Top-Rated Small Business Ideas For Expats

There may be a lot of negative press around expat businesses, and indeed, some subcultures do take offence to the idea of their job’s being taken by foreigners. Not that any of that should dissuade you from following your dream, some small business ideas lend themselves particularly well to being run by foreign nationals.

There are, of course, considerations that will be quite relevant when relocating, like international insurance for employees abroad and various tax laws, applying to different countries and in different capacities based on your country of origin. When you are sure all your business affairs are in order, here are some great ideas to build a small business while living abroad. With these options, there is no doubt that you will be well on your way to earning an income from absolutely anywhere in the world.

Teaching Your Native Language

Language tutoring is a great idea, regardless of where you come from. Your target market may vary depending on the national and international prevalence of your native language, but there is always a market for education on some significant level. Language tutoring is also a prevalent option for young expats as a result of ample opportunities.

If your native language happens to be English, you may face a lot of competition but hold a tremendous potential market. In contrast, the more ‘exotic’ your home language is, the more of a niche market you will attract. The latter may mean seeking out clients of specific socio-economic demographics, depending on the educational and cultural value placed on linguistics in the country. If you are considering teaching your native language, you will need to brush up on methods of getting your name out there as a language tutor. In some cases, it is a fantastic idea to opt for tutoring courses that will ensure you can guide students appropriately.

Tour Guide

This one may sound absurdly counter-intuitive. Why on earth, after all, should a foreigner stand a chance of becoming a successful tour guide? In truth, surveys and statistics show that an outside perspective lends well to an enthusiastic representation of an area and its attractions. As natives lack fresh excitement for landscapes and historical aspects as they are used to their home countries, foreigners make the best tour guides.

Furthermore, an outside perspective allows for comparison and a more globalised approach to introducing people to any landmarks. This is best advised once one has a comprehensive understanding of the local culture and landscape, including all relevant and significant attractions.

Enter The Arts

In and of their very nature, artistic professions benefit from being ‘exotic’ and culturally fascinating. Whether you have talent in the performing arts or create realistic works, your market should be drawn to your work in direct proportion to its novelty. That is to say, don’t become a classicist painter in Greece!

More pragmatic artistic professions exist for those looking to earn in more conventional careers. Photography is a fantastic option, should you be skilled, and as long as people keep getting married photographers to keep getting work. You may also look into creating an artistic coalition with other foreign artists in your area, creating a consolidated cultural experience for your target market, even if it is done infrequently, is sure to draw many prospective clients.

Translation Services

Perhaps an obvious choice, your odds of success depend much on your nuanced comprehension of the languages involved. Necessary translation skills could secure you an office job, whereas advanced translative skills can lead to a lucrative career in either government or the private sector.

Should you not find a market offering enough work to pay all the bills, be sure to advertise your services in a freelance capacity. Every cent helps, and every job may be a gateway to a full-fledged career in professional translation services. There are also a few translation platforms out there that broaden the spectrum of opportunities for aspiring translators.

Work For Anyone, Anywhere

The epoch of the digital age means your geographic location no longer bounds you in terms of service delivery. A great deal of work happens remotely, online, across the globe. Should you possess a penchant or skill set that you can capitalise from, there are numerous sites like Fiverr and Freelancer on which you can advertise and bid for work.

There are a ton of freelancer sites out there that host enormous amounts of online opportunities. Therefore regardless of your career skills, you will be able to find remote and freelance opportunities where ever you are in the world. If you are considering freelancing, it is vital to determine methods of payments with clients before formulating agreements as you will need to be sure the payment method will suit your bank. Some digital wallets that boast international convenience are not able to link to banks in certain countries.

How to Turn Side Hustle into a Real Business

Just about everyone has a side hustle or skill they use to get extra money in their wallet. This will teach you a few ways to expand that side hustle into a real business with some simple changes.

Treat it Like a Business, Even Though it’s Your Side Hustle

You have to get into the business mindset even if you’re only making a few hundred dollars a month. This means never working for free. It also means scheduling times when you work on your side hustle instead of just doing it when you feel like it. You’ll want to go the extra step and have a logo designed and business cards made. It’s a great idea to have a website built to show off your skills and prices.

Put More Time Into it, Skip Weekends if You Must

Many part-time entrepreneurs have it hard. They have a full-time job, a family, social lives and other things to take care of. While that’s true, you can’t expect to be successful until you put at least 20 hours per week into your side hustle.

Most people have to put this time in after their full-time job is over. This means you might have to skip out on weekends and relaxation for a little while. It’s not fun, but it is worthwhile as you grow and expand your side hustle.

