Tag Archives: finance

Thinking of Going From Employee to Entrepreneur? Read This First

03/26/2023 R.C. Liley Leave a comment

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Have you ever thought about leaving employment to start your own company? Whether you want to take what you’re already doing and start your own firm or do something entirely different, this could be an ideal that appeals to you. In fact, it’s not an uncommon desire to want to work for yourself, be your own boss, and create a business from scratch. But before you take the leap, you have to know what it takes. So to help you, in this blog post, we’re going to run through everything you need to consider before leaving life in employment to become an entrepreneur.

Your Financial Position

One of the most significant factors to consider before becoming an entrepreneur is your financial situation. Starting a business may require an upfront investment. This could be for a location, equipment, marketing, staff, and more. Right now, as a salaried employee, your income is stable, and your expenses are predictable. But as an entrepreneur, your income can be unpredictable and you can be faced with unexpected expenses. So before leaving your corporate job, make sure you have enough money in savings to support yourself and your family for a minimum of six to twelve months without a steady income.

Your Business Idea

Next, you need to make sure that you have a concrete business idea. Ask yourself — Is your business idea unique? Is there a demand for it? Is it sustainable for the long term? You can also conduct market research and look at competitors to validate your business concept. And if you really want to be able to take your business idea to the next level, you can also work with a mentor or a business coach to hone your product or service offering.

It would also be advantageous to set up a business website as the majority of businesses have moved into the online space so they can reach a larger group of people. You will need to do a domain name search first to ensure that your chosen name with the extension is free for you to use. You can then register it ready for when your business is up and running.

Your Business Acumen

From here, you’re really going to want to make sure that you’re ready to step into the business world. Are you au fait with business life and what it takes? Do you understand how to pull together business finances and secure funding? Will you know how to create a dental logo or what you need to do to launch a website? Could you bootstrap and do everything by yourself to begin with? It’s important to be real with yourself here. There is, of course, support out there for you to utilize if needs be. For instance, to help with financial analysis and planning, you can check out this balance sheet example to see if this could be something useful to assist with managing your business finances. There is a lot out there for you to use if you know where to look, which is why research will always be a key factor.

Your Work-Life Balance

Also, when you work for yourself, it can be challenging to balance work and personal life. You may have to work more than your usual eight hours a day — and it can often be seven days a week in the beginning! That being said, you will also get to enjoy the freedom to dictate your schedule and work on your own terms. But that can come over time. So you need to be prepared to dedicate the time early on.

Your Support System

Finally, entrepreneurship can be a lonely journey so having a strong support system is crucial. Your family and friends will be your cheerleaders and sounding boards throughout, as well as your shoulders to cry on. It’s important that you have strong support around you, particularly in the initial stages. Where you can, also have your own network around you too. As this can also offer professional support and allow you to access potential opportunities too.

Lifestyle, Tips

The Essentials Of A Successful Financial Advisory Firm

11/21/2022 R.C. Liley Leave a comment

If you consider yourself to be something of a dab hand at investing, then you might even think about turning it into a business. However, managing your own money is one thing. Managing others’ money is a whole different thing and it takes more than a little prep to ensure you’re ready to handle that responsibility. Here are a few of the steps that help you on the way.

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Get the training that you need

Having managed a few investments of your own is not going to be enough to manage others’ investments effectively. You need to look at the investment industry courses that you need to take, whether to supplement your own skills or to ensure that you’re able to legally offer investment advice to your clients. All the money savvy in the world will do you no good unless you have the training to go with it and to win the trust of the clients who come to you.

Build the team that you need

Of course, you’re not likely to do it all alone. Providing you get enough clients, you’re going to need more financial advisors to help manage your clients, as well. Hiring the right advisors is all about making sure the recruitment process is sharpened to the point that you get the people that you need. You can work with recruitment agencies to narrow your scope but, otherwise, you need to be specific about the kind of experience and expertise you need in the firm to supplement your own and to provide excellent advice to your clients.

Make sure that your clients can trust you

There is nothing more important in the world of investing and financial advice than knowing that your clients can trust you. Ensuring GIPS compliance and that all the other red tape is in line is one of the most effective ways you can demonstrate that trust. Of course, over time, you’re going to build a portfolio of happy clients that can do a lot of the speaking for you, but you should always make sure that clients know you’re compliant, insured, and taking all of the steps necessary to protect their investments when they work with you.

By ensuring your firm upholds GIPS Compliance you can improve transparency in your performance reporting and gain a competitive edge in the market. Building credibility with potential clients is vital to the success of a financial advisory firm therefore gaining GIPS verification is a way for your firm to promote its compliance and stand out.

