small businesses http://www.wisebread.com/taxonomy/term/20145/all en-US 5 Business Lessons From These Child Entrepreneurs http://www.wisebread.com/5-business-lessons-from-these-child-entrepreneurs <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-business-lessons-from-these-child-entrepreneurs" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/two_boys_dressed_as_nerds_smiling_with_mind_reading_helmets.jpg" alt="Two Boys Dressed as Nerds Smiling with Mind Reading Helmets" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Kids inspire us to look at the world differently. Their insights and optimism help us find the best in ourselves and in others. This unbridled belief in their ability to make an impact also makes them inspiring entrepreneurs. If you've ever had a business idea and doubted yourself, let this short list of kid entrepreneurs erase your fear and teach you the lessons you need to build the business of your dreams.</p> <h2>1. Mikaila Ulmer, founder of Me &amp; the Bees Lemonade</h2> <p>Imagine taking a painful experience and rather than growing bitter, you get better. That's exactly what happened to Mikaila Ulmer. When she was four years old, she was stung twice by a bee. That would make many people afraid of bees, or at least dislike them. Instead, Mikaila was fascinated by them. Those bee stings gave Mikaila a mission: to learn about bees and their role in our ecosystem. In the course of that research, she learned that bees were dying at an alarming rate.</p> <p>Simultaneously, Mikaila also received an old cookbook from her grandmother that contained a recipe for flaxseed lemonade. She took that recipe, added local honey to it, started selling it at events, and donated a portion of her profits to help save the bees.</p> <p>Today, <a href="https://meandthebees.com/" target="_blank">Me &amp; the Bees Lemonade</a> is going strong, flying off the shelves at Whole Foods and at many other restaurants and stores nationwide. And Mikaila? You can often find her speaking and educating people about bees and our ecosystem at events and on panels, and running workshops to save the bees. Her motto is &quot;Buy a bottle. Save a bee.&quot;</p> <p>Her lesson to us: Find the silver lining. Spin an unpleasant experience on its head, look at the situation from a compassionate, curious perspective, and use what you learn to build a successful business.</p> <h2>2. Neha Gupta, founder of Empower Orphans</h2> <p>Imagine that you have the tradition of giving gifts to others to celebrate your birthday. That's the tradition in Neha Gupta's family. Every year, to celebrate their birthdays, her family members travel back to their hometown in India to give presents to orphans.</p> <p>Neha wanted to do more than just provide gifts to orphans. She wanted them to have the resources they need to create a better life for themselves as they get older. To fund this effort, she made and sold wine charms door-to-door and at community events. The wine charms became so popular that she attracted the attention of corporate sponsors who also supported her effort.</p> <p>With the success of the wine charms, Neha started a nonprofit organization called <a href="http://www.empowerorphans.org/" target="_blank">Empower Orphans</a>. The organization has raised over $1,000,000, and Neha has won numerous awards for her work, including the International Children's Peace Prize.</p> <p>Her lesson to us: A rising tide lifts all boats. Passion for a cause can drive success not only for you, but for others as well.</p> <h2>3. Bella Weems, founder of Origami Owl</h2> <p>A few years ago, my mom gave me a locket to celebrate the opening of a play I wrote and directed in New York City. It's a metal locket with a glass center that has a charm inside. My charm depicts the tragedy and comedy faces associated with theater. It's a beautiful locket and I was so intrigued by how unique it is that I looked into the company that made it, <a href="https://www.origamiowl.com/" target="_blank">Origami Owl</a>.</p> <p>I learned that it was created by teenager Bella Weems. She wanted a car of her own, and rather than help her get one, her parents told her to find a way to earn the money to buy a car for herself. Bella always loved making jewelry and was particularly passionate about locket necklaces and bracelets. Origami Owl was born!</p> <p>In just two years, Bella had turned her passion for jewelry making and her desire to have a car of her own into a multi million-dollar direct sales business. Since then, she's empowered others to be designers and supported other kid entrepreneurs by being what she calls a Force for Good.</p> <p>Her lesson to us: Sometimes, entrepreneurs are born out of something as simple as wanting a new car. You never know what life event will spur you to create something successful. Then, when you find that success, pay it forward.</p> <h2>4. Moziah Bridges, founder of Mo's Bows</h2> <p>Are bow ties fashionable? In the hands of Moziah Bridges, they certainly are! Hailing from Memphis, Tennessee, Mo founded <a href="https://mosbowsmemphis.com/" target="_blank">Mo's Bows</a>. Mo learned how to sew from his grandmother and mother, and his very first ties were crafted from vintage fabric he found in his grandmother's closet. His bow tie designs have been so successful that he recently inked a licensing deal with the NBA. His next goal? He wants to finish school in Memphis so he can attend Parsons School of Design in New York City, and develop his own full clothing line by the time he's 20.</p> <p>His lesson to us: Follow your creativity and perfect your craft. Produce a quality product you are proud of, and success will ultimately follow.</p> <h2>5. Lily Born, founder of Imagiroo</h2> <p>The best products are born from pain points: That's a main tenant in product development. Find something that ails you or someone else, create a solution, and build a business around that solution.</p> <p>Lily Born saw her grandfather struggling with Parkinson's disease. One of the primary difficulties for people with Parkinson's is the tremor that makes their hands shake. Lily's grandfather was having a hard time holding and drinking from a cup because of his tremors. She designed a cup that wouldn't tip over and would prevent her grandfather from spilling his drink.</p> <p>She found this design was also helpful for her father, who was prone to spilling his coffee on his computer when he was working. The seed of her future company, <a href="http://www.imagiroo.com/" target="_blank">Imagiroo</a>, was in that original cup design. Her cups are now available in a durable plastic material with comfortable grips and in a wide variety of fun colors.</p> <p>To encourage all of us to imagine a better world through better products, Lily also created the <a href="http://www.imagiroo.com/invention-workbook/" target="_blank">Invention Workbook</a>. It walks readers through the invention process, and is available for free on her website in PDF format.</p> <p>Her lesson to us: Don't overthink it. Sometimes, the answer is right in front of you. Solving a common problem with a simple solution is often all it takes for a business to flourish.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" data-pin-save="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2F5-business-lessons-from-these-child-entrepreneurs&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2F5%2520Business%2520Lessons%2520From%2520These%2520Child%2520Entrepreneurs.jpg&amp;description=5%20Business%20Lessons%20From%20These%20Child%20Entrepreneurs"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/5%20Business%20Lessons%20From%20These%20Child%20Entrepreneurs.jpg" alt="5 Business Lessons From These Child Entrepreneurs" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/christa-avampato">Christa Avampato</a> of <a href="http://www.wisebread.com/5-business-lessons-from-these-child-entrepreneurs">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-top-7-blogs-for-entrepreneurs">The Top 7 Blogs for Entrepreneurs</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-8-best-books-for-entrepreneurs">The 8 Best Books for Entrepreneurs</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/over-7-million-money-making-ideas-google-patents">Over 7 million money-making ideas - Google Patents</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-use-the-holidays-to-teach-kids-about-money">How to Use the Holidays to Teach Kids About Money</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-famous-people-who-got-rich-after-30">8 Famous People Who Got Rich After 30</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship businessowners children design inspiration inventions kids small businesses Mon, 18 Sep 2017 08:00:07 +0000 Christa Avampato 2021153 at http://www.wisebread.com 5 Signs It's Time to Close Your Business http://www.wisebread.com/5-signs-its-time-to-close-your-business <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-signs-its-time-to-close-your-business" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/owner_closing_shop.jpg" alt="Owner Closing Shop" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Many people dream of launching their own business. Some start small, with a side gig or moonlighting on top of their full-time job. Others jump right into launching their own company. Regardless of the business type, surviving can be difficult. According to the Small Business Administration, 50 percent of new small businesses close within five years of opening.</p> <p>However, it's hard to know when to shut down when you've poured your heart and soul into a business. Making a smart, objective decision can be compromised by the passion you have for your company and the thought of the money and time you invested. Having a list of concrete indicators can help you make a wise choice.</p> <p>Here are five clear signs it's time to make the difficult decision to close.</p> <h2>1. There's no more profitability</h2> <p>It can take a while for a small business to break even, let alone turn a profit. But while you should expect some time to ramp up your clientele, your business should show progress and eventual profitability. Otherwise, you'll be unable to pay your bills, buy inventory, or afford basic essentials.</p> <p>If you've been working around the clock and cannot get in the black month after month, it may be time to reconsider your business model and sustainability.</p> <h2>2. You cannot take a large enough salary</h2> <p>Many entrepreneurs forgo paying themselves to help their business grow and succeed. The expectation is that after a year or two, they can start taking a salary. In the meantime, they have to live off their savings or rely on credit cards to fill the gap.</p> <p>That's a dangerous game to play for too long. Going without pay &mdash; or working for less than minimum wage with a side gig &mdash; can cause you to go into debt and give a false sense that your business is doing well.</p> <h2>3. The market changed</h2> <p>While your side hustle or business idea may have been successful for the first few months or even years, the market can change. What was a hot business can cool down quickly as time goes by.</p> <p>For example, driving for ride-share services was a great way to make extra money. Some drivers found it so lucrative they quit their jobs to drive full-time. However, there's been more competition in the industry, and companies like Uber and Lyft have cut drivers' rates to attract new customers. That can make it more difficult to make money, and many are making a fraction of what they used to.</p> <p>If you see your earnings decline continually, don't hold onto hope for a recovery for too long. It's better to cut your losses and pursue something else than to be overly optimistic about a return to form.</p> <h2>4. You no longer enjoy it</h2> <p>When you first started your business or side gig, it may have consumed and fulfilled you. But while working on a passion project on a part-time basis can be enjoyable, it can change when you devote more of your time to it or make it a full-time endeavor.</p> <p>Work can start feeling more like a drag than fun. If you go to work every day dreading what's to come, consider shutting down to give yourself the freedom to start elsewhere.