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You are here: Home / 2022 / Archives for July 2022

Archives for July 2022

How to Maximize ROI with a Loft Conversion – Home Based Business

July 25, 2022 by Asif Nazeer Leave a Comment

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Featured image by Klaus Wagenhaeuser

A loft conversion, even in the simplest form, will add value to a property. Functionally, loft conversions add extra space that can be used for a spare bedroom, home office, or hangout space. You could even turn it into complete, self-sustained living quarters. Financially, loft conversions can add the value of an extra bedroom onto a property. They also potentially conserve existing valuable garden space.

A loft conversion is a great idea when it comes to getting a return on a home improvement. However, there are certain things that can help to enhance that return on investment (ROI). Let’s take a closer look at how to maximize the return on your investment with a loft conversion.

RELATED ARTICLE: EXPAND YOUR HOME OFFICE TO BE MORE PRODUCTIVE

Consider Renting the Space from Your Loft Conversion Out

Renting the space out can give you an instant financial boost after having paid for the work you had done. Whether you rent it out nightly or monthly, you’ll get a nice bit of pocket money from letting others enjoy your conversion.

As a side note, if renting the space out is in your long-term plan, do let your loft conversion company know that during the design process. This is because features such as an en suite bathroom will be particularly handy in this instance.

Make the Best Use of the Space

Not every loft conversion return is financial. For homeowners, the return is very much functional, too. Choosing the right use of the space is such an important way to make sure you are feeling like you invested in the right home improvement.

Maybe you use the space as a spare room, whereas before you couldn’t have anybody to stay because of lack of space. Or maybe the room is the perfect home office, helping you to build on your freelance career or work more comfortably with your employer’s new hybrid remote worker arrangements.

By using the space in the best possible way, you can feel assured that you are milking it for every inch of use you can get out of it.

But let’s say you’re converting your loft solely for financial reasons so as to get the best possible return on your house. Even then, it is still important to consider the use of the space during the design process.

For example, think about what kind of buyers you are likely to attract. Discussing the potential designs with your chosen loft conversion company will help you to understand what is possible. Then you can match your target house buyer to the loft conversions that best slot into their desired use of space.

Young professionals, for example, are more likely to use the space as a home office or living space. They may benefit more from features like en suite bathrooms. Alternatively, young families are more likely to utilize it as a nursery, playroom, or extra bedroom for children as they get older. They may prefer more square footage or standing space ahead of other features.

Image by micheile dot com on Unsplash

Don’t Overpay Because You Don’t Want to Wait

Recent news headlines have mentioned that the cost of loft conversions have reached a new high. This is because nearly everyone wants to improve their home post-pandemic. You may be eager to convert, but don’t pay more than you should to get it done sooner. You’ll lose any potential return on investment this way.

Besides, costs are likely to level out at some point. Then waiting lists will decrease, too. This is especially likely as the housing market is thought to be taking a dive soon in response to the cost-of-living crisis.

Choose the Right Conversion

There are many different conversion types on offer. These include a dormer, a mansard, or an L-shaped loft conversion. You might also choose hip-to-gable, skylight, or combinations of any of these.

Choosing the right conversion is important. This is because it ensures that by having a loft conversion done, you’re getting the maximum aesthetic and functional appeal both internally and externally.

To help you make an informed decision, have your loft conversion company explain the differences between the different options that are suitable for your property. Ask them to include the price differences and any downsides to different options.

Ideally, you’ll want to see examples of different conversions on properties like yours. This can give you have a better idea of what the results will be. Foreknowledge will help you to make the right decision. You want to be able to choose a conversion that brings the best possible return both financially and functionally.

Choose a Trusted Loft Conversion Company

If you do not use a trusted loft conversion company you could find that the project takes a lot longer than it should. Or project creep could become an issue. Basically, in some way the results may not be as great as you were expecting. There could even be safety issues.

Obviously, these are all worst-case scenarios, but who wants to take that risk? With an investment like this, you’ll want to be sure you are getting the best possible results for your money. The only way to do that is by using a trusted loft conversion company. Choose a company that is transparent about their costs and timelines. Make sure they are communicative, have a proven track record, and are happy to answer all your questions.

Make Sure You Can List Your Loft Conversion as an Extra Bedroom

The value of a property goes up considerably for every bedroom. Potential buyers are willing to pay around £70,000 more on average for a three-bedroom property over a two-bedroom property. Moreover, they will pay nearly £200,000 more to go from a three-bedroom property to a four-bedroom property.

For this reason, it is important that you ensure that you can list your new conversion as an official extra bedroom when you have the work done.

There are certain regulations that relate to this. It is important to have your loft conversion company discuss these regulations with you, since you don’t want to just end up with the space. You also want to end up with your loft officially listed as an additional bedroom, too. Then you can realize the financial gain that comes from a loft conversion.

Add Extras to Your Loft Conversion If You Can

Extras like an en suite bathroom or kitchenette will be really useful in adding value to the space both financially and functionally. They aren’t always possible, but if the loft conversion company says they are, do consider those extras. They could be worth plenty in the addtional return they provide.

Get That Temperature Under Control

Some potential buyers may see a loft bedroom as a bit off-putting if you don’t have the temperature under control. Luckily, there are various options to help. These include certain roofing types, better insulation, window tinting, automated blinds, air conditioning, and added ventilation.

Show Your Garden Some Love

One of the areas you save when you have a loft conversion rather than a house extension, is the garden. This is actually worth a lot of money when it comes to selling a home.

One in eight households in the UK do not have a garden. One in five in London don’t either. What’s more, and we all hold our gardens a bit dearer post-pandemic.

By putting a little bit of time and effort into highlighting your garden when you sell it, you’ll be maximizing this asset as well as gaining from your new conversion, too.

Design It with a Unique Layout in Mind

One of the best ways to make a return on your investment when you have a loft conversion and then sell a home, is to ensure the interior design works with the uniqueness of the conversion itself. Sometimes buyers need help recognizing a loft conversion as the asset that it is, so you have to sell the dream.

To do this, don’t just jam any old furniture in there and give it a lick of neutral paint. Instead, you need to inspire, enhance, and present. You’re selling a lifestyle with a loft conversion, which means putting extra effort into staging the room.

Use colors that give a nod to the beautiful new views of nature in the surrounding areas. Play with natural light and sky views by placing features like roll top baths or hammocks underneath the skylights. Fill up a compact conversion with a huge, beautiful king-size bed and layer upon layer of texture and tactile soft furnishings.

RELATED ARTICLE: DESIGN A HOME OFFICE YOU ACTUALLY WANT TO BE IN

Why Not Take the Next Step?

