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Explaining Business To Kids

Owning a business can be confusing at the best of times, it can be overwhelming at times even for adults, so if we are going to raise a generation of incredible business people, who have all the skills they need to hit the ground running, we need to help them understand exactly what business is and how to manage their money effectively. So how exactly do we help small children understand all about business?

Explaining business to kids - entrepreneurship and family image of young girl at a desk
Photo by pan xiaozhen on Unsplash

Maths

A lot of children may hear the word business and automatically assume it’s all about the numbers and money, and since a lot of children don’t particularly enjoy maths it can be off-putting, but it’s essential to make sure children are enthusiastic about trying business. Many teens are making money currently from using their entrepreneurial skills already, so there’s nothing to say the smaller children can’t start learning the ropes as well, and as long as they know there are tools like corporation tax calculators to help with the tricky finance moments, then there will be less fear around business and what it entails. 

Roleplay

There’s a little bit more about playing ‘shopkeeper’ than having fun and spending £4675674 on a tomato. It teaches kids the very basics of business, it teaches them some skills surrounding sales, and it boosts their communication skills. The next time the pretend shop comes out why not show them how to put a little bit of savings aside for tax and make sure they know their objection handling skills too! Why not help them type a mini CV while you’re at it? 

Do what you love

Encouraging children to try everything they can and find the thing they love the most is a surefire way to put a child on the right path to success, business usually starts with a love for something or a passion, and often that ‘thing’ can be discovered as a child which saves a lot of time and energy later down the line. Of course, there’s no pressure, let them learn and discover new things at their own pace. But It’s also great fun and confidence-building to try new things out! 

Online Marketing

This is a big one, children must know about advertising and the many forms that it takes in 2019, most Youtube videos children watch these days will be making money for a brand or sponsored one way or another, so it’s great for kids to know what they are viewing may not always be as natural as they think, and that companies make a lot of money from toys sold via videos and adverts. It’s also helpful to show kids how that works in business as well, it gives them an insight into marketing, and depending on their age, it helps with realistic expectations too! 

Whichever way you decide to introduce business and how it works to your kids it’s essential to keep it light and age-appropriate, kids don’t need to know about the ins and outs of every detail in business, but they can certainly show an interest and get a good insight from an early age.

Chasing Your Dreams – The Unexpected Costs

According to various surveys nearly 50% of Americans harbor ambitions of starting their own business. Whether for a new career, a passionate cause or an income boosting side hustle – it pays to be aware of some of the unexpected costs of chasing your dreams.

The infographic from turbo.intuit.com below explains some of the costs of starting a business, which you may or may not have considered.

Should You Buy Or Lease Your Business Assets?

Every business owner needs to provide their company with direct access to the industry equipment and premises necessary for growth. Whether you’re considering the machinery your company needs to maintain its productivity or the overall location of your business, an entrepreneur has to decide when it’s time to buy when it’s time to rent. Both options have their advantages and inconveniences. As a result, it’s essential to consider a variety of factors when defining the most suitable solution for your company. Ultimately, while cost is a driving factor in the decision-making process, it isn’t the sole element to take into account. Here’s a little bit more on the pros and cons of buying and renting.

Should You Buy Or Lease Your Business Assets? - retail shop image
Shop Slippers Inside

Buying a property gives you more freedom

There is no shortage of commercial rentals. In fact, as many rental shops tend to stay empty for prolonged periods of time, it would seem that there are more rental commercial properties than there are businesses. In reality, small businesses often struggle to secure premises as commercial leasing agreements can be unaffordable in the long term. On the other end, you can turn to expert sites and search PropList or similar realtors to find a list of your local commercial properties to buy. A commercial mortgage can facilitate ownership – commercial loans are very different from personal loans – and protect your business from unexpected leasing cost increase.

What are the risks of renting?

