3 articles Tag income

Top Things to Consider When Setting Up an E-Commerce as a Full Time Parent

Top Things to Consider When Setting Up an -Commerce as a Full Time ParentPhoto by Anete Lūsiņa on Unsplash

Looking for a way to earn income as a full-time parent? Starting an online shop could be a great idea.

Being a full-time parent is a job within itself. So, how can you find the time to look after the kids and set up an e-commerce business? It may be tough, but it’s definitely doable. To help get you started, below you’ll discover the top things to consider when setting up an e-commerce as a full-time parent.

Focusing on the right things

There’s a lot to do when setting up an e-commerce business. From deciding what you’re going to sell, to setting up the shop, finding stock and generating customers; with so much to do, it’s easy to focus on the wrong things. For example, you may want to offer numerous new product lines. However, when you’re just getting started it’s a much better idea to focus on just one product line.

The delivery process

The delivery process is one of the most important factors in your business. Customers today don’t want to wait days for delivery. So, you’re going to need to make sure you’re offering several delivery options, and that you have a good system in place to deal with orders quickly.

Using a courier app, such as the one offered by Parcel2go can help you to get orders out quickly and easily. It’s crucial you choose a courier you can rely on. One way to deal with this could be to hire a company like this london courier service, who can help ensure these delivery promises are met.

Automate parts of your business

One thing that’s really going to help you when you’re just starting out, is automating parts of the business. There are a lot of tools out there which can help you to automate numerous parts of your e-commerce store.

As you’ll be using social media to build up your brand, you might want to consider using an automated application such as Hootsuite. These enable you to schedule posts in advance. You can also automate email marketing and potentially orders if you use Shopify’s clever apps.

Setting up a business as a full-time parent is challenging. However, if you follow the tips above, it will give you the best start, helping to increase the chances of your e-commerce store’s success. Make use of weekends and evenings to focus on the business when the kids are asleep. Running an e-commerce store as a busy parent isn’t going to be a 9-5 job!

Looking for a way to earn income as a full-time parent? Starting an online shop could be a great idea.

Being a full-time parent is a job within itself. So, how can you find the time to look after the kids and set up an e-commerce business? It may be tough, but it’s definitely doable. To help get you started, below you’ll discover the top things to consider when setting up an e-commerce as a full-time parent.

Focusing on the right things

There’s a lot to do when setting up an e-commerce business. From deciding what you’re going to sell, to setting up the shop, finding stock and generating customers; with so much to do, it’s easy to focus on the wrong things. For example, you may want to offer numerous new product lines. However, when you’re just getting started it’s a much better idea to focus on just one product line.

The delivery process

The delivery process is one of the most important factors in your business. Customers today don’t want to wait days for delivery. So, you’re going to need to make sure you’re offering several delivery options, and that you have a good system in place to deal with orders quickly.

Using a courier app, such as the one offered by Parcel2go can help you to get orders out quickly and easily. It’s crucial you choose a courier you can rely on.

Automate parts of your business

One thing that’s really going to help you when you’re just starting out, is automating parts of the business. There are a lot of tools out there which can help you to automate numerous parts of your e-commerce store.

As you’ll be using social media to build up your brand, you might want to consider using an automated application such as Hootsuite. These enable you to schedule posts in advance. You can also automate email marketing and potentially orders if you use Shopify’s clever apps.

Setting up a business as a full-time parent is challenging. However, if you follow the tips above, it will give you the best start, helping to increase the chances of your e-commerce store’s success. Make use of weekends and evenings to focus on the business when the kids are asleep. Running an e-commerce store as a busy parent isn’t going to be a 9-5 job!

Why Passive Income is Your Road to Financial Independence

Most of us have to work daily to earn enough income to fund our lifestyle. Unless you are one of the fortunate few that are born into wealth, true financial independence is often a distant dream and the primary goal is to make it to retirement.

But it doesn’t have to be that way. Changing your perception of what work is can be a radical first step to financial independence. What if you didn’t have to work for somebody else? What if income wasn’t tied to the daily grind?

Enter passive income – your road to financial independence.

Once an initial contribution of energy, time, and financial investment is made, you can earn income passively. This means the money continues to come-in consistently, automatically, and with little ongoing maintenance.

If you can create a passive income, especially when young, it is easy to see why financial independence looks more attainable.

Passive Income Is Everywhere

Passive income opportunities are everywhere; from affiliate marketing online, to renting out property, to getting paid dividends from stock. The trick is to make your career and financial decisions revolve around potential passive income streams. Take classes in real estate, not history. Invest your savings, don’t leave them in a regular bank account. Work extra hard now so you can reap the benefits later.

Here are 4 of those benefits that passive income can bring you …

1) Prevent Financial Emergencies

A core piece of financial advice is to create an emergency savings account that you can turn to if you lose your job, are faced with unexpected bills and expenses, get stuck in a natural disaster, are going through a divorce, or a faced with any other kind of financial emergency.

You can also find 1,000 dollar loans online via sites like WeGot1000 to help bridge the gap.

While this advice is still solid if you have a passive income stream, you may never even view any of these situations as true financial emergencies and you might not even need a loan. Not only do you have a safety net, but that safety net keeps on replenishing itself regardless of your circumstances.

If you lose your day job, you can rely on passive income until you find another. If that car payment comes out earlier than expected, you can bridge the gap. Need to ditch everything and get away from a hurricane?  You still have money coming in.