If you would like more information on loft conversions and how they could enhance your property, speak to a local loft conversion company today. They will be able to speak through all your options with you so that you can get a better idea of what you can have done and the potential return that could bring. You can then capitalize on your investment by following some of the tips above.

Hopefully, with the right planning, conviction, and post-build measures, you can ensure that this exceptional new asset is as valuable as possible moving forward.

Do you work from home? Be sure to spend a little time every day reaching out to friends and family. Also, browse our blog from time to time for fresh insights, tips, and ideas to help you improve your workspace and your work life.

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5 Fresh Ideas for Your About Page to Attract More Customers – Business

July 22, 2022 by Asif Nazeer Leave a Comment

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Featured image by Igor Miske on Unsplash

An about page is a powerful marketing tool. It provides critical information about your business while also creating a platform for lead generation. A well-written about page on your website will assist you in developing a solid brand and establishing yourself as the authority in your field. Importantly, it will also attract traffic to your site.

This is why giving your about page the right structure is vital. On that note, here are five fresh ideas to help you attract more customers to your site.

RELATED ARTICLE: 9 TOOLS AND TACTICS TO IMPROVE YOUR SEARCH ENGINE RANKING

Craft a Compelling Headline for Your About Page

A headline on your about page can help grab your website visitors’ attention. Most visitors who click your about page are looking for solutions to a particular problem and hope to see you specialize in that.

Therefore, a headline summarizing your services is essential. It lets users know they are on the right site.

Your headline should be straightforward, catchy, witty, and benefit-driven. Let your users know you are here to aid them with their issues through your headings. Also, if possible, add subheadings to elaborate more.

Image from Unsplash

Tell a Story

An about page is incomplete without a bit of storytelling. You need to tell your customers about your business’s growth and problems over the years.

For example, a compelling narrative about the modest beginnings of your company or recent experiences you found amusing can win customers’ trust right away.

Spell out the difficulties and mistakes that prompted you to launch the business. You may also include what motivated you to start your product or services. Explain to website visitors why your product will make life easier for them.

However, it’s important to avoid gloating. In as much as your about page is about your business, if it is just a barrage of information about you it can become monotonous and uninteresting to readers. Stick with telling just the right stories about your business. This can make your website warm and realistic. It will draw people to your brand.

Post Pictures on Your About Page

Attaching pictures to your about page is an excellent way to attract customers to your brand. No matter how well-written your about page is, having only words there will not gain you the desired traffic.

To make your about page more attractive, you can create a collage of photos of your work activities, employees, yourself, and your company logo. These pictures should break up the text at intervals, creating a better user experience for your customers.

You can also include videos as they are an excellent addition to the mix. This will also make your page more engaging and give it a more natural and human appearance.

Social Proof

Customers are keen on finding out about your qualifications, experience, and work history before they contact you. In fact, this is often part of why they visit your about page in the first place. Therefore, your about page should be fact-driven and full of testimonies, press mentions, and any awards you have gotten.

You can also include content made by your customers or clients using your product. Additionally, honest reviews also add a nice touch. Customers are more likely to purchase your product if other customers have good things to say about it.

Additionally, the number of goods or services you offer and how long you’ve been in business can also affect customers’ purchase decisions.

RELATED ARTICLE: HOW WILL YOU RESPOND TO CHANGES IN CUSTOMER BEHAVIOR IN 2022?

Include a Call to Action

Once you have expressed yourself using the above-mentioned measures, you should conclude your page with a call to action (CTA). A call to action is a trade tactic that spells out an instruction for the reader to follow. For example, you might want to encourage them to click links that take them to a subscription form or a contact form.

So your call to action should appear on your page as a hyperlink that takes your customers directly to check out your products, visit your blog, sign up for your email list, start a free trial, or contact customer service.

RELATED ARTICLE: TIPS FOR IMPECCABLE ECOMMERCE CUSTOMER SERVICE

You can also attach your social media pages for customers to view more content from you. All CTA’s are essential in continuing a user’s journey after visiting your about page.

Learn more about how to optimize your website to attract more customers to you business. Bookmark our blog and visit us often.

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10 Sales Prospecting Tips for Your Business – Running Your Business

July 22, 2022 by Asif Nazeer Leave a Comment

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Featured image by Olivier Le Moal

New businesses usually apply multiple tactics to overcome the struggle of finding new customers. One of them is the sales prospecting process. This means taking a course of action that’s aimed at recognizing your future clients among many prospects and contacting them with a specific offer.

RELATED ARTICLE: HOW CAN YOU HELP YOUR SALES TEAMS BE MORE SUCCESSFUL?

The sales prospecting process is integral to most B2B businesses and requires significant work and research. Thus, most salespeople consider it the most significant challenge within their sales cycle.

How can one overcome the challenges of sales prospecting? First, understand the basics. Then consider prospecting tips and apply the best sales prospecting strategies used by experts today.

Don’t Know How to Prospect for Sales? Start with the Basics

Well, as you may know, prospecting in sales process means that a salesperson looks for the right person, does research, checks whether they are a fit, and reaches out to them. In this regard, the best sales prospecting strategies would tell you to focus on the following steps.

Know Your Market and Product

As your company approaches the customer to offer them the product, it is crucial to have enough knowledge regarding the product’s features, advantages, disadvantages, rivals, and solutions. The reason is simple: The better you know it, the easier it is for you to communicate your offer, answer questions and facilitate the customer’s process.

In terms of prospecting for sales leads, the following crucial information contributes to having a whole picture and allows determining points that will help your future clients.

Study the Customer

The best sales prospecting strategies would tell you to focus on the client, their needs, pain points, and recent events. It means that you should have a profile of your ideal prospect. What are your ideas on building such a profile? Well, you can take the existing ones, study them, and pick the common characteristics.

Also, a good idea is to determine what triggers a customer to buy from your company. For this reason, you will need to do some surveys. Additionally, such prospecting activities may require you to segment your audience then define several subgroups for further qualification.

Use a Qualification System

Prospecting for clients is impossible without a proper qualifications system. But what does this mean? To understand whether a lead is a match and whether they are worth your time and efforts, you can ask specific questions to qualify leads. What are these questions?

First, define whether your solution is applicable to their needs. Then eliminate deal-breakers, such as a lack of a customer’s funds or interest. Next, attempt to affect their decision with an appeal to authority. Finally, determine their level of interest or awareness. Having answers to these questions will allow you to segment your leads and focus on your most important targets.

Build Relationships

In any event, you should put the relationship with the prospect at the center of your prospecting process. That way, you can turn a prospect into a returning customer. The emphasis on providing value instead of relying only on instant selling will likely help you build community. Moreover, it will create a good impression that will benefit you in the long run.