Businesses that consider signing a lease need to be careful about the terms they agree to. Indeed, while the typical length of the contract can be of 5 to 10 years, depending on your business, break clauses, and stamp duty can make it difficult for undercapitalised companies to relocate. it’s not uncommon to find rent-free periods for commercial properties, but what businesses forget to consider is that the actual rent is likely to be inflated as a result.

Buying your equipment: It doesn’t have to be new

Similarly, the next important asset to secure is your business equipment. Buying your equipment is an expensive investment for a startup or a small company. However, a purchased asset can bring tax benefits as it is typically deductible. While there are financing options available, most SMEs prefer reducing their costs with the purchase of used equipment. Ultimately, saving money can come at a high cost if you’re not careful. You can’t commit to a purchase without considering the length of the remaining warranty period as well as the condition of the machinery. Indeed, repair costs could tip your business over the edge!

When is leasing a good idea?

On the other hand, leasing your equipment can be a profitable decision that also comes with a non-negligible tax advantage. Indeed, you can deduct the leasing costs from your tax return. More importantly, leasing allows your company to finance the price of its equipment, which can free up additional capital. For a business working with limited cash flows, leasing is a manageable solution. However, it also implies that you need to find a reliable provider who can maintain and service the equipment.

To buy or to lease, this is the question that countless business owners have to answer. There is no unique solution, as your decision will depend on your cash flow, your market, and your long-term requirements. In short, the cost is not the sole factor to consider!

8 Things to Think About and Consider When Buying Used Machinery Online

The capital outlay that is often required to buy new machinery can be too cost-prohibitive for many and that is why buying a used item is such an attractive option.

Even though you will be spending less in this scenario it is still a major purchase and you want to be sure that you have covered all the angles and considered all your options before committing to buy.

Here is a look at some of the key considerations when you are looking to buy used machinery online.

8 Things to Think About and Consider When Buying Used Machinery Online - shopping online image

Create a list of priorities

The first thing that you should be doing is to create a list of your specific equipment needs and wants. If you are purchasing these items for a business you will most likely have a priority list of essential equipment and machinery that you need, followed by a secondary list of items that you would like to purchase at some point.

It would be a good idea at this point to browse online to see what is available and get an idea on prices. You can find out more at www.EquifyAuctions.com in your search for machinery online.

Think about quality

Once you have decided what type of machinery you want to buy there is the issue of ensuring that you buy something that is up to the job in terms of quality and performance.

If you are going to be heavily reliant on this item of machinery you need it to be reliable, and that often means making sure you don’t compromise on quality.

One of the main attractions of buying used machinery rather than new is the fact that you can potentially acquire an item that had an expensive price tag new because of its build quality but can now be purchased at a much lower price.

It is often a good strategy to buy the best quality you can for your money when it comes to machinery and buying used should allow you to do that.

Think about your space and storage requirements

If you are buying machinery that is going to be used as part of your manufacturing process, for example, you will need to work out space requirements.

This means knowing how much space the item will take up when it is installed and whether you have the capacity to accommodate the item you are thinking about buying.

Is there a warranty period remaining?

When you buy new equipment and machinery it comes with a manufacturers warranty and if you are buying used it could be that the warranty period has expired.

Don’t forget to check whether the item you are considering buying has any warranty left, as this will have an impact on your ongoing costs if you are going to have to pay for any mechanical fault going forward.

Try before you buy

Buying an item of equipment or machinery can involve a significant cash outlay and you want to make sure you get it right and that everything is as it should be before you complete the purchase.

If you are buying used machinery online you can still make these checks and complete a visual inspection.

This is also the case if you are bidding at an auction. You can either use the auction sites description as a guide or you might be able to view the item beforehand before it goes under the hammer.

Ask about transportation costs

If you are buying machinery online it is possible that the item that you have chosen to buy is not local and that means it will need to be transported to your location.

You need to consider this logistical challenge before making your offer as costs for heavy machinery can be high and you will need to factor that into your costs unless the current owner is agreeing to deliver it to you as part of the price you pay.

