, product, or information.

The problem is, most sales strategies are too internally focused. They succeed in documenting internal procedures but lose sight of the messages and skills your reps need to communicate value to your prospects and customers.

Consider the following insights when creating a sales strategy:

  • Research from SiriusDecisions shows that the number-one inhibitor to sales achieving quota is an “inability to communicate a value message.”
  • In corresponding research in which SiriusDecisions asked executive customers about the quality of interactions with salespeople, only 10 percent said sales calls provide enough value to warrant the time they spent on them.
  • A Forrester Research study revealed that only 15 percent of sales calls add enough value, according to executives surveyed.
  • The Forrester study also showed that just seven percent of surveyed executives say they would probably schedule a follow-up.
In this guide, we'll dig into some sales strategies and initiatives that can help you generate more leads and close more deals. If you can improve every step of your sales process by even a little, you can increase sales by a lot.

1. Clearly Define Your Customer

First, you need to know who you’re targeting. Who is the person who would most likely buy your product and buy it immediately?

Create an avatar of that customer. Ask yourself specific questions about them:How old are they?
  • Are they male or female?
  • Do they have children?
  • How much money do they make?
  • What are they interested in?
  • What are their priorities?
Knowing the answers to these questions will help you create more accurate messaging around your product and target the right audience in your marketing efforts.

Identify The Problem You’re Trying To Solve

When you’re sure you have a clear understanding of your ideal customer, their pain points, and their desires, then you can understand how you can help. This is commonly referred to as consultative selling, where you consult with the customer and find out what they need.

What problem does your product or service solve? How does it address the pain point of your customer?

If you have identified your customer correctly, and know how your product helps solve their problem, they’ll buy it from you. If, however, the customer you have defined doesn’t have this problem, they won’t buy your product.

All great success and all great fortunes come from serving people with what they want and are willing to pay for better than someone else. By adopting a “help” rather than “sell” mindset, you can understand how to serve people better and provide incredible customer service.

Try The 100-Calls Method

If fear of rejection is what’s keeping you from starting sales conversations, I have an exercise that will help you gain more confidence and generate more leads called the 100-call method. Reach out to 100 customers as fast as possible, either by phone call or personalized email.

The goal is to practice talking to people, not necessarily to see results — though that may happen!

When you do this, you’ll not only become fearless of picking up the phone but you’ll also learn how people respond to your pitch and become a better salesperson because of it. Just be sure not to sacrifice the quality of the call just to check it off your list.

You never know who could turn into a paying customer.
 
Utilize Ads

Sometimes it makes sense to spend money in order to make money, but it doesn’t have to take a lot. With the right ad, even a small budget can be effective and increase leads. You just have to know who your audience is, where you want to reach them, and for how long. Consider Google, Facebook, and Instagram ads, depending on where your customer is at.

When utilizing ads as part of your strategy to increase sales, it’s a good idea to run tests. Ad tests will help you learn the process of creating ads, help you better understand your audience, and ensure your budget is put to good use.

2. Speak to the customer deciding journey, not your sales process

A sales process is a set of repeatable steps that a salesperson uses to lead a prospect to purchase. Typically, the sales process involves several steps like prospecting, qualifying, discovering needs, negotiating, and closing. This would be an ideal checklist to follow if all your buyers were robots being taken through an assembly line. But that’s just not the reality.

Selling today isn’t a predictable progression that you’ve decided is how your prospects and customers should buy. What you’re really up against today is a Customer Deciding Journey—a series of key questions your buyers are asking as they look to address specific business goals.

Instead of being “program-centric” with a one-size-fits-all sales strategy, you need to be problem-centric, addressing the specific needs of your buyers as they arise with situationally relevant messages, content, and the skills to deliver them.

3. Implement a free trial.

Offering a free trial or freemium version of your product is a highly effective way to convert prospects. HubSpot’s sales strategy report found that free trials were 76% effective followed by a freemium option with 69% effective in turning prospects into paying customers.