Manage Risks Early On

Every side hustle and business has risks involved, but there are measures you can take to protect the business. You may not realize this until something goes wrong and you’re suddenly hit with a lawsuit, which is why having business insurance is recommended, no matter what size it is. Nearly a third of people with small businesses and side hustles don’t have small business insurance. This means you’ll face the full impact of any lawsuit if one comes around. Do yourself a favor and get some insurance. You might never need it, but you’ll be happy if something bad happens and insurance is there to protect you.

Plan for Financial Stability

Taking the leap and turning your side hustle into a real business is a rush. You finally get to set your own hours and make money on your terms. Just slow down for a moment and consider your finances. If you have a full-time job, then keep the job until your side hustle is making enough money to pay your expenses.

Most people say that they need their side hustle to generate at least $44,000 a year before they would be comfortable leaving their job. Consider how much your side hustle needs to make before you’re ready to leave your job.

Funding

Every side hustle and small business comes to a time where it needs funding to expand into a larger phase. According to Lantern Credit, a small business loan comparison site, you can use small business funding to pay for things like marketing to establish a dedicated audience, help with employee salaries as you start hiring people to work for you, and to cover the costs of renting a space if you choose to open up an official location. You’ll want to compare small business loans with different lenders to ensure you’re getting the best rate, or the biggest bang for your buck when going out and seeking lending companies.

Everyone wants to start their own business and you have the skill to do it. Just make some minor changes to your side hustle and soon it will blossom into a real business.

4 Tips for Getting Ahead as an SME (and Avoiding Costly Mishaps or Errors)

When running an SME, it’s crucial to grow reasonably quickly. One of the risks with SMEs is that they’re staying forever small. Indeed, companies with fewer than 20 employers comprise 98 percent of total small businesses – millions are solopreneurs either by choice or because they never successfully expanded beyond toiling alone.

To put your best foot forward and avoid mishaps or errors, here are four tips for your small business.

1.      Get Professional Liability Insurance

While not every state requires a small business to take out professional liability insurance, it’s always a good idea that you do.

The idea with this type of insurance is to protect against so-called errors or omissions. This provides protection when offering a service or selling goods where the customer feels like they were caused financial harm and wishes to seek compensation for that.

Taking out professional liability insurance from The Hartford protects against these types of lawsuits (and the pursuit of them). This insurer has been in business since 1810, with Yale University being one of their first policyholders. Getting enough insurance can make the difference between a business mistake being a game-ender or just an inconvenience until the matter is resolved.

2.      Embrace Multi-Skilling

As a small business, there’s almost always a shortage of staff. When someone is off sick, it becomes challenging to manage, and usually, their work sits idle while they’re off.

Instead of having to accept this situation, it’s always better to ensure staff is trained well enough to cover at least one other role. Doing so allows a manager to move them across to the most important one, ensuring essential tasks are completed. While some less important tasks will inevitably not get completed during the absence period, it does mean fewer balls are dropped.

For this to work, all staff must have an available list of outstanding tasks and routines that they follow. This allows other workers to step into their role immediately, assess what’s critical to complete that day, and get moving.  

3.      Encourage Growth

Small companies often grow in fits and starts. Their growth path usually isn’t smooth, flat, and comfortable. Instead, after some early capital investment, they lurch forward with each new product release or service offering, delivering a new stream of income.

It’s necessary to plan for expansion one step at a time in a determined fashion. At the same time, putting the company on the line by using debt for a costly expansion is risky. Any funding must be handled judiciously to avoid the business running into difficulties before new cash flow is realized.

4.      Use Small to Your Advantage

Smaller businesses get noticed by offering better customer service and faster response times. Also, they look at what’s available in the marketplace and deliver something unique to stand out from their peers.

Huge businesses find it harder to innovate, change direction, and push forward. Use the advantage of being smaller and nimbler to be more creative with the product mix or services offered.

Getting ahead as an SME requires a continual drive to succeed that not everyone has. However, for business owners that are passionate about getting improving results, the hard work pays off.

How to Create Wealth from Your Property

Most individuals who already own multiple properties wrongly ignore key wealth creation concepts that could possibly unlock their ability to expand their portfolios of properties. Wealth creation is a cycle that cannot be completed overnight, so the first step is to have a clearly laid-out, long-term plan and goals that will drive your project. When building wealth via properties, here are 7 important factors to consider, especially if you are new to the business:

1. Specialization Area

It’s important to recognize the types of assets and the market you want to reach. If you are in the student leasing business, it makes sense to buy multi-tenant properties located next to colleges, whereas if you concentrate on renovating and reselling for a profit, it may be suitable for you to find distressed, stand-alone properties priced below their market value. However, as you continue to expand your portfolio, you may then consider diversification of assets.

2. Market Trends

Research influences your success in this field, and recognizing where to buy, when to purchase, how much to pay for a property and knowing the right time to sell a poorly performing asset can decide your success.

