Building a good credit score is important both for you personally and for your business. That’s because a bad credit score can make it difficult for you to access products such as credit cards or loans when you need them.

Perhaps you’re thinking about taking out a loan to pay an unexpected expense. Or maybe you want to invest in a business idea that you believe could be profitable in the long run. Whatever your motivation, getting a loan might not be easy if you have a bad credit score.

However, there is no need to panic. For example, installment loans could help anyone with obtaining the money they need. Moreover, you’ll just need to go through a few easy steps to apply online. In this article, we discuss how you can go about improving your credit to improve your chances of hearing a positive answer when you apply for credit or a loan.

Understand What a Bad Credit Score Is

Your credit score is based on the information in your credit report. This information includes the amount of your debt as well as your payment history and your current financial status. Moreover, lenders use your credit score to determine how much they will loan you and the interest rate they will charge you. If you owe a lot of money to lots of lenders and your payment history is poor, your credit score will be poor.

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Pay Everything on Time

Pay all of your bills on time. Full stop.

Paying your bills on time is extremely important if you wish to improve your credit score. When you pay your bills on time, you show lenders that you can manage your finances well. Your payment history is one of the most important factors for rebuilding your credit.

Check for Mistakes in Your File

It is a good idea to check your credit report regularly. That’s because when you do, you can spot fraudulent activity or mistakes on your report in a timely manner.

It’s pretty easy to check your credit. As a matter of fact, you are entitled by law to one free credit report every year. Moreover, accessing your credit report is important. That’s because if you do find a mistake, you can report it to the credit reporting agencies and get it fixed.

Don’t Make Multiple Credit Applications

Avoid making multiple credit applications, as this can affect your credit score negatively. Mainly, it makes you appear to lenders to be desperate to borrow money at a time when you should be scaling back.

Reduce the Amount You Owe

One of the most important things you can do to improve your credit score is to reduce the amount of money you owe. Therefore, not only should you pay your bills on time, but you should also pay more than the minimum payment as often as you can. What’s more, whenever possible, pay off the full amount to each and every creditor. As you decrease the amount of money you owe, your credit score will rise.

Protect Your Credit Score

Once you have cleaned up your credit and achieved a higher credit score, protect your credit by maintaining the good habits you developed while you were working to improve your credit.

When entrepreneurs talk about how to increase innovation, often the conversation turns to the development of new products and services. While that is certainly one aspect of being a more innovative company, innovation also means finding new ways to be productive and efficient with the resources you have at your disposal. Research also shows that the most successful businesses are those that are able to effectively merge speed and quality. And the trait most commonly associated with this magic combination is innovation.

Unfortunately, innovation is also commonly confused with creativity. Creativity can help increase innovation, but the true definition of innovation is a new idea, method, or device. An innovation solves a problem and makes an improvement. With that in mind, it is possible to increase innovation within your company and uncover the methods and ideas that will improve your chances of success. Implement some of the following ideas to increase innovation in your business. Then see how your company can become more innovative than the competition.

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1. Create Opportunities for Innovation 

Companies often stagnate because team members don’t feel as if they have a voice. Or they don’t think they have a chance to try out new ideas or innovative ways of doing things. One of the most destructive sentences to any enterprise is, “We’ve always done it this way.” And when your people are afraid to rock the boat, innovation is going to suffer.

Overcome this tendency by creating opportunities for your teams to explore new perspectives and ideas. It might be as simple as including time in staff meetings to bounce around new ideas. Or it might even be disruptive. For example, you could implement job swaps, in which people shift responsibilities on a short- or long-term basis.

Because new perspectives and experiences can drive an increase in innovation, invest in your employees as well by fostering their development. This might mean sending them to seminars or retreats. Or you could support them in earning an online MBA. Make the expectation of innovation a part of your culture. Then give your employees the tools they need to succeed.

2. Implementing “Silent” Days

Imagine a day without any meetings, in which your co-workers agree not to email or message each other or engage in any kind of chit-chat. You’d probably be extra productive, no?

Companies that have tried implementing “silent days” once or twice a week have seen productivity increase by 60-90 percent. Even better, by having uninterrupted time to work, employees have more time to experiment and come up with better, more efficient ways to do things. They aren’t stuck in a rush and thus have more time to think.

Try implementing a silent day once a week. Or just experiment with a silent afternoon to start, and see how innovation improves.