Image by Mimi Thian via Unsplash

Learn How to Prospect for Sales Leads

These tips above on basic prospecting activities and ideas will help you to set up a working system. However, to make your system more efficient, you should consider the tips that will help you contact prospects better. The following ideas include such concepts as engagement, image, and expertise.

Connect and Engage with the Customer

Prospecting for clients requires you to build relationships and contact them.

So what are your options? Well, you should use your social media pages (or your company’s pages) and engage with prospects via posts, comments, and responses. The next step is to connect with them. You can call them by phone or write to them on social media. LinkedIn seems to be an ideal platform for this kind of work.

However, an even better option is to use a more formal communication channel such as email. In this regard, you can find email addresses by name or use your leads list or database.

Make Referrals the Key to More Leads with Sales Prospecting

In the sales prospecting process, trust is essential. That’s why you build relationships and engage before contacting. However, the referral can help you skip these steps. When you ask clients for referrals, the chances are high that you will get a prospect from a similar niche that your client is in and that they will trust you. Let your customers speak for you and encourage them to do so.

Establish Value

Moreover, prospecting for clients is impossible without producing value. Prospects seek solutions and help. For instance, people getting new positions would need new teams and new tools. For B2B companies, this is a chance to help them cope with new tasks, develop strategies, and produce solutions. Therefore, try to help instead of selling. Then you will likely get customers who will learn something new and help you in the future.

Develop Expertise

One of the sustainable tactics that experts rely on is to continually develop expertise. It only follows that if you are an expert, people will likely want to connect with you. When they do, you get access to their networks. This strategy works incredibly well on LinkedIn, where many businesspeople communicate and seek advice.

Moreover, you can collaborate with opinion leaders and become an opinion leader yourself. To do this, search for opinion leaders. Then create a list and use the GetProspect email finder to get their addresses and contact them. If you are producing guides or other materials for educating your prospects, you will get more credit and improve your chances of success in prospecting for sales leads in this way.

Level up Your Personalization Game for More Success with Sales Prospecting

Notably, your strategy would only benefit from personalized emails or messages. Why? This is because people love to be appreciated and recognized.

Personalizing your messages and emails means that you mention prospects by name or compliment their works, posts, or ideas that fascinate you.

Simultaneously, try to identify common problems that you both care about or common events that you both experienced. The goal is to elicit emotion and show that you are on the same page with your prospect. It is important, however, to be genuine. Don’t be weird or intrusive.

Apply Social Media with Its Opportunities in Mind

Lastly, as you have different channels at your disposal, it is essential not to forget about social media opportunities. For instance, some platforms, like LinkedIn, allow you to send targeted messages or even InMail. These are notifications sent to the prospect’s registered email account. This means that if you have qualified leads and they are interested in a purchase, you can use such functions as an alternative to traditional email marketing to contact them.

RELATED ARTICLE: HOW TO BUILD CUSTOMER TRUST

About the Author

Dmytro Kucherenko has more than seven years’ experience in business development. During the last two years, he set sales processes and built teams in international IT companies. Currently, he is head of sales in GetProspect. His colleagues describe him as a great communicator and negotiator, a result-oriented person, and a positive and inspiring guy to work with. Contact him on LinkedIn.

RELATED ARTICLE: HOW A SALES STAFFING AGENCY WORKS

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How to Expand Your Business Reach – Running Your Business

July 21, 2022 by Asif Nazeer Leave a Comment

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Successful businesses must continue to evolve and cater to a wider audience if they hope to have recurring periods of dominance in an industry. Focusing on your best strength is important, but it can also get stale. You have to find a way to expand your business reach and grow your customer base.

You can do this by introducing products in new spaces. It can also be by capitalizing on the internet revolution and promoting products in modern ways. Using social media and celebrity endorsements can be incredibly effective for sales.

This also means you need to figure out the logistics behind the changes. If you’re going to start delivering your food products and you didn’t do so in the past, you might need business auto insurance.

RELATED ARTICLE: GO GLOBAL: 6 KEY BENEFITS OF EXPANDING YOUR BUSINESS INTERNATIONALLY

If you’re going to cater to the TikTok generation, for example, bring in some people who have experience with this app. This doesn’t necessarily mean hiring all young people, but rather folks who are in touch with social media. We’ll discuss all the ways you can transition and transform your business so your competitors don’t pass you by.

Be Aware of the Times We Are Living In

The pandemic has been one of the all-time make-or-break scenarios for businesses. Industries that had never allowed their employees to work from home had to encourage them to do so. In order to maintain and sometimes even expand their business reach, restaurants had to start delivering food. They began doing takeout at a record rate. It showed that business expansion is sometimes about simply surviving. To do it, you have to adapt or die.

The internet is a key helper in all areas of business. If you’re an entrepreneur who is trying to expand right now, you have to use technology to grow your brand. Use video marketing on Twitter and Instagram. Start selling your products online at a faster clip. There are so many ways to get the word out that you are still open and still going to thrive.

Now that we’re fully engulfed in this “new normal,” businesses can start to go back to what they know how to do best. This means they have moved on from the survival stage and gotten to the expansion one. This is only if you paid attention to the technologies available to sell your products online. Once you are covered there, you can get back in front of people and begin building your business reach again.

RELATED ARTICLE: 3 VIDEO MARKETING TECHNIQUES TO INCREASE YOUR CONVERSIONS

Location Counts for Something in How Far Your Business Can Reach

You may have even noticed that certain areas of the world loved your products more than you ever could have imagined. If you have the capital, you can start to choose new business locations with retail stores and small kiosks.

RELATED ARTICLE: 5 THINGS TO CONSIDER WHEN CHOOSING A BUSINESS LOCATION

Think about the small details of your business, though, before you expand your reach into new physical spaces. Are there too many competitors where you are attempting to move in? Is the target demographic you want to sell to concentrated in this area? Putting more summer apparel in California is obvious, but other states like Colorado and Utah get good amounts of sun in the summer, too.

Looking at the factors that may get overlooked will aid you in your quest to expand. Don’t try to stretch too far, but also remember that being too conservative will mean others in your industry will put their products in these potential locations.

Expand Your Product Range

There’s moving into new spaces physically to expand your business reach, and then there’s moving into new ideas and creative fields. Selling is all about the rage at the moment. You may think the chicken sandwich at Popeyes is a fad, but if you’re in fast food, you need that item on the menu right now.

It’s why Microsoft and Sony dabbled in motion-controlled video games in the mid-2000s after Nintendo dominated the market with the Wii. Competitors dictate where customers’ minds and desires are. You must react to the flavor of the month or create a new one altogether.

Decide what you already do well, and then mix it up just a little. If you sell bathroom products, switching to a hamburger line is going to be a little too far for your customer base. They need to trust that you already have good merchandise in your area of specialty. Then you can use that good faith to go a little further.