3. Start Small and Work Your Way Up

The biggest mistake that most beginners make is financially overstretching themselves by searching for assets outside their means. Start investing in more affordable properties and work your way up. If you are relying on a mortgage to purchase a property, make sure you have fully researched what you can afford and you fully understand all the mortgage jargon that comes with it.

4. Maximizing Assets

Using existing equity in the properties you currently own can help you leverage attractive opportunities. Also, lenders can provide you with a variety of solutions tailored to your needs, with a fair mix of rates, access to capital and flexibility around repayment options.

5. Cash Flow Management

The cash flow is the lifeblood of your property portfolio as in any other company. Not only is it essential to keep track of money coming in and out of your portfolio for strategic decision making, but borrowers may also need your cash flow statements to accept loans in the future. Monitoring your cash flow may also help you to determine assets in your portfolio which are over-and under-performing.

6 Using a Technological Advantage

Innovative digital tools can provide you with access to valuable property information simply by clicking a button. There are numerous real estate tools and apps for property owners that you can take advantage of to create wealth.

7. Using the Right Professionals

While it might not be necessary when beginning, engaging with a team of professionals should be considered as your portfolio expands. You need a list of qualified professionals, such as estate and leasing agents, tax practitioners, attorneys, architects, construction contractors, electricians, plumbers, and valuators, among others, depending on the type of portfolio you’re seeking. Although some of these experts’ services can be expensive, in the long run the investment will be worth it.

Finally, establishing a long-term relationship with a private banker who knows and understands your financial goals and priorities and can provide creative, carefully thought-out solutions to help you grow your property empire.

Investments for beginners – your straightforward guide

Knowing what to do with your money and how to invest it is often the most difficult and confusing aspect of managing your personal finances. When we think of investments it’s natural to think of ISA’s, stocks and bonds and even cryptocurrencies such as Bitcoin – Iconomi can help you with your bitcoin investments, click the link to find out more. Many people are wary of investments due to a fear of the unknown, after all the seemingly cutthroat world of investments can lead to you losing money – or your entire life savings if you were initially bold enough. Who do you buy from? Who can you trust?

However, successful investors will tell you that investing doesn’t have to be a stressful or frightening concept if done correctly, it’s actually an enjoyable as well as a potentially rewarding experience.

So, if you’re stepping into the investment arena for the first time, what investment principals should you be made aware of? Read on for a straightforward investments guide.

Start investing as soon as possible

Don’t be fooled into thinking that stocks and shares are just for older men in suits. The sooner you start investing, the sooner your earnings will multiply, which in turn means you’ll have to invest less to reach those investment goals. So, start today. 

Speak with a financial advisor

It’s common sense to seek out professional advice before you invest your hard-earned money into anything. Avoid jumping straight into a potential investment simply because you’ve received a good tip. Reach out to a financial advisor first and don’t spend a penny unless you’re completely sure it’s the right thing to do.

Save money first

A simple concept, but a wholly accurate one. You cannot invest money you don’t have, therefore saving as much as you can, will certainly go a long way. Consider ways of trimming your monthly budget and focus on building your funds before you take them to the markets. It’s also important to ensure you have enough money to pay your bills each month and the capacity to pay for your other financial responsibilities. Don’t leave yourself short or overstretch your paycheck.

Learn as much as you can

Market trading is complicated, even the terminology is puzzling, to say the least. However, the more you learn, the better your decisions will be. Learn as much as you can about creating your own portfolio, market behaviours and patterns, jargon as well as stocks and bonds.  The more you learn, the more you’ll enjoy your investment experiences.  

Keep it simple

When investing, it’s important to keep within the realms of your understanding. Friends, family and colleagues may be trying to tempt you away from what you know but straying away from what you know could cost you – literally. Keeping your initial investments simple will always serve you better than risking it all on something you know very little about.

Keep yourself informed

Keep tabs on your investments, read relevant news articles and keep yourself informed of any emerging market trends and the state of the global economy.

Learn from your experience in trading

After starting to trade in the Forex marketplace, many rookie focus on improving their strategies. Some may not have enough money to learn from the paid courses. Whereas, some struggle with the idea of improving their trading plans. Majority of the rookie traders get a wrong idea about the proper improvement of their trading strategies. As they mostly remain worried about the potential losses, they cannot concentrate on the improvement. But you must improve your strategies and edge to execute quality trades. If you can improve the trading edge, you can control the procedures and the positions of the trades.

But without understanding how to change the strategies, you cannot improve them. So, you will need valuable reference for improving your ideas. When you will learn from your experience and try to improve your strategies it will be very effective. Your experience will be very influential for changing the strategies and procedures. Thus, you can also find secured process of executing trades safely. And when you will find out a mistake, it will be easy to change them and to improve quality. This article is based on the same philosophy as learning from your experience. Try to read it carefully and also to develop the most effective plans your trades.