3. Create a Diverse Team

Different perspectives bring different ideas. All too often, companies hire people with similar skills and backgrounds. Or they create such a strong a corporate culture that employees tend to engage in “group think” and never really come up with anything truly innovative. Make a point of hiring people from diverse backgrounds. Additionally, create cross-functional teams that bring different perspectives and influence to projects.

4. Develop a Process for Implementing New Ideas

Supporting innovation doesn’t mean trying every new idea just to see what sticks. That’s a waste of time and resources. At the same time, employees should be confident that their ideas will be considered and implemented quickly if they are workable.

Develop a process in which employees can submit their ideas for consideration and quickly receive acknowledgement and feedback.

You also need a process for implementing new ideas. Some employers ask employees to provide suggestions for implementation as part of the innovation process. These employers also have a plan for rolling it out.

However you decide to go about implementing new ideas, the process needs to be transparent and as expeditious as possible.

5. Reward and Motivate Employees

Reward and motivation is a key aspect of employee retention and maintaining productive and happy teams. It’s no different when you are trying to support innovation. Applaud the efforts of your team to uncover new ideas.

Moreover, recognize the achievements of employees who come up with ideas that move the organization toward its goals. Everyone likes to be acknowledged for their hard work. Therefore, don’t forget to include that in your efforts to support innovation.

Increase Innovation in Your Company by Giving It Space to Thrive

Becoming a more innovative business will not happen overnight. However, when you create an environment that supports and rewards new ideas, it will become a part of your company culture. And your business will reap the rewards.

The festive season is here. What is your business doing to wish your customers happy holidays?

Your business has forged goodwill throughout the year by way of Facebook shares and other marketing activities. Therefore, if you plan well for the holidays, even more goodwill—and holiday sales—can come your way.

According to statistics from BigCommerce and LiveChat, websites have an average of 63% more visitors during the holiday season. What this tells us is that the holidays are an opportunity for you to grow your business and hit more sales targets.

In this article we give you a step-by-step guide for generating holiday cheer—and boosting your sales. So whether you and your customers celebrate Christmas, Kwanzaa, Hanukkah, the winter solstice, Festivus, or another of the many happy holidays that people around the world celebrate during December, you’ll be ready for the holiday season.

1. Write a Christmas Newsletter

Write a holiday newsletter and mail or email it to your customers. In it, let them know about the campaigns you will be running during the season. By all means, make it cheery and bright, and be sure to wish your customers happy holidays.

2. Create a Holiday Promotional Calendar

Create a promotional calendar to show clients or website visitors that you have something new to offer every day. If you have a brick-and-mortar store, place it near the entrance or the cash registers. If yours is an online store, place your holiday promotional calendar prominently on each page. Make your holiday calendar compelling enough, and people will be visiting your store every day of the season to shop for what you are offering.

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3. Design a Holiday-Themed Post

Design a blog or website post with a holiday theme. For example, write content that is relevant to your business but also has to do with Christmas or another of the happy holidays in December. Specifically, take advantage of the things you know about your target audience and write about those things.

4. Advertise Your Company’s Holiday Cheer

Advertise your company’s holiday spirit with spots on Google Ads or Facebook. However, be sure to stay within your advertising budget. Also, include calls to action to drive more sales and ensure happy holidays for your business.

5. Stay Active on Social Media

Take advantage of staying active on social media during this season. Use these platforms to reach your customers. Let your followers know about the promotional campaigns you are running and offers that you have in place. Target your activity mainly to the platforms where you know your target audience likes to hang out online. And again, be sure to wish your followers happy holidays frequently throughout the season.

6. Offer Holiday Gift Wrapping

Offer gift wrapping services if this works for your business. Going the extra mile in this way will be sure to bring more people into your store. You might be amazed at how many people will be willing to pay a small fee for gift wrapping. Not to mention the additional goodwill you’ll enjoy and the happy holidays you will foster among your customers.

7. Give Holiday Discounts

Since your competitors will be giving holiday discounts, you can hardly afford not to. Therefore, give 10% discounts on items that are not moving. Moreover, give 50% clearance discounts on products you don’t plan to carry forward into the new year. Remember that many of your customers have been looking forward to holiday discounts since the year started. Therefore, take this opportunity to wish your customers happy holidays with cheery discounts.

8. Decorate Your Place of Business

Decorate your store or your website for the holidays. However, keep in mind that decorating doesn’t have to cost you a fortune. But your storefront can express the happy holidays spirit, and the returns you’ll receive will be well worth your efforts.