Free trials give potential customers the opportunity to test your product out before committing. You can place restrictions on your free version like limited features or usage caps. In addition to providing prospects a risk-free chance to try your product, free trials also help build brand loyalty and expand your customer base. Prospects that have a positive experience using the free version will be more likely to convert to the paid version.

4. Increase Sales By Presenting The Product Effectively

Presenting your product effectively will help you increase sales by increasing conversion rates, the rate at which you convert leads into paying customers.

Your conversion rate is the measure of the effectiveness of your sales efforts. In order to help drive conversion rates, you need to work on developing your pitch in a clear, effective way. Here’s how to do that.
 
Develop Your Competitive Advantage

The odds are good that you’re not the only one selling your specific product or service. So it’s critical to be able to explain the benefits or results your customers will receive from purchasing your product or service that they will not get when purchasing the product or service of your competitor.

In order to develop your competitive advantage, you need to know what else is out there.

What are your competitors’ claims? What are the benefits they’re selling? How is what you’re offering different?

You should be able to express why people should choose your product or service over others on the market if you want to be growing sales.
 
Pick The Right Price

The price you set for your product or service is important. Not only does it affect your profits, but it also affects the perceived value of what you’re offering.

Before you determine it, you need to fully understand the costs associated with producing the product and get a feel for what your ideal customer would be willing to pay for it. You also need to know what your competitors are charging for similar products or services.

One of the best sales strategies is to beat your competitor’s price, however, you also have to make money. If you can make your product seem superior to your competitors, you may be able to charge a higher price. Keep this in mind and use it to help you set the perfect price.
 
Make Sure Your Messaging Is Clear

When it comes to learning how to market a product or service, clarity is critical. Pick one to two key benefits that your product offers and state them clearly in all the content that is part of your sales and marketing strategy. This will ensure the story you’re telling about your product is aligned across all of your marketing channels and your customers know exactly what it is you’re selling.
 
Market Content On Multiple Channels

As part of your ongoing strategy to increase sales, you should be continually seeking creative ways to improve your advertising and promotional efforts to reach new customers.

There are so many mediums out there including Twitter, Instagram, Facebook, LinkedIn, TikTok, Youtube, email, blogs, podcasts — even traditional print materials such as magazines and newspapers — that can get your message and product out to the right audience.

5. Provide a personalized, clear end result.

When customers come to your business, they aren’t necessarily looking for a product or service, they’re looking for their desired end result. These customers want to purchase a means to improve their own operation, or simply improve their strategies with the help of your offering.

After you explain your product or service offering, you have to personalize the benefits to each client in a way that’s valuable to them. If you’re selling customer service software to a small business that has no experience with one, it’s your job to educate them on its use in the setting of a small business, not to manage hundreds of employees in larger ones. By doing so they will have an easier time seeing how they can use it and spend less time debating what they’ll use it for.

By painting a clear picture of the end result, your customer will be able to see the value of the purchase and feel more inclined to accept the offer.

6. Be willing to adapt your offering.

In sales conversations, you should expect to come across clients with unique demands. It’s only natural when working with companies of different structures and needs.

Instead of saying “you won’t” or “you can’t” — make sure your sales strategy is adaptable to accommodate the customer’s desire.

7. Tailor your sales strategy for customer expansion

Most sales and marketing teams spend the majority of their budgets and effort on customer acquisition and demand generation. Meanwhile, the majority of your annual revenue likely comes from your existing customers, through renewals and upsells.

Nearly half of the companies surveyed by Corporate Visions invest less than 10 percent of their marketing budgets in customer retention and expansion. Clearly, your customers are highly underrated yet powerful growth engines within your company. And you shouldn’t overlook the potential of this untapped revenue stream.

The challenge is, retention and expansion require a distinct messaging and customer conversation approach. Existing customers are in a different position than your prospects—one that carries a unique buying psychology.