</p> <h2>5. It's just not worth your time</h2> <p>Make sure to calculate how much you need to earn (and not just to pay your bills) for your small business to be worth your time. If you're working 20 hours a week, but making just a couple bucks an hour, it may be a better idea to invest your time in another business or just enjoy your hobbies.</p> <h2>Closing a business</h2> <p>Shutting down a business of any kind can be hard. Whether you invested $100,000 to launch a restaurant or just $500 to start an online craft store, you likely feel very passionately about your work. The idea of closing it and admitting defeat can be difficult. But doing so can save you thousands over time, and free you to pursue a new career or side business you enjoy.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" data-pin-save="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2F5-signs-its-time-to-close-your-business&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2F5%2520Signs%2520It%2527s%2520Time%2520to%2520Close%2520Your%2520Business.jpg&amp;description=5%20Signs%20Its%20Time%20to%20Close%20Your%20Business"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/5%20Signs%20It%27s%20Time%20to%20Close%20Your%20Business.jpg" alt="5 Signs It's Time to Close Your Business" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/kat-tretina">Kat Tretina</a> of <a href="http://www.wisebread.com/5-signs-its-time-to-close-your-business">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-ways-to-fund-your-new-business-without-borrowing-a-dime">4 Ways to Fund Your New Business Without Borrowing a Dime</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/self-employed-heres-how-to-get-your-apartment-application-approved">Self-Employed? Here&#039;s How to Get Your Apartment Application Approved</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-strategies-for-paying-off-debt-when-living-on-a-variable-income">7 Strategies for Paying Off Debt When Living on a Variable Income</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-best-states-to-start-a-new-business-in">4 Best States to Start a New Business In</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-budget-consistently-without-a-steady-paycheck">How to Budget Consistently Without a Steady Paycheck</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship business ownership closing freelance going out of business profits salary self employment side gigs small businesses Tue, 27 Jun 2017 08:30:14 +0000 Kat Tretina 1969825 at http://www.wisebread.com Here's How Your Taxes Will Change After You Start a Small Business http://www.wisebread.com/heres-how-your-taxes-will-change-after-you-start-a-small-business <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/heres-how-your-taxes-will-change-after-you-start-a-small-business" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock-525498442.jpg" alt="Man learning how taxes change after starting a small business" title="" class="imagecache imagecache-250w" width="250" height="142" /></a> </div> </div> </div> <p>Starting a small business or taking on a side gig can do wonders for your household income. But that entrepreneurial spirit does come with at least one negative: Filing your income taxes will become much more complicated.</p> <p>How will your taxes change after you start a small business or take on a side gig? Here are five key ways. Make sure you understand all of them before you start filing your income taxes.</p> <h2>1. Say hello to estimated payments</h2> <p>Starting a successful small business will introduce you to the world of quarterly estimated tax payments. As the name suggests, you make these payments four times during the tax year. It's a way for the federal and state governments to ensure that you won't owe them big dollars every April 15.</p> <p>Business owners who file as sole proprietors, partners, and S-corporation shareholders must make estimated tax payments if they think they'll owe $1,000 or more for the given tax year. Generally, your estimated tax payments, made to both the federal government and your local state government, are due April 15, June 15, September 15, and January 15 of the following year. (These dates might change if they happen to fall on a weekend or holiday.)</p> <p>How much you pay each quarter depends on how much money your business makes. The IRS says that calculating your estimated tax payments requires you to first determine your expected adjusted gross income, taxable income, taxes, deductions, and credits for the year.</p> <p>It's all complicated. And even if you take your time calculating a quarterly figure, there's no guarantee that you'll pay enough each quarter so that you won't owe your state or the federal government tax money at the end of the year.</p> <p>Your best bet is to hire an accountant or tax expert to work with you to determine the right amount of estimated taxes to pay each quarter. (See also: <a href="http://www.wisebread.com/what-freelancers-and-side-giggers-need-to-know-about-income-taxes?ref=seealso" target="_blank">What Freelancers and Side Giggers Need to Know About Income Taxes</a>)</p> <h2>2. Self-employment tax can be a big hit</h2> <p>When you work for an employer, that employer withholds 6.2 percent of your paycheck for Social Security, and 1.65 percent for Medicare. Your employer also matches these amounts, meaning that, in essence, 15.3 percent of your income each year goes into Social Security and Medicare taxes on 92.35 percent of your net earnings (but as an employee, your employer splits the cost with you).</p> <p>If you are running your own business or side gig, you are responsible for paying the entire amount. Make sure that you prepare for this by setting aside 15.3 percent of your net revenue throughout the year. This is money that you don't include in your quarterly estimated payments. Instead, it's due in April when you file your income taxes.</p> <p>If you don't set aside this money, you might be scrambling to come up with thousands of dollars to send to your state government and the federal IRS. (See also: <a href="http://www.wisebread.com/the-5-biggest-mistakes-freelancers-make?ref=seealso" target="_blank">The 5 Biggest Mistakes Freelancers Make</a>)</p> <h2>3. You'll have to become a master at tax deductions</h2> <p>Not all of the tax changes that come with owning a business are bad. Consider tax deductions. In general, you can deduct the cost of anything that you use to run your business. If you buy a new computer for your business, you can deduct the cost of it. You can deduct the cost of office supplies and health insurance. You can even deduct part of the costs of travel and business meals, as long as these trips and dinners really were held for business-related matters.</p> <p>If you run your business out of your home, you can also deduct home office expenses. This means that you can deduct a portion of your utility bills, for instance, depending on the square footage of your home office. Just be careful with home office deductions. You actually have to use your home office <em>only</em> as an office. Don't try to trick the government. If you get caught taking a larger deduction than you actually deserve, you could face heavy fines.</p> <p>Be honest about your business deductions in general. Don't try to write off an expensive meal if you only spent two minutes during it bragging about the success of your business. That doesn't count as a business expense.</p> <p>Remember, too, that deducting something doesn't make it free. It just means you'll be paying a bit less for it. If you spend, say, $1,000 on new office equipment, your deduction &mdash; depending on your tax bracket &mdash; means you might only pay $750 for it. Don't treat tax deductions as an excuse for overspending. (See also: <a href="http://www.wisebread.com/7-surprising-tax-deductions-you-might-miss?ref=seealso" target="_blank">7 Surprising Tax Deductions You Might Miss</a>)</p> <h2>4. Goodbye, 1040EZ</h2> <p>Before starting your own business, you might have filed your income taxes using the 1040EZ or 1040A tax forms. Once you are running your own business or side gig, your tax form will become more complicated.</p> <p>Most people starting new businesses operate these enterprises as a sole proprietorship. When you are filing in this category, you'll have to file your taxes with form 1040 while also including either a Schedule C (Profit or Loss from Business) or Schedule C-EZ (Net Profit from Business).</p> <p>If you are responsible for paying self-employment tax, you'll also have to include a Schedule SE.</p> <h2>5. You'll probably need tax help</h2> <p>Odds are high that you'll need help from an accountant or tax-prep firm when filing your income taxes as a business owner. Taxes simply get more complicated, and making a tax mistake can cost you big in the form of missed deductions or penalties.</p> <p>Hiring an account or tax-preparation firm isn't free. But it's usually an important investment for business owners to make. (See also: <a href="http://www.wisebread.com/14-reasons-why-an-accountant-is-worth-the-money?ref=seealso" target="_blank">14 Reasons Why an Accountant Is Worth the Money</a>)</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dan-rafter">Dan Rafter</a> of <a href="http://www.wisebread.com/heres-how-your-taxes-will-change-after-you-start-a-small-business">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-freelancers-and-side-giggers-need-to-know-about-income-taxes">What Freelancers and Side Giggers Need to Know About Income Taxes</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/101-tax-deductions-for-bloggers-and-freelancers">101 Tax deductions for bloggers and freelancers</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-best-states-to-start-a-new-business-in">4 Best States to Start a New Business In</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-signs-its-time-to-close-your-business">5 Signs It&#039;s Time to Close Your Business</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/heres-how-your-taxes-will-change-after-marriage">Here&#039;s How Your Taxes Will Change After Marriage</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship Taxes 1049ez deductions estimated payments schedule c self employment side jobs small businesses tax changes Mon, 10 Apr 2017 08:30:17 +0000 Dan Rafter 1922317 at http://www.wisebread.com 4 Reasons You Might Have a "Phased" Retirement http://www.wisebread.com/4-reasons-you-might-have-a-phased-retirement <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/4-reasons-you-might-have-a-phased-retirement" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock-610450660.jpg" alt="Man learning why he might have a phased retirement" title="" class="imagecache imagecache-250w" width="250" height="141" /></a> </div> </div> </div> <p>The prospect of working full-time one day and then heading into a complete retirement the next doesn't work for everyone. Some people don't want to work a full-time schedule as they get older, but they don't want to completely ditch the working life altogether.</p> <p>Instead, they prefer what is known as a &quot;phased&quot; retirement. Rather than leaving the working world completely, they work on a part-time basis for several years, or even pursue freelance or small business opportunities, until they are ready to retire permanently. (See also: <a href="http://www.wisebread.com/6-great-retirement-jobs?ref=seealso" target="_blank">6 Great Retirement Jobs</a>)</p> <p>Some will embark on a phased retirement because they want to stay active. Others will do so because they have little other choice; they need the money from part-time work to supplement their retirement income.</p> <p>As you near your retirement age, a phased retirement might be in your future. Here are four reasons why you might choose this nontraditional retirement path.</p> <h2>Your current employer offers a version of phased retirement</h2> <p>A growing number of large employers are offering flexible retirement options for their workers. According to a 2015 report from WorldatWork, about 30 percent of large employers &mdash; those with 1,000 or more workers &mdash; offer flexible retirement plans, anything from allowing their employees to work on a part-time basis to letting them participate in job-sharing programs.</p> <p>If you're fortunate enough to work for a company that offers such a program, entering a phased retirement will be relatively easy. Instead of working full-time for your company, you'll shift to part-time or job-sharing duties. This could be a simple way for you to slow your work schedule while remaining active in the working world and bringing in extra funds each month.