It used to be that you needed to go into a bank to ask for a personal loan. While there, the bank employee would get you started on an application and review your information before determining whether they could advance your funds. 

Since the digital revolution, that process has changed drastically, and more people have borrowed online as technology has gotten more advanced. 

Nowadays, online loans account for some 60% of all personal loans. FinTech services, such as online direct lenders, take up 38% of all unsecured personal loan balances. 

While it’s a matter of personal preference, borrowing money online is convenient. If you need to borrow money, here are just some of the benefits of going online for your next personal loan. 

1. Socially Distanced

With social distance restrictions and mask mandates dropped across the country — and most of the world — it’s up to you whether you feel safe going in person to a bank. 

That said, hospitalizations are on the rise again at the same time flu season has arrived. Plenty of immunocompromised people are limiting how often they go out before the holidays to limit the risk of getting sick. 

Online loans offer an alternative to crowded banks. You can apply for and manage your loan online without ever stepping foot in a physical location. 

2. End-to-End Loans Are More Efficient

Many online direct lenders and banks have automated their lending systems. This means a few things from the borrower’s perspective:

1. Convenience: Applications are available online 24/7, not just during business hours. You can learn if you qualify relatively quickly before moving onto the next step.
2. Speed: AI also increases their approval processing speeds, which makes them faster than manual underwriting. 
3. Accessibility: Some online direct lenders and banks rely on AI to process the disbursement and payments of your loans online. In these cases, you’ll know them by direct deposit loans, as you can set up automatic deposits and withdrawals from your bank account. 

3. Greater Options

The Internet brings the financial world to your fingertips. With the right keyword and a little patience, you can find out almost anything you need to know about the borrowing experience—from money management tips to more specific details about loans online. 

You can also research lenders and loans from a variety of sources, comparing them for the best rates and conditions. You can narrow down your search, personalizing your options according to how much you need to borrow, your credit score, and interest rates. 

Compare this to traditional, in-person banking. Following the old-fashioned way, you would have to go to a physical location to learn about that particular bank’s options. 

If you don’t like what they offer, you have to visit another brick-and-mortar storefront until you find something that works. You could have to visit several banks, some of which may be far away. 

The Takeaway: 

Rapid digital acceleration in the past five years has transformed the way people borrow, and there’s a good chance you can expect even greater changes in the next five. Until then, going online for your next personal loan can help you research your options, streamline your experience, and stay safe.

Are you thinking of stepping away from the standard 9–5 working day and setting up your own business? That’s great news! There are loads of different benefits that come with setting up your own business including increased income, exciting opportunities, and the fact that you are going to be doing something that you are truly passionate about. That being said, there are also a number of different risks that are involved in setting up your own business, and these open you up to a number of different potential mistakes and pitfalls. If you are interested in starting your own business, then you need to be aware of what some of the common mistakes made by modern business owners are. This article is going to dive into these different mistakes in more detail so to put yourself in the best position possible moving forward you should be sure to continue reading. 

Not Been Prepared for Tech Issues 

There’s no getting away from the fact that we rely heavily on technology in this day and age. This applies to both our personal and professional life. As such, when you are running your own business, it is important that you are set up online so that you can market yourself digitally (thus improving your reach) and sell to people from all over the world on the internet. 

Because the owners might already be used to using tech, a lot of small businesses are happy to just blindly rely on it, but the fact of the matter is, technology can go wrong. Technology is prone to bugs, malware and phishing attacks and you don’t want to wait until it’s too late to address these. You need to ensure that you have a working relationship with some kind of IT support company who will be able to get your processes back up and running again should there ever be a problem. You should get a local company so you can meet in person if you need to, for instance, if your business is established in Cardiff, then you could work with Cardiff IT services company, dial a geek, who would be more than happy to help out. 

Not Understanding Your Audience 

There are a lot of business owners out there who are incredibly passionate about their products or services, and as such believe that they are going to sell incredibly well. That’s great, in fact having that kind of confidence is invaluable when it comes to your success; however, that doesn’t mean that you can just go out into the world and assume people are going to want to work with you. You need to have a thorough understanding of your audience and who specifically you are trying to sell to. You can do this by conducting market research and painting a picture of the ideal consumer who you would like to reach out to and work with. 

Once you have a better understanding of your audience and who you would ideally like to sell to, you are going to be in a much better position when it comes to laying out your website, marketing yourself and preparing pitches. All of this is going to lead to one thing: conversion. Make sure that you don’t jump the gun when setting up your business and instead, have a clear idea as to what you want to achieve and who you are going to need to sell to, in order to achieve that. 

