How to Create a Startup Budget for Your Business


If you would like to make sure that you are not overspending when starting your entrepreneurial journey, it is important that you create a list of all the necessary costs and equipment you will need to start your operation. Without completing this step, you cannot create financial predictions or even a business plan, which is needed in case you would like to apply for business financing options. Below you will find a few tips on creating your startup budget.

Registration and Trademark Costs

If you are starting a new brand, it is important that you get your logo and designs registered with the patent office. Failing to conduct a company name check can result in legal trouble, and even the closure of your business. Before you choose your trading name, research it and get a quote on logo design, website development, and other brand-related services that will help you establish your business on the market.

Cost of Premises

Next, you will have to calculate the cost of your business offices. Even if you start working from home, you will probably have to invest in faster internet and a more powerful computer. Depending on what your company will be doing, you might need to get business insurance. If you have to rent an office or workshop space, make sure that you list every expense, including insurance, deposit, and other registration costs.

Essential Services

Every business needs some services for smooth operation. First, you will need internet service that is reliable. You will also need a phone line or a couple of cell phones. If you have to deliver goods, you might need to sign up for a contract with a delivery company, and this will cost you a monthly fee. Becoming a member of a local trade or industry organization will also come at a cost. If you would like to create a buzz about your company, you might even join a local networking group for an annual fee.

Tools and Materials

Apart from regular and fixed expenses, you will also have one-off starting costs. If you are planning to manufacture unique accessories or furniture, you will need to invest in professional tools. Check out to get an idea on the prices and estimate the cost of all your manufacturing tools, materials, and safety equipment. It is important that your business has everything it needs to start generating profits from day one.

Employee Costs and Tax

Every successful startup takes employee training seriously. If you would like to get the best people to work for you, it is important that you offer a competitive salary and great benefits. Calculate the cost of training, education, checks, tax, payroll system, and perks when creating your detailed business plan and estimating your costs and profits.

To make sure that you are aware of the cost of starting your own business, you should make sure that you list every startup cost and budget carefully, so you have a realistic view on your future profitability and return on investments.

Hitting the Books – The Holistic Benefits of Updating Your Bookkeeping


The term “holistic” has become a buzzword lately, especially in the field of health and wellness. Relating to an approach of the whole, whether it be the whole body (mind/body/spirit) or in this case, the whole business, there are lessons to be learned from stepping back and looking at the entire picture.

Using specialised accounting software is the best way to understand the larger financial picture within your business as well as keep track of inventory, organise records, and streamline payroll services.

Keep reading below to learn more about the benefits of updating your bookkeeping.

Cloud Services

Gone are the days of sitting at a desk for all your work. With cloud-based accounting systems, you can utilise the system anytime, anywhere, on any mobile device. Customers need and expect ‘round the clock service and advice. Now you have all of the information available at your fingertips with a mobile phone application.

The cloud is also a very secure way to store business information. Users can be employees at the office or working remotely, but all with the same access to the main software to add invoices, make changes to payroll, or keep track of inventory. With a cloud-based system, you get the convenience of saving money and work hours with an easy to use platform.

Broad View of Your Business

Accounting software was made to help business owners and employees manage a multitude of tasks without spending hours and hours on data entry and reports. The system is designed to be user-friendly and easy to understand for even the least computer-literate person. Access a plethora of financial reports to know exactly which areas need more attention and which areas are already doing well.

Upgrading a bookkeeping system is a painless and short process. Merely upgrade your current system, or ask your accountant for recommendations when switching to a different company. The system should have automatic upgrades, allow for multi-user sign-ins, and real-time updates. Reports can be generated for all categories, including incoming and outgoing expenditures, business expenses, payroll taxes, and more. These reports are vital to the broader financial picture of your business.

With financial reports, you can also make projections for future developments and profit margin estimates. A business without financial reports is like a ship lost at sea. There is no direction, no understanding of the path to take. Reports and balance sheets that are kept up to date will give a clear and accurate picture of the health (or sickness) in your business. Make sure you have current software to maintain the projections and correct tools to succeed.

Keep Track of Changes

Change constantly occurs with tax laws, new regulations, and compliance requirements. With an up-to-date accounting software system, all of those changes can be adjusted without hassle or worry. Instead of worrying about if your business is compliant with taxes and payroll, you can focus on guiding the business in the right direction.