9. Host Kid-Friendly Events

If possible, host events in your store that will attract parents with children. Parents will be spending most of their money for the holidays on their kids. What’s more, children are influential when it comes to parents’ shopping. Then, too, parents will appreciate having a place to shop where there is entertainment for their little ones.

If you have enough space, hire a clown to entertain the kids while the parents shop in your store, for example. Alternatively, hire a face painter or install a bounce house for a few days. Parents will get a break, and everyone will enjoy the happy holidays feel. What’s more, your sales are sure to get a boost.

10. Give Your Customers the Gift of Your Presence

Reward your most loyal customers with extended store hours during the holiday season. This will give them a chance to access your services more conveniently.

Let the Happy Holidays of December Boost Your Sales

The holidays represent a peak selling season all around the world. And as a small business owner, it’s your perfect opportunity to take your business to the next level. According to consumer insights, 34% more searches for shopping happen during the holidays. Follow this guide, and you will not only spread holiday cheer among your customers, but you’ll enjoy happy holidays yourself! Happy holidays!

Restaurants will always be in demand. What’s more, they will always provide limitless opportunities for an entrepreneur who wants to be a restaurateur. However, that would-be restaurateur will also have to be willing to put in hard work and resources.

The restaurant industry is a competitive one. But that’s not necessarily a bad thing. Competition is what drives businesses to perform better and find new pathways to success. If you’re interested in starting a restaurant business and being a restaurateur, this is your stop.

Usually, restaurateurs highlight three major activities that are necessary for launching a restaurant business:

• Market research
• Niche selection
• Development of a business document

But is there all there is to it? Let’s dive in and find out.

How to Start a Small Restaurant Business

As a restaurant owner, you can initially choose one of two options. One gives you a head start. The other will set you apart from the rest:

• Buying out an already established business and continuing its legacy
• Conceiving a completely new venture and building it up from scratch

Those who prefer to be up and running quicker may prefer the first option. However, if your intention is to realize one of your small restaurant business plans or personal visions rather than achieve a quicker ROI, the second would be preferable.

It is important to note that if you take over a business that was demonstrating a steady growth, it needs to continue functioning as it was. Granted, the desire to deconstruct and disassemble may be hard to resist. However, if the small business restaurant ain’t broke, don’t fix it.

Market and Niche Research for a Brand New Business

Analyze the market then consider your possibilities. The key thing to have in any restaurant is, obviously, the food. Opening up a restaurant with a menu nobody can prepare for you is not something that’s likely to end successfully. On top of that, your menu is also directly linked to your supply chain. If you’re situated in a suburb, expenses for contractors making deliveries could be costly.

Despite the fact that exclusive international cuisine is trendy now, you’re better off using a simpler template as your base. For example, consider a fast-food or a mid-level restaurant that serves regional cuisine. Less is more, and that applies like nothing else to a small restaurant business.

Once you have analyzed the market and completed your primary research, it’s crucial to distill everything down to its core with an actionable business template. This document should include the major elements that are required for any business to operate. That is, discuss your target market, competition, location, menu, staffing, marketing, branding, risk assessment, and equipment.

Moreover, no restaurant will function without furniture or kitchenware. Therefore, striking deals with manufacturers directly or distributors such as ArchiProducts, McDonald Paper or even KitchenAid is paramount.

Your small restaurant business plan is a fluid and flexible document. You should anticipate numerous revisions. Moreover, if you’re interested in expanding, wait until you’re firmly established and running well at your first spot.

Funding Your Restaurant Business

Once the planning phase is complete, you can procure funding in a variety of ways:

• Find an investor. Or better yet, an angel investor.
• Apply for a bank loan. As should be evident, financial institutions will only bankroll ventures which are sound from a business perspective and have minimal risks. Banks may also require you to put up collateral in the form of personal property or assets.
• Platforms such as GoFundme and Kickstarter have been known to help both business-related and altruistic fundraising causes. This could be a decent alternative if reaching out to an investor or a bank is not an option.
• Personal savings. Some entrepreneurs may have access to startup funds. Even though they don’t come with strings attached, you will be in charge of making sure that your business is sustainable.

Dynamics and Expansion as a Restaurateur

The first month after launch is arguably the most important one. That’s because this period will showcase your business’s potential. Two key components which are directly linked to the success of any business are customer service and marketing.

Even though it may be your business, it’s not wise to tailor it for yourself. You’ll be serving people with their own agendas, tastes, and inclinations. Your menu, along with customer relations, will need to reflect that.

