Category: Guest post

Must-Have Apps That Small Business Owners Need

Posted on by Odette Fernandez
man talking on the phone
Image via Pexels

When you’re running a small business, anything that can help boost productivity and save time is worth exploring. With that in mind, Utility Avenue presents this list of must-have apps that can help you increase your efficiency, so you can concentrate on what’s most important.

1. ClickUp

One way to save time is through all-in-one apps. ClickUp is a simple, but powerful, project management app that lets you manage your projects, tasks, and notifications all in one place. It enhances your productivity by centralizing the way you capture, track, report on, and share activities with everyone who needs to know.

But where it shines is in its built-in time tracker and workload calculator. The built-in timer and graph provide a quick and easy way to see how much time a staff member spent on a task, who is overworked, and who has gotten behind.

2. TripIt

If you regularly travel for business, you know the hassle of juggling multiple apps and bookings to keep track of transportation and work-related expenses. TripIt is an all-in-one travel organizer that lets you add flights, hotels, car rentals, and restaurant bookings in one account. TripIt also automatically organizes everything and generates a detailed expense report, saving you time and money.

3. Utility Avenue

This is a great app for buying and selling services in your area. Utility Avenue is great for entrepreneurs and small business owners, as well as those who just want to make a little extra money with a side-hustle. You can list your services for free and it only costs you 50 cents to sell a service, allowing you to save money and cut out the middleman as you reach a huge audience!

4. Adobe Acrobat

Adobe Acrobat is a time-saver for business owners who have to deal with an overflow of documents on projects. It helps keep all your work in order and speeds up the process of finding specific information. You can combine PDFs into one file, but it also works like a digital binder with several compartments. You can even move PDF pages around to put your material in the proper order once you combine them.

5. QuickBooks

Another way to save time is by keeping track of expenses, mileage, and other tax deductions. The QuickBooks app lets you do all that with the convenience of your smartphone. It also makes filing your taxes a breeze by putting everything in one place and helping you find deductions.

6. Balance API Feature

Finally, you can avoid costly credit card fees and give your customers peace of mind with a bank account balance API. The integration allows you to avoid expensive processing costs, while also allowing customers to make payments in their preferred way — whether that’s online or through a mobile app.

Team Collaboration

When you work with a team, effective communication is essential for success. That’s where team collaboration apps, like Slack and Asana, come in handy. Slack is a messaging app that makes it easier to stay in touch, while Asana has a to-do list system that’s great for keeping track of tasks and deadlines. These apps help you:

  • Communicate effectively with your team
  • Keep everyone in the loop
  • Cut down on email usage, and
  • Track task progress and deadlines

Use Apps Strategically

If you’re running a small business, there’s a good chance you’re juggling a lot of tasks. Fortunately, there are plenty of apps available to make your life easier.

Utility Avenue is a platform where you can buy and sell services. Turn your skills or hobbies into money, and thrive. Join the community today!

 

Article by Tina Martin

The Best Free and Paid Tools for Small Businesses

Posted on by Odette Fernandez

Small businesses are under pressure to find the best possible way to compete in a world that’s quickly becoming dominated by big, international corporations. 

Don’t fret! There are so many tools out there for small business owners who want to stay on top of their game. 

Here are some free and paid tools that can improve customer satisfaction, increase online engagement, streamline operations, and, ultimately, positively impact a small business’s bottom line. Let’s get started.

Collage HairStudio Miami by Odette Photo+Art

Our top 5 free and paid services for small businesses

#1: Google Analytics

Google Analytics is a free service that provides detailed statistics on where visitors are coming from, how they got to your website, and what they do while they’re there. This information can help you improve your site’s content, advertising, and design so it appeals more strongly to potential customers and leads them through the purchasing process.

Don’t know where to start? Google offers some great tutorials and guides that are easy for small business owners of any skill level to understand. You can also check out this video series by Google on how to use their services.

#2: Yammer

A social media site for businesses to connect with their employees, customers, partners, and others. Yammer is a great way to connect with your employees and show you appreciate their hard work on the business. Plus, it’s a great place for businesses to learn more about what consumers are saying about their company.