</p> <h2>You need the money</h2> <p>The most common reason why older workers choose a phased retirement is because they need the money. Not everyone enters their retirement years flush with cash. Even with Social Security benefits, savings, and, for the fortunate few, pensions, many retirees can't afford to maintain the lifestyle they want. Working on a part-time basis, or starting their own consulting services, can help these seniors afford the retirement they want.</p> <p>The key to deciding whether phased retirement is a smart move is to create a detailed budget that lists all of your retirement-year expenses. Depending on where you want to live and whether you want to boost your travel, the income from a phased retirement could make all the difference in how happy your retirement years might be. (See also: <a href="http://www.wisebread.com/9-easy-ways-retirees-can-earn-extra-income?ref=seealso" target="_blank">9 Easy Ways Retirees Can Earn Extra Income</a>)</p> <h2>You'd be bored without working</h2> <p>Then there is the specter of boredom. Relaxing days spent reading books, golfing, binge-watching TV, and visiting your grandchildren might sound great when you're commuting to work every day. But in reality, retirement can be long and boring. You might find that you don't have enough to fill the hours of your suddenly emptier days. You can only travel so much, after all.</p> <p>A phased retirement might be the solution. You can still travel, visit your family, and spend relaxing afternoons catching up on your reading or pursuing favored hobbies. But you don't have to relax all the time. By working on a part-time basis, you'll retain some of the structure that many people need in their days.</p> <p>And if alleviating boredom is the issue and not a lack of retirement funds, you're free to pursue only that work which interests you the most.</p> <h2>You've always wanted to be your own boss</h2> <p>Maybe you won't spend your phased retirement working for your former employer. Maybe you won't spend it working with any company. You might spend your phased retirement working for yourself.</p> <p>Your retirement years might give you the opportunity to finally start that business you always dreamed of running. Maybe you've always loved animals and you want to start your own pet-sitting or dog-walking business. Maybe you're the inventive type who's created your own product. In your retirement years, you can devote more energy to building a business around this invention.</p> <p>If the entrepreneurial spirit has always burned inside you, a phased retirement might provide the perfect opportunity to unleash it. Freed from the chore of driving into work each day, sitting through meetings, and filing reports, your retirement years can provide you the time you've always lacked to finally build your own business.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dan-rafter">Dan Rafter</a> of <a href="http://www.wisebread.com/4-reasons-you-might-have-a-phased-retirement">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-save-for-retirement-while-caring-for-kids-and-parents">How to Save for Retirement While Caring for Kids and Parents</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-millennial-money-habits-every-retiree-should-learn">6 Millennial Money Habits Every Retiree Should Learn</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-cool-jobs-for-retirees">6 Cool Jobs for Retirees</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-reasons-to-invest-in-stocks-past-age-50">7 Reasons to Invest in Stocks Past Age 50</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-ways-you-can-cut-costs-right-before-you-retire-0">6 Ways You Can Cut Costs Right Before You Retire</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Retirement extra income part time jobs phased retirement retirees saving money self employment small businesses Tue, 04 Apr 2017 18:21:50 +0000 Dan Rafter 1918287 at http://www.wisebread.com 8 Ways a Side Hustle Can Advance Your Career http://www.wisebread.com/8-ways-a-side-hustle-can-advance-your-career <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/8-ways-a-side-hustle-can-advance-your-career" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock-635977934.jpg" alt="Man learning ways a side hustle can advance his career" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Some people call it moonlighting. Others call it a &quot;hobby that pays.&quot; Whatever you call <a href="http://www.wisebread.com/earn-extra-income-with-these-15-creative-side-gigs?ref=internal" target="_blank">your side hustle</a>, it's not just something that can bring in a little extra cash. A side hustle can be a valuable addition to your main career, giving you skills and connections you would never normally acquire.</p> <p>So the big question is, if you don't yet have a side hustle&hellip;will these eight benefits inspire you to get one? (See also: <a href="http://www.wisebread.com/15-ways-to-make-money-outside-your-day-job?ref=seealso" target="_blank">15 Ways to Make Money Outside Your Day Job</a>)</p> <h2>1. Learn Valuable Project-Juggling Skills</h2> <p>Handling several projects at once may well be part of your current career. However, once you add in the additional work from your side hustle, you go from being a moderate juggler to a master of the art.</p> <p>With a side job, your schedules might clash. And when that happens, you can't really tell your boss that you can't do the work because you have an extracurricular project on your plate. With a main career and a side hustle, you become an expert in time management and scheduling. You also learn, quite quickly, how much you can take on without burning out. These are all skills that will do you well in your main career.</p> <h2>2. Enjoy More Freedom at Work</h2> <p>A side job means additional money that isn't coming from your main career. While this has many benefits (the more different streams of revenue you have, the better), it also gives you something other people in the same role may not have &mdash; freedom.</p> <p>The lure of money, or a promotion, can often make people do things they wouldn't like to do, but will anyway because of the need for additional income. If you already have that additional money from another source, you can say no to some of the projects you aren't interested in. You can speak up in meetings without fearing that your pay raise may be on the line. In fact, some people have discovered that this actually helps their career, with their newfound ability to be honest and confident actually helping them get a raise or promotion they otherwise would have missed out on.</p> <h2>3. Stand Out From the Crowd</h2> <p>This is a hirer's market, in almost every industry. Demand for jobs is outpacing supply, and when that happens, you quickly become engaged in a battle to be noticed. Why you? Why your resume? There are dozens, if not hundreds, to choose from.</p> <p>Well, a side hustle can add much needed diversity and drive to your list of skills. Think about it. Two very similar people come for an interview, say for an account executive position. One has the usual skills, and the typical career path. The other has the same, but then you notice that they also have written articles for an industry magazine, and given speeches at major marketing events. On top of that, they have their own successful drop shipping business on eBay. One is clearly a go-getter, and can handle the pressure well. Plus, they have way more experience outside of work.</p> <h2>4. Add More Strings to Your Bow<strong> </strong></h2> <p>Aside from simply standing out to prospective employers, your additional experience from side jobs can have a real impact on your current position. For example, someone may start at a junior position in a firm, with the very narrow set of skills that are required for that role. However, by taking on a side job, perhaps in a field quite different from their chosen profession, they may find themselves with brand-new abilities that really help. A lawyer who takes a side job doing acting in local commercials, or voice over work, suddenly finds that he or she has become a much more skilled orator in the courtroom.</p> <p>This happens often in the fields of advertising, marketing, and public relations, too. Look for jobs that may not initially seem to fit, but have qualities that could reach into your chosen career. You may be surprised at the benefits.</p> <h2>5. Get a Great Confidence Boost</h2> <p>Success breeds confidence. If you become successful in your side hustle, it will seamlessly start to affect your main career. And so it should. If you were doing &quot;just okay&quot; in your main career, but suddenly found great success in your side job designing websites, or selling your own jewelry collections on Etsy, your confidence will get a much-needed boost. It won't take long for that confidence to influence your current role in your main gig.</p> <p>Now, you have a little more steam in your stride. You're a little surer of your abilities, and your decisions. Before you know it, the success you found in your side job is being dwarfed by the successes you're having at work.</p> <h2>6. Open Up New Opportunities</h2> <p>Any time you move in professional circles outside of your main career, you are opening new doors for opportunity. If you have been in one company, and one role, for a long period of time, your contacts and business networks may be stagnant. They're good. But they're not growing. They're just the same &quot;business as usual&quot; leads.</p> <p>However, your side job can open up dramatically different networks. And while you may think that the two cannot combine, don't be so sure. It's entirely possible to meet someone who has an interest in what you do as a main career, but who found you because you make awesome beer, or provide a killer cake baking service. Great business connections can come from all walks of life. They don't all have to come from the same pond.</p> <h2>7. Give Yourself a Second Career to Explore</h2> <p>A career now is not the same as a career 60 years ago. No one these days can expect to start at a company in a junior position and leave at retirement age with a gold watch and a big party.</p> <p>Employment rules have changed. Technology is moving faster than any of us can really comprehend. And it is dangerous to have only one set of skills for one career. Your side hustle can be a huge benefit here. It can give you skills you would never get through your main career, and should the worst happen, you may be able to turn that side hustle into a full-time job. It's quite possible the job you do now, for a bit of extra money, will be your life preserver in a few years' time.</p> <h2>8. Find Fulfillment and Do What You Love<strong> </strong></h2> <p>They say that if you do a job you love, you'll never work a day in your life. &quot;They&quot; don't all live in the real world. Most of us are not fortunate enough to do a job we love, day in, day out. There may be moments of joy, but often, it's a matter of going through the motions and waiting for the clock to wind down.</p> <p>With a side hustle, you really can love what you do. Sure, it brings in a little money, but it can provide much greater benefits than that. It can be a creative outlet, or a way to meet new people, and enjoy new experiences. If you've always wanted to paint murals, but work in a bank&hellip;do both! If you love being a kids' entertainer, do parties on weekends. You can find fulfillment, if you really look for the opportunities.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/paul-michael">Paul Michael</a> of <a href="http://www.wisebread.com/8-ways-a-side-hustle-can-advance-your-career">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-ways-to-turn-your-stress-into-money">8 Ways to Turn Your Stress Into Money</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/15-ways-to-make-money-outside-your-day-job">15 Ways to Make Money Outside Your Day Job</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/can-you-really-make-a-living-as-an-ebook-writer">Can You Really Make a Living as an Ebook Writer?