Launch a Successful Side Hustle and Improve Your Finances

Side hustles present the perfect opportunity for individuals looking to pad their income, get out of debt, or transition into a new career. With the innovations of modern technology and the changes in consumer habits, there are plenty of opportunities for people to earn a little extra money on the side. Much like a business, however, starting a side hustle requires planning, funding, and efficient execution to be successful. If you’re thinking about taking this route to improve your finances, here are some tips to help you get started.

Find Your Passion

You’ll still be working your traditional job as you start your side hustle. While you could seemingly start any kind of side job you’d like, the idea here is to make it something you’re interested in. Working 8 grueling hours at your regular job and then coming home to work more hours is going to be tedious.

If your side hustle is something you’re passionate about, however,  it seems more like a hobby than “work”. When you’re passionate about something, you’re more motivated to press forward despite the obstacles or sacrifices you’ll have to make. So, whatever you do should be something worthwhile.

Assess Your Costs

No matter what hustle you choose there are going to be expenses that you’ll have to cover. Now that you know what you’re going to be doing, what costs will you need to cover? If you’re starting a blog, for example, you’d need to have a laptop or computer, you’ll need to cover the cost of a web host and any marketing expenses. If you were going to start selling crafts online, you’d need again a computer or laptop, web host, marketing expenses, and other things like art supplies and shipping supplies.

Once you’ve tallied up your initial costs, you can review your budget to determine how much you’ll need to save to get started. If you want to get started right away, they have bad credit installment loans you can apply for and have funds within a business day. You can add the low monthly payments to your household budget to pay it back and use the upfront cash to get your side hustle up and running.

Narrow Your Services and Determine a Niche

You want to start a blog, but what will your blog be about? Who will your blog be geared towards? If you decided to sell crafts, what kinds of crafts are you going to sell? Who are you most trying to attract with your merchandise? While you could blindly sell and write for anyone, it won’t have the same impact or success. Narrowing down your services and determining your niche will help you to effectively market your side hustle to the general public.

Develop a Marketing Strategy

Once you’ve covered initial costs, set up your website, and determined what services you’re providing and who your audience is, you’re ready to develop a marketing strategy. There are plenty of tools out there you can use to get started. From social media accounts and blogs to videos and images, there are a lot of platforms that can help you reach the masses and grow your business. Define which avenues you’d like to use based on your audience’s’ interests and preferences. Develop a campaign that speaks directly to them and encourages them to do business with you.

Whether you’re trying to get rid of some debt, increase your savings, or eventually leave your full-time job, a side hustle can be an effective solution for getting you there. In order to effectively launch your idea, it is important to choose something you love, find the financial resources to keep you afloat and develop a marketing strategy that reaches your target audience. With continual effort on your end and time, you can start bringing in serious cash to put you closer to your financial goals.

Record Breaking Sales For New iPhone

Pre-order sales of the new iPhone 4S have been overwhelming, according to Apple and the various phone carriers selling the handset.

iPhone 4S is yet to hit the stores this week, but pre-order sales for the device have sky-rocketed, with many phone carriers running out of stock. If you really want the new iPhone 4S, chances are that you may have to wait for a while. The iPhone 4S has been launched at the same time in Canada and Australia, which wasn’t the case last year. iPhone 4S has been launched simultaneously this time in the United States, United Kingdom, Australia, Canada, France, Germany, and Japan.

Sales surpass expectations:- Pre-order sales for iPhone 4S have even surpassed those for iPhone 4 last year, which is quite surprising when one considers the fact that iPhone 4S is not really a new generation iPhone but more of an updated iPhone 4.

Many analysts conclude that iPhone 4S is perhaps the most successful iPhone launch ever. Although the pre-order sales have been colossal, it would be difficult to tie this to greater demand for the iPhone. You cannot be sure if this is due to greater demand or due to a greater customer base. Earlier, AT&T was the only carrier selling iPhones in the United States. The list now includes Sprint and Verizon. The number of carriers selling iPhones this year have actually increased in nearly every country.

Apple fans across the globe have been grieving over the loss of the company’s founder and visionary, and many of them would be buying the new iPhones to honor Steve Jobs.