Contrary to popular belief, brick-and-mortar restaurants don’t require inordinate amounts of marketing expenses in order to operate. Aside from the need to have a recognizable name and a presentable banner, you’re all set.

However, the digital world is a terrific place to generate leads. Moreover, contextual ads can be a decent place to jump-start your marketing efforts. On top of that, there’s the option to claim a free local business listing. That way, you’ll have a platform from which to speak with your customers and lend useful information without investing in a personal website.

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Conclusion

We’ve only scratched the surface, but hopefully you’re now aware of the risks and possibilities of being a restaurateur. The food industry is a continuously growing entity. Starting a small restaurant business is not without risk, but nothing worthwhile ever is.

Are you using green marketing? In other words, are you promoting your products in environmentally safe ways?

Today’s consumers want green products. However, businesses also need to pay attention to the ways in which they promote their products. Following are some ways in which you can make your marketing more environmentally friendly.

Use an Electronic Press Kit

An electronic press kit (EPK) is a pack of electronic promotional materials for a business or other organization. Once you have designed your EPK, you can send it to the media to promote your business or announce a new product or service.

Before the electronic era, businesses mailed press releases to members of the press. If you wanted to reach large numbers of people, you had to use lots of paper.

However, with today’s technology, an EPK makes for more effective marketing. Additionally, it’s easier for the marketer and safer for the planet. Plus, you can upload your EPK to your company’s website.

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Go for Green Packaging

Millions of companies transport billions of goods every day. Moreover, most of them use packaging that is non-recyclable or non-biodegradable. Just imagine how much cleaner our world would be if every business used green packaging instead.

Green packaging is made from materials that have a low impact on the environment. These materials use fewer harmful chemicals. Plus, they are recyclable or biodegradable.

When you use green packaging in your business, you send a message to your customers that your business is “going green.” Such a message is sure to improve customer loyalty and attract new customers to your business.

Use Electric or Hybrid Vehicles

Electric or hybrid vehicles are friendlier to the environment. That’s because they don’t release harmful gases such as carbon monoxide that can damage the environment.

When customers notice that you transport your products in electric or hybrid vehicles, they will view your company with greater regard.

Declare It Publicly

Publicly announce that your company is committed to helping the planet. For example, when you’re launching a new product, also announce your company’s intention to sell only green products. Additionally, tell everyone that you’ll promote those products only with green marketing.

Further, feel free to discuss your reasoning for going green. Describe the ways in which you are implementing your new green policies. In this way, you will be giving customers an idea of what they can expect from your company.

Publish E-Newsletters

E-newsletters give you a way of promoting your products without using paper and ink. You can still include the same contents and designs as before. However, your customers will appreciate this green gesture. Moreover, you’ll find that e-newsletters cost less than traditional marketing. Therefore, you’ll be able to use this green marketing tactic to stay in touch with your customers more regularly.

Be sure to let your customers know that the reason you’re now sending out e-newsletters is that your company is committed to green products and green marketing.

Use Vivipins

In your goal to promote your services and products in environmentally friendly ways, Vivipins can be a big help. That’s because lots of people love wearing a pin on many occasions or even every day. Plus, a Vivipin design will be less likely than flyers to end up as litter in public places.

Check out the wide range of designs and features at vivipins.com. Then design pins and badges to promote your latest products and services.

Green Marketing Makes Good Business Sense

Most customers prefer to shop with businesses that help to preserve the environment. Therefore, taking your business green makes good business sense. So as you stock your warehouse with green products, start now to promote those products with a well-planned green marketing campaign.

Image Source: Pixabay

When it comes to investing your hard-earned money, you have a number of opportunities, including investing in property. But is an investment in property all it’s cut out to be? Have things changed in the housing market so that a bricks-and-mortar investment isn’t as reliable as it was once thought to be? It seems so, according to experts all over the world, including Ken Fisher at USA Today. Let’s explore why.

Why You Should Invest in Property

It’s true that investment in property—especially your own home—can provide an anchor in turbulent economic times. It can provide you with a firm foundation for starting and running your own business, for one thing. Further, it could be the basis for the future of your family. But it’s also a reward in many people’s minds.

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A recent survey by Betway Casino in the UK asked people what they’d do if they won a million. According to their replies, 43% would opt to buy a house first. Meanwhile, 15% would pay off their existing mortgage. To have more than half the respondents thinking so rationally about gaining so much money shows just how important the public perceives property investment to be, and how lucrative it can be.

