Magical Penny

Starting up a small retail store can be a humble way to start your entrepreneurial empire. While it can be expensive to rent a space and buy products to sell to your customers, you can actually get started fairly easily with a loan or if your location is somewhat remote. However, just because you’re starting a small retail store, it doesn’t mean you should skimp on certain expenses.

The idea of launching a business on a budget can be appealing to many people, but you need to keep in mind that there are some things that you absolutely need to invest in. So in this post, we’ll be taking a look at some of the top tech solutions that you should consider if you’re going to start a small retail store.

A point-of-sale system

If you want to accept payments at your business, you’ll need some kind of point-of-sale system. Sure, you could just start taking cash from your customers, but it’s not going to be effective because many people use cards and smartphones to make payments these days. We recommend that you invest in a decent POS system or at least some kind of card reader so you can start taking more payment methods. This will increase your sales and more people will come to your store knowing that they can use their preferred payment method. It may take a bit of investment at first, but it’s well worth the monetary investment.

In addition to accepting payments, a POS system can actually help you keep track of inventory and transactions. This might not sound very important now, but it’s a much better solution than trying to keep track of stock in your head or with some kind of notebook. For example, if you’re ordering items in quantities of a hundred or more, then it’s vital that you keep track of your stock after each sale so you know how much you need to order in the future. It makes your store much easier to manage and will accommodate future growth.

Employee management systems

Having a computer with an employee management system will make it easy to run your store. It’ll help you sort out shifts, it’ll help you with payroll, and it can even help you keep track of their performance. This might not sound important for a small store that you’ll be watching, but you’ll eventually want to hire someone to help even if it’s just part-time. It’s a great way to help you take some time off, and it also means you can focus on other aspects of your business such as choosing new products to sell or learning how to take your business online with an eCommerce platform.

It’s also helpful for small retail stores that want to grow in the near future. If you want to accommodate growth, then you’ll need to have systems in place that make it easier for you to manage multiple employees in the future.

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It’s almost guaranteed that stocks and shares are the first things that pop into your head when you think of investing. And that’s unsurprising. It’s become almost too easy for the average joe to make money investing in the stock market. But it’s a fickle beast. Sooner or later, the market will take a downward turn. And that’ll leave investors scrambling for alternative ways to make money. 

So whilst they’re still preoccupied with the stock market, it gives you an opportunity. Now’s the time to exploring new ways to invest your money to take advantage of the underpopulated markets. And just because they’re alternative ways doesn’t mean they’re a gamble. All of the suggestions we have for you have been viable investment solutions for years. But they’re largely untapped by the general population. 

• Peer-To-Peer Lending

Peer-to-Peer (P2P) lending is one of those scary-sounding investments. But it’s actually more straightforward than you’d think. And it’s still a pretty new phenomenon, so there’s little competition amongst the general populace. 

Simply, online P2P services offer loans for personal use, businesses, and pretty much everything, including the kitchen sink. To get in on the action, you join a pool of investors who are willing to loan money to others. Once the borrower qualifies for the loan, you fund it. Simple. And there are plenty of platforms to choose from, like LendingClub, Prosper, and Peerform. 

P2P lending takes out the middle man, the banker. Which means a higher return for the investor, you. And lower rates and fees for the borrower. And the beauty of P2P is that you can get a diverse loan portfolio. So if you invest £20k, that can be spread over numerous loans. Having this sort of diversity means that if one loan goes sour, you still have plenty of others to keep your portfolio afloat. 

• Real Estate

Real estate investing is indeed tried and tested. You can buy property and rent it out. Or you can purchase it cheaply, give the house a new lease of life, and sell it on for big profits. In many cases, you don’t even need the total amount of money. You can put a down payment, and the banks will sort out the rest.

Before entering the real estate world, though, ask yourself if you’ve got what it takes. Particularly if you’re going to end up being a landlord. It can bring complications and headaches with it. Things break, and people fall behind on rental payments, just to name a few. So consider whether you’d be able to deal with these headaches before investing. 

You can hire professional help with a property investment company like Track Capital. Or you can get a property management company in which will take care of landlord responsibilities if you won’t be able to handle them. 

