Economy Archives - Utility Avenue

Spotlight: Val’s GF Cafe

Posted on June 13, 2021June 26, 2021 by Odette Fernandez

Val’s GF Cafe

Facebook might have pros and cons, but when the online community comes together in order to save a local small business, it’s all worthwhile.

I discovered Val’s GF Cafe because of a Facebook post in one of the local mom groups: a local business was drowning and the community stepped up!

Read more about Val’s GF Cafe… and if you are local to Boca Raton, Florida, drop by and support them!

What can you tell us about yourself?

We are a casual gluten-free cafe, where customers can come in and enjoy a croissant or order a pizza to go!

What were the origins of your business?

We wanted to provide the community a place where they can eat and not have to worry about cross-contamination and can come with friends and family.

What aspects of your background have helped you the most?

The owner Valentina (Val), has celiac disease.

What were the main challenges you encountered at the beginning?

Getting customers to come in and aware that we existed.

Who was the most supportive of your idea?

Our family and friends.

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

We opened during COVID-19, so many things are different than what would be seen as normal. Such as paper menus, disposable cups, the use of masks while cooking and serving the customers.

What makes your offer unique?

Our whole menu is gluten-free, we don’t even bring gluten into the store, plus everything is handmade!

Do you have any other passions?

My passion is helping people and seeing kid’s faces light up when they can choose anything from the menu.

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

I would have opened much earlier.

What challenges do you see ahead?

Keeping a constant flow of customers.

What future projects does your business have?

To hopefully grow out of our current location and have to open a new one!

What message would you send to your followers?

You don’t have to eat gluten-free to enjoy our food, plus just because it’s gluten-free doesn’t mean it can’t taste amazing!

If you were to define your business in one sentence, how would you do it?

Gluten-free food for anyone!

Val’s GF Cafe’s Contact Info

Facebook: www.facebook.com/valsgfcafe

Instagram: www.instagram.com/valsgfcafe

Email valscafe.bocaraton@gmail.com

Website http://www.valsgfcafe.com

10 Statistics: Brand Photography as a Powerful Business Tool

Posted on February 14, 2021February 13, 2021 by Odette Fernandez

Simon Sinek, one of my favorite thought-leaders, said: “People don’t buy what you do. They buy why you do it. And what you do simply proves what you believe.”

There is one vital question:

What makes you different from another business that does the same kind of activity, maybe cheaper?

YOU.

You make the real difference.

Brand photography: a powerful business tool

Businesses everywhere need to create a brand that clearly communicates why they do what they do. But how do you do that?

You can visually represent your business through brand photography and personal branding. Professional images establish and enhance your brand. They show your character, what it’s like to work with you, and what makes you and your business unique.

Brand photography and personal branding make it easier for customers and future clients to know you and your brand.

Why investing in brand photography?

Investing in professional brand photography can seem an unnecessary expense, but it might be more crucial for growing your business than you think.

Photography is one of the main tools to connect with your audience strategically. It boosts performance, engagement, and sales because people are wired to value images. They especially value beautiful, well-crafted images. You can use stock photos, but studies show that we pay attention to people who look like real people! Eye-tracking research shows that we treat photos of real people as important visual content, and we tend to ignore stock photos and “filler content” images. As a result, not having high-quality photos can be a deal-breaker for your clients. Studies show how investing in branding can make a difference.

How can you use your brand images?

The options are limitless.

You can use your images to improve your online presence on your website, social media (LinkedIn, Instagram, Facebook, Pinterest). Also, in email campaigns, newsletters, and email signatures.

You can also include them in traditional print marketing materials: business cards, brochures, direct mail, sales sheet, flyers, magazines, newspapers. Even in sales pitches or presentations, and press releases.

Numbers don’t lie

Here, some statistics taken from MDVAdvertising and Meero that show how vital brand photography is:

People remember only 10% of information three days after hearing it, on average. Adding a picture can improve recall to 65%.
Images rank as the most critical content type, ahead of text and video. 68% of marketers say they plan to use images more in the future. Consumers are significantly more likely to think favorably of ads that emphasize photography over ads that emphasize text.
Articles with relevant images get 94% more views, on average, compared to articles without images.
Images on Facebook receive 20% more engagement than videos and 352% more engagement than links.
60% of consumers say they’re more likely to consider or contact a business with an image show up in local search results.
67% of consumers say that a product image’s quality is “very important” in selecting and purchasing a product.
78% of online shoppers want to see the product as if it’s part of their own daily lives.
50% of online shoppers say, “large, high-quality product images are more important than product information, descriptions, or even reviews.”
90% of online buyers say that photo quality is the most crucial factor in an online sale, according to Etsy and Justuno.
Using a larger product photo size on category pages increased sales by 9.46%

In The Effect of Mere Touch on Perceived Ownership, UCLA researchers found that vivid and detailed object imagery increases perceived ownership of the product.

FINAL WORDS

My advice is: use compelling imagery to build your story brand.

Brand photography has the power to tell your story: what your brand is about, what it means to your clients, and why they should care about it. High-quality images build trust and help clients connect to your message.

You can DIY your brand and product photography, but if this isn’t the most effective approach, you can always hire a professional branding photographer.

This article was first published here.

Best Online Teaching Jobs

Posted on November 8, 2020November 8, 2020 by Odette Fernandez

Online teaching jobs are all the rage right now. If you’ve considered teaching online, this is definitely the time to do it. The pandemic has shown educators that they’re capable of more than they ever thought possible. So many have discovered they actually really enjoy teaching online. So that begs the question – where are the best online teaching jobs? And what are the best companies to work for?