Indeed, despite the past several years of economic volatility, housing transactions have roughly remained the same. That is, they remain at 1.2 million per year according to the Financial Times. This is despite the fact that certain areas like London have seen a considerable slowdown. Nonetheless, the housing market maintains because people understand that investment in property is the key to a solid investment strategy.

The Truth About Buy-to-Let

Some may invest in property not to make a nest egg for their future and to build a home for their family, but to flip it over, renovate it, and rent it out. Renting out property, especially in a coveted city, could provide enough to cover both your mortgages and all bills, leaving your actual salary as extra income.

Ensuring you make your mortgage payments is key, though, especially if you have another house. Making money on top of this comes easily, however, if you have been diligent with location and renovations. Plus, some costs in buy-to-let can be offset against tax. This means renting out a property becomes more like a business than a side project.

However, the downside of buy-to-let in the UK is the stamp duty attached. This could prove to be troublesome if you don’t have the capital to begin with. Buy-to-let is useful mainly for those who already have money.

Image Source: Pixabay

Hidden Value of Home Investment

There is another bonus to owning property that is more flexible than a buy-to-let mortgage. Moreover, it has a lower barrier to entry. Founded in 2008, Airbnb allows people to easily rent out their properties for a minimal fee.

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The scope for travel and the ability to pick up a quick room means that some people have actually made as much as $1 million in ancillary income from renting their homes or just a room, according to Forbes.

Flipping Property

The same also goes for those with an eye for a bargain and for design. That’s because they can invest in a property to give it more value and sell it for more money. This entrepreneurship isn’t for the faint of heart, however. That’s because it requires a considerable amount of work. Plus, the risk-reward may end up only breaking even. Worse, it could result in a loss compared with the amount of work put in. But for those willing to take on the challenge, buying a house with the intention of renovating and selling it could provide another stream of income.

Is it Actually Better to Rent?

Having said this, some experts are weighing in with the opinion that it’s actually better to rent. Going against advice from wealth managers, some, including Emmie Martin, writing for CNBC, say that housing investments can be eschewed in exchange for renting. Some housing advisers argue that flipping houses and owning a house may not equate to more revenue. Moreover, if the area takes a downturn or the property is unmanageable, an investment property could even be a money pit.

The main essence of the “rent, don’t buy” advice, however, is to closely watch the market for the optimum time to buy. It may take more diligence, but remaining untethered by a house for a while might be wise. Meanwhile, you can do as much research as possible, finally landing a mortgage that’s just right for you.

The Property Market Is Changing

The housing market itself is expanding. People are looking for options such as eco-friendly housing or even smart houses. These trends are likely to change the landscape in years to come. Despite economic upheaval, young people are increasingly interested in owning their own houses and participating in the housing market.

Finally, investing in property forms the basis of financial advice from those with years of professional experience. Brick and mortar property remains one of the best investments that a person can make. Moreover, it is an investment that you can leverage for quite a lucrative sum if you work it right.

Photo by Worldspectrum from Pexels

It’s been one of the biggest stories in both business and finance all year. What is it? What does it do? Is it even real? And, what can it do for me and my business? Although it has been around for a while, a great deal of skepticism still surrounds cryptocurrency. Here, we bust five cryptocurrency myths to put your mind at rest.

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“It Doesn’t Actually Exist”

Well, no matter how many people repeat this myth, cryptocurrency does exist. It’s not an illusion or something intangible that others can trick you into wasting your money on. Generally speaking, though, you can’t use cryptocurrencies to pay for goods in a traditional way, at least not yet. Moreover, due to their more seismic fluctuations on the stock market, many people simply don’t want to buy in. At least, not yet.

However, cryptocurrency is real currency. Some people already use it to pay for real goods and services. And this makes it a fundamental aspect of the modern business world.

“They Just Aren’t Safe”

Buyers who invest in blockchain would certainly argue against this claim. In truth, blockchain is actually one of the safest methods of transaction ever created. Therefore, this is one of the cryptocurrency myths that needs to get busted.

Like any new market, though, and particularly a digital one, early cryptocurrencies like Bitcoin were susceptible to hacking. However, as the market has advanced, and technologies have progressed and adapted, cryptocurrencies have become a much more secure investment.

“They Are All the Same”

Are you confounded by all the cryptocurrencies with all their different names? That they are all the same is another of the cryptocurrency myths. What’s more, it’s a big reason why businesses are still uncertain about cryptocurrencies in general.

As the market grows and evolves, more and more cryptocurrencies arrive. As a matter of fact, 2,486 were being traded as of November this year.