Ensure you can tolerate the risk

Starting your own firm is far from easy. Aside from the fact that you have to manage risk for your clients, you also have to be ready to tolerate a high degree of risk, yourself. After all, you’re getting into a competitive market that you have to stand out within, and you have to win the trust of clients who haven’t heard of your firm before. Your track record, qualifications, and safety precautions can help with that, but you still have to take on a serious degree of risk.

Running an investment firm is a lot more complex than the tips here are going to cover alone but hopefully, you’ve gotten an idea of just the beginning of the kinds of prep you need to invest time in.

Lifestyle, Tips

How You Can Save Money By Investing In A Dashcam For Your Car

12/13/2021 R.C. Liley Leave a comment

Dashcams are becoming more popular and a lot of people are fitting them in their cars these days. They are simple devices that sit on the dashboard of your car and record everything that goes on around you. In the event of an accident, you have a full video of the incident, exactly as it unfolded.

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But there are a lot of people that are still on the fence about dashcams. They can be expensive, especially if you go for a high-end model, so is it really worth the expense? People often assume that they won’t need a dashcam because they are a careful driver and they aren’t likely to get into an accident. However, you never know what could happen on the road and a dashcam could be a huge help. In fact, it could save you a lot of money in certain circumstances. These are some of the ways that you can save money by investing in a dashcam for your car.

Save Money On Your Insurance

Insurance is one of the biggest costs associated with owning a car, but it’s a necessary expense. The good news is, there are ways you can reduce your insurance costs, like getting a dashcam. Dashcams are becoming more and more common, so insurance companies are starting to offer discounts to drivers that have them installed in their cars. In some cases, you could save up to 10% on your insurance costs.

The footage can be used to prove who was at fault in an accident, which makes things much easier for everybody, including the insurance company. They’ll save time and money when investigating claims, which is why they encourage their customers to use them by offering discounts.

Dashcam footage can also be used to demonstrate that you are a sensible driver, and your insurance costs will be reduced as a result. So, this simple investment can save you a lot of money over the years.

Keep Your No-Claims Discount

A no-claims discount is a feature you get on your insurance when you have a clean driving record. This discount is forfeited when you claim on your insurance policy, which means that if somebody else crashes into you and they make a claim against your car insurance, then your costs go up in the future. But if you can prove that the other driver was at fault, their insurance company will pay out and you won’t have to claim on your own insurance policy, so you keep your no-claims discount.

Your discount builds year on year and the longer you go without making a claim, the better the discount will be. So, being able to maintain it makes a huge difference.

Protect Yourself Against Insurance Fraud

The majority of insurance claims are made when a genuine accident occurs. However, there are people out there that make money by committing insurance fraud. This is when they deliberately cause an accident and then make a claim against the other driver’s insurance. This costs the insurance company money and it drives up the cost of premiums for everybody.

This is a nightmare situation to find yourself in because, if it’s just their word against yours, you might end up having to claim on your insurance. But with the advent of dashcams, instances of insurance fraud are becoming less common because it’s easier to prove who was at fault. If somebody deliberately slams their brakes on for no reason, it will all be caught on video and you can show this to the insurance company and the car accident lawyers, so you won’t be liable. You can also show it to the police, so the perpetrators can be prosecuted and they won’t be able to scam people again in the future.

Be A More Economical Driver

Learning to drive economically is important if you are keeping a close eye on your spending. Fuel is expensive, but you can find ways to reduce fuel consumption if you adjust the way that you drive.

If you keep it recording at all times, you can watch the footage back later on. This will help you spot any mistakes you are making and correct them so you can be a better driver. Not only will this save you money, but it will also make you safer on the roads. This is especially beneficial for new drivers that are not that confident yet.

Sell Your Car For More Money

When you come to sell your car, the buyer will want to know about the history and how well you have cared for the car. They’ll usually ask to see the service history and any details of repairs that have been made. But you can also show them the dashcam footage. This is a good way to demonstrate that you are a sensible driver and you haven’t been putting the engine under unnecessary strain.

All of the other benefits of a dashcam also mean that you are less likely to be in an accident, which increases the value of the car too. Improved driving practices will reduce wear and tear on the moving parts of the engine too, which means fewer repairs. In short, having a dashcam helps you avoid accidents and keep your car in better condition, so it will last longer and when you do come to sell it, you can get a better price for it.

There is a reason why dashcams have become so popular in the last few years. If you are still on the fence and you think that it might be a waste of money, think again. A dashcam is one of the best investments you can make because it helps you save a lot of money. You can cut insurance costs by easily proving that you were not at fault, especially in cases where people are trying to commit insurance fraud. You can also use it to drive more economically and save money on fuel. Finally, you can keep the car in better condition so when you come to sell it, you’ll get a much better price for it. So, what are you waiting for, invest in a dashcam today?