• Precious Metals

Precious metals, gold, in particular, are worth an investment. But they can be controversial. For some, they work as investments like clockwork. But for others, they become a nightmare. Like any investment, precious metals actually fall somewhere in the middle. 

What makes them so controversial is the fact that the price of them rises and falls alongside currency. When it’s strong, so are the metals. But when it’s weak, they fail. Sometimes dramatically so. And it’s almost impossible to predict when these rises and falls might happen. It’s a good idea to keep an eye on currency trends and always have some precious metals in your arsenal. One of the significant benefits, though, is that you actually own the investment. And you can hold onto it until your get the best possible return. 

• Collectibles

Collectibles, like antiques, artworks, and other treasures, are much like stocks. Sometimes you win big, and sometimes you don’t. But you should approach collectible investments with caution. They will require you to have some knowledge and know-how. You can’t just buy anything and everything you see; you need to know what to look for. And when something is a diamond in the rough and when it’s just coal. 

The entire market is based on what people are willing to pay for the collectibles. If you’re a collectible investor worth their salt, you’ll have a good idea of what’s desirable and what you should pass up. So it’s a good idea to specialise. Whether that’s first editions of books or little-known artworks and artists. The best way to approach collectible investment is to focus on something you actually want to own. That way, you won’t be too crushed if you have to hold onto the for a while until the right buyer comes up.

• Yourself

The greatest investment you can make is in yourself. And that doesn’t just mean starting your own business. There are oodles of ways to invest in you. It could be that you take courses that make you more desirable to employers so you can barter for a better salary. You could take on more significant responsibilities in work that make you invaluable to your employer. It could even be that you simply spend more time researching investments, so you become a leading figure. 

Of course, you can just invest in yourself by building your own business. If you’ve got the idea and some capital to start, there’s no reason to hold back. Remember; don’t put all your eggs in one basket. Put some money into your business and invest the rest elsewhere for the highest returns possible. 

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Going to university for the first time is something to get excited about. There are tonnes of amazing experiences awaiting you, including your first real taste of independence as you move away from home for the first time. 

One of the things that many students struggle with is their finances. From having to pay rent and bills to juggling living expenses, it’s easy for students to struggle to manage their money. By preparing as much as possible and learning how to cut your spending, you can get your student journey off to a great start.

Take a look at the following student money tips to get you through your first year.

Learn how to make a budget

You’ll learn a lot while at university, but learning how to budget is one of the most valuable things you can learn in the early days. Budgeting at university is simple once you get started, you just need to be strict with it. The good news is many bank accounts now come with apps that can help you budget, making it easy to stay on top of your outgoings while still having some money left over for having fun with your friends.

Save on your living costs

Living costs can eat up a lot of your student loan, so it’s important that you find ways to cut down on your expenses. Choosing the right accommodation can be a great start, with AXO Student providing a simple, all-in-one cost for rent and bills that won’t leave you with any hidden surprises. If you can find accommodation in a nice central location, you won’t have to worry about travel costs – you’ll be able to get to most places easily on foot.

Use meal planning to keep you on track

Getting to grips with food shopping is another key thing you’ll learn at university. It’s easy to go overboard with your food, but it can lead to a lot of waste, and could lead to some unwanted weight gain too. Meal planning is a fantastic way of helping you save money, as it will mean you know what you’re eating and when, which will also help you make better food choices too. Consider planning meals you can make in bulk, ready to freeze for when you need them. Meal planning also stops you grabbing lunch on the go every day, a cost that can easily eat into your weekly budget.

Find ways of making extra money

Things can be tight as a student, so it doesn’t hurt to find ways of making extra money. You could find a part-time job in shop, restaurant, bar or elsewhere, or even take advantage of different work from home opportunities. As long as it doesn’t eat into your studies, having some part-time work can be a great way to boost your student income, as well as help you gain some useful work experience there.

Navigating your student finances can be tough, but there is plenty of help out there to get you through it. Keep on top of your finances from the start to prevent money worries at university, leaving you free to focus on your studies and all the other fun student experiences coming your way. 