While customer acquisition is all about challenging the status quo to highlight the benefits of switching to your solution, customer retention and expansion require you to reinforce your position as their status quo. In fact, research shows that using a provocative, challenging message when you’re trying to renew or expand business with your customers will increase the likelihood that they’ll shop around by at least 10-16 percent.

8. Increase Sales By Investing In Yourself

Improving your ability to sell and convert interested prospects into paying customers is one of the most important things you can do to boost sales. There are many parts of the selling process and improving in even one of them can have a dramatic impact on your results.

Attend Sales Trainings

Some people are naturally good at selling; they can easily connect with a customer, find common ground, understand their desires, and persuade them to purchase their product. These skills don’t come easily to everyone, though.

In fact, the majority of salespeople have to learn, practice, and hone these skills over time to become successful. Even if you’ve worked hard to become the salesperson you are today, you’re never done learning.

Sales training can open your mind to new opportunities others have seen success with, allow you a chance to network with other creative salespeople, and even generate new leads or partnerships.

Learn How To Negotiate

At some point in your sales journey, you’re going to run into someone who wants a lower price or additional benefit, or a situation where you’ll have to compromise.

Learning how to negotiate can not only help you improve your relationship with your customers but can also help you drive more sales. The best negotiators look out for their customer’s best interests and find a solution that works for both parties.
 
Develop A Prospecting Strategy

The best salespeople have a plan to develop the highest quality and quantity of prospects that can and will buy within a reasonable period of time.

Prospecting is an essential part of successful sales strategies and something you need to prioritize if you want to increase sales.

If your sales strategy is lacking this critical component, or your prospecting tactics are falling short, I’ve created an essential prospecting checklist that will help you focus your attention on the prospects that will have the maximum return.
 
9. Enable ongoing situational training

Most training and learning efforts are based on a collection of competencies, supported by a curriculum and catalog that gets scheduled on calendar-based interest and availability. But what does that have to do with helping the company’s business strategy, responding to shifting market demands, and intervening to fix emergent needs when they arise?

To be as effective and efficient as you need to be today, your sales training has to rise to a new level of flexibility, customization, and situational relevance. Using a flexible, on-demand training model enables you to deploy it at a moment’s notice to solve problems as they occur, and tackle initiatives as they arise. Training your sales team for situational agility equips them with the messaging and skills they need relative to the customer conversations they’re having.

10. Increase Sales By Connecting With Your Customers

Establishing trust with your customers is key to ultimately persuading them to purchase what you’re selling. Even in an increasingly virtual world, there are many ways to connect with your customers, establish trust, and gain influence.

Here are three ways to improve sales by connecting with your customers.

Utilize Social Media

Social media is a free space where you can connect with your customers daily. If your customer is using social media, you need to be using social media. This will keep you top of mind when they consider what they want or need to buy.

As you use social media posts, such as photos, videos, and captions, be sure to provide valuable information; avoid talking “at” your customers and instead try to teach them or explain something to them that is in line with what your product or service is all about.

You can also use social media as a space to show proof that your product or service actually works, such as before and after stats, photos, or testimonials as well as videos of the product or service at work.

Don’t forget to respond to comments and answer questions. This is an amazing way to help sell to new leads.

Remember to be friendly and conversational as you approach your customers and potential customers in this space. If you use it correctly, you can establish trust and increase your leads.

Promote “Insider Information”

Everyone loves a good deal, and when they feel like they have the inside scoop on an upcoming sale, or receive early access, your customers will develop greater trust in and loyalty to your business. They may even buy more because of it.

This doesn’t only go for sales and special offers. Keep current and repeat customers in the loop with upcoming launches and business news too, and soon, they’ll develop a vested interest in the business.

Maintain Relationships

“Once a customer, always a customer” — this should be your motto if you want to learn how to increase sales in business.