#3: Remitly

If you’re outsourcing work to freelancers in foreign countries, bank transfers can be cost-prohibitive. Instead, you can utilize a low-fee money transfer service like Remitly which offers fast transfers at fair exchange rates. For example, if you need to pay workers in The Philippines, you’ll only be charged a fee of $3.99 for express delivery service.

#4: Constant Contact

Constant Contact is an all-in-one marketing platform that provides email marketing, automation, social media management, and more. This is a great tool for businesses that want to manage all of their marketing in one place. They also have some great features like custom landing pages, lead generation forms, and the ability to create email lists that can help you build your business.

#5: Zendesk

Zendesk is a free support ticket system that provides a central way for customers to contact your company and get answers quickly and efficiently (even if you’re not around) and even helps you track what they’re asking for so you don’t have to ask them! Zendesk also offers different pricing structures for businesses of any size. Check out the plans here.

Honorable mentions: IFTTT and Google My Business

IFTTT is a free service that allows you to create your own “recipes” to automate certain actions based on events. For example, you could automatically send yourself a text message when someone posts about your company on Twitter or send an email when Google updates their mobile search algorithm.

Google My Business is a free service that helps you build your local business brand on Google and customers to find out more information about your business like opening hours, directions, and customer reviews. It’s perfect for small businesses that want to connect with potential customers in the area.

These are just some of the many great tools out there for small businesses. SMBs need to be able to use the right tools at the right time. If you don’t know where to start, try any of the tools in this list. There are hundreds of other great tools available online, as well. You just need to know where to start. 

Turn your hobbies and skills into cash by joining the Utility Avenue community!

Image by Odette Photo+Art

Article written by Gloria Martinez exclusively for Utility Avenue.

Spotlight: Oh D’Luxe Candle Company

Posted on by Odette Fernandez

For today’s Spotlight, we have Oh D’Luxe Candle Company, a small business owned by Oddette Staple-Brown.

Name/Business Name

Oh D’Luxe Candle Company

What can you tell us about yourself?

I am a creative, always have been. Even though I hold an undergraduate degree in Business, a Graduate degree in HR, and previously worked in both professions, I am happiest when I get to express my creative side.

What were the origins of your business?

Oh D’Luxe Candle company started out of a profound love for candles. I would always have a lot of candles in my house, but as much money as I spent on candles, it would be a hit or miss with the quality in respect to the scent throw.
Fast-forward to the pandemic and like everyone else, I was trying to find something to do to pass the time. That’s when I thought why not make my own candles. I did the research, which included YouTube, Facebook candle groups, Google, etc, I purchased supplies, coupled with the support & encouragement from my husband & the rest is history.

What aspects of your background have helped you the most?

Currently, I am at the part of my business where the “business aspect” is taking center stage. We recently started selling our candles wholesale to different stores, participating in more vendor events all while running our online store. It is time like these that I am thankful for my degrees in business and my accounting experience.

What were the main challenges you encountered at the beginning?

One of the biggest challenges that I faced, in the beginning, was understanding the chemistry and science behind candle making. This involved months of testing and trials to fine-tune the processes that best worked for me and my vision.

Who was the most supportive of your idea?

My husband and business partner was and is still my biggest supporter. He was the one that suggested that I considered selling the candles that I made. At his prompting, I introduced the candles to my church family and they fell in love with them and Oh D’Luxe Candle Company was born.

Have there been any changes in your business approach after Covid-19?

Covid-19 is the reason why I started this business. If the world did not slow down, I would have been too busy doing other things that I may not have considered starting a candle business.

What makes your offer unique?

We sell high-quality, luxurious-smelling candles that will fill a room, at an affordable price. As a candle lover, our products should be what I have always wanted in a candle.

Do you have any other passions?

Yes, I love to sing, blog, write poetry, work with kids, read, spend time with my family, and of course sleep.

If you could go back in time, what would you do differently?