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Bricks and mortar, or real estate as it is more often known, is one of the most popular forms of investment there is. However, just like with any kind of investment you need to have a good understanding of the market, and how to make a profit for it to be successful. Happily, you can get some invaluable insights into these as well as other essential real estate investing issues, below. 

Always think about the potential return 

Emotional connection is not something that you want to give too much credence to in the world of property investing. In fact, it doesn’t really matter whether you like the aesthetic of the property you are buying, or have a personal connection with the location. Instead, whether to go ahead with a certain property should be based on the bottom line – that is whether you can make a profit from it. 

Of course, this means that the lower the price you pay the better. Although, remember it’s not only the cost of the home that matters here but also what you can sell it on for. Indeed, a larger property in a safe neighbourhood may seem expensive, but if you can sell it for more than you paid for it, it will still be an excellent investment. 

Keep a reign on your budget 

Another important aspect of success in real estate is being able to correctly manage a budget. This is because there are so many costs associated with property investing including lawyers fees, renovations, and decoration. Sadly, many property investors fail to correctly account for such costs, something that means they have considerably less profit once all is said and done than they’d hoped. 

To that end, researching into the possible costs you will face and carefully tracking these is a crucial part of property investment success. 

Consult an expert 

You can also maximise your chances of real estate investment success by drawing on the knowledge and experience of others in the trade. Indeed, a real estate expert like Jason Cohen can offer advice on any property investment from a single home to a large commercial development. After all, he has experience of making a profit in all these areas and more, something that means you can ensure you get the best return and minimise the risk of making expensive mistakes. 

Minimise risk

On the topic of minimising risks, consulting an expert is not the only way to limit the financial risks involved in property investing. You can also help to create a more favourable situation for your investment by choosing a property that allows you to keep a larger cash reserve in place. 

In fact, by having a more significant cash reserve you will have more resources available to complete any renovations and decorations in the shortest time possible. This means you will be able to get your property back on the market faster and turn a quick profit. Something that in turn will free up more funds for other investments and so allows you to grow a successful real estate empire. 

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If you think you have a really great business idea, but you simply cannot find the funding you need to get your venture off the ground, don’t despair! You may think you’ve tried everything, but if you haven’t tried the ideas below, there is still hope for you yet.

1. Crowdfunding

Crowdfunding sites like Kickstarter and Indiegogo are brilliant platforms for newbies to the world of business, They enable you to create a pitch that showcases your idea to the world. Anyone who is interested in your business then has the opportunity to send you a few pounds, and if enough people do that, you could easily find your great business idea, of course, in order to be successful with crowdfunding, you really do need to have a good idea, and you need to be able to present your pitch in an exciting and informative way, but if you can do that you could be onto a great thing.

2. Private equity firms

Private equity firms like Intrepid Private Capital Group are more likely to take risks on entrepreneurs if they think they have potential. They often have less strict lending criteria than banks and building societies, which means they are better able to take a chance on a wildcard business, which means, you have nothing to lose by getting in touch with them and pitching them your ideas.

3. Start a side hustle

It may seem strange to suggest you start a side hustle when you’re looking to start a new business, but the fact is you need startup capital, and it may be easier to get that money by starting a different side business like dog walking or freelance writing in the first instance., Once you’ve worked your side hustle for a while, you can take the money you saved and invest it in your dream business idea.

4. Grants and prizes

So many people don’t realise that there are lots of grants and prizes out there that will enable budding entrepreneurs to access at least some of the startup capital they need to get their businesses up and running. They aren’t always easy to access, and you will need to have a great idea and an excellent business plan to stand a chance, but you’re an entrepreneur and that means putting the work in to get where you need to be.

5. Angel investors

Angel investors are individuals who have money to spend, and often they will be willing to spend it on your business in exchange for a percentage of ownership in the company.  Often, you will be able to access a small amount of investment from several angels rather than getting the whole amount from one person, which lowers the risk for everyone involved.

6. Dragon’s Den

Why not go on Dragon’s Den and try your luck? If you have a solid idea, even if you don’t secure any finance, you’ll get the exposure that being in national TV brings and maybe that will bring some good fortune your way.