If you are going to have to pay the transportation costs yourself make sure you get a quote for doing this so that you know exactly how much it is going to be, as it could form part of your buying negotiations.

Check for any outstanding finance

The last thing you want when buying used machinery online is to subsequently discover that there is outstanding finance owed by the previous owner.

It is essential that you check this and ask for evidence if you are buying from a private seller.

An auction site should check this information and provide details in the sale particulars.

Seller reputation counts for a lot

Last but not least, it is essential that you make all the necessary checks to confirm that your seller is genuine and has a good reputation.

Buying used machinery from a recognized and reputable seller or source is highly advisable as it gives you a certain degree of protection and peace of mind that all the paperwork is going to be in order and the item of machinery is exactly as advertised.

Take the time to verify a seller’s credentials if you have not dealt with them before or heard of them, keeping in mind that old adage that if something looks too good to be true it probably is.

It always pays to be cautious about machinery and equipment that is priced well below its current market value, even allowing for the fact that it is used and the price tag will reflect that fact.

Do not be persuaded to make a payment or transfer the money to the seller in advance and always make sure that you obtain original documentation rather than copies.

It pays to do your research and become better informed about what is currently on offer and what sort of price you can expect to pay for the used machinery that you are interested in.

The internet makes it easy to do this searches and it is also a good marketplace for buying the item at the right money.

Amazing Benefits of Moving to Miami

Miami often referred to as the Magic City, is one that’s rather challenging to describe quickly. It’s an amazingly dynamic city that is always growing and redefining its position in American business and culture. Even better, there’s always something going on and something to do.

For those who are considering moving to Miami, getting to know some of the specific benefits can be helpful. Keep in mind though, appealing aspects of this city go beyond what’s included on this list.

Amazing Benefits of Moving to Miami - Miami beach image
Miami Beach Coast, Florida (Photo by Hoberman Collection/UIG via Getty Images)

The Housing Options

Miami is a diverse place to live. As such, the housing options are extremely vast. A person can find all types of residential properties to purchase for their family or to invest in.

For those interested in investing in Miami real estate, there are countless options available. They should also visit NRIA.net to learn more.

Regardless of what someone moving to the area is looking for, they will find that Miami is a city that delivers. It may take some time to find that perfect property, but the time and effort are going to be worth it.

The Weather

The average temperature in Miami is 77 degrees Fahrenheit. For those who are used to colder winters, this is likely extremely appealing.

People living in this city can enjoy all types of outdoor activities, all year long. The need for a jacket is minimal, even during the winter months.

This is one of the factors that has made this city such a popular tourist destination. In fact, more than 15.8 million people visit this city each year.

If someone is searching for a place to move that’s warm and comfortable outside all year round, they can’t go wrong by choosing Miami. The weather in this city definitely delivers.

Job and Business Opportunities

The city of Miami is one that has never stopped growing. Thanks to the vibrancy of this city, Miami is a huge hub for all types of different businesses.

In fact, five companies that are currently on the Fortune 500 list have built their headquarters in the metropolitan area of the city. Many others have a branch here.

The business impact of this city is something that can be felt across the globe. It’s a natural bridge to Latin America and other locations. While real estate and finance are especially big in this area, Miami is also welcoming to other types of businesses.

Lifestyle

The New York minute is just 30 seconds; however, those who live in Miami have all the time they could ever need. Business deals are often made at the golf course or on the beach.

Even when walking around downtown, there’s no one who seems stressed or hectic. While this is true, the speed of life isn’t so slow that nothing’s ever done. Despite the reputation that this city has gained in past years, Miami is actually a very family-oriented city thanks to the culture, and people of all ages live here.

Making a Move to Miami

If a person or family is considering a move to South Florida, they should carefully consider the benefits offered by Miami. In the long run, they are going to be able to become a part of a growing and vibrant community and enjoy things such as the beach, sun, and surf, whenever they want.