Improve the risk management plan

Nobody could deny the importance of money management for a business. In the Forex trading business, you will need it to use it efficiently and to secure your investment. The only difference is you use the strategies to determine a proper risk exposure whereas, conventional businesses you will prepare a cost-effective plan for the system. Still, the benefit of proper risk exposure is very crucial for the rookie traders. You must use this strategy to determine the safest risk per trade strategy. If required use the free Forex demo account for beginners to learn more about this profession.

In the beginning of your career, you may have a very poor strategy. For example, your trades may plan to execute a standard lot and to take a 1:100 leverage for each trade. But with time, the traders can improve their plans by learning from their experiences. The demo trading account would be secured for the traders to practice a secured money management plan.

Develop the analysis skills

Besides a secured risk management plan, Forex trades also requires effective market analysis. The traders need to use technical and fundamental analysis for the executions of the trades. You can use the money management strategy to make plans with risk to reward ratio. When your target is set, you can you can focus on appropriate market analysis. Using a potential price driving catalyst in conjunction with the technical analysis, you can find out the best trade setups. But, you cannot ensure a quality performance while studying the markets while you are novice.

For example, you maybe analyzing markets only with supports and resistance zones. You must improve the strategies with advanced tools like Fibonacci retracement. Indicators and common chart patterns are also very good for effective technical analysis. To improve the analysis quality, you can use multiple timeframes.

Find suitable setups for the trades

You can only execute quality trades when your mind is prepared with efficient strategies. And to find suitable trades in the markets, you will need effective skills and a strong edge. But, the traders should motivate themselves to increase patience. If they think about only the profits, big mistakes like overtrading, micromanagement and high risk exposures will be noticeable in their strategies. On the other hand, traders with a greater interest in the trade setups will use simple strategies to execute the trades.

The returns may be subtle from their positions but consistent profit can be assured from this strategy. To maintain control over the trades, the traders have to choose a better setup over the big profits. Use a demo platform to learn about the system. While you are performing in the demo platform learn to find suitable trade setups.

Getting to Know Gold IRAs: Are They the Right Option for Your Retirement?

Is it a good idea to invest in gold? The answers to this commonly asked question tend to go to one extreme or the other. There are some investors that believe investing in gold is a losing proposition. That’s because it pays no dividends or interest, and it costs you money to protect and store it.

However, on the other side of the argument, investors believe as the U.S. dollar loses its purchasing power, gold is going to retain its value. Many experts are worried that eventually, debt and inflation combined are going to cause the dollar to lose all value.

If you lean toward the side that believes gold is a smart investment, you may be interested in a Gold IRA (individual retirement account). However, before making gold IRA investments, you need to know how they work.  

Here you can learn about gold IRA investments

Explanation of the Gold IRA

While most IRAs invest in traditional assets, such as bonds, stocks, and the cash equivalents, it’s also permitted by the tax code for “self-directed” vehicles, which can hold various precious metals, such as gold or silver. However, this doesn’t mean that every type of precious metal is allowed in your IRA.

The tax code has outlined what precious metals and the purity rate that is required for gold and other metals to be included in an IRA. Keep in mind, it’s only platinum, gold, silver, and some palladium that meets the set requirements. All other types of precious metals, including jewelry and collectible coins, aren’t allowed.

Setting up your Gold IRA is a multi-step process. You need a custodian, and to find an approved depository. Next, you must purchase the precious metals or gold, such as palladium, platinum, and silver that are approved and transfer them to the depository in a way that the custodian can account that it was done.

Required Minimum Distribution (RMD): Everything You Need to Know

Upon reaching 70.5 years old, you have to take the RMD from a traditional IRA. With a Roth IRA, these are subject to the RMDs. If you have a traditional IRA, you must have proper liquidity to take the required distributions. Meeting these rules with a Gold IRA is more challenging. You may find you have to sell your holdings to adhere to the requirements.  

There is good news, though. If you have another IRA account, the entire RMD can be taken out of it. Make sure to consider the RMD rules when deciding if you want a traditional or Roth Gold IRA.

What is the difference between Roth Gold and traditional IRA?

Is the Gold IRA a Smart Investment?

Investing in gold is popular, but there are certain things you need to understand. You have to ensure your investment portfolio matches your risk tolerance, along with your time horizon. It’s important to make sure your decision to include this type of alternative investment is going to work with your bigger financial goals.

Don’t forget, when you include gold as part of your retirement IRA, you are helping to diversify your portfolio. This can help to alleviate some of the worries over the economic uncertainty that was mentioned above. While this is true, if you choose to move forward with a Gold IRA, it only needs to be a small part of your retirement savings or plan.

There are other ways to include gold (and other metals) in an IRA, too. For example, with Gold EFTs you can sell and buy shares and then hold them in the conventional 401(k) or IRA. Be sure to explore all the available options when making a decision about retirement savings and investing. This will help ensure you choose the right option for your needs and situation.