It is a delicate balance when running any business. Being able to focus on what is important and allowing for the systems in place to do their work is the mark of a successful businessperson. Delegating tasks can be difficult, but is necessary in order for a business to thrive. There are many great software options to choose from that can keep your business running smoothly.

Take a Holistic Approach to Your Business

In business, a holistic approach means to look at the entire business with all of its parts together. Each part must work to benefit the whole. An accounting software system is a large part of this process and may require more training and energy to get the system successfully in place but the efforts will be worth it in the end.

Raising Capital for Your Serious Start Up


There’s a point in turning your idea into reality where things get serious; gone are the days of dreaming and scheming – it’s now time to launch,and to do this, you need some capital behind you.

Unfortunately, one of the greatest challenges any entrepreneur wanting to start up their own small business faces, is raising capital to take the acorn of their idea into the fledgling stage of business development.  Essentially, the process of raising capital is what enables them to take their business to the next level.

That said, unless you’re an established company such as American Pavilion that rents out clearspan fabric structures you’re unlikely to get on Shark Tank anytime soon; meaning you need to find a more low key way to attain the capital you require.

However, something to be mindful of is that entrepreneurs face immense emotional pressure and work very hard, yet still face an extremely high risk of failing within the first few years.  In this case, having friends and family to support you is particularly crucial but when they have money tied up in your business – the dynamic can change to the point they become a source of pressure and stress rather than comfort and support.

This article looks at three of the most common suggestions for raising capital as a start-up business, at an early stage – which are to get a business loan, seek help from friends and family, and crowdfunding.


The most traditional route for setting up a small business is to get a small business loan.  This is one of the most easy, reliable, and simple ways of financing your business. You keep complete control of your company, as you aren’t having to offer equity to external investors, who each get a say in how your company is run – and convincing one person, is a whole lot easier than going around investor meetings.


If you have a wealthy relative, or several friends and family who are open to backing your business for a small incentive (such as interest on the loan) then this can be a great option, as it will cost less and be easier to arrange than commercial financing; however, borrowing money from friends and family can be a very stressful experience that totally changes (and sometimes annihilates) friendships.  It might be worth considering the potential strain put on your friendships should the business not turn out to be a success.


A recent trend in raising startup capital is that of crowdfunding; where you pitch your idea on an online platform such as and strangers can offer bits of cash to back your idea – but these ‘bits of cash’ can accumulate to several million dollars.

In summary, there are three main options; raise money from a commercial source such as a bank, raise money from friends and family, or raise money via crowdfunding.  Whatever route you decide to go down just make sure that your cash flow projections are realistic and that you are asking for as much as you actually need; as one of the main reasons for business failure is a lack of cash flow.

Is Your Business Dead? Not Yet

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If you have been struggling to reach profitability or your business hasn’t been gaining that much interest from customers, you might be beginning to think about giving up. Perhaps there is limited traffic to your website, and your business brand doesn’t seem to be growing as you had hoped it would. It’s also possible that a competitor is syphoning away the customers that you had. If you are in this situation, and you’re thinking about giving up remember, your business isn’t dead yet. There are steps you can take to rebuild your company and regain your strength as an organisation. Let’s look at some of the possibilities.

Get A Cash Injection

Yes, you can think about going for a cash injection into your business model. To do this, you will need to consider taking out a business loan. With a business loan, you can tailor the exact money you need to help push your business into the spotlight. How you spend the money you borrow is entirely up to you. You could pour it into advertising, or you might want to think about using it to put a new product or service on the market. Either of these possibilities could provide the boost that your business desperately needs.

If you are thinking about taking out a loan, you should look at a site like Here you’ll be able to build up your own individual loan package that’s perfectly tailored to match the requirements of your company. You can also make sure that the interest rates are more than manageable.

Partner Up

You can think about partnering with another company on the market if you are not seeing success by yourself. There are lots of businesses that could help your company succeed. For instance, if you are running a mechanics company, you might partner up with a tires supplier. The benefit of this, of course, is that you will be able to share costs. As well as that, you can build off one another’s customer base without direct competition getting in the way. It’s a great option if the costs of your company are dragging you down and you are struggling to gain interest from fresh users.