To be clear, different cryptocurrencies actually carry different purposes. For example, some, like Bitcoin, are designed to be spent as currency. However, another cryptocurrency with a notable name, Ripple, speeds up money transfers and international transactions.

Image Credit: Pixabay on Pexels

“It Is Not Regulated”

Along with safety and security issues, this is one of the cryptocurrency myths that keeps people feeling cautious about cryptocurrencies. As a matter of fact, fewer than 3% of Brits have bought any cryptocurrency. However, while this “myth” is technically true, regulations are on the way. Moreover, the market already looks after itself very well.

In fact, countries like Japan have made Bitcoin legal tender. Moreover, other major countries have made no moves to ban cryptocurrencies altogether. Cryptocurrencies are still taking shape and will continue to develop, and denying cryptocurrency altogether would be a poor move for governments. That’s because this would signal a lack of interest in growth, innovation, and technology.

“It’s Easy Money”

Certain parties will try to sell you cryptocurrency in this way. However, that doesn’t mean you have to buy in.

On the other hand, some investors have made some serious gains. However, as with anything else on the stock market, you can win and lose very quickly. While cryptocurrencies are changing and adapting, they tend to be volatile on the stock market. Therefore, never invest more than you can afford.

Learn What’s Real and What’s Just Another of the Cryptocurrency Myths

To keep up to date with the world of cryptocurrency, see the cryptocurrency news at BTCNN. There you can learn about what’s happening. You can learn what’s real, too, and what’s just another of those cryptocurrency myths.

While many successful small businesses are born from great business ideas, a passion, or a hobby, it usually takes a lot of hard work, perseverance, determination, and drive to start a business and keep it going. Here are some of the best and worst small businesses to start in today’s economic climate.

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Best Small Businesses to Start: Little to No out-of-Pocket Costs

Affiliate Marketing

Affiliate marketing involves promoting or advertising another person’s product in order to earn a commission. However, some methods of affiliate marketing, like pay-per-click advertising, can be costly. On the other hand, if you are proficient at writing, or you can afford to outsource the writing, you can drive traffic to a website, product, or service through article marketing.

Ride-Sharing

Ride-sharing is another profitable small business. Since most people own a car, you can utilize your vehicle to act as a taxi service in your area. To apply, simply download the ride-sharing app. Then add your vehicle information, driver’s license, and car insurance information. Once the ride-sharing company approves you to drive, you will receive notifications on your phone when someone near you needs a ride.

Reselling

Many people earn a sizable income by reselling products on a variety of selling apps and online auction websites. You can quickly and easily earn the capital you need to start this type of business by selling unwanted clothing, electronics, books, and trinkets from around your own home.

Once you have accumulated the money to start your own business, pick up items from yard sales, outlet stores, garage sales, thrift and consignment stores, and estate sales to resell for profit.

The Best Businesses to Start: Channeling Your Talents

Online Tutoring

If you have a background in teaching or are good at a particular subject such as math, reading, or science, you can earn a competitive wage by tutoring students online. There are a large number of structured online websites that hire qualified candidates to teach students in a virtual environment. You can also advertise in your local community to tutor children in person.

Virtual Assistant

If you have a basic home office and a background in clerical or administrative work, you can contract with a variety of established companies to work as a virtual assistant. Popular online recruitment sites always have available virtual assistant jobs posted.

Pet Sitting

If you have a passion for pets, offer dog walking, pet sitting, and boarding services. Advertise your services online for free on job board, contract-for-hire, and classified sites. You can charge by the hour or by the service for basic pet care. If you live in a populated area, you can earn a full-time income by doing what you love: spending time with a variety of furry friends.

Home Cleaning

Transforming a cluttered space is one of the best small businesses to start if you have a passion for cleaning and organizing. Offer a competitive hourly wage by posting an ad online.

Worst Small Businesses to Start: A Large up-Front Investment

Pet Supply Store

Even if you have a passion for pets and the expertise and experience to back it up, a pet supply store requires far too much up-front capital. What’s more, it offers little chance for success, even in a thriving city. That’s because not many people want to make a special trip to a pet supply store to pick up specific items unless the item cannot be purchased online, at the vet’s office, or at a grocery store.

Travel Agent

If you have a passion for travel or have worked in the tourism industry in the past, you may have thought about opening up your own travel agency. However, budget-conscious travelers now scour the Internet to book their airfare, hotels, and car rentals. Travel agencies can still assist with luxury cruises and all-inclusive vacation packages. Generally speaking, however, the industry is in significant decline.