In this article, you’ll learn all about the top 5, absolute best teaching jobs out there. Then, pick the path that’s best for you!

Let’s get into it.

Best Online Teaching Jobs

Online Teaching Jobs with Magic Ears

Being a teacher for Magic Ears seriously is one of the best online teaching jobs out there in 2020.

This online ESL company doesn’t get enough love.

Firstly, it’s important to note that Magic Ears is one of the highest online English teaching jobs out there!

Did that get your attention? Good, because there’s more.

Secondly, their platform is super fun and engaging. Kids love using it, and teachers enjoy facilitating instruction with it.

Thirdly, they have a very flexible cancellation policy. This is especially great if you want to teach English online with multiple companies or teach full-time at a brick-and-mortar school.

As online teaching jobs go, Magic Ears is one of our favorite companies.

Requirements

To be hired, applicants must:

Passionate about teaching! The smiles should come through. 🙂
Be an English native speaker from the U.S. or Canada.
Hold a bachelor’s degree or higher in any subject, or be a student actively pursuing a bachelor’s degree (must provide official transcript)
Have a 120-hour ESL Certification*
ESL/teaching experience preferred

Please note that they are currently holding California residents’ applications due to AB5 restrictions (as are most other companies that hire home-based, online English teachers).

Technology Requirements

After you consider your personal qualifications, you should consider the technology you have available to you.

Computer with: CPU: i5-6200 and newer generations.
At least 4GB RAM
Stable internet connection with: Upload speed: 5Mbps. Download speed: 20Mbps.
An “over-the-ears” headset with microphone.

Please note that teachers cannot use in-ear headphones to teach classes.

Application Process

This image is directly from their website, and it outlines the application process with Magic Ears:

When you apply, allow up to 2 business days for processing at each step.

Throughout the application process, there are two places where you can find updates on your application’s status:

The email with which you applied (check your spam folder).
The Teacher Portal

Once you start the application process on the teacher portal, you can use the “Contact Us” link in your portal to easily reach out to Magic Ears when needed.

Payment

The payment system for most online teaching companies can be a bit confusing.

Their base pay ranges from $7.50-$10 per class depending on qualifications.

With the two available bonuses, your base pay can rise to $9.50-$12 per class for a total of $19-$24/hr. Most online teachers with Magic Ears are earning between $17 and $26 per hour.

The photo below better explains the pay structure for Magic Ears:

Online Teaching Jobs with iTutor Group

iTutor definitely ranks as being one of the best online teaching jobs available in 2020!

One teacher in our group made over $1,000 in ten days, just from teaching online with iTutor Group.

Imagine what you could do in a month!

Unlike other online teaching jobs, the company schedules bookings for you.

This means it’s easy for new teachers to break into the market and earn quickly.

Requirements

To to be hired, applicants must:

Uniquely, iTutor Group does not require teachers to be native speakers.
Bachelor’s degree or higher
TESL, TEFL, or TESOL certification
Minimum 5 hours of availability per week during peak times in China.

Please note that they are currently holding California residents’ applications due to AB5 restrictions (as are most other companies that hire home-based, online English teachers).

Technology Requirements

After you consider your personal qualifications, you should consider the technology you have available to you.

Desktop/Laptop PC: Intel Core2 Duo processor or better (no netbook or tablet).
Windows operating system: Windows 7 or 8 Internet Explorer web browser: Version 9 or higher. Mac: OS 10.11.12 or above (no iPad)
RAM: 2GB or more
Internet Speed: Minimum 800 Kbps download, and 500 Kbps upload wired internet connection: Cable, DSL, or Fiber Optics (no wireless connection).
Webcam: Either built-in or preferably high quality Creative, Logitech, or comparable.

Please note that teachers cannot use in-ear headphones to teach classes.

Application Process

The application process for iTutor Group is very straightforward.

Apply (very quickly!)
Select an interview time (you’ll be contacted if you pass the initial screening)
You’ll hear back about your interview result quickly – usually, it’s a matter of days.
Once you’re good to go, you’ll set your availability and start teaching!

Payment

Your payment includes a basic rate, with incentives added on top of that.

Performance bonuses compound upon each other each month, depending on some factors, including how students rate you and how often you teach.

Online Teaching Jobs with GoGo Kid

Online teachers who work with GoGo Kid often cite how much the company cares for its employees.

This is why we’ve included it on our best-of list of online teaching jobs for 2020.

Another factor that sets GoGo Kid apart is the fact that you can teach online with GoGo Kid from anywhere in the world, so long as you’re eligible to be hired with them.

GoGo Kid has some of the most flexible requirements of any online ESL teaching company out there. However, it also means it can be competitive.

Be sure that you read all of the requirements and follow all instructions correctly the first time!

Requirements

To teach online with GoGo Kid, applicants should:

Hold at least a Bachelor’s degree.
Have at least one year of experience working with children
Have a stable internet connection
Be willing to communicate not only with the students but also with the parents.

Technology Requirements

After you consider your personal qualifications, you should consider the technology you have available to you.

System: Mac OS 10.8x or higher. Windows 7, Windows 8, Windows 10, or higher.
Memory & CPU: At least 4GB RAM, Intel Core i3 above
HD External camera or HD integrated camera.
A headset with a microphone, stable output, and input
Wired DSL Internet Connection – at least 20 Mbps

Application Process

The application process for GoGo Kids is also very easy compared to other online teaching jobs out there.

Complete an online application (Sign up + Basic Information)
Schedule an interview
Attend an orientation program
- a. Orientation Quiz
- b. One-to-Many Live Training Session
- c. One-on-One Mock Class Training Session
Submit the paperwork
Sign the contract

Payment

Your payment includes a basic rate, with incentives added on top of that.