To do this, the best way is to reach out directly to a company and see if they are intrigued by the possibility. Pitch a plan that will be mutually beneficial, and in no time at all, you could gain access to a brand new customer base.

Go, Guerilla

Finally, you might be thinking about upgrading your marketing to draw attention and gain interest from customers. If that’s the case, then you should think about opting for guerilla marketing. Guerilla marketing is where your customers and your audience become part of the promotion. Online, this could be through user-generated content. Do look out for content from your followers through social media that could boost your business brand. You can learn how to encourage user content on  As well as free marketing, it helps create a solid relationship with a key member of your target audience.

Is Trading The Business For You?


Online trading is a form of business which is growing exponentially, and has been for the last 5 years. Many people all over the world are deciding to take their trading online and sell goods globally. It is a lucrative business and can hold unlimited potential with new clients.

But is online trading the right startup business for you? Today we are breaking down the advantages and disadvantages of trading online, and exploring whether or no it is the right business route for you.


Save Money

Saving money is something which everyone wants to be able to do. It allows us to have an emergency fund for when things go wrong, allows us to go on holiday and even buy a house. One of the best ways you can save money online is by making use of the stock market and taking advantage of businesses which operate within it. If you invest a small amount of money into the stock market and gain a profit, you can either put that away or reinvest it for a higher return still. You could end up making a huge amount of money in a short space of time with the right planning.

Make Money

Making money online is simple. Try to find as many penny stocks as you can and invest in these. The advantage of penny stocks is that even if the value drops, it won’t drop to a ridiculous level meaning that you won’t have the risk of losing a huge chunk of money from it.

Earn Dividends

Online trading is a great way to invest money and manage your returns cleverly to earn more. Most stocks won’t earn rapid money, however they will accrue dividends steadily as you invest. This means that even if your stock value does not increase, your profit will slowly increase over time.

Low Cost

The beauty of trading in the stock market online is the ability to reduce your costs. The reason for this is that you will not need to pay a broker to do the work for you, as brokers can be very costly. Instead, you can use an online broker service which is much more affordable and will only charge you a flat rate.


With the rise of the internet and the appearance of automated trading software, you will always be in full control of your stocks and investments. This is great because you are not simply leaving it in the hands of your broker, you can see everything which is going on and control it.


No Broker Advice

Of course, when you choose to trade online rather than with a broker it means that you have no one to rely on. If anything does go wrong, it is your responsibility and your fault. You cannot ask for advice on things you don’t understand, which means you must make sure to do your research.

It’s Riskier

This is not to say that the markets held no risk before, however when trading online there is a higher element of risk than offline. The reason for this is that there are lower barriers for bidding, meaning that you need to make sure you are experienced enough to handle it before you dive in.

Jumping in Can Be Harmful

When you enter the online stock market you need to make sure not to simply jump at the first stock you see. Take your time and look around to assess which stock is the best one to invest in before you throw all of your money away. Bear in mind that many people dive in head first and end up losing out on profit because they didn’t pay attention to the trends.

Loss is Real

One of the things that many people might struggle with is realizing the full implications of online trading. The money you put out there online is real money, and this means that you can lose it for real. It is not a virtual game which you can play with, it is your own cash.

It’s Complicated

Although many think that online trading is less complicated than real life, it is incredibly complex and can have many people losing out on money because they do not fully understand the processes involved and how to read the trends. It is crucial if you want to start trading online that you take that time to delve into the stock market world and learn the basics.

In the whole, online trading has many benefits and risks, just like any other type of trading. You need to decide whether or not you know enough about the stock market to take the risk. If you do play your cards right you could be on the brink of a successful business venture.

Digging Your Small Business Out Of Debt


Many businesses find themselves in debt at some point. Whether you’re struggling to get customers or have simply been borrowing a lot of money to improve the company, debt can easily be escaped so long as you take action promptly. Here are just a few steps you should take when getting your business out the red.

Stop borrowing

The most obvious step is to stop borrowing money – this will only add to your debts. If you’ve got a business credit card, you might be best off getting rid of it as this can make borrowing too easy and convenient to resist. The only loans you may want to consider are debt consolidation loans that can help to make your debts more manageable or invoice factoring in which you’re getting money in advance which you are already owed.