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-great-side-jobs-for-introverts">10 Great Side Jobs for Introverts</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-unexpected-side-benefits-of-your-side-hustle">5 Unexpected Side Benefits of Your Side Hustle</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career Building Extra Income advantages benefits confidence freelancing fulfillment revenue streams side hustle side jobs small businesses success Wed, 08 Feb 2017 10:30:32 +0000 Paul Michael 1888337 at http://www.wisebread.com 4 Best States to Start a New Business In http://www.wisebread.com/4-best-states-to-start-a-new-business-in <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/4-best-states-to-start-a-new-business-in" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/man_open_sign_517678150.jpg" alt="Man learning best new states to start a new business in" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>America is the land of entrepreneurship. The dream of quitting the 9-to-5 rat race and becoming your own boss is alive and well: There are an estimated 54 million independent workers out there today.</p> <p>Regardless of their generation, many Americans are becoming entrepreneurs, freelancers, or small business owners. Baby boomers are starting <a href="http://www.usatoday.com/story/money/columnist/brooks/2015/02/24/retirement-entrepreneur-small-business-401k/23845271/" target="_blank">50% of new business</a> and 66% of Millennials would like to <a href="http://www.slideshare.net/BentleyU/preparedu-the-millennial-mind-goes-to-work-41415813" target="_blank">start their own business</a>.</p> <p>As with everything else business-related, the old maxim of &quot;location, location, location!&quot; also applies to starting a new business. Improve the odds of your business surviving its first years and thriving throughout all of its life by choosing one of the best states to start a new business in.</p> <h2>1. Utah</h2> <p><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5171/salt_lake_city_474192330.jpg" width="605" height="340" alt="" /></p> <p>In 2016, the Beehive State topped Forbes' annual ranking of the <a href="http://www.forbes.com/best-states-for-business/#7992ccc718cc" target="_blank">best states for business</a> across 40 business metrics. And it has done so for the sixth time in the last seven years of this survey. With 93.5 startup businesses per 1,000 business firm population, Utah has the third-highest density of startup businesses.</p> <p>One of the top reasons that Utah is so friendly to business is its track record of showing entrepreneurs the money. In 2015, business owners in Utah held the most Small Business Administration (SBA) <a href="https://www.nerdwallet.com/blog/small-business/most-entrepreneurial-states-where-small-business-loans-rule-2015/" target="_blank">guaranteed loans per 100,000 people</a> in the nation, with an average SBA loan size of $278,754. In 2014, Utah companies raised over <a href="https://medium.com/startup-nuggets-from-the-silicon-slopes/utah-beats-new-york-in-per-capita-venture-capital-45dd896a02f8#.fay2fm87f" target="_blank">$800 million in venture capital</a>, more than twice the $316.2 million raised the year before. With a population of just three million, Utah is able to outrank major states, including New York, based on venture capital dollars raised per capita.</p> <p>Key hotbeds for entrepreneurial activity in Utah are Provo and Ogden. The Provo metro area offers Camp 4, a collaboration between the public and private sector to help startup tech businesses with office space and other resources, and Brigham Young University's Innovation Academy, a small business incubator for university students. For its part, Odgen starts off Utah's well-known ski corridor that has been dubbed &quot;Silicon Slopes.&quot;</p> <h2>2. Texas</h2> <p><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5171/austin_texas_501154548.jpg" width="605" height="340" alt="" /></p> <p>Everything's bigger in the Lone Star State, including entrepreneurial spirit. While Texas came in fourth place on Forbes' 2016 list, the state makes it up by being home to four of the top 10 <a href="http://www.cnbc.com/2016/08/11/the-top-20-metro-areas-to-start-a-business-in-america.html?slide=1" target="_blank">metro areas to start a business</a> in America, according to CNBC. With its city of Austin taking the top spot in the nation, Texas also offers Houston, Dallas, McAllen, El Paso, and San Antonio as attractive alternatives for would-be business owners.</p> <p>Austin has consistently drawn Internet companies, including the recruiting site Indeed.com, digital coupon site RetailMeNot.com, photo-entertainment site TheChive.com, and technology investments, such as Google Fiber in 2013.</p> <p>Affordability is a major force enabling entrepreneurial growth. A combination of no state tax on personal and corporate income, a median home price below the national average, and an overall lower cost of living compared to other states in the nation allow Texas to provide a cost of doing business that is <a href="http://www.forbes.com/places/tx/" target="_blank">10% below the national average</a>. Many small business owners are taking note of the business-friendly Texas climate because the number of SBA loans per 100,000 grew by 41.90% during the 2012&ndash;2015 period.</p> <h2>3. Colorado</h2> <p><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5171/colorado_convention_center_498249160.jpg" width="605" height="340" alt="" /></p> <p>Since 1993, the nonprofit Kauffman Foundation has been providing educational resources for U.S. entrepreneurs, working to accelerate metro-area entrepreneurship hubs. Through its indexes of startup activity, main street entrepreneurship, and growth of entrepreneurship, in 2016 the Kauffman Foundation provided a positive outlook for potential and current <a href="http://www.kauffman.org/microsites/kauffman-index/rankings/state?Report=MainStreet&amp;Indicator=LRank" target="_blank">business owners in the Centennial State</a>:</p> <ul> <li>8.56% of adult residents list business owner as their main occupation (highest in the nation);<br /> &nbsp;</li> <li>70.28% of firms 10 years or younger that started small grew to employ 50 people or more by their tenth year of operation;<br /> &nbsp;</li> <li>87.2 startup businesses per 1,000 business firm population;<br /> &nbsp;</li> <li>47.93% of small businesses remained in operation throughout their first five years.</li> </ul> <p>Colorado also fared well on Forbes' list, ranking #5 for the best states for business. Three key factors contributing to Colorado's high ranking are its young and highly-educated labor force (38% of adults have a college degree, a figure behind only Massachusetts), robust current economic climate, and expected second-fastest job growth in the nation over the next five years.</p> <p>One key area in Colorado that is experiencing extraordinary growth is the Denver metro area, in part due to the legalization of marijuana in 2012. The legal marijuana industry has been estimated to be worth <a href="https://www.bostonglobe.com/metro/2016/02/21/from-colorado-glimpse-life-after-marijuana-legalization/rcccuzhMDWV74UC4IxXIYJ/story.html" target="_blank">$1 billion per year</a> since 2014 and created more than <a href="http://www.denverpost.com/2016/10/26/colorado-weed-economic-impact-report/" target="_blank">18,000 full-time jobs</a> in 2015.</p> <h2>4. North Carolina</h2> <p><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5171/north_carolina_476250858.jpg" width="605" height="340" alt="" /></p> <p>Ranking second on Forbes' list (and in the top five overall for 11 straight years), the Tar Heel State generated $2.7 billion in <a href="http://www.forbes.com/sites/kurtbadenhausen/2016/11/16/the-best-and-worst-states-for-business-2016/#69ce73d2112b" target="_blank">foreign direct investment</a> and 5,300 jobs in 2015. Key reasons for these numbers are that North Carolina's business costs are 11% below the national average (fourth lowest in the nation) and only 3% of the state's workforce is unionized.</p> <p>In 2016, the Kauffman Foundation provided the following key details about North Carolina:</p> <ul> <li>49.28% of small businesses remained in operation throughout their first five years;<br /> &nbsp;</li> <li>75.5 startup businesses per 1,000 business firm population;<br /> &nbsp;</li> <li>0.33% of adults became entrepreneurs in a given month (fourth in the nation).</li> </ul> <p>Key hotbeds for entrepreneurial activity in North Carolina are Charlotte and the tri-city region of Durham, Chapel Hill, and Raleigh (known as the Triangle). Over the past few years, attracted by fairly low property taxes, affordable home prices and living costs, and low tax rates (5% for corporate tax and 5.75% for personal income tax), many Americans have been moving into these two areas and looking to establish businesses of their own.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/4-best-states-to-start-a-new-business-in">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-signs-its-time-to-close-your-business">5 Signs It&#039;s Time to Close Your Business</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/heres-how-your-taxes-will-change-after-you-start-a-small-business">Here&#039;s How Your Taxes Will Change After You Start a Small Business</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-ways-to-fund-your-new-business-without-borrowing-a-dime">4 Ways to Fund Your New Business Without Borrowing a Dime</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/self-employed-heres-how-to-get-your-apartment-application-approved">Self-Employed? Here&#039;s How to Get Your Apartment Application Approved</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-business-lessons-from-these-child-entrepreneurs">5 Business Lessons From These Child Entrepreneurs</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship best states business owners growth job markets self employment small businesses Fri, 13 Jan 2017 11:00:10 +0000 Damian Davila 1873232 at http://www.wisebread.com 8 Clever Ways People Are Making Money From Pokémon GO http://www.wisebread.com/8-clever-ways-people-are-making-money-from-pok-mon-go <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/8-clever-ways-people-are-making-money-from-pok-mon-go" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/man_playing_pokemon_go_99165129.jpg" alt="Man finding ways to make money from pokemon go" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Pokémon GO is more than the latest gaming craze &mdash; it's an economic boon. Not only did the free-to-play augmented reality game <a href="http://www.theverge.com/2016/7/25/12269466/nintendo-stock-plunge-pokemon-go">briefly doubled</a>&nbsp;Nintendo's stock value by <a href="http://money.cnn.com/2016/07/22/technology/pokemon-go-apple-download-records/">shattering the record</a> for the most first-week downloads in mobile app history, it's also inspiring a new economy of Pokémon-related goods and services pioneered by the enterprising everyman.</p> <p>Even kids are cashing in on Pokemania. Read on for our roundup of all the clever ways people are capitalizing on the success of the game that brings blushing yellow avatars, stardust, and healing potions to America's neighborhoods.</p> <h2>1. Selling Handmade Reflective Badges</h2> <p>Athen Salcedo is a concerned American &mdash; and, no, it's not the upcoming presidential election that's got him troubled. After&nbsp;hearing news of so many <a href="https://www.washingtonpost.com/news/the-switch/wp/2016/07/08/pokemon-gos-unexpected-side-effect-injuries/">Pokémon GO players getting injured</a> while playing the game in the dark, the seven-year-old entrepreneur had an idea: What if there was a reflector badge that Pokémon GO players could pin to their clothing to make themselves more visible while dashing through neighborhoods at night?</p> <p>Introducing the <a href="https://www.etsy.com/shop/PokeGlo?ref=l2-shopheader-name">Poke Glo</a>: A reflective safety badge that game players can wear to stay safe while chasing Pokémon after sunset. In less than two weeks, Salcedo has made 139 sales of the homemade badges, which range in price from 50 cents to less than five bucks. Currently, he's sold out. But rest assured, Salcedo says he is hard at work making new Poke Glo badges, which he promises to stock in his Etsy store soon.