Stay in the same relative sphere or industry. If you’re in food, stay in food. If you’re in apparel, think of different types of clothes to sell. It can be a fine line to discover, but using your intuition and being confident in your ability to understand what your customers want at this specific time is the only way to expand properly.

Think About New Expenses as You Widen Your Business Reach

The last thing we haven’t touched on is that expanding the reach of your business in these ways is going to cost a lot of money. Decide whether the potential profits outweigh the losses, and go from there. For example, many companies got involved in delivery services throughout the last two years.

This requires the decision to go through a third-party driver, like Uber or Lyft, or take on this responsibility yourself. Driving for business purposes is going to require a business auto insurance policy so you don’t suffer major losses in the case of an accident. You may not get the best rates if the agents you talk to know that you are new to delivery.

A history of car insurance claims can also affect your rates, as car insurance claims can stay on your record for three to seven years.

There’s no way to guarantee that your estimates of potential risks versus profits will be completely accurate. Sometimes you need to look at the market you are in. Also see what other businesses in your industry are doing to change their strategy and see how it works out for them.

Advertising is an area that costs a lot of money. If you can find cheaper ways to market your products this is the best way to cut down on expansion costs. Television advertising is still effective, but very expensive. As we talked about, paying for a simple social media post might be the better way to go. Make it unique but simple, so that it has viral potential.

Expand Your Business Reach in Ways That Work for Your Company

As long as you evaluate all the risks and benefits of expansion equally, there is no reason to fear the change that must occur. Businesses and entrepreneurs have to figure out new ways to succeed. And they have to decide where to stop the buck and do what they know is right for their company. This is how you can expand your reach efficiently and effectively.

About the Author

Shawn Laib writes and researches for the insurance comparison site TheTruthAboutInsurance.com. He wants to help entrepreneurs understand the details of business expansion and productivity.

To read other thought-provoking articles that can get you closer to your business goals, be sure to bookmark our site and visit our blog frequently.

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5 Industries That Were Transformed by the Internet – Business

July 20, 2022 by Asif Nazeer Leave a Comment

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Featured image by Pete Linforth from Pixabay 

There’s nothing more complex than the World Wide Web. Invented decades ago, the internet has transformed the way human beings communicate with one another.

The internet has allowed people in America to write letters to siblings who move overseas. It will continue to allow workers to maintain their employment remotely during a global pandemic. It has even let people order transportation and food from the comfort of their couch. The internet makes us all one click away from each other.

In the business world, this type of connection has meant industry change that wasn’t occurring in the 80s and 90s. For example, online auto insurance is now a thing. Moreover, job interviews don’t have to take place 50 miles from the prospective worker’s home. What other industries have been altered drastically by the way the internet dominates home and business life?

We’ll discuss the five biggest examples of this technology revolution, along with what they might look like as the internet continues to change and get bigger. Things like social media especially have contributed to this trend, and we’ll take a closer look at that.

#1 – Human Resources and Recruiting on the Internet

This industry encompasses every business sector. No matter what company or what type of work they do, they almost always have an HR department and a recruiting sector. These are essential to expanding your reach and growing both internally and externally.

The internet has fundamentally changed the very core of what these two departments do on a daily basis. Companies once did their recruiting solely through job ads in newspapers and radio airtime. Now, sites like LinkedIn and Indeed are two behemoths of the industry. Almost every company uses these websites for potential employment outreach.

Social media is another thing that every business needs to use to advertise potential openings. Hashtags and trending topics pages are littered with these offerings.

What’s more, if people don’t play the Twitter game with employment, both bosses and workers are missing out on their full potential. Your competitors will take valuable employees that you could be getting, and people looking for work will get beaten out by those who are aware of how important networking is to get a career.

#2 – The Restaurant Industry and the Internet

There’s starting and growing an online business, and then there’s taking a business that has nothing to do with the internet and going online to expand your reach. Not many industries have taken this idea and run with it more than the food and service industry.

RELATED ARTICLE: START AND GROW AN ONLINE BUSINESS: 5 TIPS

Before the internet, the only way to get dinner delivered to your door was by calling the pizza delivery guy down the road. Now, every restaurant in your area uses services like Door Dash or Uber Eats to bring you food at the drop of a hat.

It’s made eating wherever you want much easier, but also more difficult for the food industry. Drivers aren’t always treated with respect. People expect their items to come to them in an instant. It can be a little overwhelming for the people doing the work. But because the internet has made this the norm now, you really can’t survive without this business model.

The pandemic forcing people to stay home only furthered this evolution. Folks ordered takeout for every meal, wanting to stay home and quarantined away from others as much as possible. This is a great example of the way the internet has transformed the possibilities of staying safe and getting essentials during tough times.

#3 – Insurance Companies

Getting things like auto or life insurance has always been a little confusing when you first start shopping. In the past, you had to go to the insurance agent’s place of business and negotiate in a one-to-one setting. It could be a little intimidating. It also didn’t allow you to sit back and think about what you were going to buy for your insurance policy.

The internet has completely changed the way we shop and compare different insurance companies. You can quickly and easily compare rates online depending on what company you are thinking of. You can pay your bills online, and you can see how others compare their experiences to yours with online reviews.

Try to find a website that has a comparison tool so you can see the different rates through your own eyes. Talking to an agent online can still help build a good relationship in any home-based business, especially insurance. It can also be misleading.

RELATED ARTICLE: BUILD SOLID RELATIONSHIPS WITH CLIENTS IN A HOME-BASED BUSINESS

Raw numbers are available on comparison sites that simply weren’t there for the consumer even 20 years ago. You should always take advantage of this. It is one of the best internet innovations for customers.

#4 – Video Games and Streaming Services

We should touch on the entertainment sector now. Video games, movies, television, and similar entities have become multi-billion-dollar industries. The internet revolution has certainly been one of the biggest reasons for this expansion.

Taking video games outside of the living room and onto the internet has allowed people to make friends (and some enemies, unfortunately) with the fellow players they meet halfway across the world.

Watching television with the family was once a weekly occurrence. But services like Netflix and Hulu have expanded the intent of watching TV. Now people can access hundreds of programs any time of the day. If a TV producer doesn’t allow their show onto one of these platforms, it is difficult for it to survive in 2022.

These entertainment options have been heaven-sent during a time when people need social interaction through a remote setting, while they also they need convenience. They want to watch and play whenever they want. The internet allows that to happen.

#5 – Medicine

The internet has allowed people to access their medical providers in ways they were never able to do in decades past. During the pandemic, this has been more important than ever. Scheduling appointments online, and even interacting with your doctor during a Zoom meeting, have been popular during the pandemic.