Performance bonuses compound upon each other each month, depending on several factors, including how students rate you and how often you teach.

Check out their payment matrix below:

Class Payment	Per Class	Remarks
Base Pay(Level 1)	USD 7~10	based on your credentials and interview performance.
Base Pay(Level 2)	USD 7~10	based on your credentials and interview performance.
Credit Score(Level 3)	USD (7~10)+($1.5~$2)*100%	Today’s Credit Score and Classes Completed Today
Credit Score(Level 4)	USD (7~10)+($1.5~$2)*110%	Today’s Credit Score and Classes Completed Today
Credit Score(Level 5)	USD (7~10)+($1.5~$2)*125%	Today’s Credit Score and Classes Completed Today
Total per one hour	USD 14~25

Online Teaching Jobs with Q Kids

QKids is known in the online teacher world as having one of the most flexible cancellation policies.

Limited Attendance policies require 24-hour notice for schedule changes and a minimum of 5-hour notice to maintain overall attendance fee eligibility.

This makes it a great supplementary income stream for educators teaching online through other platforms.

The teaching style is also different, as everything is taught through games and play.

Requirements

To teach online with Q Kids, an applicant should be:

Eligible to legally work in the U.S. or Canada
Holding a Bachelor’s degree
Certified with a teaching license or holding an English teaching certificate (TESOL, TEFL, CELTA, ESL)
These are all required before lessons are assigned.

Technology Requirements

As it is with any online teaching company, technology requirements must be considered.

Here are the minimum technology requirements for those seeking online teaching jobs with Q Kids:

Minimum upload speed: 2Mbps. Minimum download speed: 4Mbps.
Test your speed here: http://www.speedtest.net/
*Cable connection is recommended.

Application Process

Here’s the application process with Q Kids:

Apply with all required materials
Initial screening
Demo Interview 1
Demo Interview 2
Trial Classes & Background Check
Secure your contract!

Payment

Q Kids has an involved pay structure, so see the full details laid out below:

$4 base pay for standby lessons (approximately 10 minutes with no teaching required).
$1 Performance incentive for each lesson based on family review
$1 Attendance Bonus for each lesson once a minimum of 15 lessons are taught in a week.

Online Teaching Jobs with VIP KID

Of course, I’d be remiss to exclude VIP KID when discussing online teaching jobs!

VIP KID is possibly the juggernaut of the industry.

On top of being one of the most popular TESL company, they also offer multiple revenue streams to teachers.

On top of teaching English online, you can earn incentives for completing classes and recruiting other people to become VIP KID teachers!

Requirements

To be eligible to apply for VIP KID, you must have:

A Bachelor’s degree (can be in any field)
Work authorization for the U.S. or Canada
Two years of experience teaching, coaching, tutoring, and/or mentoring
Highly reliable technology

Technology Requirements

Since VIP KID is such a well-established company, it has a reputation to uphold.

This means they have some pretty weighty technical requirements:

Desktop, Laptop, Macbook, iPad, or Microsoft Surface (no Chromebooks)
Windows 7, 8, and 10; Mac OS 10.X or higher operating system (Linux and Chrome OS are NOT supported by VIPKid)
Intel i5 processor or higher
8GB RAM or higher
Fast and stable internet connection will make a smooth teaching and learning experience. Ideally, a wired high-speed internet connection of ≥ 25 Mb/s

Application Process

Here’s the application process with Q Kids:

Apply with all required materials
Initial screening
Demo Interview 1
Demo Interview 2
Trial Classes & Background Check
Secure your contract!

Payment

Here are all of the ways to maximize your income with VIP KID:

The base pay rate is $7-$9 per class
$1 attendance bonus per class
Extra $0.50 for every class taught after teaching a minimum of 30 lessons in a month
Extra $1 for every class taught after teaching 45 classes in a month

References

Brittany Verlenich published this guest post first here: https://travelingteachers.co/2020/08/06/the-5-best-online-teaching-jobs-in-2020/

Join the Traveling Teachers community. They’re committed to helping you find your perfect path to teaching online.

_______________________________________
Utility Avenue’s Spotlight focuses on promoting inspiring businesses every week. For a chance to be interviewed, contact us at support@utilityavenue.com with the subject Spotlight.

Profit First: Transform your Business into a Money-Making Machine

Posted on October 11, 2020October 10, 2020 by Odette Fernandez

Profit First: Transform your Business from a Cash-Eating Monster to a Money-Making Machine

Managing finances is a challenge. Often, being a successful and profitable business owner takes a lot more than being great at making your product or providing your service. You need to be good at the business side of things.

The most crucial step for any business owner is education.

For a healthy financial future, you need to learn and understand the necessary skills needed to run a small business.

I just finished reading Profit First, by Mike Michalowicz. It was everything the reviews said and more. If you are a small business owner or want to manage your finances more healthily, you want to learn about this system.

Profit First Author — Michael Michalowicz is an American author, entrepreneur, and lecturer. He is the author of seven business books including Fix This Next, Clockwork, Profit First, Surge, Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur.

Why Profit First?

At least 50% of businesses fail in the first five years due to a lack of profitability. Many continue struggling, burning cash, and accumulating debt before collapsing. Entrepreneurs start a company to do what they love and gain financial freedom. They work hard, invest their life savings, but, in the end, they still don’t make money.

Most businesses use the traditional formula (Sales – Expenses = Profit).

Profit First is a cash-management system and it proposes this new accounting formula: Sales – Profit = Expenses.

The solution is so profoundly simple and so genius: Take your profit first!