</p> <h2>2. Offering Rideshare Services With a Pokémon Twist</h2> <p>Some Pokémon GO players are avid gamers unaccustomed to spending so much time off the couch. To be sure, the chase for Pokémon can be exhausting. That's why entrepreneurial-minded folks are launching &quot;<a href="https://kalamazoo.craigslist.org/trv/5685367204.html">Uber for Pokémon</a>.&quot; Capitalizing on the success of ride-sharing services Uber and Lyft, these businessmen and women offer to drive Pokémon GO players from PokeStop to PokeStop, allowing gamers to play without ever having to exert themselves.</p> <p>Another benefit: By handing over the driver's seat to a well-intentioned stranger, Pokémon-chasers can play the game seamlessly without having to put the phone down in order to keep their eyes on the road. In Kalamazoo, for example, a Pokémon rideshare service provider named Pat is offering to cart game players around for $1 per mile, plus $1.50 per PokeStop. Not a bad deal for game players who are averse to breaking a sweat.</p> <h2>3. Dropping Lures</h2> <p>Pokémon GO is helping small business owners lure in traffic &mdash; literally. Some businesses, especially those that rely on foot traffic, are seeing big boosts in business because, by luck of the draw, their location has been designated by game makers as a PokeStop or Gym. This means that Pokémon GO players are flocking to their address in order to capture Pokémon and other rewards.</p> <p>But owners of businesses located in the vicinity of these GPS hot spots can also make money off the game by investing in something called Lures. In short, Lures are a game component that boost the rate of Pokémon generation for up to 30 minutes near the PokeStop where they're placed. Lures, which can be purchased in the app for a little more than a dollar, are being used to <a href="http://www.inc.com/walter-chen/pok-mon-go-is-driving-insane-amounts-of-sales-at-small-local-businesses-here-s-h.html">bring in big crowds</a> to local businesses, as well as garage sales and front yard produce stands.</p> <p>At least one pizzeria owner is using this method to reap big benefits: &quot;I own a pizzeria that's a PokeStop and I literally did this all day,&quot; the business owner wrote on Reddit. &quot;I had a ton of kids and adults (mostly adults) come in for a slice of pizza and a drink until the lure ran out.&quot;</p> <h2>4. Opening PokeStop Lemonade Stands</h2> <p>It's summertime, and in most pockets of the nation that means the weather is hot and steamy. Translation: Game players chasing after Pokémon are going to get parched. That's where enterprising, young Americans are coming in, equipped with a tip jar and a pitcher of fresh-squeezed lemonade. That's right, putting a new twist on the old fashioned lemonade stand, business-minded folks across the U.S. are setting up snack and refreshment stations near PokeStops, simultaneously making a buck while quenching the thirst and appetites of hungry Pokémon hunters.</p> <h2>5. Selling Mobile Battery Chargers</h2> <p>At least one Etsy shop owner is helping Pokémon GO players keep their mobile devices juiced up with an <a href="https://www.etsy.com/listing/466681155/hand-made-pokeball-themed-battery-pack?source=aw&amp;awc=6220_1469036537_9b7c0bda7ec3eb1f0b2b109196fb23c6&amp;utm_source=affiliate_window&amp;utm_medium=affiliate&amp;utm_campaign=us_location_buyer&amp;utm_content=78888">on-the-go battery pack</a> craftily disguised as a Pokeball. Though bulky, the $40, thematically on-point device vows to extend your battery life by two full charges.</p> <h2>6. Mastering the Game &mdash; And Then Selling the Account</h2> <p>Since the existence of rules, there have been rule-breakers &mdash; and the Pokémon GO phenomenon is no exception. Though selling your Pokémon GO account to other players is strictly prohibited by the game's terms of service, there are countless people out there doing it. For $100, you could purchase a New York City-based <a href="http://newyork.craigslist.org/wch/vgm/5689385979.html">level 15 account</a>. On eBay, there are advanced level accounts for sale at prices as low as $5 and as much as $1,500. What's a level 10 account worth to you?</p> <h2>7. Coaching Gamers to Be Better Players</h2> <p>Some people play games for the sheer fun of it. Others play to win. And it's the latter that have given breed to a new wave of Pokémon trainers, many of whom are advertising their services on Craigslist for $20 to $30 an hour.</p> <h2>8. Writing Tell-All Guides</h2> <p>Author Doug Morrow's step-by-step guide to becoming a master Pokémon GO player is available on Kindle. And for $2.99, it can be yours. <a href="http://amzn.to/2aG1f2u">Mastering Pokémon Go: An Unofficial Guide to Catching Them All</a>, is Morrow's unofficial cheat sheet, full of instructions for throwing a curveball and tips on how to find the best Pokémon.</p> <p><em>Has Pokemania struck your household? Figured out a way to cash in?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/brittany-lyte">Brittany Lyte</a> of <a href="http://www.wisebread.com/8-clever-ways-people-are-making-money-from-pok-mon-go">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-surprising-sources-of-celeb-income">6 Surprising Sources of Celeb Income</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/effective-ebay-listing-0">Effective eBay Listing</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/30-cash-back-sites-to-earn-you-thousands-per-year">30+ Cash Back Sites to Earn You Thousands Per Year</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-top-7-blogs-for-entrepreneurs">The Top 7 Blogs for Entrepreneurs</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/11-freelance-jobs-that-pay-surprisingly-well">11 Freelance Jobs That Pay Surprisingly Well</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entertainment Entrepreneurship Extra Income apps lures making money Nintendo pokemon go pokestops small businesses trends video games Tue, 26 Jul 2016 09:00:11 +0000 Brittany Lyte 1759363 at http://www.wisebread.com Should You Invest in Start-Ups? http://www.wisebread.com/should-you-invest-in-start-ups <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/should-you-invest-in-start-ups" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/people_working_together_000061670306.jpg" alt="Learning the risks and rewards of investing in startups" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Can regular people even invest in those high-flying startups? Should they?</p> <p>Some of the biggest and most valuable companies today were startup businesses in someone&rsquo;s garage or dorm room not that long ago. Apple, Google, Facebook, and eBay are spectacular startup success stories that come to mind. A small investment in a startup in its early stages can quickly grow to be worth millions of dollars. How can a regular person invest in a startup? And is it worth the risk? (See also:&nbsp;<a href="http://www.wisebread.com/starting-your-dream-business-is-easier-than-you-think-heres-how?ref=seealso" target="_blank">Starting Your Dream Business Is Easier Than You Think &mdash; Here's How</a>)</p> <h2>How Startups Grow &mdash; And When to Invest</h2> <p>Initial funding for most startups comes from the founders of the business themselves. A brand new startup has no product, no customers, and usually lacks a detailed business plan. You can see why it is hard to find anyone besides the founders who are interested in investing in a brand new business.</p> <p>As the startup gets rolling, additional investments to get the company growing may come from friends and family. By this time, the founders have clarified their business plan at least enough to be able to explain their business concept to others and are making progress toward launching a profitable product or business. This stage of startup financing is often the best opportunity for a small investor to get involved, since the startup is often strapped for cash. A little bit of investment can buy a lot of equity in a startup at this point.</p> <p>The next funding stage for startups is typically &ldquo;angel&rdquo; investors. Angel investors are successful local business people familiar with the business area of the startup. They have significant assets, are willing to take a risk with some of their money in exchange for a big potential payoff. Investing in a startup as an angel investor is another opportunity for a regular person to invest in a startup, although the level of investment required at this stage of development is significantly higher than in the earlier days of the startup.</p> <p>As the startup grows, the next step up for financing is venture capital. The venture capital stage of funding often involves millions of dollars of investment in exchange for a substantial amount of equity in the startup. Venture capitalists require extensive documentation of financial records and intellectual property ownership in addition to a rock solid business plan and time commitments from key personnel.</p> <p>After one or more rounds of venture capital investment, the startup may sell stock through an initial public offering (IPO), raising more capital to support growth and business development. At this point, the business is no longer a startup, but is an established corporation. If you invested in a startup that reaches IPO, you are going to be rich!</p> <h2>How Risky Is Investing in a Startup?</h2> <p>An unfortunate fact is that most startups fail within a few years, for a number of reasons. Sometimes startups simply run out of cash and have to close shop because they can&rsquo;t pay their bills. A key contributor may decide to pursue another opportunity and effectively pull the plug on any chance for the startup to survive. The anticipated market can fail to materialize. Technical issues can derail a key product launch and doom a startup to failure.</p> <p>Many personal finance advisors do not recommend holding individual company stock and instead recommend to diversify by holding funds consisting of many stocks. This strategy reduces the risk that your investment in an individual stock will be ruined by an Enron-style meltdown. Investing in a startup is much more risky than holding individual company stock in an established company.</p> <p>If you invest in a startup, there is a good chance will lose your money. The startup may fail before you have a chance to sell your equity and make a return on your investment, or even get your principal back. However, there is a small chance you could make a lot of money if the startup you invest in is successful. If you are interested in a high risk, high reward investment opportunity, then investing in a startup may be right for you.</p> <h2>How to Find a Startup for Investment</h2> <p>Investing in a startup takes a lot of work to find the right business opportunity. You need to find a startup that has a good chance to succeed based on the people involved and the business opportunity.</p> <p>Some people who invest in startups have a motto: &ldquo;Bet on the jockey, not the horse.&rdquo; This means to look for company founders who have experience working in the type of business they are trying to start and have a track record of success rather than focusing on the details of the business plan of a startup. The business plan will likely change a lot in the early days as obstacles pop up, and talented people will have a better chance to find a way to succeed anyway.</p> <p>Look for connections with startups at business development centers or business incubators in your community or at nearby universities. Another place to learn about local startups is to watch for stories about inventors developing a new product or startup businesses in your local newspapers or on TV news reports. Once you start meeting entrepreneurs, they can often introduce you to others who may be a good match for the startup investment opportunity for you are seeking.</p> <h2>How to Invest in a Startup Without Risking Your Money</h2> <p>If you are interested in getting the upside potential of a startup investment but the high risk makes you uncomfortable, consider contributing sweat equity to the startup instead of money. You may be able to convert your time and skills into equity in a startup, keeping your cash safe.