Connect with us

Startup entrepreneur

So here’s the dream; start up a business for a budget or next to no money, be as frugal as possible, and still make a profit down the line. At least, that’s the idea.

Starting up a business takes money—we should all know that. Like the old saying goes, we have to spend money in order to make money. However, there are people that want to defy this rule and make more money than they should by spending as little money as they can. While this can work up to a certain degree, you have to take into consideration what you are sacrificing in order to maintain profits with low running fees. Unfortunately, the majority of the time that means reducing the quality of life your employees have, and you have to ask yourself why you’re doing it.

You are not a sweatshop

Sadly, many business owners still want to cut costs, but instead of doing it the correct way and cutting back on unnecessary expenses such as expensive computers, they cut back on essentials. For instance, buying budget office chairs that make work extremely difficult for members of staff, or buying out old office buildings that could be structurally weak or still contain traces of asbestos.

Unless you want to be hammered by attorneys specializing in mesothelioma representation because you neglected to do a proper check of your old office building or because you didn’t want to pay an extra bit of cash per month in rent, you need to stop cutting costs. Mesothelioma is a horrible disease that is caused by corporate wrongdoers and neglectful employers; don’t be that boss and pay attention to the health and safety of your staff if you want to be a responsible business owner.

The wrong way to save money

It’s possible to cut costs on certain things when running a business, but many of those points are taken to new extremes that just don’t make sense. For instance, why would you force your employees to work in terrible conditions with low-quality protective gear, having no spare masks or safety equipment to use, or even giving them broken-down second-hand spares to do their job?

They can’t work as efficiently, their health is at risk and the amount of time they spend complaining will eventually wear you down. Sooner or later, your workers will complain or leave, and your business reputation will be tarnished—all because you didn’t want to provide your employees with proper equipment.

Profits shouldn’t go into your own pocket

If your business makes a profit, then that money should be reinvested back into your business in order to see it grow. If you’re distributing that additional wealth to your employees or worse, keeping it for your own personal “needs”, then you’re essentially giving up any chance of growth that your business has. Let’s face it, to grow a business we need to spend money.

It doesn’t take much money to buy your employees a new office chair, do an asbestos check of a new office location or even to buy them proper safety equipment for dangerous jobs. Cheap business don’t work and will never work. You want to create a company, not a sweatshop.

Use your ← → (arrow) keys to browse

Student @ Advanced Digital Sciences Center, Singapore. Travelled to 30+ countries, passion for basketball.

Continue Reading
Comments

Business

What Is Cryptocurrency And Why Is It So Volatile?

Published

on

Cryptocurrency has recently made headlines, exploding into the spotlight with the same relentless intensity that characterises its value and demand.

However, as they become more mainstream, they may become confusing. It’s money, but there’s no bank looking after it or controlling it; it’s an asset, but it’s not backed up by anything tangible.

Here is a brief overview of cryptocurrency and a quick look at why it is so volatile.

What is it?

In a nutshell, it is the digital equivalent of money. It is designed to function in almost the same way: users have wallets in which they can keep money, which is used to symbolize value in the economy and can be exchanged for goods or services with others.

Cryptocurrency, like much money in today’s traditional banking system, does not exist tangibly; instead, it is recorded as figures in a database that signify how much of a particular cryptocurrency a certain person has.

However, in contrast to today’s banking system, is decentralised. Rather, it is recorded in the blockchain, which is distributed throughout the network and records transactions in a transparent and verifiable manner that belongs to no one individual or organization in particular.

The first of them was bitcoin, which was developed in 2009 by an unknown individual known only as Satoshi Nakamoto. Since then, a slew of new cryptocurrencies has sprouted up. These include ethereum and dogecoin. It is interesting to look into the background of these, and ask yourself who created Dogecoin?

Why are there so many?

A cryptocurrency can hypothetically be created by anyone; at their foundation, they are just software, therefore anyone can create one. There is no authoritative body that decides what is and isn’t a cryptocurrency.

As a result, dozens of new cryptocurrencies, known as altcoins, have emerged. Some of them have grown into consistent performers, leading to predictions that they could turn bitcoin on its head and become the most valuable cryptocurrency.

Some of these altcoins aim to provide innovative answers to problems that exist with large players like bitcoin, such as making transactions easier or more efficient. Others, such as Dogecoin, which originated as a joke, are developed solely as alternatives.