Make profit your focus, not an afterthought.

James Clear summarized the book for us. If you don’t have time to read more, read this.

“Before you pay your expenses, take your profit first. Run your business based on what you can afford to do today, not what you hope to be able to afford someday. When profit comes first, it is the focus, and it is never forgotten.”

Summary

Here, some core ideas from the book, according to James Clear.

Profit First Author“Revenue is vanity, profit is sanity, and cash is king.”
Money is the foundation. Without enough money, we cannot take our message, our products, or our services worldwide. Without enough money, we are slaves to the businesses we launched.
Growth is only half the equation. It is an important half, but still only half.
Remember, your business is supposed to serve you; you are not in service to your business!
Profit is not an event. It is not something that happens at year-end or at the end of your five-year plan or someday. It isn’t even something that waits until tomorrow. Profit must happen now and always. It must be baked into your business. Every day, every transaction, every moment.
Profitability isn’t an event. Profit is a habit.
Take profit first. You can’t grow out of your profit problem. You need to fix profit first, then expand.
You must figure out the things that make a profit and dump the things that don’t.
Sustained profitability depends on efficiency.

The System

Use small plates

When you put all your money in one account, you feel wealthier and spend more. Reduce the amount of available cash, so you’re forced to be smarter and more innovative with how you use each cent.

Change your meal sequence.

Never pay bills first. Allocate your business income into sub-accounts in this sequence: Income => Profit => Owners’ Pay => Tax => Operating Expenses (Opex).

If you get a $1,000 deposit, starting today, transfer $10 into your PROFIT account. If you could run your business off $1,000, you can indeed run it off $990. If you get $20,000 in deposits, you transfer $200 into your PROFIT account. If you can run your business off $20,000, you absolutely can run it off $19,800. You’ll never miss that 1 percent. It is a low bar. But something magical will happen. You will start proving the system to yourself. You won’t get rich overnight this way, but you will get a wealth of confidence.
When less money is available to run your business, you will find ways to get the same or better results with less. By taking your profit first, you will be forced to think smarter and innovate more.
Also, eliminate unnecessary expenses. It will bring more health to your business than you ever imagined.

Remove temptations

It’s human nature to seek convenience. Once you’ve taken your profit, remove temptation so you won’t use it for your business or yourself.

Mike suggests opening two bank accounts at a different bank.

Enforce a Rythm

Do your allocations and payables twice a month. Mike suggests doing this task, specifically, on the tenth and the twenty-fifth.

A few extra tips to stay on top of your finances.

Pay yourself first.
Have a good billing strategy.
Spread out tax payments.
Monitor your books.
Focus on expenditures, but also ROI.

Final words

If you apply this approach to a new business, you can make profits from day one. Set up good financial habits from the beginning and establish internal financial systems to protect your business’s financial health.

If you’ve been losing money for years and can’t even pay yourself a salary, then it’s time to transform your business.

It is also a lifestyle. 10/10 I would recommend it for a healthy financial life.

Seriously. Buy This Book. Read this book. Implement this book. You will thank us later.

Best way to save and pay for college?

Posted on September 20, 2020September 20, 2020 by Odette Fernandez

Jack Wang is a noted expert in helping US-based families with middle to high school age students lower the cost of and pay for college by navigating the complex, stress-inducing financial aid system while still being able to retire. He’s helped hundreds of families and students (including his own two children) navigate financial aid, student loan options, and payment strategies in the context of overall family finances and retirement plans.

He has joined the Entrepreneur Avenue family and today, he is going to share the best way to save and pay for college.

Read on.

You will be happy you did.

And Welcome to Utility Avenue, Jack!

Best way to save and pay for college? Start a business!

Or…how to get a scholarship from the IRS. No essay required!

Disclaimer: This article is for educational purposes only and should not be construed as tax or financial advice. Please consult your own tax and/or financial professional to discuss your specific circumstances.

One of the most expensive things we buy as a consumer may be college education for our children. I’m sure you’ve seen the headlines about the record $1.54 TRILLION student debt burden (Federal Reserve Bank of NY, Household Debt and Credit Report, Q2 2020) as well as spiraling tuition, now over $80k at the most expensive universities.

I’m not joking (that much) when I ask clients if they would rather buy a Ferrari instead of sending their kid to college. The Ferrari may be cheaper!

As entrepreneurs and small business owners, we have a decided advantage in paying and saving for college – the IRS! More specifically, the tax code. This is probably the only time you’ll ever view the IRS or the 70,000-page tax code in a positive light.

What most people do

When thinking about saving and paying for college, most people think of 529 plans. These savings vehicles are popular for many families to save money, tax-deferred, and then upon using the money for either college or private K-12 education, tax-free.

Think about the money that goes in. It’s after-tax. Meaning, we earn income, have taxes and various deductions withheld, and hopefully have something left over after our bills to put into these accounts.

Some states do offer a state tax deduction or credit for savings. For example, Massachusetts offers a tax deduction for the MA income tax for saving in the MA 529 plan. Other states provide a contribution at birth or a matching contribution. Maryland offers a matching contribution for low-income families.

As good as some state tax incentives are, there is nothing at the federal level.

Using business to save/pay for college

It’s about understanding the tax code. This is really in the category of tax planning instead of tax preparation – which is what most people think of. These strategies below really require working with tax and financial professionals BEFORE you implement.

Hiring your kid

The most basic strategy is to hire your student “on the books” in a business owned by a parent. Meaning, make them a legitimate employee, run payroll, etc. and not pay them under the table. They have to be paid a reasonable wage for good work that is within the capability of the student. In other words, you can’t pay your 5-year-old to perform advanced accounting work at $100/hour!