</p> <p>Most startups have tons of work to do as they launch initial products and seek sales, but not enough cash to hire many workers. A cash-strapped startup may be interested in taking your labor in exchange for some equity in the business. You might be able to commit to working a certain number of hours per week for a year in exchange for ownership of a percentage of the startup. If you have relevant experience or connections with potential investors, the founders will be more interested in taking you on as a partner to help the startup grow.</p> <p><em>Would you be willing to invest time or money in a startup for a chance at a big reward?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dr-penny-pincher">Dr Penny Pincher</a> of <a href="http://www.wisebread.com/should-you-invest-in-start-ups">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-types-of-investors-which-one-are-you">8 Types of Investors — Which One Are You?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-3-rules-every-mediocre-investor-must-know">The 3 Rules Every Mediocre Investor Must Know</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-easy-ways-to-start-green-investing">5 Easy Ways to Start Green Investing</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-stocks-warren-buffett-loves-and-you-should-too">7 Stocks Warren Buffett Loves — And You Should, Too</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/stabilize-your-portfolio-with-these-11-dividend-stocks">Stabilize Your Portfolio With These 11 Dividend Stocks</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Investment entrepreneurs high reward high risk investors new businesses portfolio small businesses startups stocks Mon, 25 Apr 2016 10:30:06 +0000 Dr Penny Pincher 1691585 at http://www.wisebread.com 8 Reasons to Buy Local (Even If It Costs a Little More) http://www.wisebread.com/8-reasons-to-buy-local-even-if-it-costs-a-little-more <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/8-reasons-to-buy-local-even-if-it-costs-a-little-more" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_small_business_000019880232.jpg" alt="Woman learning reasons to buy local even if it costs more" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>When I was a kid, the small Midwestern town I called home had three hardware stores, three clothing stores, two shoe stores, two jewelers, and a bookshop. Each one of those businesses is gone now and a single mammoth department store has taken their place.</p> <p>As we complain about the hollowing out of our towns, few of us make the tough choices necessary to reinvigorate our local economies by supporting independent businesses. Not many are willing to pay just a little bit more, adjust their schedules to more limited hours of operation, or make two or three additional stops to get the things we need. Maybe it's time for a retail reawakening &mdash; time to trade online buying for offline community-building, and time to swap big-box shopping for some small-batch love. (See also:&nbsp;<a href="http://www.wisebread.com/buy-this-not-that-at-the-farmers-market">Buy This &mdash; Not That &mdash; at the Farmer's Market</a>)</p> <p>Here are eight reasons to buy local, even if it costs a little more.</p> <h2>1. It Supports Our Neighbors</h2> <p>Few things we do in life have a clear impact. In a typical retail transaction, consumers are vaguely aware that their purchase helps <em>someone somewhere</em>, but all the details are missing. Buying local helps us support our neighbors, avoid layers of economic complexity that can often hide labor abuses, and sustain the communities that sustain us.</p> <h2>2. The Revenue Boosts Local Economies</h2> <p>Sure, large national department stores employ members of our communities and their wages benefit local economies, but the profits (and real wealth) rise to the top and are funneled away. Seldom do outside manufacturers and sellers significantly invest in the communities they serve. When they do, it's usually through charitable donations that don't create enduring cycles of benefit. But when we buy from small-scale independent businesses, the salaries, the revenue, and the profit are more likely to stay local.</p> <h2>3. It's Green</h2> <p>Items produced and sold locally require less shipping, which reduces the need for fuel, packaging, warehousing, refrigeration, and other carbon-intensive services. And for consumers (particularly those in rural areas or cities with heavy traffic), buying local means less time spent behind the wheel and less cash spent filling up the tank.</p> <h2>4. It's a Great Way to Network and Build Relationships</h2> <p>Buying local connects producers and consumers in a way that big-box shopping simply can't match. Since we all buy stuff, why not use our economic activity to build and nurture relationships? Maybe you'll become fast friends with the couple who sells organic produce; maybe your daughter will work at the local bookstore during high school; maybe your son will apprentice with the chef at the farm-to-table restaurant.</p> <h2>5. It Helps Us Keep Tabs on Quality</h2> <p>Shrinking the distance between producer and consumer helps both parties keep tabs on quality and respond quickly to any issues. If that jar of fresh salsa you purchased just wasn't up to par, you can speak directly to the manufacturer at the farmer's market. If that handmade wool sweater begins to fray, work with the weaver on a repair or replacement.</p> <h2>6. It Creates a Direct Seller/Buyer Feedback Loop</h2> <p>Large manufacturers covet consumer feedback and spend lots of money to get it. When we buy local, the feedback loop is organic and ongoing. Buyers can request a special color or size, point out a design flaw, or suggest a great way to expand a product line or customize a service. With this sort of informal and direct exchange, sellers collect valuable customer feedback and buyers get heard.</p> <h2>7. It Expands Choice</h2> <p>Though large retailers may advertise a wide selection, the variety of what they market is decided by a small group of corporate buyers. Real choice comes from dozens of independent businesses tailoring their goods and services to the very unique needs, tastes, and interests of their communities.</p> <h2>8. Each Product Comes With a Story</h2> <p>When we buy from local, independent businesses, we're buying a story &mdash; a story about how an oak chair was made, the challenges a beekeeper faced the previous season, or the inspiration for an artist's work. These narratives attach themselves to the things we buy, enrich our transactions, and help us appreciate the vital links between maker and market.</p> <p><em>Do you make a point to buy local when you have a choice? How has keeping the buyer/seller relationship close to home benefited you? </em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/kentin-waits">Kentin Waits</a> of <a href="http://www.wisebread.com/8-reasons-to-buy-local-even-if-it-costs-a-little-more">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-best-discount-shopping-days-of-the-year">7 Best Discount Shopping Days of the Year</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-green-products-that-arent">8 Green Products That Aren&#039;t</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/is-a-farm-share-a-smart-buy-for-your-household">Is a Farm Share a Smart Buy for Your Household?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-5-best-computer-keyboards">The 5 Best Computer Keyboards</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-best-5-credit-cards-for-groceries">The Best Credit Cards for Groceries</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Shopping buy local communities eco friendly local economy small businesses Mon, 29 Feb 2016 10:30:24 +0000 Kentin Waits 1661859 at http://www.wisebread.com The Top 7 Blogs for Entrepreneurs http://www.wisebread.com/the-top-7-blogs-for-entrepreneurs <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/the-top-7-blogs-for-entrepreneurs" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_coffee_shop_000079380831.jpg" alt="Woman reading best blogs for entrepreneurs" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Time is money. Nobody understands that better than U.S entrepreneurs and business owners. When asked on Reddit about the most painful problems they face on a day-to-day basis, most business owners complained about time &mdash; time to meet deadlines at a neck-breaking pace, time to collect payments from clients, time to keep the company books up to date.</p> <p>Still, entrepreneurs and business owners know the importance of keeping up with the latest developments in entrepreneurship and learning from successful business leaders. For those that can't afford sitting down to read an entire book, here are the seven best blogs for entrepreneurs.</p> <h2>1. Seth's Blog</h2> <p>Efficient and effective are the best words to describe the blog posts from marketing expert Seth Godin. He has authored several bestsellers on marketing, such as <a href="http://www.amazon.com/gp/product/0684856360/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0684856360&amp;linkCode=as2&amp;tag=wisbre03-20&amp;linkId=WXHTSPV7ZMULTXRA">Permission Marketing</a> and <a href="http://www.amazon.com/gp/product/1591843170/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=1591843170&amp;linkCode=as2&amp;tag=wisbre03-20&amp;linkId=S77KRX62DUNYSA3C">Purple Cow</a>, and on entrepreneurship, such as <a href="http://www.amazon.com/gp/product/B001FA0LAI/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=B001FA0LAI&amp;linkCode=as2&amp;tag=wisbre03-20&amp;linkId=BZOKCESTJLA7JT2P">Tribes</a> and <a href="http://www.amazon.com/gp/product/1591846072/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=1591846072&amp;linkCode=as2&amp;tag=wisbre03-20&amp;linkId=OCBV4XHWH3SZU5BX">The Icarus Deception</a>.</p> <p>At <a href="http://sethgodin.typepad.com">Seth's Blog</a>, you can find tips on many business topics, including how to create additional revenue streams from freelancing, why it's important to maintain high quality at all times, and how to purchase advertising. Most of Godin's posts take less than five minutes to read, but they are guaranteed to get you thinking about key issues in entrepreneurship.</p> <h2>2. Occam's Razor</h2> <p>In his book <a href="http://www.amazon.com/gp/product/0470130652/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0470130652&amp;linkCode=as2&amp;tag=wisbre03-20&amp;linkId=XBJ67YJCGANGKXDI">Web Analytics: An Hour a Day</a>, Avinash Kaushik provides a step-by-step guide on successful web analytics strategy for your business website. And as search engines tweak their search algorithms on a rolling basis and emerging social media companies rule the Internet, some data and processes require constant revision.</p> <p>At the <a href="http://www.kaushik.net">Occam's Razor blog</a>, Kaushik provides analysis of important web analytics and digital marketing topics for entrepreneurs, such as how to use social media as a business. Unlike other bloggers, Kaushik backs up all his claims with actual data (he's a self-professed &quot;web analytics ninja,&quot; after all!), utilizes plenty of screenshots (particularly useful for users of Google Analytics), and provides actionable takeaways. (See also:&nbsp;<a href="http://www.wisebread.com/5-easy-ways-to-make-extra-money-blogging">5 Easy Ways to Make Extra Money Blogging</a>)</p> <h2>3. Guy Kawasaki's Blog</h2> <p>Known as the father of evangelism marketing for his work with Apple in the early '80s, Guy Kawasaki is a prolific businessman and author. With 1.69 million followers on LinkedIn and 1.46 million followers on Twitter, Kawasaki is a thought leader in entrepreneurship, marketing, and PR.</p> <p>While <a href="http://guykawasaki.com/blog">Kawasaki's blog</a> skews a bit towards tech startups, his writing is still applicable to other industries. For example, he provides insights on the<a href="http://guykawasaki.com/how-to-launch-and-why-scaling-doesnt-matter/"> importance of scale in business</a>, guidelines on how to <a href="http://guykawasaki.com/the-art-of-the-panel/">excel at a conference panel</a>, and tips for <a href="http://guykawasaki.com/ten-easy-ways-to-make-your-pitch-rock/">making your pitch rock</a>.</p> <h2>4. 500 Hats</h2> <p>A member of the famous &quot;PayPal Mafia&quot; (he was the Director of Marketing at PayPal from 2001 to 2004), Dave McClure is a prominent entrepreneur and angel investor. McClure knows his stuff and helps run a fund that makes investments ranging from $50,000 to $500,000 in startups. At his blog <a href="https://500hats.com/">500 Hats</a> (one of the most-read blogs by venture capitalists, according to the Wall Street Journal), he provides an inside view into the world of venture capitalism and angel investing.