In addition, the iPhone 4S has been launched at the same time in Canada and Australia, which wasn’t the case last year. iPhone 4S has been launched simultaneously this time in the United States, United Kingdom, Australia, Canada, France, Germany, and Japan.

The most basic version of the iPhone with a 2-year contract is priced at around $200, with higher-end models commanding a greater price. The figures are truly impressive. According to Apple, the first day pre-orders for iPhone 4S have shot over 1 million. Pre-order sales of the new iPhone 4S have been overwhelming, according to Apple and the various phone carriers selling the handset. Some phone carriers, including Sprint and AT&T in the US, have reported that they have run out of stock and that customers would need to wait for a while to get their iPhones.

The Steve Jobs’ effect:- Although many fans were disappointed by the new iPhone 4S, the recent death of Steve Jobs seems to be contributing to a surge in sales. Apple fans across the globe have been grieving over the loss of the company’s founder and visionary, and many of them would be buying the new iPhones to honor Steve Jobs.

The powerful sales of the iPhone 4S have increased the shares of Apple by nearly 5 percent on NASDAQ.

Tresna Large Scale Digital Calipers

After I used several very nice Large Scale Digital Calipers that help me to take not accurate measurements in the workshop, I vowed for my next Large Scale Digital Calipers to put high precision before brand. The benefit of these Tresna a Large Scale Digital Caliper is not only their low relatively-low cost, but also their versatility. They can be used to take the inside measurement when I’m trying to measure the internal width of a groove, give me the length of the metal stick when I?m making a machine– day or night — and give me pleased measuring result when I go to the machine shop to work on projects. The screen runs almost perfectly, with nearly 100 percent accurate. They are made of stainless steel, which means they?re shatter-proof even when struck or dropped to the ground. In the ten months I’ve been using it, I’ve dropped it lightly a couple times and they’re still pretty much accurate. Over the winter, I worked in a machine shop lathing, sawing, drilling, tapping metal and wood twice a week for 3-4 hours and a couple weekends straight through until the summer is coming.
Unlike the cheap, standard shop Large Scale Digital Calipers which I’d constantly use and put away and occasionally forget to use back, these are so accurate I rarely put them into the case. It’s important to note they do have a fine-adjustment carriage and the jaws have round measuring faces for accurate inside measurement. On the one hand, that’s why these are much more accurate, but then again, that makes these potentially unsuitable for tasks where outside measurement is recommended. For my usage, though, which is primarily taking inside measurement tasks, they’re great. Definitely one of the most functional things I own, and considering they’re extremely useful, they look pretty good.

Tips To Maximize The Sale Of Your Business

Question: How can I maximize the amount of cash I receive when I sell my business?
Answer: Acquire every last after tax dollar and get paid in cash. Also, follow three critical steps before proceeding:

1. Preplan the sale of your business. This should not be a spur of the moment decision. Rather, it should be well planned in advance. Though it is not possible to control the external environment, such as interest rates and strength of the economy, it is possible to plan for an orderly transition. Start thinking about some obvious sources for a potential buyer. For example, should an employee be groomed for possible succession? Might a good customer be interested in acquiring your business in the event of its sale?

2. Recognize the importance of finding the right buyer. Most businesses don’t have a value that is set in stone. Instead they have a range of value. This means that different buyers will have different perceptions of the same business’s value. It becomes important to pre-plan your confidential marketing effort to gain exposure to multiple buyers, especially synergistic buyers. Synergistic buyers are those individuals who, because of their location, complimentary customer base, financial resources or market position, can profit more from owning your business and are therefore willing to pay more.

3. Consider getting professional help. Unless you have a background in taxes, legal issues and merger and acquisition work, you will probably unknowingly make a multitude of costly mistakes by trying to sell your business yourself. Those mistakes may cost you substantially more than any fees paid for competent professional assistance. Do some homework on various alternatives. Become informed by attending seminars regarding tax issues, estate planning, and so on. Ask your CPA or lawyer to recommend ?general knowledge? seminars that might assist your learning curve.

Question: How do I legitimately minimize my tax obligations when I sell my business?