Nothing, absolutely nothing. I pondered this question over and over in my head and decided that everything not only worked out the way they should, but I have no regrets. I loved and love hard, I wear my heart on my sleeve. My loved ones who have gone on before me, knew how much I loved them before they left. “Bad” decisions that I’ve made have helped me develop into the badass I am today. With that being said, I can truly say, I wouldn’t change a thing!

What challenges do you see ahead?

As a small business that is under a year old, we are already experiencing our fair share of challenges. A few of the challenges that we are currently navigating are, finding more customers, increasing our brand awareness, building our email list, and standing out in an oversaturated market.

What future projects does your business have?

I love working with kids and education is something that I am very passionate about. At Oh D’Luxe Candle Company we are committed to donating a percentage of our sales each month to help with educating the youth in our community.
In the future, we would love to open our own educational center where kids could get homework help, counseling, play games, get their laundry done and get a hot meal if they are unable to get these things done at home.

What message would you send to your followers?

We are so grateful, thankful, and blessed to have all our followers on this journey with us. So many of our followers are not only customers but repeat customers and we are so appreciative of your support. Without you, there would be no Oh D’Luxe Candle Company and we thank you!

Define your business in one sentence.

Luxurious-smelling candles at an affordable price.

Oh D’Luxe Candle Company’s  Info

https://www.facebook.com/ohdluxecandles

https://www.instagram.com/ohdluxecandles/

https://ohdluxecandles.com/

hello@ohdluxecandles.com

How to Turn Your Passion Into a Lucrative Business Model

Posted on by Odette Fernandez

How to Turn Your Passion Into a Lucrative Business Model

1,2,3 Let's go
Photo via Pexels

Everyone has a great passion that they wish they could turn into a business. Maybe you love the roar of an engine and the thrill of competition, or perhaps you love to tinker with engines in the solitude of a garage. But the truth is in the journey, and not every big passion becomes a lucrative business startup. Part of the challenge? Reshaping your mindset and empowering yourself to get what you want.

It’s a daunting—but worthwhile—pursuit. Check out these tips on how to turn your passion into a lucrative venture, courtesy of Utility Avenue.

Define Success

Outlining your goals means you have a concrete means of measuring success. Decide what success means to your business and what metrics you’ll track to see how far you need to go—and how far you’ve come already.

For example, if you’re venturing into motorsports, selling motorcycle parts online might be part of your plan. From there, you might establish a set number of clients you want to onboard or a particular number of products you wish to sell. Make your metrics detailed, specific, and measurable. Document them and make a game plan for reaching those goals—and check in often.

Be a Cheerleader

Being successful in your business often revolves around positivity and growth. Always learn; look around you for opportunities to develop and improve. It’s critical to believe in what you’re doing, look forward, and don’t look back. 

If you commit to being a cheerleader for yourself (and your brand), your odds of success are that much higher, confirms Business.com. Think about the lies you tell yourself—about not being good enough, or setting prices too high, or expecting too much—and then tell yourself the truth. Being in your own corner means believing in yourself and your abilities and not letting self-doubt ruin your new venture.

Protect Yourself

Launching a startup can be exhilarating and even intimidating. But venturing outside your comfort zone is not just a threat to your sense of self-confidence. In fact, owning a business can make you a target for all manner of online scams like identity theft and cybersecurity breaches.

To protect yourself, your company, and the customers you serve, create a digital security plan. Anti-virus software, credit defense services, and other cybersecurity protections can offer peace of mind and defense against would-be hackers.

Another form of critical protection is that of your personal assets. The last thing you want is to build your business up, only to have issues that cause you to lose everything. An easy way into a security blanket is to create an LLC. An LLC, or limited liability company, does just what it says—it limits your liability. Also, it provides certain tax advantages, and it can scale up as you grow. That flexibility can come in handy in your journey toward success. Keep in mind that if you form an LLC, you’ll have to submit an annual report. Fortunately, you can save time filing by using a service like Zenbusiness.com. 

Aim to Scale Up

Some entrepreneurs set the bar too low when it comes to their growth goals. But really, is it possible to make too much money? Is it wrong to achieve too many sales? Is it ever possible to see too much success?

