Reasons To Start Trading Today

Reasons To Start Trading Today - coffee and laptop image

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If you have a business or you are looking for a new avenue to travel down in your career, one of the things you may have thought about is trading. Trading is a simple way to do business and can be incredibly lucrative for anyone involved. If you want to become more successful this year and grow your business or personal brand, you should start trading.

A wider market

The issue many businesses have, especially during hard times in the economy, is relying on one particular market for all of your business. If you are working with a product or service which is very niche, it can be difficult to make enough of an impact to grow and develop as a company. By adding trading to your roster you will be able to spread your wings and open yourself up to a wider market. By doing this you have more financial stability and you have the chance to stand out in your industry and get ahead of your competition. You can use an automated trading software for trading if you don’t think you’ll have the time during the week to work on it.

Better chance of success

Trading is always a great way to increase your sales because you are opening yourself up to an international market. You will be in front of many more people than you were before and therefore you have a much bigger chance of successful sales. People will come to you for their needs and you will be able to gain some amazing success outside your regular sales channels.

More efficient

The beauty of trading internationally is that you will be able to sell to a wider range of people and suit a wider range of needs throughout your year. One of the biggest benefits you will see if that you will no longer have to worry about seasonal dips in sales. For example if you are a garden furniture company, you may be used to suffering from low sales during the September- February period. However, in the Southern Hemisphere this is summer, so where your sales will drop in the northern part of the world, it will peak in the southern part. Trading internationally can make a massive difference to your business and allow it to run more efficiently.

Productivity

Another great benefit of trading internationally is that your business productivity will go up dramatically without you even having to do anything. The mere presence of trading in your business will make you more productive and allow you to carry out business passively throughout the working week. More work will be done throughout you working week without having to hire an extra and or carry out lots of new jobs!

Financial stability

When you decide to bring trading in as part of your wider business, one of the advantages you will notice right away is the fact that you don’t suffer as much with any financial issues the country is facing. When you trade alongside your regular business, you are making sure that you have a stable form of income streaming through to your business throughout the year. It means that you won’t suffer from those dips in sales because you have money coming in from elsewhere. For a small business in particular this can be incredibly helpful and save you from falling through and into debt,

The ability to grow

When you put your business up in the trading market you are bringing your brand to the forefront of many different people’s minds. The beauty of being in front of a wider audience is that you will be able to gain more feedback on the workings of your products. By having more opinions on your products, you will be able to work to change your products and evolve them so that they are more successful and in keeping with what the customer wants. You will be able to grow and expand your business by pleasing your customers and giving them what they want.

When you think about getting into the world of trading, remember that it will be a risk to take however it can be a brilliant decision for yourself and your company. Trading is such a diverse way of doing business which can fit every industry. No matter what size your business is or the type of products you sell, taking part in trade can bring you in front of a bigger audience, allow you to improve your products and make more money overall. It’s a win win situation.

PASSIVE-INCOME BUSINESS IDEAS ‘GUARANTEED’ TO MAKE YOU MONEY

Many of us still think that starting a business means we need a certain degree of capital, money or goods upfront, but in the digital world of ecommerce these things are not always necessary. A case in point is dropshipping whereby the retailer doesn’t actually keep goods in stock but acts as a conduit to transfer customer orders and shipment details to a supplier who then ships the product directly to the customer.

PASSIVE-INCOME BUSINESS IDEAS ‘GUARANTEED’ TO MAKE YOU MONEY - dropshipping image

There are many benefits to dropshipping both in terms of income, no requirements for stock and low risk and reading around the topic will give you a picture of how dropshipping works. Once you have assessed this by researching and understanding the concept you will want to take the first steps towards setting up your business.

For entrepreneurs who want to make money without a big investment this model is ideal, and this type of business is flexible and can wrap around other jobs or commitments that people may have. In addition, setting up and starting to run a shop is relatively straightforward particularly when combined with an essential dropshipping app to enhance and simplify the process. Just make sure you truly understand what dropshipping is before diving in head first.

OBERLO

One such dropshipping app is Oberlo which provides an effective tool to assist with dropshipping and enables integration of products from a number of suppliers to your shop to create an even simpler and more streamlined service.

Oberlo provide comprehensive guidance on how to set up your shop on ‘Shopify’ which is one of the premier ecommerce platforms used for setting up a dropshipping business. The platform is easy to use and doesn’t require any prior technical expertise and entails a number of steps including creation of a name and account and designing that all-important look for your shop prior to launching.