Answer: Plan well in advance by reviewing your corporate structure on an ongoing basis. This will enable you to maximize the amount of proceeds you retain from your business’s eventual sale.

As one would expect, the tax rules make it difficult for any quick fixes that give rise to immediate benefits. Consider changes to structure now that may result in more favorable tax treatment when the business is sold in five or ten years.

Start by getting up to speed on recent developments in the tax code. Chances are the code is very different today than when you bought or started your business. So sit down with your professional advisor and review your current business structure and its appropriateness for your business’s eventual sale.

For example, if you are structured as a corporation, the substantial difference to your after tax dollars on sale depends on whether you proceed with an ?asset? sale or a ?stock? sale. Selling the corporation’s assets can result in proceeds being taxed at the corporate level as well as the individual level when the remaining proceeds are distributed to the stockholders. However, if the stockholders sell their stock, it is likely that capital gains provisions would apply. The difference this makes to retained proceeds can be enormous.

Paying our share of taxes in the United States is an economic reality of life. Yet after tax dollars in the sale of a corporation can vary between 45 percent and 85 percent of the sales price based solely on tax structuring issues. The earlier you start planning for the sale of your business, the more likely you will be to minimize tax obligations.

Question: When is the best time to sell your business?

Answer: The best time to sell your business is determined through a careful consideration of the factors that can and cannot be controlled to maximize the amount of cash you receive. These factors include:

Environmental/External Issues- Beyond our Control

Low interest rates and a low inflation environment with plenty of liquidity and a buoyant economy create an ideal scenario for mergers and acquisitions. Clearly, we have enjoyed this scenario in the United States over the last few years. As a consequence, there has been a flurry of activity in corporate America as well as small business America. Well-run, sound businesses are selling relatively easily for nice multiples. Yet, as we all know, the economy goes in cycles. If the sale of your business is on the immediate horizon, then perhaps consideration should be given to bring the ?sell? decision forward in order to take advantage of these robust conditions.

Internal Issues-Within our Control

A potential buyer is going to pay significantly more for a business that demonstrates a consistent track record of growing revenues and profitability. However, all too often a business is allowed to stagnate or even decline because the owners have taken their foot off the accelerator. Getting ?burned out? and other health issues are probably the most often cited reason for a small business owner wanting to sell. This is understandable, but also often controllable. Recognize the warning signs and take whatever corrective action possible. Again, choosing to sell for a good price while the business is buoyant is far superior to forcing a sale because of health or other issues that have impacted revenues and reduced the business’s value.

Above all, think with the head and not with the heart. A decision to sell can be very difficult for a host of good reasons. Most small businesses don’t have boards of directors holding management accountable. However, sometimes it is prudent to seek outside objective advice from respected confidantes or professionals. These individuals bring a fresh perspective and insight that will assist you in making good strategic decisions for the future of your business.

Question: When a business is sold, what liabilities are the buyer responsible for and which remain the obligation of the seller?

Answer: In general, whether it is as an asset sale or a stock sale, just remember that sellers are obligated to provide ?lien free? assets to the buyer. While all transactions are unique, buyers will typically assume liability for the following: leaseholds related to real estate, unless they are relocating the business; accounts payable (and if they do they will also get the accounts receivable); advertising commitments such as Yellow Page contracts; customer deposits, provided seller relays to buyer a like amount of cash; and any other liabilities that are agreed upon in writing.

Sellers will typically be obligated to pay off out of the sale proceeds the following: lines of credit; installment debt and/or leases related to vehicles, computers, equipment; all obligations to employees up to the date of closing; all tax related matters; and all other debt that has any claim against any of the assets that are being transferred to the buyer.

There is another issue related to liabilities. The seller is obligated to give the buyer strong ?warranties and representations? (guarantees) that there are no undisclosed or unknown liabilities that might create claims against the assets being sold. The California Bulk Sales Law essentially states that a buyer can be held liable for goods transferred to him or her that has not been paid for by the seller. Obviously, all buyers want and are entitled to protection from having to pay for the same goods twice.

In summary, it is essential that both buyer and seller commit to having everything in writing (i.e. no verbal agreements) and that both sides be represented by competent legal advice before signing on the dotted line.