Again, it’s all about your mindset—and setting your sights on scaling up your business is a recipe for success. There are plenty of ways to streamline and scale your organizational model. Your path might involve digital tools to automate basic business tasks, or it could mean you onboard an assistant to take care of the mundane while you work with clients. Whatever the next step is, put it up on a pedestal and prioritize blazing a path to get there. 

Turning your amazing idea into a productive and lucrative business startup isn’t easy. But with a mindset of empowerment and clarity when it comes to your abilities as an entrepreneur, you can make it happen. You might be surprised at the things you can achieve when you embrace your full potential.

Earn some extra cash and sell your services on Utility Avenue.

Join our community today!

 

The article was written by Cody McBride exclusively for Utility Avenue.

How I Held My Business Together While Fighting Breast Cancer: A Survivor Motivational Story

Posted on by Odette Fernandez
HOW I HELD MY BUSINESS TOGETHER WHILE FIGHTING BREAST CANCER: A Survivor Motivational Story
 
 
by Lee Levy

Breast cancer: the two most feared words in a woman’s life. We hear it all the time. We know women who have gone through it, and we read about it everywhere. One out of eight women will get breast cancer. I was one of them. 
 
My name is Lee Levy, and I am 49 years old. I am a wife, a mom, and a business owner. I run a website design business since 2006, and I love what I do. When I am not designing websites, I am reading, taking Zumba and Bellydance classes, or creating.  
 
In January of 2019, I went for my routine mammogram, as I do since I turned forty. I was always in the best health until that time. That day, the nurse said that they saw “something.” Not exactly the words you want to hear. The nurse must have sensed my horror because she said, “don’t panic yet. It could be anything. We will take a 3D mammogram to be sure.”  My HMO didn’t cover that, so I waited for approval.  
 

3D mammogram

 On January 15th, the 3D mammogram revealed a small “mass.” I have dense breast tissues, so they stated only a biopsy would confirm the diagnosis.
 

Biopsy

 On January 20th, they performed the biopsy: the longest hour of my life. I laid there on that cold table while they pulled tissue samples out of me. After another hour in the waiting room, the most cold-hearted doctor I have ever met said, “I don’t have good news. You have breast cancer.” After a quick, “I’m sorry,” she left the room. The nurse showed more compassion, but I don’t even remember what she told me after the shock.
 
I remember walking to my car and sitting there for an hour crying. I could not even reach my husband as he was out of the country and had terrible reception. It took two days to get the news to him. Those days are foggy. I cried a lot and gently broke the news to my kids, close friends, and other family members. I didn’t know if I was going to live or die. Until I saw my oncologist, I felt like I aged 20 years from worrying. It’s hard to pretend that everything is alright, run a business, and take care of a family.
 
The oncologist experience was another adventure in itself. It took three doctors to get it right.
 

Oncologist # 1

 One week later, I went to the first visit with the oncologist the insurance company referred me to. This doctor was plain awful. No bedside manner, barely answered questions, and only with a short yes or no. My husband said, “there is no way you are going to spend the next year putting your life in THIS doctor’s hands.”
 

Oncologist # 2

 An excellent friend of mine referred me to a top-of-the-line Beverly Hills doctor who had write-ups in magazines worldwide. Of course, she was not on my HMO plan. Her consult price was $1000. My husband said, “Let’s just do it for the sake of the second opinion.” But all she did was look at the previous paperwork and said: “Yes, I AGREE with his diagnosis and procedure.”  WOW, and for that, I paid $1000. I looked at my husband and said, “Strike two- NEXT! What is wrong with these doctors?”
 

Oncologist # 3

 I struck gold, but only after I did my own research. I googled doctors, checked their ratings, and made sure they were on my insurance plan. I found a 5-star doctor who happened to be 60 miles from my home. I thought it was worth it. We drove out for a consult, and this doctor was AMAZING, the complete opposite of what I had experienced. He spent 45 minutes explaining my situation as each cancer diagnosis is different. He recommended a lumpectomy, chemo, and radiation for my stage-two aggressive cancer—the whole 9 yards.  
 