Let’s suppose you hire your student and pay them $100 (on the books). That salary is now a legitimate, deductible business expense and earned income for the student. Let’s further suppose that your tax rate is 20%, and the student is 0%.

	Business	Student
Wages Paid / Earned	$100	$100
Taxes save / paid	$20 (20% of $100)	$0 (0% tax rate)
Net expense / income	$80	$100

Now, your student can use the $100 earned to pay tuition. Think about where that money initially came from – a tax-deductible expense. In this example, the business got an indirect tax deduction for the student’s tuition payment. You and your student got a $20 “scholarship” that didn’t require an essay!

While there’s no age limit on how old your student has to be, the work to be done largely defines the age. Generally speaking, you’re likely considering young teenagers and older for most businesses.

Please note that while FICA taxes are not due for those under age 18, and Federal unemployment (FUTA) for under age 21, there may be state tax obligations that would still be required. Check with your tax person or payroll services provider.

Income earned by the student is tax-free up to $12,400 (standard deduction for 2020), but anything more than $6,970 (FAFSA guidelines, 2020-21) earned will, potentially, impact their college financial aid negatively for the majority of schools in the US.

Where to save the money if your student has a few years before college

Once your student has earned income (i.e., from work, not interest earned on a bank account or similar), your student is eligible to open an IRA. Since their tax rate is 0% for income under $12,400, it pays for the student to save in a Roth IRA up to $6,000 (2020 contribution limit) or a similar tax-free vehicle.

A question I often receive is whether or not someone under age 18 can open an IRA. Yes, the IRS does not stipulate on minimum age, as long as the requirement for having earned income is met. As a parent, you would sign the account documents, but the student would own the IRA.

I also get asked about saving in a traditional IRA for the tax deduction. But why do it? With income under $12,400, their tax rate is 0%, so you aren’t saving any taxes by using a traditional IRA.

When paying for college, the student can then withdraw the Roth IRA contributions anytime tax-free and penalty-free. Or borrow for college, and then withdraw to pay off the loans after graduation, depending on financial aid specifics.

Think about the potential – if you hire your kid at age 13, paying them $6,000 per year and then save, you’ll have $30k of tax-free money by college time – that’s a nice amount and a bunch of taxes saved!

Section 127 benefit

Otherwise known as the educational reimbursement benefit companies can offer workers. This works better for graduate school if your student is over age 21, no longer a dependent, and is not an owner of the company.

This benefit of up to $5,250 per year would require offering the same to all employees, but that can be an excellent strategy for recruitment and retention. Payments would be deductible to the business and tax-free to the employee.

The recently passed stimulus package, the CARES Act, expanded this program to allow employers to provide benefits for student loan payments, not just educational expenses incurred in the current year. This provision expires at the end of 2020.

Section 132 Fringe benefit

Similar to a Section 127 benefit, though, the difference here is that the education typically has to be job-related. Some companies offer this reimbursement if an employee takes courses to further their career directly or is directly applicable to their job.

Paying for college can be daunting and stressful. Parents and students alike have questions about admissions and financial aid – and both aspects of college planning are extremely complicated.

Final words about the best way to save and pay for college

One of the most common questions I’m asked about is how to get more scholarships and financial aid. Being self-employed or a business owner, the answer is Go to the IRS. The money is there – it’s up to you to get it! No essay required!

Jack Wang’s Contact Info

Website – www.longhornfin.com

Facebook – https://www.facebook.com/longhornfin

LinkedIn – linkedin.com/in/thejackwang

Youtube – https://www.youtube.com/channel/UCGvxjS_uLUIPnHKelqSLaHg

Quora – https://www.quora.com/profile/Jack-Wang-231

Thriving Businesses in Times of Coronavirus

Posted on August 2, 2020August 2, 2020 by Odette Fernandez

Thriving businesses in times of coronavirus.

Last week, we addressed how the coronavirus pandemic has affected the economy both in the US and globally. We also spoke about its impact on the small business industry and the entrepreneurs. Many of them found themselves in a logjam. Yet, individual businesses have managed not only to stay afloat but also to thrive and grow. In many cases, consumer interest skyrocketed, provoking spikes in sales and services. Some of these businesses will remain even after the pandemic is controlled.

This week, we would like to focus on thriving businesses in times of coronavirus.

Some of them were simply Johnny-on-the-spot. Their products and services became essential during the times of outbreak, confinement, social distancing, and recovery. Others managed to thrive because they were resourceful enough to change their strategies and reshape the focus of their business.

The pandemic put the world at risk. The measures taken by governments to control the infection took a toll on both big and small industries. It took a lot of courage, drive, and imagination for them to find ways to thrive through a health crisis.

Thriving businesses in times of coronavirus.

The US Chamber of Commerce offers a list of 15 small businesses that managed to thrive during the pandemic. In a scenario that has seen many companies take a nosedive, others have managed to bloom.

Cleaning services

The outbreak increased the demand for professional cleaning services to sanitize spaces like offices, business locations, and houses. Commercial buildings and medical facilities also started demanding such services, which led to a growth in business. Of course, safety measures were strict: the health of workers and clients and the reputation of the company were at stake.

Delivery services

Fear of contagion, lockdown, and shelter-in-place measures forced people to stay home. Delivery services were the best choice for those who could not or did not want to leave their houses. Although big delivery companies have benefited from this, small local delivery services also experienced growth because of the high demand.

Drive-in movie theaters

According to the US Chamber of Commerce: “One of the most peculiar small business categories that have recently seen success in the coronavirus era is drive-in movie theaters. People can watch a show from their car and provide a way for families to get out of the house.