They sometimes move in sync, with the entire cryptocurrency market fluctuating in response to certain pieces of news. However, traders occasionally switch between currencies, as when the price of dogecoin soared thanks to the support of figures such as Elon Musk.

What makes cryptocurrency so volatile?

Unlike traditional financial assets like stocks and commodities, cryptocurrencies are not valued in terms of what they can be used for; in theory, they are a bet on a company’s future profits or the usefulness of a given material, but cryptocurrencies are primarily a bet on how interested people are in them.

Cryptocurrencies, unlike traditional fiat currencies, do not have a central bank entrusted with employing monetary policy to keep their value from fluctuating too much.

As a result, the value of cryptocurrencies varies dramatically, frequently and without warning, and without always being linked to evident world events.

Prev postNext post
Use your ← → (arrow) keys to browse

Continue Reading

Business

Marketing Practices That Could Remain After The Pandemic

Published

on

The global pandemic has changed businesses in many ways, and marketing, in particular, has seen a lot of developments over the last year. Businesses have had to adapt to digital practices quickly, which has changed the way they promote their activities. It has also changed consumer behavior, meaning tactics need to change to reach them in new and innovative ways.

While businesses are beginning to revert to some sort of normality, there are some practices that will continue even after the pandemic is over. Discover some of the marketing practices that could be here to stay.

A greater focus on retaining existing customers

The global pandemic has had a huge impact on people’s shopping behaviors. It’s no secret that brand loyalty has been in decline over the years, largely due to consumers’ preference for convenience – especially in the digital age. But the pandemic has made this even more apparent, with many consumers switching brands as a result of supply chain issues and more. For businesses, putting your energy into retaining your existing customers could yield better results than trying to win over existing customers. 

The resurgence of the QR code

Just over a year ago, people might have turned their nose up at the idea of using a QR code in a marketing campaign. Did people know what they were? What did they achieve? Well, thanks to the pandemic, QR codes have had something of a resurgence. Exploring QR code APIs can help you work out how they can be used in your marketing campaigns effectively to bring the best results for your business. QR codes are capable of generating some great data, helping you measure the effectiveness of your marketing campaigns.

Localized marketing

The pandemic has shifted a lot of people away from busy cities and urban areas, and into more rural neighborhoods. This has meant that businesses are having to change their marketing tactics to provide a more personalized, local feel that better aligns with changing behaviors. People are choosing to shop locally and choose local-based businesses, and you’ll need to think carefully about how you can form better engagement with those audiences to help spread the word about your business.

Bigger budgets for social media advertising

With people spending more time at home, they are more active online watching box sets, shopping, gaming and more. This means they might be less likely to see more traditional advertising such as billboards and subway signs. Social media advertising can help you reach those audiences, providing a great ROI compared to other forms of advertising. Ensuring social media is a firm part of your marketing strategy can help you reach your audiences where they are, and even save money compared to your spend on more traditional advertising. 
Change is nothing new for the marketing world. The pandemic has seen some major developments, and as we enter the ‘new normal,’ it will be interesting to see what comes next. Staying up to date on current marketing trends can keep your business relevant, and help secure the best results for your business – no matter what’s happening in the rest of the world.

Use your ← → (arrow) keys to browse

Continue Reading

Business

Subsale Market an Attractive Prospect for Investors in Malaysia

Published

on

Investors were responsible for 81.1 per cent of residential property purchases in the Klang Valley area last year.

Many of these investors were putting their money into subsale properties, and according to Joe Jock Thor from MyProperty MD, the market for subsale residential properties has experienced steady growth in the past few years, but it has seen a real upswing in recent months due to the effects of the Covid-19 pandemic, which has put the focus squarely on the secondary real estate market as real estate owners move to maintain their financial liquidity by lowering prices. This means investors are free to swoop in and pick up assets at a fraction of the cost, increasing their potential value once they go back on the market.

Another key factor in the spike is the Real Property Gains Tax exemption, which has prompted some investors to turn their assets into cash and, by doing so, make a healthy profit.

In fact, subsale properties were so popular that listings increased by more than twenty percent between 2019 and 2021, although this will only go a small way to making up for 2020’s economic downturn and the resulting fall of 47.2 percent in the number of residential property sales in the Klang Valley.

If you would like to know more about the subsale market in Malaysia, you can find a lot of good information about subsale real estate, and how to buy it, by checking out this infographic on the Malaysian real estate market:


Infographic designed by: PropertyGuru Largest Property Portal in Malaysia
Use your ← → (arrow) keys to browse

Continue Reading

Trending