Make the right cutbacks

Cutbacks may be needed to help your business recover – but be careful of what you cut back. You don’t want to be dismissing employees if you prevent it, as this can result in all kinds of issues that could affect your reputation. Instead, consider downsizing your premises or moving to a cheaper location. If your work is computer/phone based you may be able to start hiring employees remotely, ridding the need of a big office. Also look for unnecessary expenses such as software subscriptions you don’t really use and travel costs that could be replaced by video-communication.

Find ways to up your revenue

Upping your income could help you to pay off your debts and reduce the need for as many cutbacks. Taking on more work could be one way of raising revenue. That said, you don’t want to be overworking yourself. Consider upping your prices instead or upselling new premium services.

Negotiate with your creditors

You may be able to better manage your debts by talking to your creditors and negotiating a new payment plan. Creditors such as energy providers might allow you to pay off your debts in small instalments rather than all at once. It always helps to talk – never ignore payments as they won’t go away.

Look into debt relief plans

You may be able to get assistance with your debt with the help of trained negotiators and solicitors. They may be able to save you from bankruptcy by talking to creditors and settling on a more manageable payment. They may also be able to help with any unreasonable creditors that are harassing you.

Seek counsel

Dealing with debt can be stressful, especially as a company in which you may be having to protect the welfare of employees and clients. Don’t be afraid to seek counsel and talk to someone about your issues. Staying positive will help you to stay motivated when it comes to paying off all your debts.

Money Matters To Face This Year

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You can always improve the state of your finances, no matter what position they are currently in and what kind of experience you already have in dealing with money. If you are keen to improve your finances this year to no end, then there will be some specific things which you should focus on, as these are much more likely to set you on the right path as quickly as you like. As it happens, there are some goals in particular which will ensure that you are set up to achieve what you want financially in a quicker time, so paying attention to these at the start of the year is definitely going to be a good idea. Let’s take a look at what they are, and how to face them head on.

Clearing Debt

Of course, nobody wants to have debt, but many people do, and it can be a tricky thing knowing how to keep it down and ultimately get rid of it. If you have a lot of debt problems in you life at the moment, the first step is probably to list them and order them in list of importance. In that way, you can expect to have a clearer sense of what you need to do first and what can probably be left for later. You can then look into using either a consolidation option such as the one found here, or you can simply start to pay off what you are able to, if you can pay enough in good time. Clear your debts, and your whole life will suddenly seem much less stressful and calmer. You can then move on to some of the other great financial options.

Understanding Cash Flow

Sometimes the most important and biggest changes you can make financially are to simply come to a better understanding of it. For many people, this will mean that they need to take a step back and look a little clearer at what their behaviors are actually like when it comes to using money. If you do this this year, you might welcome to some unpleasant truths about your own relationship with money – but you will also be able to ensure that you then continue on to make the right choices in future. For this reason, understanding your own cash flow will ensure that you have a much brighter financial future this year and beyond.

Starting To Invest

Something which is wise for anyone to do with even the smallest amount of spare cash is to invest it. There are countless options for investing, and it is up to you when you go for, but it’s worth doing your research thoroughly beforehand and investing in something which is likely to be a solid, reliable and lucrative offering. As long as you are able to do this, you should find that it really does help you to invest in your money, and that it will gradually put you into a better and better financial position as well.

Seven Secrets About Business Tax That Nobody Will Tell You


As a business owner, your job is to make sure that your money goes as far as it can, and you can invest further money in your venture to continue growing. Nobody likes meeting the tax man, as they usually come around to find mistakes in our accounts or ask for more money. If you would like to know how to make the most out of your tax reliefs and get the best rates possible, read the below tips.

Business Trip Deductions

Not many business owners know that they can deduct their business trip expenses when submitting their taxation documents. How much you can claim will depend on the distance, your income, and other expenses, as well as your business type. You will need to check with your local tax office what the current rules, are, or get help with from a tax attorney and claim back your expenses to reduce your total payable tax bill. If you find recording and calculating your expenses too complicated, you might be able to take advantage of a cloud based accounting software that automatically works out your allowances.  


Most people assume that all meals are deductible as an expense, however, in reality, you can only claim back 50 percent. You can, however, include the cost of meals you paid for when you had a business dinner with a potential customer or partner. You should check the current regulations and make sure that you get the right format of receipt that can be submitted as a proof of purchase. You might need to prove that you were present at the location when the next tax account review is due.