Not Looking at Competition 

Yes, your product and the way you do things is going to be unique, ground-breaking, market disrupting and all things in between, but even if you are filling a niche, that doesn’t mean that you should be ignorant to your competition. Every business has competition, whether this is direct or indirect. For instance, there are going to be organisations out there who are doing the same thing as you, that’s just a fact and you are in direct competition with these people. On the other hand, even if companies offer something different to yourself, if they are in the same market, then it means they might appear as a targeted ad or have better SEO and they land above you in search engines – so they are also your competitors. 

In the same way that you are going to need to do market research on the kind of audience you are selling to, you also need to do research into who your competition (both direct and indirect) are. This is going to put you in a much better position when it comes to making sure that your organisation stands out.

The transportation of goods is a huge industry, and there is always demand. Trucking can be a great role for you if you enjoy being out on the open road and want to earn high wages. While it can be a great career, it isn’t for everyone. Trucking takes you away from home for long periods, and the hours can be grueling in your attempt to get to your destination before the deadline. Driving yourself to the bone is, thankfully, not essential. If you want the best of both worlds, you can handle inter-city transportation or ferry items from town to town within the same state. While, yes, big money comes in transporting across the state and especially international lines, it is not essential. 

If you are interested in starting your own business, regardless of the scope, use these steps to get you going: 

Your Business Basics 

There are several business basics that you will need before you can get started: 

1. Name
2. Scope 
3. Business plan
4. Financial plan 
5. License 

You need to know your business model, how many people are going to be working for you, what kind of costs you can expect when you start up, and what you need to do to file all that paperwork to bring your business to life. 

The Legal Requirements

There are more steps involved in starting a trucking company than there are in other businesses. Not only do you need a few key essentials like the license to drive a large vehicle, but there are also hoops you need to jump through to be legally allowed to drive certain types of goods and merchandise. There are, in general, six major steps to get your own authority, so read through that comprehensive guide to help you understand the process and how to get started. 

Establishing Partnerships 

You will need drivers and clients. For new businesses, it is important to remember that you do not need to hire outright to get started. You could, for example, earn a percentage of the total freight cost just by referring a job on to a driver you’ve vetted. Eventually, you will need to bring drivers in to grow your business properly, but that will come later. For now, work on establishing long-term partnerships with clients so that you can get ongoing work. 

Using Technology 

GPS and telecommunication technology have completely changed the game regarding transportation. Not only can you better calculate running costs based on routes (routes that have high altitudes, for example, require more gas to get up and down than a flat route) you can also take into consideration live traffic conditions, tolls, and even the weather. All of this will impact the safety and speed at which you can get your load from point a to point b. Use the best technology and software programs to keep customers updated on the status of their delivery and keep an eye on your employees for safety reasons.

Whether you’ve been operating online for some time or you’re opening a brand new store in an urban center, throwing open your doors to the public for the first time is deeply exciting. Before that moment, though, there are some important considerations to bear in mind. With legal hoops to jump through and logistical responsibilities to get on top of, there’s plenty on your to-do list before you actually open your store. This short guide details the most important of them and how you can go about them in an organized and timely manner. 

Legal Assistance

Throughout the process of getting yourself set up in a new store, you should always consult an attorney who is familiar with lease law. Find a commercial lease attorney online who can walk you through the legal and financial steps that you’ll be taking when you open a store. It might feel daunting, but a legal professional will be able to break everything down for you, showing you your liabilities while also highlighting where the site’s owner should be held to account. With this help, you can open your store in full confidence that there will be no nasty surprises lurking down the road.

Site

Next up, now you have an attorney handling some aspects, it’s time to find the perfect site for your store. Now, this is a complicated process. You, of course, want to be situated in an accessible place where members of the public will easily be able to seek you out, park their vehicles, and trade with your business. You want deliveries to be made easily to your store too, without blocking any roads. Plus, you’ll want footfall to be consistent around your premises. All this means that there are only a few vacant plots available that you might be interested in leasing. Work out over time which is ideal for you, before taking the plunge and negotiating with the landowner. 

Negotiations

It’s fair to say that there is profound economic uncertainty. It’s unclear whether there’s a global recession on the way, whether the housing market will continue rising or is due to crash, or whether the economy will get rosier over time. All this is to say that you should bear in mind instability when you’re negotiating for your premises. Bear in mind that you have some bargaining chips on your side, seeing as the longer the plot is vacant, the longer the owner is going without monthly rent. Work with your attorney to squeeze the very best out of them so that you’re delighted with the deal you eventually strike. 

