Calling all service businesses, consider this

April 8, 2015 by
Image courtesy of Stuart Miles at freedigitalphotos.ne

Image courtesy of Stuart Miles at freedigitalphotos.ne

In a service business, generally time is traded for money.  If services aren’t rendered you don’t get paid.  You have to keep cranking out those services to generate income.  It is the nature of the service business.

What if you could create products to sell from your service business?  I know it may sound odd and you might be asking, how do I make a service into a product?  In your service industry you are an expert!  Use your knowledge to your advantage and create another stream of income.

If you don’t have a website, create or hire someone to get it up and running.  Sell some how to videos or podcasts.  Or if you are shy, create how to books or short ebooks in your industry.  These can create what we like to call “information vending machines”, you get to help many more people with your knowledge than you can by actually performing services.

Please share in the comments, how different types of service businesses can turn their expertise into products.

Filed Under: Business Boost Tagged With: , , , , , , , , ,

Is index investing right for you?

April 7, 2015 by
Image courtesy of Sailom at freedigitalphotos.net

Image courtesy of Sailom at freedigitalphotos.net

When investing in the stock market there is always risk.  There is a way to spread that risk over many stocks (portfolio) instead of just a few companies.  You can invest in an index.

An index is a statistical measure of the changes in a portfolio of stocks.  Some examples of indices are the S&P 500 (SPX), Russell 2000 (RUT), and NASDAQ Composite (NDX).  These indices represent a portfolio (a group) of stocks.  Unfortunately you cannot buy the index itself but you can invest in an Exchange Traded Fund (ETF) that represents the index.  The ETF for the  S&P 500 is SPY, Russell 2000 is IWM, the Dow Jones Industrial Average is DIA and the NASDAQ is QQQ

The benefit to this type of investing as opposed to individual stocks is that the risk is lower because you have a portfolio of a group of stocks.  For instance the S&P 500 is a group of 500 mid-cap stocks and the Russell 2000 is a group of 2000 small cap stocks.  It is instant diversification across a whole grouping of stocks.

Which would you rather invest in and why?  Individual stocks or an index?  Please comment.

Filed Under: Stock Market Tagged With: , , , , , , , , , ,

HARP might be able to help if you are upside down…

April 6, 2015 by
Image courtesy of Stuart Miles at freedigitalphotos.net

Image courtesy of Stuart Miles at freedigitalphotos.net

If your mortgage on your home is more than it is worth, it may seem like it is impossible to refinance but it may be possible with HARP. The Home Affordability Refinance Program (HARP) which is slated to end on December 31, 2015 has gone through some enhancement. If you weren’t found eligible before, you may be now.

Saving on your mortgage can make significant strides towards financial freedom, so it is worth taking a look. HARP can help by lowering your monthly payment, reducing your interest rate, and securing a fixed-rate mortgage.

There are scammers out there so check with your current mortgage holder to see if they are a HARP-approved lender in your state. If not, grab a list of Freddie Mac and Fannie Mae HARP-approved lenders to discuss eligibility. Help under the HARP program is FREE so anyone who asks you to pay a fee for counseling services is scamming you. Go directly to the source http://www.harp.gov.

Please comment on the additional benefits of refinancing a mortgage.

Filed Under: Money Management Tagged With: , , , , , , , , ,

Stop, write, and roll

April 3, 2015 by
Image courtesy of think4photop at freedigitalphotos.net

Image courtesy of think4photop at freedigitalphotos.net

Do you ever feel like your boss gives you too much work at once?  You can’t focus on what needs to be done because there’s too much to do.   Your mind swims and you jump from one fire (urgent need) to another. As a result, nothing gets done.  How do you sort it all out?

Stop, write and roll…. 

1.  Stop what you are doing, take a deep breath and clear your mind.  This will give you a clean slate to start from.

2.  Write all of the work down in a list.  Get it onto paper where you can evaluate each one and prioritize based on urgency and importance.

3.  Roll through the prioritized list one at a time.  This takes focus and discipline.  There will be phones ringing, emails coming in and instant messages that will pop up.  If need be shut all of it down so you can focus and go into what we call “the cone of silence”.  Make sure there are no distractions taking you off your task.

When each task is complete, be sure to cross out or check them off.  Make it a game and project how many items you will finish by lunch or by the end of the day.  This will give you something to strive for.

Even if you aren’t passionate about your job, there is satisfaction knowing you put out a bunch of fires and your boss will be grateful for it.

Please leave other tips on how to handle work overload in the comments.

Filed Under: Business Boost, Career Development Tagged With: , , , , , ,

Invest in real estate without the leg work

April 2, 2015 by
Image courtesy of hywards at freedigitalphotos.net

Image courtesy of hywards at freedigitalphotos.net

Nervous about buying a property, rehabbing it then either selling it or renting it out?  Just not cut out to be the big, bad landlord or seller?  What if you could just invest in real estate without the leg work?  You can!

The vehicle for this type of investment is called “real estate investment trusts” or REIT.  A REIT can buy, develop, manage and sell assets in real estate.  It is similar to other security offerings but instead of investing in a single company, you are purchasing a portion of a managed pool of real estate.