Clothing Store

When it comes to the worst small businesses to start, many people may be surprised to find that clothing stores are at the top of the list. Not only do you have to have the capital for rent, utilities, insurance, and maintenance, but you also need a huge investment for inventory.

Unless you are selling hard-to-find, high-end apparel and accessories in a major city, most consignment, thrift, and overstock stores simply cannot offer competitive prices. That’s because they have to beat the large retailers, big box stores, and huge online retailers.

Restaurant

While some may disagree, the absolute worst small businesses to start are restaurants. The vast majority of independent restaurants fail within five years. Most go under because of lack of patronage, constant staff turnover, poor management, and undesirable locations.

Blogging

Making a full-time income from a blog is almost impossible. It’s true that there are successful blogs with a steady stream of traffic. Most of these are in a popular niche topic, and this can bring them monetized ads. However, these blog writers had to work hard for many years in order to make a full-time income.

Conclusion

Entrepreneurship, self-employment opportunities, contract-based work, and home-based businesses offer flexibility, freedom, and unlimited earning potential. However, you must be prepared to work hard in order to reap the benefits.

Most self-employed people work 20 to 30 hours more per week than most full-time people working in a corporate environment. This is especially true during the crucial initial start-up phase of the business. However, if you persevere and remain motivated and focused, you can have a successful and thriving business.

As 2018 comes to a close, business experts are turning their attention to the trends we can expect in the coming year.  The payment processing industry is no different. As a matter of fact, several trends are starting to take shape in that industry. These trends will undoubtedly change the way businesses take customer payments for years to come. As you begin making your own plans for the last year of this decade, keep an eye on these big trends.

1. Increased Adoption of Mobile Payments

The idea of mobile payments isn’t necessarily new. However, it hasn’t always been popular. Nonetheless, after a few years of consumers being slow to adopt the technology, it’s beginning to catch on. In fact, researchers predict that by 2020 more consumers will use mobile payments than credit cards in stores. This will take mobile payment revenues from around $75 billion to more than $500 billion.

Experts attribute much of this growth to the fact that mobile payments appeal to younger shoppers. Moreover, both Generation X and millennials are expected to overtake baby boomers in terms of population in the next few years. Therefore, businesses that wish to remain competitive will need to embrace mobile payments.

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2. Mobile Wallets Become More Popular

With more people willing to use mobile payments, it only makes sense that mobile wallets are also becoming more popular. Services like Apple Pay, Android Pay, Google Wallet and Samsung Pay make it easy for customers to make payments without taking out their wallets.

It’s not just convenience, however. That’s because mobile wallet payments are actually more secure. This is mostly because the payment information is encrypted. Moreover, consumers must provide authentication to make the payment.

Again, businesses wanting to remain competitive in 2019 need to consider using mobile wallet technology.

3. Increased Emphasis on Customer Experience

As more people switch to using mobile payments, the emphasis on user experience is also increasing. Consumers expect a seamless, simple, and efficient experience, without any complications. This means that payment processors need to be more focused than ever before on user experience in 2019. In other words, they need to make the payment process not only simple and intuitive but even enjoyable for customers.

Keep in mind that most younger consumers don’t see mobile payments, online digital payments, and other alternative forms of payments as replacements for existing methods. Instead, they view them as enhancements and improvements on the way that things used to be done. Therefore, your focus in credit card processing needs to be on improving the customer experience. You want to give your customers an experience that will make them want to continue using these forms of payment and feel satisfied and secure doing so.

4. The Use of AI for Fraud Detection

Criminals are becoming more sophisticated all the time. This means that payment processors need to also increase their efforts to fight fraud. One of the increasingly common tactics is the use of artificial intelligence to detect fraudulent transactions and protect consumers.

According to one survey, 61 percent of financial services companies are either already using AI or plan to adopt AI technology by mid-2019. These companies will use AI for data analysis and for identifying potentially fraudulent activity. Using AI to spot unusual activity, suspicious transactions, or odd customer behavior is quickly becoming the industry standard. Therefore, payment processors should develop plans to implement these protections if they haven’t already.

5. Increased Adoption of Biometrics

Finally, AI-based fraud detection is not the only means of increasing security in payment processing. Expect to see more adoption of biometric authentication for making payments next year. This will include the use of fingerprint technology and facial recognition. Several mobile wallets already offer biometric authentication of purchases. However, expect to see increased demand for payment processing equipment that is also equipped with the technology for use with in-store purchases. Biometric authentication is both more reliable and more cost-effective than passcode-based authentication. Moreover, it reduces loss to both customers and businesses. Therefore, it’s likely to start building more steam as a security measure in 2019.