</p> <p>For those looking to launch or optimize their startup, developing a good understanding of what investors are looking for in a startup is essential for survival. Startup owners can learn what makes investors tick at McClure's current and previous blog (<a href="http://500hats.typepad.com">Master of 500 Hats</a>).</p> <h2>5. Gary Vaynerchuk's Blog</h2> <p>Owners of family businesses will find <a href="http://www.garyvaynerchuk.com/blog/">Gary Vaynerchuk</a> to be an inspiration. In just five years, he took his family wine business from a respectable $3 million revenue operation to a $60 million revenue powerhouse.</p> <p>Vaynerchuk is a big fan of no-nonsense advice and his blog is proof of that. Every single one of his posts provides an estimate of how long it will take you to read it (most reads are under four minutes). In addition of his blog, check out his <a href="https://www.youtube.com/playlist?list=PLfA33-E9P7FC0AoARnMLvgFgESJe4_Ngs">#AskGaryVeeShow</a> on YouTube in which he answers questions about marketing, social media, and entrepreneurship submitted via Twitter.</p> <h2>6. Kabbage Small Business Blog</h2> <p>When you're a small business owner, you have a lot of questions. A great place for finding the answer to many of those questions is the Kabbage <a href="http://www.kabbage.com/blog/">Small Business Blog</a>. <em>(Disclaimer: Until December 2015, I contributed to this blog.)</em> What makes this blog stand out from others is that it caters to minority small business owners, offering advice on finding funding options and providing success stories from peers.</p> <p>From determining when you have enough money to <a href="https://www.kabbage.com/blog/do-you-have-enough-money-to-hire-your-first-employee/">hire your first employee</a>, to how to <a href="https://www.kabbage.com/blog/webinar/3-steps-to-improve-your-business-credit-report-establish-build-monitor/">improve your business credit score</a>, to where to find <a href="http://www.kabbage.com/blog/11-grants-for-women-owned-businesses-you-need-to-know-about/">grants for women-owned businesses</a>, the Small Business Blog covers a wide variety of topics relevant to small business owners of all backgrounds.</p> <h2>7. Brian Solis</h2> <p>A digital analyst, anthropologist, and futurist, Brian Solis keeps an eye on the latest technological developments and their effects on business and marketing. Solis constantly seeks ways that businesses can leverage technology to improve the customer experience.</p> <p>On the <a href="http://www.briansolis.com/#">Brian Solis blog</a>, you will find tips on how to deliver a better customer service experience, such as to stop <a href="http://www.briansolis.com/2015/02/deliver-great-customer-experience-stop-focusing-customer/">making unsupported assumptions</a> about your customers and to deliver a <a href="http://www.briansolis.com/2015/07/creating-truly-personal-omni-channel-customer-experiences-2/">consistent customer experience</a> across all channels. This is key because, after all, without customers you won't have a business.</p> <p><em>What are your favorite blogs on entrepreneurship?</em></p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" data-pin-save="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fthe-top-7-blogs-for-entrepreneurs&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FThe%2520Top%25207%2520Blogs%2520for%2520Entrepreneurs.jpg&amp;description=The%20Top%207%20Blogs%20for%20Entrepreneurs"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/The%20Top%207%20Blogs%20for%20Entrepreneurs.jpg" alt="The Top 7 Blogs for Entrepreneurs" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/the-top-7-blogs-for-entrepreneurs">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-8-best-books-for-entrepreneurs">The 8 Best Books for Entrepreneurs</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-business-lessons-from-these-child-entrepreneurs">5 Business Lessons From These Child Entrepreneurs</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-famous-people-who-got-rich-after-30">8 Famous People Who Got Rich After 30</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-best-states-to-start-a-new-business-in">4 Best States to Start a New Business In</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/using-wordpress-for-blogging-and-more">Using WordPress for Blogging and More</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship blogs books inspiration small businesses time management Wed, 06 Jan 2016 14:00:04 +0000 Damian Davila 1630354 at http://www.wisebread.com The 8 Best Books for Entrepreneurs http://www.wisebread.com/the-8-best-books-for-entrepreneurs <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/the-8-best-books-for-entrepreneurs" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_reading_books_000047674572.jpg" alt="Woman reading best books for entrepreneurs" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>America is truly the land of opportunity.</p> <p>According to a study sponsored by Babson College and Baruch College, the U.S. now has <a href="http://www.inc.com/leigh-buchanan/us-entrepreneurship-reaches-record-highs.html">27 million entrepreneurs</a> (about 14% of the total population). And many of these American entrepreneurs are thriving &mdash; 24% of them expect to employ 20 or more people in the next five years.</p> <p>If you want to learn the ropes of entrepreneurialism, real-life experience is your best bet, but reading on the subject can also provide you with essential insights necessary for success. Whether you're an aspiring entrepreneur eager to become your own boss, or a seasoned business owner seeking to take your startup to the next level, here are the eight best books to help you on your business venture.</p> <h2>1. Four Steps to the Epiphany</h2> <p>Often referred as the father of the Lean Startup revolution, Steve Blank is a seasoned entrepreneur (starting eight high-tech companies over 21 years), entrepreneurship author, and professor (U.C. Berkeley, Stanford University and the Columbia University/Berkeley joint MBA program). In <a href="http://www.amazon.com/gp/product/0989200507/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0989200507&amp;linkCode=as2&amp;tag=wisbre03-20&amp;linkId=JOMQJOOX36JE3RHG">The Four Steps to the Epiphany</a>, Blank explains the practical and proven four-step customer development process, which is key to launching and maintaining a sustainable startup.</p> <h2>2. Web Analytics: An Hour a Day</h2> <p>Don't undermine your business venture by leaving it offline. According to a Google and Ipsos survey of more than 3,800 small businesses, 58% of them <a href="http://www.inc.com/associated-press/small-businesses-have-no-website.html">didn't have a website</a>. But setting up a website is just the first step &mdash; you also need to understand how it performs. For this, you should leverage web analytics, which is the process of using data to assess and improve the effectiveness of a site. Learn from world-renowned analytics expert Avinash Kaushik through his book <a href="http://www.amazon.com/gp/product/0470130652/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0470130652&amp;linkCode=as2&amp;tag=wisbre03-20&amp;linkId=VJ5XWHMCML7YFWJ5">Web Analytics: An Hour a Day</a>. As its name implies, Kaushik's book provides a daily guide to understanding and applying advanced analytics concepts, including SEM/PPC analysis, the power of segmentation, and conversion-rate best practices. Learn to leverage quick-start solutions for all types of sites, such as small business websites, blogs, and digital storefronts.</p> <h2>3. Tribes</h2> <p>In a perfect world, any entrepreneur would want their customers to be as fanatical as Apple's, Disney's, or The Burger Shack's. Marketing expert Seth Godin shows you the key to using the Internet to create your own customer &quot;tribe&quot; in his book <a href="http://www.amazon.com/gp/product/1591842336/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=1591842336&amp;linkCode=as2&amp;tag=wisbre03-20&amp;linkId=6GTHPVAX5EFP3QG2">Tribes: We Need You to Lead Us</a>. From detailed best practices, you'll learn how to craft your own manifesto, make it easy for your members to connect to you and one another, and track your movement's progress.</p> <h2>4. Zero to One</h2> <p>You may have heard the name of Peter Thiel before. Whether it was as one of the co-founders of PayPal in 1998 or the first outside investor in Facebook (a 10.2% stake acquired in 2004 for $500,000), you know that Thiel means serious business. In his New York Times bestseller <a href="http://www.amazon.com/gp/product/0804139296/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0804139296&amp;linkCode=as2&amp;tag=wisbre03-20&amp;linkId=SXVPOOHLWSSE5PB5">Zero to One: Notes on Startups, or How to Build the Future</a>, Thiel outlines unique and practical insights about entrepreneurship, and discusses success in terms of human nature and culture. Along with actionable tips on business strategy, Thiel outlines the seven questions that &quot;every business must answer,&quot; which are key to fine-tuning your entrepreneurial vision.</p> <h2>5. The Art of the Start 2.0</h2> <p>While evangelism marketing is more common nowadays, it wasn't so ubiquitous back in the early 1980s. Many people believe former chief evangelist of Apple, Guy Kawasaki, to be the father of the art &mdash; making customers believe so strongly in a particular product or service, that they freely try to convince others to buy and use it. Kawasaki is well-known for his down-to-earth and down-to-business writing style. In <a href="http://www.amazon.com/gp/product/1591847842/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=1591847842&amp;linkCode=as2&amp;tag=wisbre03-20&amp;linkId=XUY5MIOFWZH2QXN6">The Art of the Start 2.0: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything</a>, he provides a detailed marketing and PR blueprint for aspiring entrepreneurs, small-business owners, and not-for-profit leaders.</p> <h2>6. The 4-Hour Workweek</h2> <p>One of the main reasons that individuals venture into entrepreneurship is to achieve a better work-life balance. Tim Ferriss is one of the most vocal advocates of pursuing entrepreneurship to improve your lifestyle. In <a href="http://www.amazon.com/gp/product/0307465357/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0307465357&amp;linkCode=as2&amp;tag=wisbre03-20&amp;linkId=WWH3KS7BLKXNNBB6">The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich</a>, Ferriss teaches techniques for helping entrepreneurs and business owners to produce seemingly superhuman results in minimum time. (See also: <a href="http://www.wisebread.com/11-time-saving-hacks-from-the-worlds-busiest-people?ref=seealso">11 Time Saving Hacks From the World's Busiest People</a>)</p> <h2>7. Start Something That Matters</h2> <p>Besides a better work-life balance, many entrepreneurs start businesses in search of the ideal mix of profit and social good. Founder and Chief Shoe Giver of shoe company TOMS, Blake Mycoskie is the poster boy for a business model that helps people in need with every product purchased. <a href="http://www.amazon.com/gp/product/0812981448/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0812981448&amp;linkCode=as2&amp;tag=wisbre03-20&amp;linkId=5HZ2PCZONDPSBKFT">Start Something That Matters</a> tells the story of the steps Mycoskie took to set up his for-profit company to help children he met in a small village in Argentina, and how he inspires others to start something that positively impacts the world. In his book, he profiles other entrepreneurs doing good, including Lauren Bush (founder of FEED Projects), and Eric Ryan and Adam Lowry (co-founders of method).</p> <h2>8. Delivering Happiness</h2> <p>In <a href="http://www.amazon.com/gp/product/0446576220/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0446576220&amp;linkCode=as2&amp;tag=wisbre03-20&amp;linkId=ZPGEBDFFVIUEMYT5">Delivering Happiness: A Path to Profits, Passion, and Purpose</a>, Tony Hsieh, the CEO of Zappos.com Inc, explains how his company went from scrappy shoe online retailer to major player in ecommerce, with over $1 billion in gross merchandise sales every year. Great customer service is key for the survival of any business, and Hsieh makes a strong case of how customer service should be the responsibility of the entire company, not just a department. Given that Zappos consistently ranks among the top companies to work for and was eventually acquired by Amazon in 2009 for a cool $1.2 billion, he is definitely on to something.