Good luck!

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When it comes to making more money and boosting the family finances, one of the first things a lot of people do is start thinking about a side hustle, and more often than not, they start thinking about a side hustle they can do from home.

Working from home in your spare time is a very good way of boosting your income and improving your financial situation, but it is also fraught with difficulties. 

Finding well-paid work that is legitimate and which you can actually do from your own home is not as easy as you perhaps might think it should be, which is why I’ve put together some tips to help you find those real work from home opportunities and start effectively boosting your bank balance today.

1. Start with well-known companies

There are a number of well-known companies, including Wayfair and BT, who hire remote workers, and if you’re looking for a legitimate way to make money from home, it would be sensible to start by seeing if they have any positions available. After all, they are legitimate companies with a strong track record, so you know at the very least you won’t end up being scammed or ripped off, which brings me to my next point.

2. Don’t pay to work

If someone is offering you a work from home job, but they are asking you to pay a sum of money for the privilege upfront, you should probably decline. There is a good chance that the job will be little more than a scam.

Obviously, this advice doesn’t apply if you are setting up your own business, because every business will incur startup costs of one kind or another, but if it’s work for another party and they want you to pay for products, training or whatever, think twice.

3. Do your research

Once you have identified a potential work from home opportunity, you’re going to want to research it so you can find out if it is legitimate, and so you can see what it is likely to involve. This is really easy to do, all you have to do is type in something like is Modern Millionaires a scam or is Scentsy legit and you will be presented with all the information you need to make an informed decision, Stay away from anything that seems remotely dodgy and you should be okay.

4. Sign up to freelance platforms 

Joining platforms like People Per Hour and Upwork is a great way to pick up freelance work as and when you have the time to do so. You will usually need to bid for work, and projects can be competitive, but if you have a marketable skill and you’re able to craft a decent pitch, it shouldn’t be long before you get your first commission, and once the feedback starts coming in, it will get easier and easier to find clients.

I hope this helps you to find real work from home opportunities and make a little extra money while avoiding the potential pitfalls. Stay vigilant.

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Life insurance isn’t something that most young, healthy people think much about it, but should you? Life insurance is to help your family with money after your death, whether to cover funeral costs or to help survive the loss of your income. Usually, only older people worry about arranging this, but should young people consider it too?

What are the benefits?

Life insurance has some major benefits. It can replace your lost income for the people that you leave behind to help them to cover expenses. 

In your 20s, it’s likely you’re not married and don’t have children, so you might not think about getting life insurance to help anyone. However, you may decide to have children or get married later on, and life insurance might suddenly become important to you. If you wait to buy, you might find premiums have gone up.

Life insurance for young adults is usually a lot cheaper, so getting it sorted early could save money, but of course it may be worth waiting until you have dependents who rely on your income, and therefore save the money you would have spent on the monthly premium.

Life insurance can be used to pay any debts that you leave. This could be a student loan, credit cards, or any other debt, that lots of young people have. If your parents have co-signed your debt, your life insurance policy could help your parents to pay it off without damaging their own finances. 

Life insurance can also take the stress out of paying for funerals and other final expenses. Even a small policy can help if you don’t want your family to be hurt by burial costs. 

What kind of life insurance do you need?

Options for life insurance include term life (appropriate for most people) and permanent life insurance. To help you decide which option is best for you, seek the advice of a life insurance broker or a specialist service for your industry like Starr Wright USA reviews.

Term life insurance covers you for a set term, which could be between five and thirty years. The policy would pay out if you died before the term runs out. Permanent life insurance covers you for as long as you pay the premiums.

The main thing to think about when deciding which is best for you is the cost. Term life policies usually have lower premiums, so could be a lot more affordable for young people to manage.

Tips for buying life insurance

If you’re buying life insurance, take the time to do some research, so you’re sure you’ve chosen the right kind of policy for you. Think about how much coverage you will need and what you can afford to pay for.

Look into different options. Does your employer offer any kind of insurance as part of your benefits package? What can you buy through an insurance agent? 

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