Some Final Words About Payment Processing Trends

These certainly aren’t the only trends that will be taking hold in the payment processing industry in the coming year. However, they are bound to be the most disruptive. As technology improves and more people become comfortable with different forms of payment, the entire payment processing landscape is likely to look very different 12 months from now.

For both small and large companies, expanding overseas is a significant step. What’s more, it’s a step that could make or break the business.

However, it is important to understand that the process can be a laborious one requiring planning and attention. Expanding overseas will require the company to obtain new permits. Additionally, they’ll need to find a new target base. In order to do that, the owners will need to research the market overseas and understand its trends.

Start by Doing a Deep Dive into the Market Before Expanding Overseas

Before starting the expansion process, identify your competition. To do this, make a list of related firms that work in the same business area.

Small companies have a single chance to have a successful expansion. In order to succeed, they must bring to the market a unique product or a service that fills an existing gap.

The key to success is to launch a high-quality product and list it at a competitive price. Therefore, complete an in-depth analysis of the market and your company’s competition. This will help you to understand if your products and services have a chance of finding buyers in the new market.

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Do You Have a Business Plan and an Expansion Strategy?

Foreign business markets have unique features. Each one has its own cultural, economic, and governmental conditions. It is imperative when you’re expanding overseas that you to develop a strategy that accommodates these nuances. To this end, your business plan must meet local requirements.

1. Establish your objectives.
2. Develop the strategies you will use in the long, medium, and short terms. Set reasonable goals for each.
3. Determine what the business structure will be. In other words, do you want to have an overseas sales office, a branch, or a different company?
4. Establish your budget for the expansion.

In order to cater to the specific audience you will address overseas, establish your regional strategy as well. The companies that are considered competitive brands have greater chances of success overseas. That’s because their name will already be known by prospective customers.

Do You Really Need to Set up a Company?

When expanding overseas, companies have two options. That is, they can set up a legal entity. Or they can use a professional employment organization (PEO) to hire their staff on their behalf. When they choose the latter option, they won’t need to set up a new company in order to conduct their business operations.

Normally, for small companies, experts recommend that they use employment solutions. This strategy will help you minimize legal risks and costs. For a foreign company, it is a challenge to operate in a new jurisdiction. Importantly, most small-business owners don’t know about the regulations they must meet. This can put them at legal risk.

However, a professional employment organization will enable you to hire local or foreign staff without the need for setting up a company. The PEO will manage all of your employees’ legal and administrative requirements. This will include:

• Local labor contract signatures
• Monthly payroll
• Tax compliance
• Visa requirements (if any)
• Mandatory contributions
• Medical insurance

Moreover, they will ensure compliance with the latest local employment requirements and laws. Meanwhile, while your employees will be able to focus on developing your business

Global employment solutions enables foreign companies to hire employees without having to establish a legal entity in the country they want to expand to. In short, this solution will allow you to outsource all HR and administrative requirements so that you can conduct your business.

Check the Local Regulations

Every country has its own packaging standards, legal requirements, tax codes, and business regulations. It is your responsibility to respect them when expanding overseas. Therefore, establish your finance and tax infrastructure in advance. A great way to understand the steps you should follow is to learn about the strategies other companies have used in that particular market.

Additionally, ensure that you have complete information about the regulatory requirements of the area. Further, verify that you have the necessary permits and documents in place.

What Is Your Go-to-Market Strategy?

In order to convince your new target audience to choose your brand you will need a comprehensive and cohesive marketing strategy.

• What your average pricing will be?
• How do you want to deliver the products?
• What marketing programs do you prefer?
• Which sales strategies do you want to use?
• What brand image do you want to offer?

Every company that plans to enter a new market, especially an overseas one, should determine if they want to use the parent brand. Alternatively, they could create a new brand there. Establish this aspect from the beginning. That’s because you will have to promote the brand on the market before you launch. Depending on the brand, you will need marketing plans for both online and offline methods.

Finally

In order to capture people’s attention in a foreign market you need to understand whether your new audience is more inclined to be price-conscious or quality-conscious. This knowledge will determine your marketing strategy.

Some companies choose to deliver customized forms of the same product for different markets in order to meet the particular requirements of each. This strategy will help you to be successful when you’re expanding overseas.