In other words, for the next eight months, I would pretty much be out of commission. But the doctor’s first words were, “The good news is you are only a stage 2, and we caught it on time. You are going to be ok!”. I started crying from relief. After two weeks of not knowing, I finally understood what I was in for. He explained everything in detail. I went home knowing what stage I was, that I would be ok, and what I needed to do. 
 
While I prepped for the lumpectomy, I went through a vast range of emotions. I cried a lot thinking, “Why Me?” and “What did I do to deserve this?”. I consider myself a strong person who can get through anything, but I was not in a good place. I worried about chemo because of the horror stories and side effects. Please, do NOT Google anything about this unless you want to go into class-A depression. My biggest concern was, “how am I going to be able to run my business knowing I will have many tough days ahead of me?”. 
 
It was time to slow down. I informed my clients of my situation. I told them I would be working through the good and the bad, but not respond sometimes. The response was so overwhelming I almost cried. My loyal clients told me they would be patient and wished me the best of luck. I contacted a backup for my two biggest clients to help me out if I could not perform. They appreciated that I took the initiative. Some of them even scheduled around my time.

 

Lumpectomy

A month later, I had the lumpectomy—lots of pain, black and blue marks, and lots of drugs for two weeks. My arm was also in pain because they removed a lymph node, and I could barely keep my eyes or hands on the laptop.
 
I stayed pretty much off of social media because I couldn’t be that person to air out my story and ask for prayers or pity. I couldn’t handle it. Very few people knew, and I wanted to keep it that way.   

Chemo # 1

After I healed, I spent the next six months in chemotherapy. It was the scariest part. After hearing stories about side effects, it messes your mind. The first chemo lasted six hours. They poured bags of clear liquid into my body, the stuff some call the miracle and others call the poison. Many choose the holistic healing path and criticize these healing methods. I decided what was best for me and not gamble with my life.
 
The first two days after the chemo, I felt normal. On days 3-10, I felt like in a coma. I was weak, dizzy, tired all the time, and could not get out of bed. I lost some feeling in my fingers and toes (a neuropathy), which was scary. Also, I had no appetite. Even when I forced myself to eat, food tasted like metal. Everything, from chocolate to rice, to a steak, tasted like I was eating my fork. I was thinking, “At least, I will lose some weight from this.” Little did I know that one of the side effects of the medication I was taking was weight gain. Way to go, not eating AND gaining weight.
 
Ten days later, my hair started falling out. I had a hard time dealing with that. I couldn’t bring myself to even look in the mirror because it was so scary. Yes, women go and get wigs, which helps you feel better outside, but inside I was still a mess.  
 

Chemo # 2

By the second chemo, I knew I had a few good days and a week of bad days, so I tried to schedule work on my good days. It wasn’t easy. The worst part was sitting in that room, hooked up to a device, watching 8-9 other people of all ages, all stages of cancer. Some of them were really fighting for their lives. It was so depressing.
 
I still had six more chemo sessions to go. Something snapped inside my head, and I said to myself, “I am NOT going to let this get me down anymore.”  I knew right then that was the time to start focusing on my business full force. I knew that would keep me busy and happy. I love being a business owner, I love what I do, and I love my clients. 
 

Chemo # 3

cancer survivor

 

I arrived with quite a few bags. Besides my usual meds and my blanket, I brought my laptop and a little black book.  People looked at me like I was crazy. You’d be surprised how many thoughts and notes you can do when you are stuck in the same chair for so many hours.  
 
I reflected on my business over the past few years, the good and the bad. I reflected on what worked and what didn’t. I made lists of things I wanted to start doing, stop doing, or change and make better.
 
I even sat in online networking groups and chatted and with other entrepreneurs. I have always believed you can learn from others, and they can learn from you. I filled up the black book quickly. For the first time in months, I felt excited and had many business goals to look forward to. I was also working on some of my clients’ websites while in chemo.
 