Once a customer has purchased your product, it should not be the end of your interaction with them.

Focus on maintaining a strong relationship with your customer by making them feel valued so that they stick around, and get others to become customers as well. A forever customer will do more for your business than 10 one-time customers.
 
Implement A Referral Program

Everyone wants to feel appreciated, and a great way to make your customers feel valued is to reward them for referring their friends and family members.

Use future discounts, rewards points, freebies, special access, etc. to incentivize current customers to hold the flag for you.

Not only will this help maintain your relationship with your customers but it will also help you gain new leads who are more likely to purchase because they received a direct referral, all without any additional effort on your part.

Maintain a high-quality pipeline by eliminating unqualified leads.

Shopify uses the 4/5 Threshold to filter out unqualified leads, thereby allowing its sales reps to focus on selling to leads who have a higher probability of becoming customers.

When evaluating whether a lead is qualified, a rep must have a concrete answer to four of the following five variables:

Pain: Is the prospective customer experiencing a prominent business issue or challenge that requires them to make a change?

Power: Is the prospective customer directly involved with the decision-making process? If not, who is?

Money: Does our offering fall within their budget constraints?

Process: What's their buying process?

Timeline: What stage are they in the buyer’s journey? Will they purchase within a reasonable time frame?

With these  sales strategies, you will be well on your way to growing sales and increasing profits. Let me know what you think and what your best sales strategy is in the comments below. 
30 Best small business ideas you can start with less than 10K

30 Best small business ideas you can start with less than 10K

Planning to start your business but not sure where to begin? Statistics show that 5.4 million SMBs filed for formation in 2023 alone. However, starting your business requires setting a budget before you can start minting money.  

If you've also dreamed about starting your own business but are turned off by potentially high start-up costs, check out this list of the top businesses to start with $10K or less in the bank. I spoke to lots of people who've been successful with these business types, so you'll get some inside tips along the way.

Corporate Insurance Broker

Insurance brokers and insurance agents aren’t the same thing. Brokers tend to be licensed while agents often aren’t, and brokers can usually work with a wider range of insurance companies than agents can. Brokers generally can take on a higher level of risk, also, with the authority to analyze and make decisions about a potential client’s worthiness for insurance.

Going the broker route will give you more freedom to offer a variety of insurance products for various types of businesses. You’ll need that license though, so save some time and money to earn it. Once you’re licensed, you can take your services to local businesses with a considerable amount of credibility.

The key to finding prospects will be to network heavily. The local chamber of commerce, local business and trade associations of almost any kind, even online business meetups or local events such as fairs and school sporting events—they’re all opportunities to get your name out in the community.

You might also have to do some cold calling or visiting local business to prospect for business. It won’t be easy, and you might experience more initial success if you already have a lot of friends in the community where you live. But the reward could be very much worth it. This is a business that is hard to get started in, but once you get going you can build terrific momentum and profits as you build your clientele.

Dropshipping

Dropshipping is easily one of the easiest businesses to start as a small business. Its starting cost is around $1000 with a 10% to 40% profit margin depending on how you run it. You can earn up to $1M annually with this business model. With the increasing popularity of dropshipping, the industry has expanded quickly.

Tutoring Services

Students require help with their subjects all year long; it’s one of the most stable businesses and hardly requires an investment. Yes, you do have to gain experience and expertise in the subjects of your choice for them. Freelancing platforms like Upwork can also help you get started faster.

3D printing

A 3D printing business involves charging clients a set rate for access to printing or designing and printing your own products to sell. To start this business, you'll first need to purchase a 3D printer, which will cost approximately $1,000 to $6,000 based on the model chosen. 

To get started:
  • Purchase a 3D printer and needed materials
  • Determine if you'll create your own products or rent out your printer
  • Determine your pricing structure per object or per rental period 
Real Estate Agent

Becoming a real estate agent is relatively costly, as its starting cost lies between $5,000 and $10,000 on average, with a median income of $49,000. It would help if you also had licensing and certifications and fulfilled the requirements needed.