</p> <p><em>What are your favorite books on entrepreneurship?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/the-8-best-books-for-entrepreneurs">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-top-7-blogs-for-entrepreneurs">The Top 7 Blogs for Entrepreneurs</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-business-lessons-from-these-child-entrepreneurs">5 Business Lessons From These Child Entrepreneurs</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-famous-people-who-got-rich-after-30">8 Famous People Who Got Rich After 30</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-the-self-employed-can-cut-health-care-costs">How the Self Employed Can Cut Health Care Costs</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/think-like-a-startup-to-boost-your-finances">Think Like a Startup to Boost Your Finances</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship advice books inspiration self employed small businesses start ups Mon, 21 Dec 2015 14:00:04 +0000 Damian Davila 1623600 at http://www.wisebread.com 8 Life Skills Every Freelancer Needs http://www.wisebread.com/8-life-skills-every-freelancer-needs <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/8-life-skills-every-freelancer-needs" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/man_freelancer_000057859604.jpg" alt="Man learning life skills every freelancer needs" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Eight years ago, I decided to ditch my commute, mothball my business casual wardrobe, and fully commit to building a freelance writing and content management business. With nearly 12 years of professional experience behind me, I knew I could handle the business basics of a freelance life. From networking to invoicing, and from marketing to tech support, I realized everything would be up to me &mdash; and (frighteningly) only me.</p> <p>How right I was. As I enter my ninth gloriously commute-free year, I can affirm that success is built around the following eight life skills every freelancer needs.</p> <h2>1. Communication</h2> <p>As with any other job, good communication is the linchpin between success and failure in freelancing. Networking, pitching new business, working with different teams every day, and keeping clients up-to-date all require proactive and professional communication skills.</p> <h2>2. Time Management</h2> <p>For most freelancers, work comes in unpredictable spurts. Being able to go from zero to 60 in a day or two is just part of the game. And when multiple projects all have back-to-back deadlines, staying sane means learning the secret of <a href="http://www.wisebread.com/the-secret-to-time-management-and-work-life-balance">effective time management</a>.</p> <h2>3. Negotiation</h2> <p>Freelancers must be able to establish fair work agreements and terms &mdash; terms that respect your skill and time and offer a competitive value to your clients. Getting the hang of it and negotiating with tact and confidence takes practice.</p> <h2>4. Organization</h2> <p>At this exact moment, I have four major new projects waiting in the wings &mdash; each with a different client. Keeping due dates, deliverables, meeting times, billing terms, and contact names straight takes masterful organization skills. If you don't have a Type A personality, do yourself a favor and explore some organization tools for businesses.</p> <h2>5. Scheduling</h2> <p>Many newbies eagerly accept every project that comes their way and never learn to gracefully push back on a deadline. But understanding how much work we can handle without sacrificing quality or breaking promises is critical to business success. When we get it wrong, first-time clients become one-time clients.</p> <h2>6. Self-Motivation</h2> <p>Since freelancers seldom have a boss looking over our shoulder, it's alarmingly easy for our workday to veer off track. A keen ability to self-motivate, stay focused, and not let short breaks turn into long distractions is essential for success.</p> <h2>7. Boundary Setting</h2> <p>For freelancers, there's no official beginning or end to the workday and not much separation between work, home, and social life. We have to defend our zen by setting clear boundaries. Successful freelancers know when to shut things off, walk away, and get back to the business of living.</p> <h2>8. Self-Awareness</h2> <p>As freelancers build a strong work history with a wide range of clients, one or two of those happy customers will inevitably extend a job offer. The security of traditional employment arrangements can be tempting; it takes profound self-awareness to know exactly what you want, guard your independence, and know when to say, &quot;Thank you, but no.&quot;</p> <p>Remember, freelancing is a science <em>and </em>an art. If you're just starting out, explore <a href="http://www.wisebread.com/10-things-all-successful-freelancers-do">what successful freelancers do</a> and develop your life skills as you develop your business.</p> <p><em>If you're a freelancer, what life skills have helped you the most? Which ones came naturally and which took conscious effort?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/kentin-waits">Kentin Waits</a> of <a href="http://www.wisebread.com/8-life-skills-every-freelancer-needs">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/22-websites-that-will-pay-you-to-write-for-them">22 Websites That Will Pay You to Write for Them</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/11-ways-freelancers-and-telecommuters-can-make-friends-and-network">11 Ways Freelancers and Telecommuters Can Make Friends and Network</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-5-biggest-mistakes-freelancers-make">The 5 Biggest Mistakes Freelancers Make</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-signs-its-time-to-close-your-business">5 Signs It&#039;s Time to Close Your Business</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-gadgets-every-work-at-home-professional-needs">6 Gadgets Every Work at Home Professional Needs</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career Building Entrepreneurship freelance self-employment small businesses telecommute work from home Tue, 07 Jul 2015 09:00:17 +0000 Kentin Waits 1481900 at http://www.wisebread.com 4 Ways to Fund Your New Business Without Borrowing a Dime http://www.wisebread.com/4-ways-to-fund-your-new-business-without-borrowing-a-dime <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/4-ways-to-fund-your-new-business-without-borrowing-a-dime" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/Woman_organized_ideas_000038689064.jpg" alt="Woman figuring out how to fund her business without borrowing money" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Becoming a small business owner or freelancer is a great way to regain control of your schedule while having limitless potential for income and locational flexibility. The only problem is that starting a new business venture usually comes with a big price tag.</p> <p>It may be difficult to fund a new business without using loans or credit cards, but it's not impossible. Here are some tried-and-true ways to avoid taking on debt when becoming your own boss. (See also: <a href="http://www.wisebread.com/6-simple-ways-to-market-your-side-business?ref=seealso">6 Simple Ways to Market Your Side Business</a>)</p> <h2>Bootstrap Your Business</h2> <p>Bootstrapping is essentially the DIY version for business owners. It's the process of streamlining your expenses while spending as little as possible in order to grow your business in the long term. It's not just about being cheap, but more importantly about spending money on the right areas of business while being conscious of your bottom line.</p> <p>A few bootstrapping techniques include outsourcing small projects to contractors using paid gig sites, such as <a href="http://tracking.fiverr.com/aff_c?offer_id=1441&amp;aff_id=4437">Fiverr</a> or <a href="https://www.upwork.com/">Upwork</a> versus hiring regular employees, or paying for a course to learn a bit of copywriting, versus hiring a professional copywriter.</p> <p>But don't stop there. Are there existing sources of funding you can use for your new venture? Can you use the cash value of your life insurance policy, sell a little-used second vehicle, or downsize your home? Bootstrapping takes many forms, and if you're serious about avoiding debt, you should also be serious about locating funding.</p> <h2>Seek Out an Investor</h2> <p>This is not a new idea by any means, but it's one that should nonetheless be considered. If you need capital for inventory or equipment, seek out an investor who believes in your idea and is willing to become part owner. This will give you the added cash flow your business needs without going to the bank.</p> <p>You can choose to be as informal as you want, by asking friends and family to invest in your idea, or be more formal by seeking out someone like an angel investor, either through local professional networks, or on websites such as <a href="https://gust.com/">Gust</a>.</p> <p>You have to be willing to take on a partner of course, but working with someone who has deeper pockets than you do could be a real advantage.</p> <h2>Leverage a Day Job</h2> <p>Consider leveraging your current day job while starting your business on the side as a means of generating revenue for your new venture. This is a very smart way to vet out your idea before having the added pressure of making it produce revenue to support itself. Many entrepreneurs choose this route before starting an online business, and essentially use their day job to fund their dream job.</p> <p>This method may take a bit longer to build up, and you'll have to juggle multiple priorities at the same time, but you will be the sole owner of your business and able to build a solid foundation from the beginning.</p> <h2>Try Crowdfunding</h2> <p>If your business venture is an idea for something that people will buy, such as a physical product or a smartphone app, consider crowdfunding as a way to infuse your new idea with the cash it needs to get off the ground. Sites like <a href="https://www.kickstarter.com/">Kickstarter</a> and <a href="https://www.indiegogo.com/">IndieGoGo</a> are perfect platforms for bringing your new idea to the masses.</p> <p>There have been quite a few ideas brought into the market this way, including everything from video games to watches and beer, that have grossed more than $1 million dollars from crowdfunded pledges.</p> <p>Give your new business the fighting chance it deserves by avoiding taking on debt in the beginning stages. You will learn to streamline your work process and focus on the true priorities while the business grows. Then you can later expand and build upon the foundation you've created.</p> <p><em>Have you launched a business or side business? How'd you pay for it?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/carrie-smith">Carrie Smith</a> of <a href="http://www.wisebread.com/4-ways-to-fund-your-new-business-without-borrowing-a-dime">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-signs-its-time-to-close-your-business">5 Signs It&#039;s Time to Close Your Business</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/self-employed-heres-how-to-get-your-apartment-application-approved">Self-Employed? Here&#039;s How to Get Your Apartment Application Approved</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-budget-consistently-without-a-steady-paycheck">How to Budget Consistently Without a Steady Paycheck</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-best-states-to-start-a-new-business-in">4 Best States to Start a New Business In</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-common-myths-about-starting-a-small-business">8 Common Myths About Starting a Small Business</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship freelance funding investors self employment small businesses Tue, 28 Apr 2015 09:00:28 +0000 Carrie Smith 1400876 at http://www.wisebread.com