The funniest thing happened. A gentleman sitting next to me was peeking at what I was doing, and when I looked up, he asked me if I was building websites. When I said YES, he said his sister was looking for a web designer. He said he was so impressed by my WORKING while dealing with breast cancer that he HAD to give her my number. That made me laugh.  
 

Chemo # 4-8

Each chemo got worse and worse with my side effects. I could not work much at all. By chemo #8, I had gained even more side effects, so I just gave into them and stayed in bed for the last few weeks.  
 
Once I finished chemo, my oncologist gave me instructions to rest until my strength came back. I got a LOT of sleep in the last month and wasn’t able to function too much. I tried to get on my phone and laptop and do whatever I could to keep my business going. 
 

Radiation

Radiation was a cakewalk compared to chemo: a bit of tiredness and chemo’s side effects. I began working almost 5 hours a day. A few weeks later, my taste buds returned.
 
Little by little, almost everything went back to normal. 
 
Three months later, I was back to work full time.

 
My clients were happy to have me back, and I was so grateful to feel normal again. I got out my little black book and began going through all my notes. I could tell I wasn’t thinking clearly, but I started implementing many of those ideas right away. I had so many plans to take my business and expand into new areas and go full force on specific tasks. One by one, and even today, I am plowing through them, scratching them off as I go. I sometimes wonder if I would have come up with these ideas if not for hours and hours of sitting in the chemo room.
 
I promised myself I would make it my mission to spread awareness about the importance of having REGULAR mammograms.
 
Ladies, you MUST make sure you get regular checkups. I meet so many women who tell me they have never done it because they are scared. It is CRUCIAL to stay on top of your health. If I had waited, my outcome could have been much worse. If it is caught in time, it is totally treatable! I was one of the lucky ones.
 
It takes a horrible thing like this to realize what is essential in life. Now, I try to focus on what is vital in life because sometimes, you don’t get that second chance.
__________________________________________________________________

Utility Avenue’s Spotlight focuses on promoting inspiring businesses every week. For a chance to be featured, read our guidelines  carefully and fill up our questionnaire, or contact us at support@utilityavenue.com with the subject Spotlight.

Healthy Home, Healthy Business by Tammy Longo 

Posted on by Odette Fernandez

Tammy Longo is a Wellness Coach and helps simplify the use of essential oils for women who want a healthier, non-toxic lifestyle. Tammy has developed a 5 step Simple Essentials System to help women get started and not feel overwhelmed by the process.

Today, she shares it with us.

essential oils

As entrepreneurs, many of us are working from home and focussing on growing our businesses. We can make a few simple changes to feel good about our work surroundings.

Do you ever wonder if the products in your home are safe for you and your family? If you use conventional cleaning sprays, room sprays, or candles, most likely, they have toxic ingredients in them. I had these in my home too, until I discovered that there were safer products out there.

Besides the food we eat, there are two primary sources of toxins: cleaning products and personal care products. Did you know that there are many hazardous chemicals in cleaning products that can affect your health? You can breathe the fumes into your lungs, and the chemicals can get absorbed through your skin, especially your hands.

On average, women use 12 personal care products a day with over 150 ingredients in them. That’s a lot of ingredients that I can’t pronounce! Your skin is your largest organ, and the products you use on your skin gets absorbed quickly into your body. All of these toxins can add up and cause a burden to our bodies.

I believe that we all can benefit from removing toxins from our homes. With so much information out there, most people don’t know where to start. It can be overwhelming and complicated until they find out how easy it is to make these changes. I knew that many of the products I was using were potentially harmful for years, but I kept on saying I’ll get to it, I’ll make changes, and they seemed so expensive!

I honestly didn’t know where to begin. Life gets busy, so I put it on my long to-do list with the hope that I would get to it someday. I learned that pure essential oils could also help me live a toxin-free lifestyle because they have therapeutic benefits. I committed to living toxin-free by making simple swaps as I ran out of products. Now I use essential oils every day, and I can’t imagine my life without them.