The internet has given broader access to medical resources to the majority of the population. It will be exciting to see how the medical field will continue to use the web to grow its ability to help patients.

The Internet and Your Target Audience

As with any of the businesses we’ve talked about here, the ability to use tech in your company is directly tied to income inequality. If you are targeting customers who do not have access to a regular internet connection, it’s going to be difficult for them to use your services or buy your products.

The internet has transformed the world, but not everyone has caught up yet. Hopefully, someday that will change. In the meantime, we are going to continue to see more industries turned upside down by the relevance of technology and internet connection.

About the Author

Shawn Laib writes and researches for the auto insurance comparison site, AutoInsurance.org. He wants to help people understand how auto insurance ties into their everyday lives and business desires.

Are you looking for ways to give your business a boost and motivate yourself? Then bookmark our site and browse our blog regularly.

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4 Financial Benefits of Becoming a Remote Worker – Business

July 19, 2022 by Asif Nazeer Leave a Comment

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The pandemic has changed the world forever. A lot of people have lost loved ones, scarring them emotionally and leaving a hole in their families. Others have lost their jobs and had to change careers. This revelation has forced many employees to evaluate the other skills they possess. They find there are other work opportunities available, including becoming a remote worker.

Whether you had to find a different job or you were lucky enough to retain the one you had, you probably ended up working remotely for a long period of time. This caused many businesses to change the way their employees work. The abrupt change caused everyone to see that productivity can still be high from home.

There are a lot of financial benefits of being a remote worker as an employee. For example, car insurance when you work from home becomes a lot cheaper. You no longer have to worry about buying new dress clothes when you have a big presentation in front of your colleagues. You may even get some tax breaks if you are a freelance contractor.

We’ll discuss these perks and a few more. This will let you see the bright side of the remote working environment.

Say Goodbye to Restrictive Clothing as a Remote Worker

Being behind a computer screen for work has been very convenient and comfortable for employees. You often get to dress more casually as a remote worker. Many people have to spend hundreds of dollars a year to replace old dress clothes and garments for work, but this is no longer an issue.

Looking professional is still a thing for remote work, but it is much cheaper to only buy shirts. Nobody can see what you have below the belt when you are on Zoom. If you want to take it a step further and skimp on other methods of self-care, that will go over easier, too.

Women no longer have to put on all their makeup if they are going to be in front of a spreadsheet instead of their boss. Men don’t have to shave or put gel in their hair. You can skimp on these methods of hygiene and upkeep if you feel tired. This can save you money on the products that go along with these routines.

These tips don’t apply to everyone, obviously. Use good judgment when deciding how much your coworkers are going to see of you from behind your screen. If you are a teacher, for example, it’s probably a good idea to still look teacherly for your students.

Kids already feel confused about this remote school environment. Maintaining your familiar attributes for the class will make the atmosphere as normal as possible.

Say Hello to Tax Breaks for Contractors

This benefit usually only applies to those who do remote work as contractors or are self-employed in other ways. When you work as a freelancer, you can get several tax breaks depending on your working environment.

If you have a specific room you work from, and you have a computer that is only used for your job, see whether the IRS will give you a break on some expenses. These are items that are normally paid for by your employer. If you have to buy extra supplies for your job as a remote worker, it’s only fair that your employer reimburse you for those expenses.

There might be some loopholes for those who are working from home temporarily, but only if you communicate with the IRS. You are going to have to prove you are working for an extended period of time. You are also going to have to show evidence that remote work has been a financial hardship for you before getting a tax break on those extra purchases for work.

As a Remote Worker You Can Limit Your Driving

When you have to go into the office, one of the most tiresome aspects of the experience is driving in congested traffic. This part of a worker’s day is very stressful and adds a lot of wasted time to your schedule that could be better off used on more productive activities.

This is not only emotionally depressing but also damaging to a person’s finances. We often don’t realize how much cash we put into all the aspects of driving. For example, putting gas in the car is an obvious hit to the wallet. If you have a 50-mile round trip every day, you’re going to be filling up frequently. Working from home will save you thousands of dollars over several years.

A not-so-clear benefit of being a remote worker is that you can also apply for cheaper auto insurance rates. If you aren’t on the road very often, there is less of a chance you will get into an accident and have to file a claim. Make sure you let your insurance agent know about this lifestyle change so you can negotiate a more realistic rate you deserve.

There are also all the extra expenses that hang out on the fringe of the driving experience. You can say goodbye to going to the car wash every other week after spilling coffee on the seats. You also don’t need to buy the cellphone holder you had been thinking about putting into your car for your morning commute.

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Let Daycare Become a Distant Memory

Getting to work from home allows you to spend more time with your family. If your kids want to eat lunch with you or roughhouse a little during a break, have at it. This will create lasting memories that both of you will cherish for years to come.

It also means you don’t have to worry about spending money on daycare or alternative methods of watching your children. So many households no longer have a stay-at-home parent. This presents financial hardships. Who is going to watch your kids when they get home from school? As a remote worker, that answer can now be you.

Society’s digital transformation keeps you right in front of your kids and away from the expenses of third-party care. This will save you an enormous amount of money over time. You should be warned that this may take your attention away from your job, though. Make sure your productivity is still good while multitasking as a parent and a worker.

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Nothing is perfect, but the pandemic’s push for remote work has been happening for almost two years now. Hopefully, you have seen some upsides to this experience, especially as they pertain to saving money. Continue to find these small (or large) savings whenever you can, and maybe even ask to keep working remotely after your job goes back to the office.

About the Author

Shawn Laib writes and researches for the auto insurance comparison site, AutoInsurance.org. He wants to help families understand how they can save money in a variety of ways throughout the pandemic and the remote working experience.

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5 Luxury Items That Are Actually Worth the Extra Money – Success Stories

July 19, 2022 by Asif Nazeer Leave a Comment

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When you run a successful business, there are a lot of advantages to that success. You become aware of the economic factors that contribute to the environment we live in. And you become a lot more financially secure. This can give you the ability to purchase luxury items if you wish.

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Buying a luxury item to satisfy your need for a little bit of enjoyment gets a bad rap. People judge those who buy fancy cars and fabulous homes that are more than what they need. Others get jealous because they think these purchases are a rich person just trying to show off what they have and others don’t.

Sometimes, this stereotype is true, but often it’s not.

So how can you make some money for yourself and spend it in a fun and useful way? We’ll talk about the five luxury items that satisfy both of these qualities. What makes them special in this regard? What type of person might be able to buy these items? Let’s dive in and find out.

Hummers and Other Luxury Vehicles

One of the best ways to treat yourself to a nice set of wheels that also has efficient prices and realistic driving features is to buy a Hummer. Whether it’s new or vintage, the Hummer gets the job done.