WHAT TO SELL IN YOUR STORE

Once you have completed the steps needed to set up your shop, you will need to begin to add products so that you can start to reap the financial benefits of dropshipping, and this is the point to install the Oberlo app which works as a platform to import dropshipped goods into your Shopify store and is the leading app on the market.

OBERLO PRODUCT SUGGESTIONS

Oberlo have created a guide with a range of great suggestions for what to sell in your shop and methods you can use to find out what might be the best items to include, and the site also lists a number of unique products such as moon lamps, gold-plated flowers, dog water bottles and puzzle mugs to name a few suggestions.

DROPSHIPPING SKILLSET

Typical skills that an dropshipping entrepreneur will need include sales, marketing, customer service, creativity and time manangement to name a few, but the beauty of this kind of business is that with perseverance and determination to succeed some of the skills needed can be developed en route to becoming a successful dropshipping entrepreneur!

Family finance: moving your home business to an office

Family finance: moving your home business to an office - home office desk image

Image 1 source: pexels.com

Starting a home business is a dream come true for the most people, especially when you include your family into starting a business together. As a matter of fact, running a business from the comfort of your home allows flexibility and an opportunity to save money by doing business tasks yourself, without having to hire employees or having to get an office space.

However, once your business starts to grow and expand beyond the possibility of operating from home, the question of moving your home business to an office will emerge. Moving a business from your home to an office means sacrificing flexibility and certain liberties, but it only sounds more frightening than it actually is. After all, your business has achieved a level of success and you must allow it to grow further. Here are a few tips on how to move your home business to an office.

Determine the reasons for moving

Running a business from your home is a perfect situation, so why would anyone want to move out in the first place? Home conditions are best suited for startups or small business in their early stages of development. Simply put, when there is not enough business to go about and you can do almost everything from home. However, once your business starts to grow, you will have to weigh your options carefully about whether staying at home is possible or not.

For instance, will your business require you to hire additional employees beside your family members and can you outsource those employees or will you need them to gather in one place. Will you have to have personal meetings with business associates or will video calls still suffice. Can your budget and current business growth handle the expense of moving to an office or will moving to an office actually help your business grow further and see a return on investment? These types of decisions will have to undergo careful planning and the best way to start is to consult with your family and examine all the options.

Understanding the costs

The big question, when it comes to moving a home business, is whether you should buy or lease a commercial real estate. The answer entirely depends on your budget and whether your business will continue to grow further or will it stay idle for a prolonged period of time.

Leasing or renting an office space is upfront cheaper at first, but staying under lease for too long and the expenses may surpass those of buying a real estate. However, leasing offers the opportunity to grow your business at a steady pace, while upfront costs of buying a real estate and maintaining it, will hinder your ability to grow your business.

For instance, buying a real estate for moving your home business will cost you a lot upfront. Will you be able to afford that money and tie it in a down payment for your mortgage, and even if you can afford it, wouldn’t it be better to spend that sum on growing your business instead?

When leasing property, you have to pay the landlords a security deposit that is equivalent to one month’s worth of rent. Also, if you use a broker, there is 10 percent fee based on yearly lease total, times the number of lease years for their services, as well as attorney fees for lease negotiation. Compared to down payment for mortgage and fees such as due-diligence fees and closing fees, the upfront leasing cost is considerably lower than those of buying a commercial real estate. On that note, there are three most common types of leases you should familiarize yourself with.

  • Net – Rent plus some or all of building costs such as utility, maintenance, taxes and so on.
  • Percentage – Monthly rent plus percentage of your monthly sales
  • Gross – All-inclusive rent meaning a landlord pays for maintenance, utilities, insurances etc. while tenant pays for monthly rent.

Once you understand the costs, you must find the right commercial property location that suits you best. After all, you should consider the distance of your office from your home, as well as rent prices that are lower on the outskirts than in central locations of your city or town.

Benefits of moving to an office

Moving your home business to an office will enable it to grow further. You can hire more employees and have personal meetings with clients and business acquaintances. Furthermore, you no longer have to mix business agenda with a harmony of life, and even if your family is involved in your business, a home is still a home.

Nevertheless, financial expenses should be planned carefully and even though moving a business to an office can get expensive, the increase in revenue after business growth will provide a return on investment.

When your business outgrows your home, moving it to an office is a good idea. From a monetary point of view, it may be a better investment to buy commercial property than to lease it in the long run. However, monetary standpoint isn’t always the determining factor. After all, you’d want to allow your business to grow first and have some flexibility before finding a more permanent residence for it. In the end, the choice comes down to you and your future business goals.