Of course, every situation is different and even with a passive income you can still end up struggling, but you’re in a much better position than those who rely solely on a weekly or monthly wage, tied to their ongoing effort.

If the potential for financial emergencies is reduced, your road to financial independence is a lot smoother.

2) Create Investment Opportunities

A lot of people like the sound of investing. Who doesn’t want more money? The trouble is to invest you need capital to begin with, and you need to be prepared to risk that money because even the soundest of investments can result in a loss.

If you have a passive income alongside a regular job, you can use the passive income to invest. Your wage or salary covers your day to day lifestyle and your passive income can be used to experiment and generate more wealth in the long-run.

The main point is that passive income gives you more financial freedom.

3) Allow You to Find Other Revenue Streams

Usually, when you work a regular job (even a high-powered one), it takes up the majority of your time. You may find if you’re particularly driven that you can get something else going on the side, but there’s not much else you can do after that. There’s only so many hours in a day.

However, if you use your extra time to create a passive income stream and eventually you find success, you then have the freedom to repeat the process. This is because passive income, once it is up and running, takes minimal effort to maintain.

In theory, you can have an unlimited amount of passive income streams, or at least until the point where you’ve found a balance between maintaining them all and not feeling overwhelmed.

Of course, by then you can probably afford to …

4) Allow You to Quit your Day Job

If you have built a stable passive income that can sustain you, then there’s no reason to be working a regular 9 to 5 job. Financial independence is all about having enough wealth to live on comfortably without working. Passive income can accomplish this.

That’s not to say you’ll get there right away, but as you venture on the journey, things will get easier. Before quitting your job outright, you may have the freedom to quit a dead-end job and do something that you enjoy that pays less.

 And even if you don’t retire as the head of a billion-dollar empire, whatever passive income you do have will continue into old age if managed correctly.

It’s a Snowball Effect

As you can see, the brilliance of passive income is that it creates a financial snowball effect. A small passive income on the side gives you the freedom to create another, which gives you the money to invest, which earns you enough to quit your job, which gives you more free time to develop more passive income streams – your wealth continues to accumulate and you reach financial independence.

Now you have the time to travel, start a family, be creative without the pressure of making money, and thoroughly enjoy life.

Start Your Journey Now!

Now you know what passive income can do for you, it’s time to start. The best mindset to have is that of a bodybuilder – no pain no gain. In the beginning, you need to force yourself to live frugally and save every last penny, to have enough capital to get started.

The rest is up to you.

How to Create a Budget

You want to create a budget, but where do you start? If you’re not financially savvy, creating a budget can be intimidating. Whether you want to save for a mortgage or you have tax debt you need to take care, reach your goals by following these simple tips.

Determine Your Net Income

It’s easy to overestimate your budget if you don’t make an accurate assessment of your income. Instead of incorporating your entire salary into your budget, calculate your net income by subtracting Social Security, taxes, 401(k) and flexible spending account allocations into your budget. The remaining pay is your net income; this is what you use to pay other expenses. If it’s easier, show your deductions in your budget worksheet to keep track of where your total salary goes.

Record Your Spending

Record your expenses or use an app that shows how much you spend. Use online banking that shows each expense in real time, or download an app like Wally to categorize where you spend money the most. Apps like Wally keep track of how much you spend on bills, restaurants, retail, and entertainment. Once you see how much you spend in a month, you can adjust your budget accordingly.

Begin your budget worksheet by listing all your fixed expenses. These include regular monthly bills like car payments, utilities, student loans, rent, backup withholding payments, or mortgage payments. These are expenses you can’t adjust, but you’ll get an accurate assessment of how much money will get taken out of your paycheck each month.

Set Goals

What are you saving money for? Keep a list of short term and long term goals to stay inspired. Short term goals should take no more than a year to achieve, like a family vacation or paying off credit card debt. Long term goals may take years to achieve, like funding your child’s education or earning your doctorate degree. Your goals may change over the years, but identifying what’s important to you will help you stay motivated.

Create a Plan

Once you’ve listed your goals, it’s time to execute a plan. With your net income and fixed expenses in mind, you’ll have a better estimate of how much you can spend each month.

Break down your expenses based on your typical spending habits, and separate your needs from your wants. You can’t achieve your goals without making a few sacrifices, so it may be time to nix your Netflix account. Gas and groceries are necessary expenses, but you can reduce your spending by carpooling or choosing less expensive grocery options. Identifying your priorities will help you decide what you really want to do with your extra spending money.

You can also pick up a second job. If you want to achieve your goals quicker or you’re afraid you don’t have the funds to cover your basic needs, a second job can help fill in the gaps. Take up a job as a server or bartender and stash the tips in a jar at home. You can also work on your own time as an Uber of Lyft driver. There are dozens of apps available that allow you to babysit, tutor, and take care of people’s pets. If you have a special skill, use it to your advantage to make some fast cash.

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Change Poor Spending Habits

After you categorize your necessary expenses, you might have some money left over. This is the money you can put away in your savings. You can deposit the full amount, or take out a small chunk to treat yourself.

If you want to splurge, take out a certain amount in cash and use only that amount when you want to take a night out or go to a movie. It’s easy to overlook how much money goes into small expenses like happy hour when you use a debit or credit card. Deposit the majority of the remaining amount into your savings so you can save.

Follow these steps, and you’ll have a budget you can stick to and achieve your goals.