If you want to go old school, you can think about buying the Hummer H2. This vehicle has great endurance and easy upkeep. It is also an easy vehicle to learn how to drive. Moreover, repairs don’t cost very much, and neither does Hummer H2 insurance.

If you have taken care of your Hummer, the price of insurance will be even better because there is less of a chance you will have to file a claim for repairs.

Vehicles get a bad rap for being unrealistic and unnecessary purchases. But as long as you do your research and find out which luxury and sports cars are durable and fit your lifestyle, there is no reason to skip out on the experience of owning one.

Luxury Kitchen Appliances and Hired Chefs

Many tech-savvy entrepreneurs make their businesses work from home. They have the luxury of not needing to go into the office to make their company successful.

RELATED ARTICLE: 5 PROFITABLE BUSINESS OPPORTUNITIES FOR TECH-SAVVY ENTREPRENEURS

But when it’s time to decompress after a long day in front of a computer screen, they might want to enjoy some food and drinks from their own kitchen.

If this describes you, then this is the time to spend a little money on the appliances in your home, from ovens and counters to even an outdoor setting.

Kitchens in your backyard are a nice luxury for those who live in sunny states. They’re for people who love to barbecue and enjoy grilling season. Their expense makes it hard for some folks to afford. But if you are a successful businessperson who needs to think about fueling up for your day with good eats, think about installing an outdoor kitchen.

Moreover, maybe cooking isn’t your thing. Not everyone is adept in the kitchen. There might be someone you can hire to cook for you at a reasonable price. They have the expertise and the skills to bring you healthy and good-tasting meals. Just make sure you remember your personal chef is not your servant. Pay them well.

Computer Equipment and Technology

This idea serves a two-fold purpose. You can buy computers and technology that will entertain you, and they will serve you well in your business endeavors. So, for example, when you’re negotiating your next affiliate marketing venture, it would be nice to do so on a new MacBook instead of your old desktop from 2013. A MacBook is a simple luxury that will serve you well.

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The new technology of 2022 has so much versatility that you will have a sleek-looking machine that can operate under any circumstance you need it to.

But if you are a gaming person, maybe look into a PC instead. Many of these computers have gained ground in other professional settings and the entertainment industry.

Maybe your luxury in this area could be a smartwatch or a new phone with various apps for both business and pastime usage. We all know how much this space has evolved in the last several years, and people with money can reward themselves with one of these items. Technology entrepreneurs will know better than anyone how important these pieces of tech are now.

Home Gyms and Exercise Equipment

Yes, you can sign up for a membership at a local gym. But why can’t you spend your extra income on some home exercise equipment? During the pandemic’s peak, this would have been an especially helpful item. It encourages you to stay active, and you don’t need to worry about any of the gym’s rules and regulations. You make the guidelines at your home gym.

Basketball or tennis fans can install their own courts for these sports if they have the space. This encourages you to have a larger social circle to invite people over and play these sports with you.

You don’t have to do anything too fancy if you feel you are going a little too far with your purchases. Just a couple of bikes and muscle machines are better than nothing. Being healthy will have positive effects on your ability to run your business, as well. Remember: Maintaining good health is no luxury but a necessity.

Playgrounds for Your Children

We’ve talked a lot about buying items for yourself. What about buying something your family will enjoy, especially your young children? Having kids is a joyous experience that crosses all lines of income. If you have the money to make your kids’ lives better, you should jump at the chance to use it on such things.

RELATED ARTICLE: HOW TO KEEP UP WITH YOUR BUSINESS AS A SINGLE PARENT

Building a playground for your kids is one of the best things you can do to make them happy. Young ones love having the world at their fingertips. They’ll want their friends to come over and play with them. Yes, they’ll brag about how they have something that others don’t. You can use this as a life lesson for them to see what financial success can bring them.

Purchase Luxury Items with Care

Whatever you decide to buy, make sure it has effective use in your daily life. If you buy something carelessly that you want just for status, it’s going to feel pretty shallow a couple of months down the road. Spend cautiously, but have fun.

RELATED ARTICLE: HOME IMPROVEMENTS: HOW TO ADD VALUE TO YOUR PROPERTY

About the Author

Shawn Laib writes and researches for the insurance comparison site QuoteInspector.com. He wants to help people understand how they can manage their money for business and personal gain.

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What Is the US Dollar Index and How Can You Trade It? – Capital Sources

July 19, 2022 by Asif Nazeer Leave a Comment

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The US Dollar Index (USDX) is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies. It was created in 1973 by the Intercontinental Exchange (ICE), formerly the New York Board of Trade (NYBOT) as a way to measure the value of the US dollar.

The index also includes the euro, the Japanese yen, the British pound sterling, the Canadian dollar, the Swedish krona, and the Swiss franc. In addition, on the ICE website, you can view real-time quotes for the USDX futures contract.

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What Is the Relationship Between the USDX and Other Dollar-Denominated Assets?

A higher US Dollar Index generally corresponds to a stronger US dollar. Moreover, it tends to be associated with lower prices for dollar-denominated assets such as commodities. Conversely, a lower USDX typically indicates a weaker dollar, often associated with higher prices for dollar-denominated assets.

How Do Traders Use the US Dollar Index?

The USDX can provide the forex trader with another tool in his belt to measure market moves. It does this by tracking the exchange rates of the other currencies in the index against the dollar.

As of May 2016, the euro made up roughly 57.6% of the USDX. Meanwhile, the yen, pound sterling, Canadian dollar, Swedish krona, and Swiss franc accounted for 13.6%, 11.9%, 9.1%, 4.2%, and 3.6% respectively.

The US Dollar Index Is Not a Benchmark

Some investors think of the USDX as a benchmark similar to the Dow Jones Industrial Average or the S&P 500. However, it is not. Instead, the USDX measures the value of the US dollar.

Can Investors Trade the USDX?

However, you can trade the USDX. The USDX is a traded futures contract on the ICE exchange. The contract is priced in US dollars per index point. For example, if the USDX trades at 90.00, and it costs $9,000 to buy one contract.

What Are Some Other Ways to Trade the US Dollar?

In addition to trading the USDX futures contract, there are several other ways to trade the US dollar, including:

  • Currency ETFs such as the PowerShares DB US Dollar Index Bullish Fund (UUP) and the WisdomTree Bloomberg US Dollar Bullish Fund (USDU)
  • Currency mutual funds such as the Rydex CurrencyShares Euro Trust (FXE) and the ProFunds UltraShort Yen (YCS)
  • Forex pairs such as EUR/USD and USD/JPY
  • Single currency futures contracts such as the Japanese Yen Futures (6J) and the Eurodollar Futures
  • Single currency options such as EUR puts and calls or USD puts and calls

Which of these strategies is right for you will depend on your investment objectives, risk tolerance, and trading style.