If you are ready to make some changes in your home so you can focus on the health of your business, here are three tips:

1. Instead of burning candles, diffuse essential oils like peppermint and wild orange to give yourself a pick me up in the afternoon. Or diffuse lavender and wild orange to reduce some stress after a day of working.

2. Switch out your cleaning spray with a simple mix of water, white vinegar, and essential oils like lemon or wild orange.

3. Ditch the room sprays filled with chemicals and make your own with lemon and lime essential oils.

Challenge yourself and try each one over the next few days!

Tammy Longo’s Contact Info

For a complimentary consult, you can email her at wellnesswithtammylongo@gmail.com or visit her website at

www.wellnesswithtammy.com/free-guide for a free guide on ways to live toxin-free with essential oils.

How My Small Business Saved Me

Posted on by Odette Fernandez

How My Small Business Saved Me

By: Alba Morales

In 2017, I started feeling like I never had. Loneliness, sadness, lots of crying, among other things, were present almost daily. Earlier that same year, I had finally decided to leave my fears behind and open my small business. I researched every little detail and did everything I needed to open my online boutique. That year was supposed to be full of accomplishments.

ideas

Although I tried to make it work, shortly after opening my business, I gave up. Depression and anxiety were preventing me from moving forward. In early 2020, I decided to focus on my business again, and it’s a decision that changed my life. My mental health was way worse than when I first closed my boutique, but I needed something to distract me from my thoughts. Focusing on my business helped me see the light at the end of the tunnel.

Instead of wanting to be in bed and not do anything, I pushed myself to get up and brainstorm ideas. Instead of crying until I ran out of tears, I decided to start working on my website. My boutique was the focus of my time and energy. Although any new business journey is difficult, I was just thankful I could find myself again. The fact that I was motivated made me feel like I had already won this battle.

According to the World Health Organization, more than 264 million people suffer from depression worldwide. Although it is imperative to get professional help, we can find additional ways to cope with our mental health. Focusing on my business helped me keep my mind busy and, ultimately, played a huge role in overcoming my depression. Here are three things I did to help me turn negative thoughts into productivity for my business.

1- Write down daily goals

Small goals are usually more effective because they are easier to achieve. Write down at least one or two things you want to do the next day, no matter how small they are. By doing this consistently, you will accomplish at least 5 to ten goals a week.

2- The Internet is your best friend

There is so much information available online. Take your free time to research everything about your niche, business tips, marketing ideas, social media trends, etc. Then take the time to put into practice what you’ve learned.

3- Be your greatest cheerleader

Although some people or circumstances may discourage you, it is crucial to believe in your business or idea. When you know what you’re capable of, you want to show that to the world. Remember the main goal and keep working hard to get there. Seeing your hard work paying off will keep you motivated.

Alba Morales’ Bio

Alba is the owner of Lady In Pink Boutique, an online boutique that caters to regular and plus-size women. Upon launching her boutique, Alba was featured in Univision and has dressed multiple TV personalities in Puerto Rico, her homeland. Besides working in her boutique, Alba enjoys spending quality time with her son and family, cooking, and live music.

 

Alba Morales’ Contact Info:

IG- @ladyinpinkboutique

FB- @ladyinpinkboutique

Want to save taxes? These moves may cost you college financial aid.

Posted on by Odette Fernandez

Year-end tax planning with a college-bound kid? Common tax moves for your small business that can save you taxes but may cost your chances for financial aid.

As we approach year-end, there’s no shortage of articles on different tax moves one can make. Your CPA or tax professional may have suggested some to lower your tax bill. When you have a kid about to go to college, however, things can get tricky. Your well-intentioned CPA or tax professional may end up costing you aid and raising the cost of college!

*** Please note that this article is not intended as tax advice. Please consult your own tax professional or financial advisor to discuss your specific circumstances. ***

Before we detail the differences between taxes and financial aid, it’s important to understand how your financial information is used in the financial aid process. Families submit their income and asset information typically using the FAFSA, and for some schools, the CSS Profile form. The colleges then use the information on those forms, applying different formulas, to determine how much the family can afford for college each year, known as the Expected Family Contribution, or EFC. In the formulas, income is a far bigger factor than assets.