Tax Reductions Depend On Your Books

You will need to have your accounts and books in order if you would like to make successful tax reduction claims. If you seem to be spending beyond your business profits, you might be questioned, and an audit is imminent. Make sure that you don’t show reckless spending on your books, and you have a good financial balance sheet before you start claiming tax reductions, or you might have to answer some serious questions by the tax man.

Tax Breaks and Credits Can Help You Out

In periods when your business is not doing so well, you can ask for tax breaks and tax credits. It is important that you check the small business tax regulations before you submit your application, and tick all the boxes to qualify. There are certain criteria for tax relief and credits that you need to satisfy, or your request will be declined. You can even get these tax credits and breaks if you don’t have to submit a federal income tax return. There are different forms of rebates, such as the American Opportunity Credit and the earned income tax credit.

Making Estimated Payments

In most cases, you cannot delay paying your taxes until after the tax year, and you will have to make estimated payments to the Inland Revenue Service. You cannot use the government’s money all year, therefore, you will be sent regular contribution bills. This law applies to landlords and self employed people, therefore, you must make sure you have a sound financial plan and a budget that covers the regular business tax contributions.

Return Deadlines

If you would like to minimize your taxes, the last thing you want to do is miss the filing deadlines. You will be surprised how fast the penalties and charges can build up, and increase your tax bill in just a few months. Even if you cannot pay your bill, you should submit your return on time. After your calculation is completed, you can pay with a credit card, or set up an IRS payment plan. If you don’t file your tax return, you will still be liable for the payments, and will be exempt from the statute of limitations, which mean that the IRS can chase you for the unpaid taxes forever

You Can Get Your Passport Seized

If you don’t pay your taxes on time, after a certain time, your passport can be seized or invalidated. Even if they allow you to travel, your bank account will not be safe from the IRS, and payments will be deducted whenever there is a positive balance. Make sure that you talk to the taxman and discuss your options, instead of burying your head in the sand.

Business taxes can be complicated, and challenging for most. If you are confused, or don’t trust your judgment, talk to a professional instead of ending up with huge fines and penalties.

Cash For Your Company: Getting Your Finances Right as a Bootstrapped Business


When you’re starting up a business, money matters. As the old adage goes, you need to spend money to make money- but when you don’t have a whole lot of it to begin with you need to be careful. If you overspend and get into the red early on, you could go bust and it be game over for your business before you’ve even really started. Here are some things to consider when it comes to your finances.

Start on a Smaller Scale

Instead of throwing everything you have into your venture and hoping that it does well, why not start on a smaller scale? This way you can see that it actually works and let it expand and grow organically. You could start in a small office hiring just a couple of staff members and focusing on providing an excellent service to the customers you get. This way you’re not overstretched, and if you find you do well and are getting more custom than your small setup can handle, you can use profits to move to bigger premises and hire more people. That way you’re not sinking a load of cash into your business and losing the lot if doesn’t do as well as you thought. Renting equipment instead of buying is another good way to keep it small and avoid large upfront costs. Once you know your business is doing well, you can buy this equipment for yourself.


You might be under the impression that outsourcing is something that larger businesses do, and maybe is something to consider later down the line. However it can be a lifesaver for smaller businesses. While you will pay for the services of a third party company, you’re able to reduce upfront costs as you don’t need to buy additional equipment or hire more staff. Recruiting and training can be expensive, if you hire a specialist company to deal with certain areas of your business then you don’t have to worry about this.

Attract Investors

If you have a great business idea but really need a cash injection to get started, one option would be to seek out an investor. Here you will be offered cash for a share in your business, and your investor will also act as a mentor in many cases. There’s a lot of competition for this kind of help so you will need to stand out. An interactive annual report with all of your figures, earnings and projections is a smart move. Be ready to answer any difficult questions and practice your pitch until it’s spot on.

Expect The Unexpected

No matter how well prepared you are in business, something could go wrong. For this reason it’s well worth having an emergency fund as a buffer that you can fall back on just in case. Anything from a burglary, a fire, a flood could occur, or a crucial piece of equipment to your businesses could stop working. Give yourself some funds to fall back on, and take out the right insurances too just in case.