Hauling Business

The startup cost of trucks and trailers ranges between $5,000 and $10,000, and you can increase your fleet with time. Professionals in this business earn around $15-50 per hour, along with other expenses. You can also help eliminate unwanted junk and clean the area.

Digital Marketing Consultant

A laptop and an internet connection are all you need to get started with this profession. You will easily make $24k to $60k per client with a 10% to 40% profit margin. It depends on the quality of services, as well as the affordability with which you can maintain the business operations.

Tour Guide

If you become a walking tour guide, it will cost you as little as $2,000. If you want to make it more special, you can always use a vehicle that costs around $10,000. The best part is, you can charge up to $360 per person during the tours. Recovering your initial investment will not be a problem in this case.

Green Business Consultant

The startup cost for this business varies for regions but is under $10,000, with a commission potential of $1M/year. However, you have to gather knowledge about the following: 
  • The available technology
  • Green-minded contractors for installations
  • Conservation methods
  • Calculating return on investment
Personal Trainer

If you are a fitness enthusiast, becoming a personal trainer can be your most viable option. You may need to spend $5,000 monthly for most businesses and earn up to $96,000/year. You’ll help people achieve their fitness goals while earning a substantial amount for yourself.

Window Cleaning Services

Most of the essentials for window cleaning services are available in your home, and are also readily available and affordable. You can make anywhere between $50,000 and $75,000 per month, going up to $1M/year. It’s a great spin on classic housekeeping services and can help you get more payments.

Online Business Manager

As an online business manager or consultant, you need the following things to start: Management experience
Internet A laptop

There are some certifications to prove your skills, but you can constantly update them over time. You can help CEOs achieve tremendous industry success too!

Fashion Designer

The median income for fashion designers is around $65,000, but you can always get more if you have the skills and reputation. You will need sewing machines, fabrics, and measuring tape. Later, you can work your way up and grow as a business.

Local Delivery Service

As a local delivery service, the primary costs of businesses include the licensing and vehicle expenses/ This business has an estimated 32.6% CAGR 2021-2027. This allows small business owners to earn up to $1,200/week with services like UberEats.

There’s a profit margin of $1-8 on every delivery after paying your drivers. This kind of business may take slightly longer to take off, but it will be worth the effort in the end.

YouTube Content Creator

Starting a YouTube channel as a content creator is free. You may have to handle some startup equipment costs, but you can start with what you have. There’s a $.10 to $.30 margin on every video view. You can also make $3 to $5 per 1,000 views on your channel, depending on your location or region.

Search Engine Optimization (SEO)

You can start working in SEO with free tools and gradually work your way up. The top-rated industry professionals earn up to $150,000/year, making it a great small business idea. You can use different tools for the task, including: 
  • Keyword research
  • Improving site speed
  • Google My Business
  • Content marketing
Freelance Writer

As a writer, you can start for less than $100 and earn up to $150/hr if you have the skills and experience required. You can also sign up as a copywriter and provide various services to industries. Tools like Surfer SEO can help you optimize your content and start your writing business.

Rental Service for Equipment

The startup cost for the equipment rental service is around $15,000 (without heavy machinery). In this business, you can enjoy an average gross profit margin of 30% to 40%. The rental equipment business is popular in various industries, such as Home medical equipment rentals
Construction tool rentals
Cars, boats, and other rentals

Brick and Mortar Restaurant

A brick-and-mortar restaurant is one of the few businesses you can start for $10,000. These businesses may have various requirements, including health district inspections, insurance requirements, etc. Nonetheless, it’s a profitable SMB to get started with.

Starting a Food Truck

To start a food truck, you need around $10,000 and make your setup $1M per food truck. There’s also a $20,000 to $50,000 profit margin from these food trucks. It’s ideal if you like feeding people and want money.