Using the EFC, colleges then determine whether the family qualifies for need-based aid. This type of aid can be in the form of grants, loans, or even work-study. Because these types of aid are based on a family’s financials, some families think they “make too much money to get aid”.

Let’s go a little deeper. The income information used on the financial aid forms is based on the family’s tax return (parent and student, if filed). On the surface, then, anything you might do to save taxes – lowering income, increasing deductions, etc. – would be a smart move. As a famous announcer on a well-known sports TV channel says, “Not so fast my friend”.

There are 3 key areas where taxes and financial aid differ for self-employed and small business owners.

First, the most common area for reducing taxable income is to contribute to a tax-deferred retirement plan, such as a 401k, 403b, or an IRA. Lower taxable income, save on taxes today, and save for retirement – it seems to be a smart financial move. For financial aid, this person would have just hurt themselves. In the simple example below, a parent increases their retirement plan contribution: 

Before

 After
Income $100 $100
Less: Ret Plan Contrib 10 20
Income after contrib 90 80
Less: Taxes (10%) 9 8
Take-home pay 81 72
Fin Aid: Add back ret plan contribution 10 20
Income for fin aid purposes $91 $92

 

In this simplified example with an assumed tax rate of 10%, increasing the retirement plan contribution results in increasing, not decreasing, the income for financial aid purposes. Higher-income equals higher EFC, which lowers your chances of financial aid.

Retirement plan contributions could be amounts put into a 401k, SEP, SIMPLE, or a personal IRA.

Why would retirement plan contributions be added back? Financial aid income counts as income, regardless of what you do with the money.

This effect is also true for Health Savings Accounts (HSA) and Flexible Savings Accounts (FSA) contributions. On the FAFSA, HSA contributions are added back. On the CSS Profile, both HSA and FSA contributions are added back.

Second, it is common for small business owners and self-employed to reduce the amount of net income (or even showing a small loss) for tax savings purposes through depreciation and other expenses. This may not help.

For colleges using only the FAFSA, which is the majority of colleges and universities, business losses are reported as is. Before you go reducing your income to near zero, there’s a catch. If a non-business owner or self-employed family has an Adjusted Gross Income of $50k or less, they qualify for a simplified EFC calculation. Primarily, this means that the family’s assets are excluded.

For a family that is self-employed or owns a small business that files a Form 1040, Schedule 1, this simplified EFC formula does not apply. A Schedule 1 would reflect self-employment income and income from a small business via Schedule C, business income via Form K-1 on a Schedule E, and rental real estate income on Schedule E.

Third, being a small business owner or self-employed is less friendly for schools using the CSS Profile form. Any business losses are added back as well as depreciation expense. For example, if one parent works a regular W-2 job earning $100k and the other parent is self-employed and reports a tax loss of $100k per year, the tax return would show a zero net income ($100k in income less $100k in loss). For the CSS, that family would have an income of $200k.

The CSS Profile form has other requirements for business owner families, such as reporting the value of the business as well as submitting business tax returns, if filed separately.

In case you’re wondering, the schools that use the CSS Profile form are the Ivy League, near-Ivy League, as well as public Ivy schools, such as the University of Michigan, Univ of Virginia, Univ of North Carolina Chapel Hill, and UMiami.

Bonus item: One other difference between the two forms, though not tax-related, is the reporting of business bank accounts. On the FAFSA, any bank accounts in the name of the business are not reportable. On the CSS, the bank accounts are reportable. Again, the higher the assets, the less aid a family is likely to get.

Despite the differences, there are advantages that business owners and self-employed enjoy when saving and paying for college; I wrote a prior blog post on some strategies.

The bottom line is that while your CPA or tax professional may be well-intentioned and helpful for taxes, they may not help for financial aid and may raise the cost of college. Understanding these differences can help lead to smart decisions balancing tax savings and financial aid.

T. Jack Wang
Financial Wealth Strategist