Owners of drive-in theaters in California, Kansas, Oklahoma, and Missouri all told the Los Angeles Times recently that business had increased in light of coronavirus. While it’s not clear if these drive-in theaters will remain open as many “non-essential businesses” are closed, the coronavirus crisis may reinvigorate these types of businesses in a new period where keeping your distance is encouraged.”

Grocery stores

The social distancing measures included a lockdown for restaurants everywhere. People who were used to eat in restaurants started stacking up on goods to be able to have a good meal at home. Disregarding the size of the business, grocery stores saw an increase in the demand for their products. Also, people have learned their lesson: they will try to have enough groceries at home for this type of emergency.

Liquor and wine stores

The closing of many bars led people to “build” their own at home. That is, stacking up on wine, liquor, and rum to make cocktails, sip or simply have a shot or a nightcap. Although high alcohol consumption is never recommended, a drink every now and then has proven to be effective in dealing with stress. Interestingly, liquor was also useful for making hand sanitizer because of the alcohol contents.

Meal prep delivery services

Those people who did not want to spend too much time in the kitchen and had to stay at home during the pandemic were the main clients of this type of service. Others who had to work remotely and had to deal with children at home found it very difficult to get to cooking as well. As a result, meal prep businesses, whether big or small, saw a significant surge in their demand. This will probably be a trend even after COVID19 is gone because some people who had never used such services before might become clients.

Canned and jarred goods companies

There is no secret for anyone that canned and jarred goods transmit a sense of sterilization. This increases the level of trust consumers may have, and this causes a high demand. Also, canned food lasts much longer than fruit, vegetables, or meat. As long as you keep an eye on the expiring date, it is genius to stack up and store it for a rainy day. When the pandemic struck, some grocery stores had shortages in supplies and canned and jarred products came to the rescue.

Board Game makers and sellers

Confinement led to family time. Many of the people who are parents today grew up without the privileges of cell phones, internet, social media, or Netflix. For many, it was time to remember some of the adventures they had as children. Board games do foster family and friendship bonds and make people relax and enjoy while spending time together. For the more modern type of consumer, video games—mainly the online ones—became a way to escape the realities of quarantine and also interact with people.

More thriving businesses in times of coronavirus.

However, these small businesses are not the only ones making it through this challenging moment. There are other types of companies that are adapting, reassessing, and some even starting as solutions for the everyday problems people face amid the crisis.

Scrubs, gloves, face masks, etc.

Thriving business: mask makers — Face masks, by Sub Dog Design.

The need for protective gear for medical staff and people doing risky jobs is permanent. As concerns over the disease increased, people not related to the healthcare system also started using protective gear. Also, some of the businesses that remained open started needing gloves and face masks. Some people will prefer a beautiful looking mask, and will thus pay more money to look cool while protecting themselves.

Wellness

thriving business sprinkle grace — Wellness Kit, by Sprinkle Grace Co.

Okay, maybe some people were not inclined to put perfume on. But what if these manufacturers are offering them something else, something they need, like say, hand sanitizer. Hand sanitizer sales skyrocketed during the first stages of the pandemic, and there is still need. As countries begin to reopen, people have incredibly altered their daily routines, and that includes what they carry when they leave the house. For those who did not have a habit of packing hand sanitizer already, now they do. Businesses that deal with the public directly also need this product. At the same time, some clients will pay more money for a locally-sourced hand sanitizer that is exclusive and on fashion.

Fitness gear and instructors

One of the main concerns was precisely the lack of exercise and physical activity. Others were worried about how obesity could impact their health if the virus struck them. So, fitness instructors and people selling fitness gear had a lot of attention these past few months. For the instructors, given the social distancing measures, it was possible to do their sessions online.

Online book stores

Thriving business: online book store — Built to Serve, by Evan Carmichael

A book is, without question, a great friend. Reading a good book has always been useful for relaxation. It has a good effect on people in both their intellect and their mood. In times of pandemic, reading has become a favorite even for those who thought it was a lost habit. People are reading more. Books are being massively purchased either in digital format or in print.

Therapist

Days, weeks, and months in a lockdown can bring very worrisome side effects. Those might include depression, anxiety, mood swings. So, therapists and counselors became more sought-after. Either by phone or video chat, even group sessions can be carried out on video conference calls.

Final thoughts about thriving businesses in times of coronavirus.

Businesses that have less interaction with clients and whose goods or services became crucial during the pandemic are going to succeed. Online entertainment has seen a peak in consumer interest and consumption as people are home. Protection and safety have also skyrocketed, along with the substitutes for daily leisure activities such as restaurants, cafés, and bars.

However, they are not the only thriving businesses in times of coronavirus. Success will always depend on how well they market themselves, how well they understand people’s needs to meet them, and how well they follow safety measures. The latter is arguably the essential key to success for any small company right now. Some business owners and entrepreneurs have refused to let the pandemic defeat them, and have found alternatives to stay afloat. They are thriving in times of coronavirus.

As long as your business understands the importance of following protocols, you will succeed. Your reputation as someone who values the safety of the clients will be as high as the reputation of your service.

You will get more clients and make more money.

COROrecession: Impact of the Pandemic-Caused Recession

Posted on July 26, 2020July 26, 2020 by Odette Fernandez

Impact of the Pandemic-Caused Recession

COVID19 has caused a challenging situation worldwide, with over 15.5 million confirmed cases and over 634,000 deaths. The United States, for instance, stands at 4.12 million cases and 147,000 casualties (as per last Friday). Although recovering, the US is facing a severe economic problem, which reflects on the rest of the world.