Bills 

Now that you have your site leased, it’ll be time to sort that other overhead cost: the utilities that you cannot run your business without. As businesses tend to use a great deal more energy and water than domestic premises, you’ll be charged a premium for your use of these utilities. Again, though, you will be able to take advantage of competition in the market to try to uncover and secure the best deal for your business. Don’t be afraid to negotiate here and try to strike a deal that you can always renegotiate when global energy prices begin to fall. Fixed-rate prices at a time when energy prices are high should be avoided. 

Transforming Your Store

With all of the administration dealt with, the exciting work begins. It’s time to kit out your store, putting your brand front and center in the window, on the wall outside, and in signage around your store. It’s also time to make your store fabulous on the inside, whether that means putting up shelves or bringing in your own unique idea of what your store should look like. See this process as a work in progress. In general, most stores reorganize at least four times a year. You can always change elements later, but this is about getting your stock into the store and your brand out there onto the street outside. 

Grand Opening

It might not be the biggest event in town, but for you, the opening of your store will be a momentous occasion. Don’t be afraid to make a little party out of it. You should consider inviting store owners from around your area, local officials, those who have helped you in your journey up until now, and of course, customers. This is a chance to celebrate and to introduce your new store to your locality. 

By following the tips outlined above, you can open a new store with confidence and excitement heading into 2023. 

Real estate investment is a great way to earn income and build wealth. But building a real estate investment portfolio is a challenging task. It requires discipline, research, and a strong business plan. Once you have a solid property portfolio, you will be able to earn a steady income from your real estate investment.

In this article, we will discuss some of the tips and strategies to help you build a solid real estate investment portfolio.

Build Cash Flow into Your Investment Portfolio

Most experts suggest that you buy properties with an expected return of eight to 10 percent per year. However, if you are looking at a property that costs $100,000, it may be worth it to only buy if you can get it for $80,000.

The goal is to build cash flow into your portfolio, so you can get a return without needing to take on the risk of buying a property that is priced too high.

Understanding Rental Property Loan

A rental property loan is the best way to get your hands on the cash you need to buy property. Most lenders will require at least a 20% down payment.

However, if you can’t come up with the cash for the down payment, you can take out a mortgage or a home equity line of credit (HELOC) to get the money you need. If you are able to get a rental property loan, make sure to use it wisely and build in the appropriate amount of time for appreciation. If you don’t use your rental property loan wisely, your cash flow can become a liability.

Don’t Flee the Market

It is important to understand that the real estate market is always changing. If you are looking at investing in real estate, it is best to stay on top of the changes in the real estate market so you don’t miss out on an opportunity.

For example, if you’re looking at purchasing in an area that has recently seen a rise in interest rates, check whether the interest rate has risen in your area as well. If it has risen, then it might be worth jumping on the opportunity to invest in that area now.

Buy Low and Sell High

Another strategy is to buy and hold properties for long periods of time. This is known as the buy-and-hold strategy. The idea is that if you can purchase properties at a low price and hold them for years, you will be able to sell them when they become more valuable. The strategy works best if you buy properties in areas that have low vacancy rates.

If you can find four or five properties with great potential in an area where vacancy rates are low, then you can make great returns on your investment over time.

Keep in Mind the Four Percent Rule

The four percent rule is an estimate of what your return should be on your investment when you are buying properties with a 20 percent down payment. The rule says that you should expect to make four percent in appreciation on your investment (i.e., get four percent per year for 20 years). If you buy a property for $100,000, you should expect to make $4,000 per year from appreciation. If you buy two of those properties and hold each one for 20 years, you should expect to make $8,000 per year from appreciation (i.e., $4,000 per year for each of the two properties). The rule also says that if you buy three or four properties at once and hold them for 25 years, then you should expect to make six percent per year from appreciation (i.e., $4,000 per year).

If you have low-interest rates or no interest rates at all on your purchase loan, then this strategy works really well. It is also ideal if you are looking at buying properties that have recently appreciated because they may have appreciated more than the four percent rule suggests.

Rent Your Property as Part of Your Business Model

Rental income is one of the best ways to generate cash flow into your portfolio. Even if you do not intend to sell your property anytime soon, renting your property can help you build cash flow into your portfolio while still generating additional income from your investment property. You could even use that rental income to help finance your next purchase or invest it in stocks and bonds that are likely to yield higher returns than rental income.

Set Up a System to Handle Paperwork, Fundraising, and Administration

If you want to save money on paperwork and administration when it comes to buying or selling real estate, then it will be a lot easier if you set up a system for handling all of that paperwork yourself. You might even want to use automated software or an online platform so that everything is done online and there are no more trips to the bank or other banks for paperwork or processing fees. You should also consider hiring a real estate agent if you want someone else to handle the paperwork and administration for you (as long as they are licensed).

By following these tips, you should be able to build a solid real estate investment portfolio that can provide steady income and allow you to grow your wealth over time.