Import/Export Business

Have you seen something while traveling abroad that you’ve loved and you thought maybe people back home would buy? Bring it home and sell it with an import/export business. (Or, take something you love here and send it abroad for the “export” part.)

In the Internet era setting up an import/export business is relatively simple. Pick what it is you want to import or export—one product, or at least one category of product—and stick with it. Get going with a website and a blog about the product you’re trying to sell. Learn everything you can about that product.

It gets a little trickier from here. You’ll need to determine where you want to sell your product, whether you’re importing one to sell here or exporting one to sell elsewhere. If you’re importing, you’ll need to find a supplier for the product. After you have a supplier, you’ll need a company that can ship your product back and forth, including a company that can clear customs for you. Once you have a sense of your costs, you can determine a price for whatever it is you’re selling.

I would first recommend that you try to wholesale your product to retailers online or offline and focus your business model on importing and sourcing. But you might want to try your hand at selling directly online too. In either case I would create an awesome looking website, with a lot of thought given to search engine optimization.

This is a business idea that will take some time to plan and execute. If you can get it up and running successfully, it can be a pathway not only to profits but also to excitement and getting to know fascinating people around the world. One of my friends started a business while still in college, importing goods from local artisans in Latin America into the US market. He grew the business to the point where he was using the entire available cargo capacity on some airline flights.

Become an Ice Cream Man

Everyone recognizes the ice cream man on the corner of the street. You can start this business for $10,000. However, it would help if you remember your target audience is kids, there’s a seasonal fluctuation at times, and all you need is a freezer on wheels.

Meal Prep Company

The starting cost of license and inspection is the most significant consideration for small business owners. There’s a $20 to $50/hour profit margin you can consider. You can create a menu and market it to your potential audience.
10 Basic Principles of Financial Management You Need to Know

10 Basic Principles of Financial Management You Need to Know

Whether you do all the work yourself, there are some basic money principles to be adhered to. It is also necessary to have answers to the following questions. What do you know about money? Do you understand money? Do you have a philosophy about how you use your money?

Experts say many people have little understanding about money; consequently, their finance are never in order regardless of how much money they have. Below are simple money rules that you need to know.

Differentiate between needs and want: Many people end up spending their fortunes on things they do not need. According to experts, everything that people really need revolves around foods, shelter and clothing. They stress that a key aspect of financial planning is the ability to differentiate between needs and wants. 

Unfortunately, they say many people fail to do so. While it is true that in today’s world many items, besides basic needs, are necessary, the decision to have your house fitted with classic painting by great artists at great expense definitely falls under wants. And they are many more examples like that. 

Even when people go for their needs, their decision is often informed by their want. For instance, while you need a bed to sleep in, you do not need one that has gold engravings or fitting all over. Many people spend money that way, on the things they want, believing that they are getting things they need and this can be a costly mistake because it amounts to money going to waste. To spend money wisely, always distinguish between wants and needs then go for the needs and ignore the wants.

Do not spending all your earnings: While this is self-explanation, many people find it impossible to spend less than they earn. But for you to keep your finances in order and to avoid getting into debt or running out of cash before the next pay day, if you do not spend all that you earn each month, you will have some cash to either pay off your debts or save. Now, the benefits of having some form of saving are numerous. Saving can allow you to invest, resolve emergencies and ease the financial pressure you feel when you run out of cash before the next earnings. Of course, the economic situation in the country has left some people with barley enough to feed, but many people have risen above such a challenge by adopting drastic saving tips.

More money may not be enough: For many people, the solution to their financial challenge is more money. While some of these people may genuinely need more money, experts say some others have enough nut mismanage it because they are financial illiterate. They do not differentiate between their wants and needs; they adopt a lifestyle that results in spending more than they earn, etc. Take time out to determine which category of money user you belong to, and if you believe that more money is what you need, then you need to know that there will be a time when you will realise that you did not need all those gadgets, cars or personal houses. When that time come, more money will hold no appeal.