How Does ICE Calculate the US Dollar Index?

ICE calculates the USDX by taking the geometric mean of the dollar’s value relative to its component currencies. In other words, it’s a weighted average of these exchange rates.

ICE performs the actual index calculation using the following formula:

USDX = 50.14348112 × EUR^0.576 × JPY ^ 0.136 × GBP ^ 0.119 × CAD ^ 0.091 × SEK ^ 0.042 × CHF ^ 0.036

In this calculation as elsewhere, EUR, JPY, GBP, CAD, SEK, and CHF represent the euro, Japanese yen, British pound sterling, Canadian dollar, Swedish krona, and Swiss franc, respectively. And ^0.576, ^0.136, ^0.119, ^0.091, ^0.042 and ^0.036 represent their weightings in the index calculation.

The calculation of the USDX is expressed as a base value that was set at 25 on March 16, 1973. This is the date when the USDX was first published.

So, how would an investor trade using dollar index if the USDX currently trades at 100? It has increased four-fold in value since its inception. Similarly, a reading of 50 would indicate that the U.S. dollar has lost half its value relative to the ICE’s basket of currencies since 1973.

Note These Key Takeaways

  • The USDX is an index that tracks the value of the US dollar relative to a basket of foreign currencies.
  • It is not a benchmark index but rather a measure of the value of the US dollar.
  • ICE calculates the USDX by taking the geometric mean of the dollar’s value relative to its component currencies.
Image by Karolina Grabowska via Pexels

Here’s What to Know If You Want to Use Trade the US Dollar Index

Now that we know what the USDX is and how ICE calculates it, let’s look at how to trade using dollar index in trading.

First, it’s important to note that the USDX is not a currency pair. Therefore, investors and traders cannot trade it directly on the foreign exchange market.

Instead, the USDX is traded as a futures contract on the ICE Futures US exchange. These contracts are traded in units of 1,000 index points (or $1,000) and have a minimum tick size of 0.0001 (or $0.01 per index point).

For example, if the USDX is trading at 93.50, that means one contract is worth $935,000 ((93.50 x 1,000) x $1). A move from 93.50 to 93.51 would be a tick up of one point and a move of $10 (93.51 – 93.50) x 1,000 x $1).

It’s also important to note that the USDX futures contract is a cash-settled contract, which means no physical delivery of currencies takes place. Instead, traders receive any profits or losses in US dollars based on the difference between the contract’s settlement price and its price at expiration.

Choose from Among Several Strategies for Trading the USDX

Like any other futures contract, traders can choose from several strategies to trade the USDX. Here are a few of the most popular ones:

  • Long/short positions: A long position is one where you expect the value of the USDX to increase, while a short position is one where you expect it to decrease.
  • Bullish/bearish positions: A bullish position is one where you expect the value of the USDX to increase, while a bearish position is one where you expect it to decrease.
  • Momentum/contrarian positions: A momentum position is one where you expect the value of the USDX to continue moving in its current direction, while a contrarian position is one where you expect it to move in the opposite direction.
  • Hedging: Hedging is a risk management strategy that involves taking offsetting positions in different assets to minimize your exposure to downside risk. For example, if you’re long USDX futures, you could hedge your position by being short EUR futures.

Regardless of your strategy, it’s important to remember that the USDX is a highly volatile market and that prices can move quickly. As such, it’s important to use stop-loss and limit orders to protect your positions.

RELATED ARTICLE: CAN CURRENCY TRADERS BEAT INFLATION WITH HEDGING?

And Here’s a Quick Wrap Up

The USDX is an index that tracks the value of the U.S. dollar relative to a basket of foreign currencies. It is not a benchmark index but rather a measure of the value of the U.S. dollar. ICE calculates the USDX by taking the geometric mean of the dollar’s value relative to its component currencies. Finally, the USDX is traded as a futures contract on the ICE Futures U.S. exchange and is a cash-settled contract with no physical delivery of currencies.

RELATED ARTICLE: A BEGINNER’S GUIDE TO INVESTING IN RENTAL PROPERTIES

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How to Keep up with Your Business as a Single Parent – Business

July 18, 2022 by Asif Nazeer Leave a Comment

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Can someone be a single parent and successfully own and run a small business? The answer is yes, no matter how difficult it might seem. With the proper time management and resources, it is possible for single parents to own a successful small business while also being a good parent.

But being a single parent is no easy task. Holding the responsibility of raising and caring for a child by yourself can be difficult. At times, it may seem impossible. Children take a lot of effort and energy.

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As if that weren’t enough, life as the sole provider can be made even harder by a number of things. For example, single-parent car insurance costs more than coverage for married couples. Add to the mix that you’re the owner of a small business and it can seem as if a single parent just can’t win.

Owning a business is time-consuming and challenging. When you’re the sole owner of a small business, everything in the business falls on you. And if you’re also a single parent you’re getting a double dose of daily tasks that cannot be ignored or put off to another day.

Combining the two can seem like an impossible task. Can someone be a single parent and own a small business? Is it possible to properly care for a child while keeping your company afloat?

The answer is yes, no matter how difficult it may seem. With the proper time management and resources, it is possible for single parents to keep up with their small businesses.

Stick to a Schedule for Business and Parenting Life

Naturally, your business—especially if you own a brick-and-mortar location—has set hours. Or, if you work out of your home, you may have specific hours you prefer to work. While this on its own is a schedule, it never seems to be so simple for a small business owner.

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Most people who work for a company leave work and clock out at the end of the day. But a small-business owner’s day isn’t necessarily done just because their business is closed for the day. Some products may be running low, meaning you need to go to the store and buy more. You may need to do paperwork or finish orders you didn’t have time for earlier.

There are countless reasons a small-business owner’s day doesn’t end with simply clocking out. But when you are also a single parent, there are many moments when your child will also require more of your time than you might be able to give. Children get sick. They have needs. And sometimes they just deserve some quality time.

Finding a schedule that you can stick to is an essential aspect of ensuring that your are properly caring for your child while also successfully running your business. Though life can be unpredictable at times, it’s important to keep to some sort of schedule.

Perhaps you choose one day of the week to go shopping and stock up on products. On that day, you grab everything you know you need for the rest of the week. This can eliminate the need to make random store runs since you will be stocked with everything you need.

In short, creating a plan and following a schedule is your key to success. This will ensure that you are doing everything possible to keep your business running smoothly while also spending quality time with your children.

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Build a Support System for Your Business and Children

Having support from people you trust is an essential part of successfully owning a small business while balancing being a single parent. Knowing there are people you can count on in case of emergency is a massive weight off your shoulders.