4 Smart Money Moves For Small Business Owners


Starting up your own company means becoming somewhat of a de-facto expert on a lot of things, including business financing. With limited resources available to most start-ups, making the right moves with your funds can be critical to the success or failure of your business.  Finances fluctuate all the time, so it’s important for you to budget and save to cushion the blow of a bad run. Downturns, bad months and delayed payments from clients can sink an unprepared business. Understanding basics like how to do a financial projection, find funding and how to raise your credit score are musts.

Overestimate Operating Costs

If you’re in the arena of project work like a lot of small businesses, then you’ll already know that results and timescales can vary hugely from client to client, and the possibility of going over budget is huge. Often, small agencies are the ones who end up temporarily footing the bill while clients dispute and argue internally over unforeseen changes, and this can be a huge problem. So it’s always better to budget slightly above your anticipated costs to create a cushion, or building in a non-negotiable contingency budget on an estimate to make sure you’re not left exposed.

Understand Your Unique Risks

Having a clear-eyed and realistic snapshot of your company finances at all times is essential in order to be able to make decisions and plan for the future. So be ahead of the game when it comes to knowing about changes in regulation at a national level that could affect what you do. The SWOT analysis shouldn’t just exist inside your business plan – monitoring threats and opportunities should be a part of regular operating procedure. Exposure to varying seasonal demand for your products or services is also vital to know where you stand with emergency planning and what business insurance cover you need. Figure out exactly how liquid your cash flow is and aim to save a portion to cover unforeseen expenditure.

Large Purchases Should Be Pre-Planned

You’d be surprised how ad-hoc the approach of a lot of small outfits is when it comes to those occasional, big-ticket purchases every business needs to make – the software upgrade, or piece of critical equipment, or perhaps renovations to an office or shop. These decisions must be carefully timed and the risk balanced with reward before each move is made.Data is absolutely your friend here – you need to know up to the minute budget figures and a reasonably accurate projected income to be able to know if it’s the right time to make investments.

Time Is Money

Never is this truer than when you work for yourself and run a tight ship –  your time needs to be fully factored into any budget planning, especially if you invoice directly for your time. If you’re losing time on things, you are also losing income and creative focus. Make sure that you under-promise to over deliver. Add a little extra time onto a project estimation for a client – bring it in ‘early’ and you’ll get a reputation as someone who can deliver, which may very well lead to more opportunities. If the time runs over, you haven’t lost anything as you’re still ‘on time’ with the client and you won’t have to navigate any awkward conversations about additional time to bill for.

Three Ways You Can Boost The January Pay Packet

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January, it’s always the same, isn’t it? People are struggling with what seems like a longer than usual wait for the paycheck to come in. You feel like you can’t do anything through fear of spending more after an over indulgent Christmas, you feel like your clothes are a little tighter because of a fun and tasty festive season, and well, January possibly isn’t everyone favorite month of the year. But, it doesn’t need to be this way. January can actually be a great opportunity to make some great changes to your life, not just by wholeheartedly embracing those new year’s resolutions, but also seeing it as a chance to wipe the slate clean and make some all-important decisions and changes that could affect the rest of the year. Now it all of a sudden sounds like the month of opportunity, doesn’t it? So I thought I would share with you three ways you can boost your january income, to help you feel just that little bit better about yourself. Who knows, these new habits could develop into a permanent part of your routine and help you throughout the rest of the year.

Look at your existing financial situation and make changes where possible

Your financial situation as it currently stands might actually be your problem and not the wait between paychecks, so now is the time to take on your bank statements and direct debits and truly work out what you can do to improve things. Often people have things leaving their account each month that they weren’t even aware of. Rogue gym membership, anyone? Understand what comes in and what goes out, and cancel what does not need to be leaving to instantly free up some cash. There are, of course, essential bills to pay, but you may be able to reduce some of those essentials like debt payments by considering debt relief programs or even taking matters into your own hands by consolidating debts such as credit cards into a simple loan repayment plan. Some of these actions alone could significantly bring your outgoings down, and help give your bank balance the boost it needs.

Declutter your home and sell any unwanted items

Whether it is just your bedroom or your whole home, I guarantee that there will be some things in your home that you no longer want or need, and this could be just stored in a cupboard somewhere or in storage. Don’t just keep things for the sake of it, why not sell them online on websites like eBay and make some money from your unwanted items? What you don’t need anymore doesn’t mean that someone else won’t find a use for it. Not only does it help you to start off the year decluttered and fresh, but you could boost your income in the process.