This pool of real estate can generate income through renting, leasing and selling of property.  Then fund distribution occurs regularly to the REIT holder.  Some very good news is that REITs MUST distribute at least 90% of their yearly taxable income, to their shareholders in the form of dividends.  Nice!

Investing in REITs is a good way to get diversification without the leg work.  Sit back and let someone else do it!

Please comment your thoughts on REITs.

Filed Under: Real Estate, Stock Market Tagged With: , , , , , , ,

SAM wants you to have FREE advertising

April 1, 2015 by
Image courtesy of vectorolie at freedigitalphotos.net

Image courtesy of vectorolie at freedigitalphotos.net

This is not an April Fools joke!  Want some free advertising? Any business would, right? At www.sam.gov you can get it!

The System for Award Management (SAM) is an official U.S. Government managed website which encourages companies to register for free.  An added side benefit to registering on this website is that your company will be able to receive government contract awards.

When registering be careful to select the appropriate socioeconomic categories that apply to your business. If you are offering quotes on government contracts it will make a difference.  For the details on the categories visit the SBA website government contracting page.

Click LIKE if you appreciate FREE advertising!

Filed Under: Business Boost Tagged With: , , , , , ,

Call maybe or put?

March 31, 2015 by
Image12 courtesy of StuartMiles at freedigitalphotos.net

Image12 courtesy of StuartMiles at freedigitalphotos.net

Do you want to control large amounts of stock for pennies on a dollar? Well who wouldn’t? With call and put options you can!

Each option that is purchased controls 100 shares of stock. For example the cost of an option might be $3 per share, so to control the 100 shares of stock it would cost $300. To purchase that stock, it might be $160 per share, so to purchase that same 100 shares would cost $16,000. With options you have the power of leverage!

Call and put options give you the right to buy (call) and sell (put) a stock at a specified price for a certain period of time. Always remember there is a time element to these options and you will recognize a gain if the stock price goes up (call) or down (put) enough to cover your costs (the stock price plus the cost of the option). If the option expires at or below the stock option price they are worth nothing. Zero, zip, nada! Keep your eye on those options…

Please comment on your success with trading stock options.

Filed Under: Stock Market Tagged With: , , , , , ,

Are you and your family protected?

March 30, 2015 by
Image courtesy of David Castillo Dominici at freedigitalphotos.net

Image courtesy of David Castillo Dominici at freedigitalphotos.net

Insurance can be very confusing and expensive. Thursday at 7:30pm we will have award winning super sales representative Rachel Foley from Liberty Mutual Insurance joining us to talk about auto, home, term life, investment property, and umbrella insurance. It will be a jam packed half hour!

Rachel will share the guidelines to ensure proper coverage as well as some money saving tips! Specifically, we were able to save a significant amount on our auto insurance when our teen began driving. This tip alone saved us hundreds per year!

Life insurance can be another slippery slope, but sticking solely with term insurance is the best way to go. This is a great topic because you don’t always need life insurance but if you do, you want to make sure you have the right amount to protect your family.

Click LIKE if you will be joining us on Thursday for this very informative webinar!

Filed Under: Business Boost, Money Management Tagged With: , , , , , , , ,

A simple glass of water

March 27, 2015 by
Image courtesy of suphakit73 at freedigitalphotos.net

Image courtesy of suphakit73 at freedigitalphotos.net

Our family enjoys eating out.  It is a big part of our entertainment and family time.  A couple years ago we realized we were paying over $2 each for soft drinks which equaled over $10 for drinks at each restaurant meal.

In an effort to be healthier and to save money, we started ordering ice water when we went out to eat.  At most restaurants, if desired, you can add a slice of lemon, lime or even orange for some flavor and they serve it for FREE.

The savings can be substantial.  At two visits a week saving $20 per week at the end of the year we racked up savings of $1,040!  Consider giving water a try the next time you eat out for you health and your wallet.

Would you consider switching to water when dining out?  Please comment.

Filed Under: Money Management Tagged With: , , , , , , , , , , ,

Know the VERY important numbers

March 26, 2015 by
Image courtesy of Stuart Miles at freedigitalphotos.net

Image courtesy of Stuart Miles at freedigitalphotos.net

In business you must know your numbers, always. It is the heart beat of your business. If you don’t know them, your business could flat line.

At the very least the following need to be kept updated:

  1. Balance sheet which consists of the total assets and liabilities. It can also be known as the statement of financial condition.
  2. Income statement which states the revenue or gross income, minus the cost of goods sold in order to determine the gross profit of a business. This report can also be known as the profit and loss statement or P&L.
  3. Cash flow statement which summarizes how much cash is going in and out of the business. Be sure to draft a projected statement for anticipated income and expenditures so you have a fiscal road map to follow.

Keeping these reports updated at least monthly is a great way to keep the pulse on your business, ensuring a strong, long life.

How frequently do you update these reports?

Filed Under: Business Boost Tagged With: , , , , ,