Plan for the unexpected: Despite your best efforts, you’ll face some unforeseen emergencies along the way. Morris urges, “Save enough money and stock up on insurance to be able to weather extended unemployment, accidents, catastrophic medical care, large car or house repairs, and natural disasters.” Increasing the amount of money you save when times are good can help you manage the cost impact of bumps in the road, making sure unexpected financial exposure does not derail your long-term goals and your family’s financial security.

Money decisions have costs: It is important to note that every money decision you make, there is a cost attached. This means that by deciding to purchase one item, you are giving up another. By bearing this in mind and weighing both options critically, you are more likely to avoid making a mistake. For example, if you have N1m and you are to choose between the car, you need to know that the car did not just cost you N1m, it also cost you a plot of land.

Organize your finances: Organizing your finances is the first step to creating wealth. Credit cards, bank accounts, personal loans, brokerage accounts, mortgages, car loans, and retirement accounts — track everything. Budgeting software can provide complete solutions to track all such accounts, make on-time payments, and more. Jeff Morris, a certified public accountant in Bethesda, Maryland, points out: “Once you enter your accounts and balances into budgeting software, you will be able to spend less time getting organized and more time making sense of your situation.”

Budgeting: This is another simple but highly important principle; however, it’s one that a lot of people underestimate its importance. Budgeting provides a pathway to the first tip mentioned of spending less than your earnings. With budgeting, you also have control of your day-to-day finances, prioritise expenses, plan better for your basic needs and even unexpected needs and also act as a check to spending unnecessarily. Never underestimate the power of budgeting.

Keeping records:
This is another money principle that’s highly important, but the lazy man sees this as stressful and unnecessary. Keeping records of your financial transactions gives you better knowledge of your financial life, and that in itself is a financial victory.

Keeping records of your financial transactions would enable you know how effective or ineffective your budgeting is and how to correct the loopholes. It would also give you a clue on what’s actually consuming a gulp of your money and how to minimise it. Basically, you understand your financial position better when you keep records, and it’s even dire that some business people don’t see the need for record keeping.

Develop yourself: For you to get the most out of your money, experts say it is important that you spend some to develop yourself, you need to spend money to improve knowledge and to acquire self-management and communication or networking skills, which will not only help you to grow but enable you to manage yourself, your health and finances better.

Don’t try to impress others: When you try to impress other people, you are likely to cause financial problems for yourself. Because not only is such a move capable of making you to live above your means, it is also likely to make you invest in items you do not need. For example, there are people who have gone out of their way to purchase cars, only to find out that they cannot maintain them. Some of them are forced to sell the cars at a loss. The advice is that you live beneath your means, and develop a saving habit and in the future, perhaps when you are in your late 30s, you might be better off financially.

Also, avoid borrowing money. Of course it is easier said than done, but by debt-free, you stand a better chance to taking control of your finances and planning for the future. According to experts, if you can just live within your means for some years, you will be able to achieve a high level of stability.

Understand risk: The key to understanding return on investments is that the more you risk, the better the return should be. This is called a risk-return trade-off.

Investments like stocks and bonds that have a higher rate of return often have a higher risk of losing the principal that you invested. Investments like certificates of deposit or money market accounts with a lower rate of return have a lower risk of losing principal. Since no one knows the future, you cannot be 100 percent sure any investment will do well. Morris explains, “If you diversify your investments, one can go sour without severe impact to your overall portfolio.”

Diversification is not just for investments: Find creative ways to diversify your income. Everyone has a talent or special skill. “Turn your talents into a money-making opportunity. Investigate ways to make money from home and launch a home-based business,” Morris says. The extra income can supplement your full-time income or even result in an exciting career change. Good financial management software can show you how even a slight improvement in income can positively change your financial profile.

With these money principles, you would be sure to have a better guide to making better financial decisions and living a healthier financial life.