Make more use of your spare time

Finally, why not use your spare time more wisely and see it as a chance to make some extra money. Filling out online surveys and performing mystery shops can be a great little side hustle to earn some extra money and it can stop the boredom of January setting in for too long.

I hope that these three options give you some food for thought when it comes to boosting your income this month.

Credit Card Debt Isn’t Insurmountable!


Now, it’s generally considered impolite conversation to discuss your finances with people. Never mind your debts. It’s not surprising, then, that so many of us feel completely isolated when it comes to discussing and dealing with credit card debts. Many of us actually assume that nobody else is in the same financial position as us. But believe it or not, most adults have some sort of credit card debt to their name. They just don’t tend to divulge this information to you. So it’s important that you don’t feel alone while trying to clear your own! That’s where we come in to help. We’re here to break the silence surrounding credit card debt and to let you know that while it may be an intimidating facet of your life to face, it is by no means insurmountable. Whether you have just a couple of hundred to pay off or figures are edging closer to four or five figure sums, you can surpass this and pay your dues off much sooner than you’d imagine. Here are a few tips and tricks that will help to make the process more simple for you.

Know What You Owe

When you find yourself in debt, it becomes extremely simple to bury your head in the sand and ignore what’s going on around you. So many of us ignore letters or reminders from our banks and other lenders. But this doesn’t help anyone! At the end of the day, the problems won’t go away. They will only get worse. So, you need to start out by getting to grips with your personal finances. Know exactly how much you owe out and who you owe each sum to. Sign into your online banking or check your statements. These will provide you with your balance. Total up all of the outstanding balances and then you can begin working out how to best deal with them.

Consolidate Your Debts

You’re likely to owe money to more than one source. This is problematic for several reasons. It’s difficult to remain organised and on top of your finances when you have multiple balances, passcodes, minimum repayments, and repayment dates. But there is a way to make life a little easier for yourself: you can consolidate your debts. This involves taking out one large loan and using the lump sum of money to clear all of your existing debts. While you will still owe the same amount out, it will be to one lender, such as, with a consistent interest rate and a whole lot less information to remember.

Stick to Your Agreements

Somewhere that people often slip up with lending is repayments. You will be expected to make repayments, most likely on a monthly basis. However, if or when you miss this, you will accrue fees and fines as a penalty. So rather than wasting your money on this, make sure that everything is always done on time. Make a note in your calendar or set up a direct debit.

By following these three main steps you will eventually work your way out of debt!

6 Ways To Get Your Business Back To Black


Starting up a new business is exciting, scary and liberating all at once. Throwing off the shackles of working for someone else and going it alone is a big deal and it takes a lot of research and a lot of preparation to be ready to start a business. The problem, is that lenders everywhere are really tightening their belts when it comes to business finance, so managing to get the funding to get the business idea of a lifetime off the ground is difficult. Companies are struggling to get the funding for everything from materials to health care insurance, and it’s a big reason why half of all new businesses fail in their first year. Money may make the world go around, but so many businesses aren’t going anywhere due to struggles with debt and trying to get their heads above water.

Bankruptcy is a popular option for small businesses that are failing, as it is an avenue that can save a company in the long run, but it comes at a hefty price. Read this article to learn about how much bankruptcy can cost a business, and not just financially. While bankruptcy is an option, it’s one that causes damage to both the business credit score and the credit score of the owner personally, so it should never be the first option that you use to dig yourself out of debt. Don’t worry though, you can avoid a similar result for your business. You don’t have to opt for bankruptcy as a way to salvage the company you have worked so hard to raise from the ground. We’ve got six ways you can steer your business away from the red seas of debt and back into the black.

Cut Costs & Free Your Cash

In a business, you can easily spot where it is that is putting you in debt. You can see exactly the areas that are pushing your business into the red, and attack those areas directly. If you have customers that aren’t paying you in a timely manner, your utilities and shipping costs are too high, or your business rent has slowly climbed over the time you have been there, you need to work out how to rectify these issues. Start ramping up collections efforts with customers and so a comparison on your utilities so that you are getting the best deal. Talk to your landlord about the rent and if there is no wiggle room on your rental amount, start looking around for cheaper premises. Sell your unwanted or unused office equipment for cash and scrap. There are a lot of ways you can cut costs in the office, you just have to find them.