With social distancing measures and the closing of businesses, some people found themselves looking for a way to make ends meet. Some were able to work from home, find side gigs to perform remotely, or had reduced working hours, but continued to make some money. For those who were not considered essential workers, the government approved a relief package. Nevertheless, the economy of the nation needs people to work. The more people are going back to their normal lives, the better for the economy and the faster the recovery.

Impact of the Pandemic-Caused Recession

According to a UN report, the global economy “is projected to shrink by 3.2 percent in 2020. Under the baseline scenario, GDP growth in developed countries will plunge to –5.0 percent in 2020, while the output of developing countries will shrink by 0.7 percent. The projected cumulative output losses during 2020 and 2021—nearly $8.5 trillion—will wipe out nearly all output gains of the previous four years.”

And adds:

“Lockdowns and the closing of national borders enforced by governments have paralyzed economic activities across the board, laying off millions of workers worldwide. Governments across the world are rolling out fiscal stimulus measures—equivalent overall to roughly 10 percent of the world GDP —to fight the pandemic and minimize the impact of a catastrophic economic downturn.”

Is every country affected?

Nations with strong economies will get severely damaged, but they will find their way back to the right track, as long as they manage to control the pandemic. However, those countries will have worrisome numbers in terms of unemployment and the damage inflicted upon small businesses.

Developing countries, on the other hand, will suffer even more. With the pandemic came travel restrictions, and trade was severely affected. Some small countries, mainly islands in the Caribbean, the Mediterranean, etc., will rely on tourism to increase their GDP. No tourism, no growth. No growth, more crisis.

This situation is not exclusive to countries that have reported cases of the virus. If the economy gets almost paralyzed in most of the planet, there is little to zero chance that any nation will come out of it unscathed. Nearly every state needs trade to survive.

As a result, some countries or regions had to open up for tourism without having completely eradicated the disease. What followed for many was a resurgence of contagion and a return to the lockdown measures.

According to a World Bank report entitled The Global Economic Outlook During the COVID-19 Pandemic: A Changed World:

“In the face of this disquieting outlook, the immediate priority for policymakers is to address the health crisis and contain short-term economic damage. Over the longer term, authorities need to undertake comprehensive reform programs to improve the fundamental drivers of economic growth once the crisis lifts.”

How has this affected the US?

The number of cases in the United States increases dramatically with the day, while mortality rates have gone low. The situation has led to a very high level of concern in America. The government took measures that included a stimulus check. A relaxation of the quarantine made it possible for people to go back to work. Besides, the government announced a second stimulus bill.

CNET offers a list of coronavirus updates in Coronavirus recession: When will recovery start and what it means for you:

Latest coronavirus recession news:

– An average of about 1.5 million people per week filed for state and federal unemployment benefits in June, according to the Labor Department, marking 16 straight weeks of over 1 million unemployment applications. Before coronavirus, the record was nearly 700,000 claims in 1982, the New York Times reported.

– According to the US Bureau of Labor Statistics, the unemployment rate, which had surged to 14.7% in April, fell to 11.1% in June, which is still higher than in any year since 1940.

– The Federal Reserve predicts US gross domestic product will shrink by about 35% for the second quarter of 2020.

– We’re still waiting on new numbers to confirm two consecutive quarters of economic contraction — the definition of “recession” used by most economists.

– According to the World Bank, humanity has experienced 14 global recessions since 1870, the last being the financial crisis of 2007 to 2009. The organization projects that this one will be the worst since World War II.

What to expect? What to do?

With these things in mind, there is room for concern, but also a reason to push forward. The pandemic has generated despair not only because of the infected people and the many casualties. Both the global and individual economies are taking significant hits. Entrepreneurs are among the most affected since some made considerable investments to start or expand their businesses.

Countries that have relapsed should reconsider their reopening strategies and measures because obviously, they did not work—the examples of those that are successfully reopening stand for others to follow.

Without a vaccine, the reopening of the countries should come along with measures in terms of restrictions, social distancing, and sterilization, whether we like them or not. Entrepreneurs will need such measures to resume their business operations. The longer it takes for them to open, the more money they fail to make, and the longer to recover financially.

Some entrepreneurs have found success during the pandemic. This happened because their businesses worked remotely or because they focused on trading essential goods or services. Others decided to readapt to the new reality and add safety protocols so they could stay active. Restaurants, for instance, turned into food delivery, something they can add to their services once the crisis is over.

Others have stopped providing services, but are working on strategies to reopen successfully and with better safety measures. Small business owners always try to figure out ways to get better. This downtime has allowed them to regroup. It has also been useful to find better methods to advertise, provide their services, and make more money.

Final Thoughts about the Impact of the Pandemic-Caused Recession

The impact of the pandemic-caused recession is evident. It is essential to understand that, for the time being, we need to learn to coexist with Covid-19. Even after they find a vaccine, there will continue to be contagion for a while. What is also worth noting is that even with the spread still active, the number of casualties has dropped. This shows that most countries are doing a better job with contact-tracing and testing to stop the disease.

A vaccine will come one day.

This crisis is not going to be over soon. We need to find a way to cut the spread so that we can go back to normal. In the meantime, it is time to plan, redesign, and restructure business strategies, focusing on a post-pandemic scenario. Finding an online side gig might also be a solution, at least for as long as this crisis lasts.

If you find yourself in any of these situations, do not let any of this discourage you.

You are alive, and you are healthy. As challenging as this might be, there will be a way out.

We just need patience, determination, creativity, and drive to find it.