Life can be unpredictable, and you don’t ever truly know what will happen. You may suddenly need to pick a child up from school. This could force you to close down your business so you can retrieve your child.

But having reliable relationships can prevent you from constantly having to choose between your family and your business. This is especially the case if someone in your household has non-owner car insurance. Then, that person can use your vehicle to pick up your child. This allows you to keep your business open and running without sacrificing your child’s well-being.

RELATED ARTICLE: A GUIDE TO INVESTING IN YOUR BUSINESS

Having a support system makes all the difference for single parents. It can seem impossible to run a business while caring for a child on your own, and that’s because sometimes it truly is. But having stable and reliable support in your life can make a huge difference.

Create a Business and Parenting Life Balance

Creating a balance between the portions of your life is the only way to ensure your business continues running efficiently while your child is adequately cared for. At times, this might even mean combining the two. If there are errands you need to run for your business, bring your child along. Then take them somewhere fun when you are done or treat them to their favorite meal.

You might feel like your child will be bored, but truly the experience is all that you make it. Create a game your child can play in the car between stops, or have them help you pick certain things out at the store. If you make it a fun time, your child will follow suit. This allows you to keep up with your business needs without sacrificing time with your child.

You can also bring your child into your business life, including them in little things around your work or assigning them small tasks to complete. You may even be surprised at how much they enjoy their time with you. Even better, you might even receive a heartfelt thanks when they’re older. Perhaps they will recount to you the fond memories they have of helping you keep your business running.

Don’t Sacrifice Either Your Business or Your Parenting Time

As overwhelming as it may seem, it is possible to be a successful small business owner while also being a good single parent. Though both jobs require massive amounts of attention, time, and energy, they can be done together, and done well.

Some days may be more difficult than others, but it’s important to remember what you are working so hard for—a business you’re passionate about balanced with quality time with your children.

Though everyone’s lives and needs are different, taking a few tips from this list and finding a way to work them into your own life may help keep you keep up with your small business without sacrificing your family’s needs.

About the Author

Alexandra Arcand writes and researches for the auto insurance comparison site AutoInsuranceEZ.com. She was raised by a single parent who owns a small business. She knows first-hand what it takes to keep a business running while balancing the rearing of a child.

RELATED ARTICLE: HOW TO GROW YOUR NEW BUSINESS INTO A SUCCESSFUL BRAND

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Essential Technology for a Successful Enterprise – Business

July 18, 2022 by Asif Nazeer Leave a Comment

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Since our world has been completely computerized, well-designed software is a key ingredient of any successful business venture. Proper software development will help you achieve your commercial goals more constructively, more quickly, and with lower investments of money and effort.

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In this post we explain the basic concepts of software development to highlight its significance for commercial ventures. However, this technology requires a lot of knowledge, skill, and experience. Therefore, unless you are an expert in the field, it is vital that you outsource the task. To this end, find a highly professional company that will help you come up with the best software solutions for your specific business purposes.

Techstack, for instance, covers the entire spectrum of software development. This includes UI and UX designs, back-end development, mobile applications, software testing, and quality analysis. In addition, its professionals have years of experience in catering for all types of businesses, from private startups to multi-national corporations. Moreover, they develop a product from A to Z, fully customizing it to the client’s unique organizational and operational needs.

The Basic Nature of Software Development

Essentially, software development involves numerous tasks related to the creation and maintenance of computer application programs, frameworks, and other software elements. The most common tasks include the initial conception, provisional specifications, and final implementation of software designs. It also includes software testing, documentation, and troubleshooting.

However, different business projects require different methodologies. For example, a developmental strategy that works well for one type of company may turn out to be totally detrimental to another. Therefore, the ultimate decision concerning the optimal software design will depend on the organizational, technical, marketing, and HR aspects of a particular enterprise.

This is why professional software development involves a considerable amount of research, close coordination with other departments in the client company, and constant modification work. And since, under normal conditions, marketing as well as macroeconomic factors remain in a constant state of flux, no software product should ever be considered as final.

Types of Software

There are four most common types of computer programs used by commercial organizations, as shown in the table below:

Stages of Software Development

There are many developmental theories and models, and your choice will ultimately depend on the nature of your enterprise, as well as on your short-term and long-term objectives. Nevertheless, all of them go through seven interrelated yet distinct stages, which we will briefly explain in this section. There is abundant empirical evidence that the following sequence is an optimal strategy for most types of software development.

1. Analytical Research and Planning

This phase of software development typically involves:

  • Coordinating the development project with other departments in your company to fit it coherently into your global business aspirations and needs
  • Assessing available resources and allocating them constructively
  • Establishing a timeframe for the project
  • Estimating the required investments to make the project as realistic and cost-effective as possible

2. Technical Considerations in Software Development

The most pertinent questions at this stage of software development include:

  • Which problems need to be addressed
  • What information is required for these purposes
  • Who will be using the software in question and why
  • Which additional accessories and tools need to be integrated
  • What security measures will be necessary in the process

3. Design Specifications and Prototyping

Essentially, this part of the software development project is concerned with the issues of:

  • Functionality
  • Aesthetic appeal
  • Operational flow
  • Optimal complexity of the required wireframes
  • User feedback channels

4. Actual Software Development

This is the most tedious as well as the riskiest yet immensely important part of any software development project. It is a lot more monotonous than the previous stages, and not as exciting as the ones that follow. Nevertheless, none of the stages in the sequence is of any use if no product is developed in the end. Moreover, only highly professional developers are capable of maintaining the level of concentration required for this part of the job.

5. Software Testing

Actually, testing takes place continuously throughout the process. So we could say that at this stage, the developers have a grand rehearsal and perform massive bug tracking.

6. Implementation and Troubleshooting

Now it is time to actually deploy the product and see it in action in real time. This stage also requires close coordination with the marketing and sales departments.

7. Supervision and Modification

No product is ever final: Customer expectations, economic conditions, and business aspirations change constantly. The developers must monitor these changes to update their software accordingly.

RELATED ARTICLE: REDUCE COSTS FOR PRODUCT DEVELOPMENT IN 4 WAYS

Conclusion

Needless to say, there is a lot more you should know about the subject before you attempt to perform the job yourself. We have only meant to provide a brief introduction to the field, as well as highlight the significance and complexity of proper software development.

Fortunately, there are plenty of professional and reputable development companies that can do the entire job for you, starting from scratch and covering all the essential components of the task. Moreover, their services will not stop at that. They will continue to monitor and upgrade their products to constantly facilitate and enhance your business activity, and all that for competitive and perfectly affordable fees.

RELATED ARTICLE: PRODUCT PROTOTYPE: MOST COMMON MISTAKES STARTUPS MAKE

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