Revisit Your Budget

When you find yourself in debt that is growing rather than reducing, it’s usually because the company budget is very much off. You have to look at the current financial situation of your business and build a new budget based on that. Previously, your budget has been all planning and guesswork, but you’re now in action and up and running, so you can now paint a more realistic picture of the budget you are working to. Pay off more than just the minimums on business credit card debts so that you aren’t adding more money in interest and charges through the year.

Prioritize Debts

When you are looking at the debts your business has accumulated, you need to work out where you pay the highest interest and tackle those first. If you want to tackle them altogether, you should look into how you can get an application for a debt consolidation loan approved. You can read it at so that you can really learn the best way for your application to get the green light and get you out of debt. Paying off business debt isn’t always easy, and if you’ve guaranteed any of your debts, you need to get those paid off quickly so that your creditors don’t come for your assets.


One of the best things that you can do to get your business back to black is to communicate with creditors. Believe it or not, the people that your business owes money to are not going to eat you! Talk about the hardship that your business is going through right now, and discuss the financial situation that you are in with great detail. Most of the time, your creditors will offer you a payment plan that you can stick to. If they don’t offer you one, then you can request one and you can even request a reduced amount to settle the debt entirely. You can negotiate so that you can settle the debt faster if they give you better terms to do so, but you don’t have to be demanding about it. The worst thing that you could do, though, is to get that coveted payment plan and then default, so stick to it.

Get Advice

It can be daunting to speak to and negotiate with creditors, so get the help of a credit counselling organization like these. They can liaise with you on the best course of action with your creditors for your business.

Debt Management

Professional debt management companies that work specifically with businesses can really help you to get the best deal on your debt repayments. They can negotiate with creditors on your behalf and sniff out any inefficiencies that could be keeping you up to your eyeballs in debt. Be careful though, as there are far too many debt management companies out there that scam businesses out of their money without helping them to pay off debts.

Getting your company out of debt isn’t always easy, but if you have a plan in place and you speak to the right people you can ensure that your company gets back its solvency without heading down the bankruptcy route. Take the chance with your company and help it to swim rather than sink – you won’t regret it.

How Credit Can Benefit Your Business


Credit has come to be something that business owners look at with a sceptical eye. Many of us prefer a traditional approach to controlling our professional finances and will avoid spending money that we don’t have at all costs. But every now and then certain situations arise where credit could be extremely beneficial for your company. Here are a few situations where you might want to consider applying for credit and using it to your advantage.

Making the Most of Offers and Sales

Chances are that you use the same stockist or wholesaler for the raw materials that your company uses. Whether you specialise in clothing and customise plain wholesale tees and tote bags, or sell edible arrangements and source your ingredients from fruit wholesalers, there’s bound to be someone who you go to for the main components for your products. Every now and then these companies are likely to let large amounts of stock go at a much lower price than usual. They may be trying to clear out warehouse space, old stock ahead of the launch of new stock, or they might simply be having a sale. You want to capitalise on these kinds of situations, getting as much cheap stock in as you need to tide you over. But sometimes you won’t have enough cash on hand to make the most of flash sales. Nothing is more frustrating than having to fork out the standard price for a product knowing that it was on sale just a few days before. It’s situations like this when credit can be used to your advantage. If you have credit of some sort you can use this, then pay back the amount in full a few days down the line when it becomes available. Just remember to try to always make repayments in full, as this will help you to avoid hefty interest costs mounting up. If this sounds like something that you want to have ready and at hand for the future, apply for a credit card and ensure that the lender knows you intend to use it for business purposes. They may be able to offer you preferable interest rates, higher credit limits or other perks if they know that it will be used for large sums.


Sometimes you’ll notice that sales lull. Chances are that your brand no longer has the appeal that it used to. Consumers quickly become tired and want to see something new before they’re willing to part with their cash. This is where rebranding comes into play. You can rebrand your company, making it exciting and fresh again! When doing this, you’re likely to have low funds so credit can give you sufficient means to successfully rebrand your business and start profits rolling in again.

As you can see, credit can prove extremely profitable if used in the right way. Just remember to never take out a loan or credit on something that you are unlikely to be able to pay back. Always make sure to make repayments on time too. This will help you to avoid fees and fines which could prove troublesome in the future.