Entrepreneurship and Regulations: A Game of Thrones

Posted on July 19, 2020July 19, 2020 by Odette Fernandez

Entrepreneurship and Regulations

In today’s world, to make things function, there have to be regulations. They are theoretically designed to keep things from getting out of control, but the reality is entirely different. With time, more regulations come to substitute or enhance the existing ones, and they become tools of oppression rather than order.
Regulations are legal instruments to tell you what you can do, how you have to do it, and how far you can go.
This is diametrically opposite to entrepreneurship.

Truth is

– The first goal of a self-employed person is to be their own boss.
– In the United States, there are 57 million freelancers who risk their income monthly to avoid being governed by anyone.
– Ninety-nine percent of the country’s companies are small businesses, hiring almost 50% of the labor force.

The main reason is having no boss.
Nevertheless, regulations grow continuously because the government intends to fix everything by controlling.

For example, a gardener has an accident, and it affects a piece of property. The government issues an order stating that gardeners’ vehicles have to go through two inspections a year. Every mistake a gardener makes brings a new regulation: the kind of tools, the hours, the activities. And then, the prices and the salary of the employees go up.
That is when we start losing authority, and the business starts to go bad.
The saddest part of the story is that those who dictate such regulations are not gardeners. They don’t understand about the smell of fresh grass or petrichor. Above all, legislators never risk their salary or their family. If they are wrong, they don’t suffer.

A gardener can’t make a mistake.

Game of Thrones: the struggles of the entrepreneur:

The entrepreneur is a juggler.

Many Hollywood scripts can be written with the daily life of entrepreneurs. Being an entrepreneur implies high risk. Their bills look like those of a millionaire for a week, and those of a homeless, the next. It’s a rollercoaster.
Restaurant owners work tirelessly to make a dream grow. A client gets there and gets treated like a king. The restaurant is a kingdom, and the owner is the servant. Whether as a jester or a counselor, they have to make that client want to come back.
The entrepreneur spends months, maybe years, building that kingdom. And when everything is going okay, all restaurants get closed because of a virus.
They lose $100,000 in the first month but they hang on and pay. Their employees are friends because they are like a family trying to strive. When they lose another $100,000 in the second month, they can no longer pay. Employees are now delivering food. They now sell precooked and uncooked food and hold online raffles.
They juggle, but they won’t be able to resist the third month.

Clash with the system

When they go see the Mayor, they explain tables meet social distancing requirements, all measures have been taken, and nobody is going to get sick in their castle.
But the Mayor cannot authorize it because not all restaurants are going to do the same. The Mayor is not losing his dream because he has not worked years to accomplish it. He thinks about his political position and what the press will say.

People who don’t take chances, who end up destroying dreams instead of looking out for them are the ones who make regulations. Their decisions are not solutions, at least not for restaurants. The office of the Mayor is a fortress that only protects itself.
And when the year begins, Christmas is over.
The Three Wise Men leave, and another man, the taxman, arrives.
The earnings of three months pay mayors and public employees. Since there are always more regulations, more people have to get paid.

There are over one-third of a million public employees with over hundred-thousand-dollar-a-year salaries in California alone. The people of California—including gardeners, restaurant owners, and locksmiths—pay $45,000,000,000 of salary a year to these government employees. However, in Florida, there are ten times fewer government employees with such wages. California regulates a lot: Florida, not so much.

Forty-five billion dollars to close restaurants: to ruin gardeners.

Entrepreneurship and Regulations: Entrepreneurs pay to get regulated.

And regulators regulate so that entrepreneurs don’t grow.
They believe in good intentions. The truth is power corrupts, and they will not turn in those onerous salaries so easily. It won’t be long before regulations work in their favor. They will ruin the economy if need be, but it will put money in their pockets.
And we are not talking about Venezuela or Argentina.
We are talking about California, with its deficit of $1,000,000,000,000 in pensions; New York, with its budget deficit of $6,000,000,000; Massachusetts, with its per capita debt of $10,000.

An article published in Forbes by Clyde Wayne Crews Jr., says that:
“The best news is that countries can learn from both the good institutions that have allowed other nations to prosper, as well as from mistakes those nations have made. Policymakers’ task—and that of entrepreneurs themselves—is to affirmatively reduce existing and avoid new administrative and regulatory constraints beyond the foundations necessary for the maintenance of the rule of law and sustaining property rights.”

Regulations in the Pandemic

In other words, policymakers should find ways to ease the path of entrepreneurs towards success instead of creating so many restrictive regulations. With the coronavirus pandemic, it becomes more necessary to have fewer regulations.
Weeks go by, and the plan to reopen America seems far-fetched. New positive cases emerge, and the country reaches record numbers. Many entrepreneurs find themselves way below breaking even, paying much more money than the one they are getting (if they are getting any at all).
Some entrepreneurs started their businesses just before the pandemic struck. They took hazardous moves: investments to prepare the location, expensive licenses to perform certain jobs, courses to improve their skills and get certified, transportation, marketing. And many did this by taking loans. Loans that they have to pay back with interest.
Others, on the other hand, were already established businesses. But some of these had their problems: they were reinvesting their money to conduct repairs or to improve the services they provide.

Final words about Entrepreneurship and Regulations

Customers pay, but only a small percentage of it goes to the providers. A substantial portion of the money goes away to pay taxes, permits, licenses, and employees. It also goes to the hands of the very people who are keeping business owners from growing faster and better.
Regulators and policymakers are paid, theoretically, to keep the order and avoid chaos. Instead, they keep entrepreneurs from growing by placing more regulations and making them pay more money and go through more legal paperwork.

Entrepreneurs, jugglers, high-risk professionals, don’t let anyone deceive you: the many regulations are only in the way for you to conquer your dreams.