Becoming an ebay millionaire

Does the thought of becoming an ebay millionaire excite you?

How hard can it be? When in fact, it's been reported that the number of eBay millionaires has risen by 50 per cent since 2013 and more than 200 businesses have reached turnovers that have brought them into the million pound business bracket.

Some of these businesses are being run by individuals that are under 20 years of age, which suggests that age is no barrier when it comes to success.

Now, there are all kinds of products being sold on ebay, but which ones are currently proving to be highly popular? Well apparently according to recent data provided by ebay, fashion and furniture are in the strongest growing categories. Electronics, which has always been popular in ebay searches, also continues to maintain it's position as one of the most successful categories on the auction site.

In an article published on the Mirror website it states that last year "over a quarter (26.3%) of new ebay businesses" are involved in setting up a fashion store, followed by "22.9% of registrations" being new sellers of electronics and 20.2% selling "home and garden items".

For anyone starting a new business in these areas then ebay should certainly be considered as an important possible source of income and a useful way to increase exposure when promoting your business online> Even if you run a bricks and mortar store, it can still be a good source of revenue.

For more details and examples of people who have built up an ebay business including some who have gone on to become millionaires, check out the full article on the Mirror website here.

Late payments for services rendered

According to a recent article on the Smallbusiness.co.uk website, the Bacs Payment Schemes Limited (Bacs) have revealed that out of 1.7 million small to medium enterprises in the UK, more than a third of them have to wait to receive payment beyond their agreed terms of payment. Almost forty percent of companies are spending hours each week chasing late payments owed by their customers.

Automated payments are one solution to the problem, but may not always be viable. I must admit that in my own business where part of a regular service I offer provides two options for payment, I have found that regular automated monthly payments to be more reliable and require less administration than invoicing on an annual basis.

If you run a company which can offer an automated payment plan then it would be worth providing this as an option for your customers. Another way to reduce the possibility of late payments is to make it clear in your payment terms and conditions that interest will be added on late payments at the highest possible rate as allowed by law. This is particularly relevant on business to business transactions. The current 'statutory' interest rate allowed in the UK is 8% plus the Bank of England base rate. However, you can’t claim statutory interest if there’s a different rate of interest in a contract.

You can find more information about Late commercial payments and charging interest and debt recovery on the gov.uk website.

Passive income… is it just a dream?

We have all been there haven’t we?

Dreaming of making passive income I mean. But is it just a pipe dream, or is it really possible to make an income from doing nothing?

In reality, unless you have inherited, sold an extremely valuable asset, or saved up a large amount of money, and then invested the best part of it in a rock solid investment plan that will regularly pay out dividends, then passive income doesn’t actually exist in the real sense of the word, that is making money for doing nothing. But it is entirely possible that you can put in the effort to create an income stream that will enable you to earn a recurring income that needs very little maintenance or no maintenance at all.

Investing in real estate and renting it out is probably one of the most popular and well known ways to make money that could be described as passive income, but initially, it takes time and effort to find properties that are suitable and affordable to buy and rent out. You will also need a sizeable sum to put down as a deposit to acquire your property as well. But once you have your first property you can outsource most of the actual work, such as finding and vetting tenants, collecting rent, etc. This can be done through a reputable property management service.

Building a successful property portfolio will naturally increase your passive income potential. Some of the wealthiest people in the World have used this method to become millionaires.

If property investment doesn’t appeal to you however, with a bit of initial effort, there are other ways to achieve a passive income, and these can be found in our article ‘ How to achieve a passive income by working at it

Writing a business plan for your startup business

Writing a business plan is a vital step if you’re going to be starting up your own business. It will clearly define your goals, help you understand and know your market, establish your USP (unique selling proposition), set your marketing goals and have a clear plan of action to take those first steps to success.

Watch the video below for a more comprehensive look at writing your own business plan and what you should consider.

Business startup ideas 2017

Best startup business ideas for 2017

The Telegraph has published an article entitled 'Seventeen of the best startup business ideas for 2017' which includes some interesting ideas that may appeal to someone looking to start up their own business in the near future. Some of these ideas include topics which are currently in vogue and increasing in popularity. As for sustaining long term value it's difficult to say, but nevertheless they might just be the ticket to an expanding business opportunity for those with enough foresight to see their future potential.

Some of these ideas include...

FLAVOURED TEA - which is expected to see a large percentage rise in in global sales over the next few years.

POLLUTION PROTECTION - In the UK and many other parts of the World, governments are seeking new ways to combat air pollution such as clean vehicles and pollution-reducing technologies.

ALTERNATIVE FITNESS - finding new ways to help keep people fit in their busy lifestyles. Pole dancing and aerial hoop fitness have proved popular with young people, but this area is wide open to new innovative ways to keep your mind and body in tip top condition.

MEN'S HAIRCARE - Beards and man buns are currently in style and products for the hairier men are selling well.

KIDULTHOOD - Adults looking to unleash their inner child ensure this niche will continue to grow in popularity. Playing in ball pits and bouncing on trampolines are two business ideas that have taken off in the UK

SUGAR FREE DRINKS - In Britain the sugar tax is soon to be implemented in 2018. Will this bring new opportunities for a variety of new sweet foods and beverages?

These are just a few suggestions made in the article. For more ideas and to read the full report click here

Weight loss coffee presents a great opportunity

Weight loss coffee business opportunity

The global value of the weight loss market is expected to reach £220 billion in the coming year. As one of the most targeted consumer industries, there is a huge range of weight loss solutions in the marketplace. One of them which is reportedly having great success is the weight loss coffee combination provided by Valentus.

For someone looking to increase their income this looks like a great opportunity to break into this crowded market, but with an interesting twist. There are countless numbers of coffee drinkers who are also overweight, and this could provide an affordable solution to help them lose weight.

As an extra income opportunity, with possible earnings of between £500 - £1000 + per week being claimed for part time work, and even more full time, this might just suit your needs if you're looking for a way to make extra money. Earnings are paid weekly promoting this unique weight loss coffee, and according to their representative, there is a full 90 day money back guarantee.

It has 100% natural Ingredients, tastes great, stimulates the brain and is made with luxury quality Italian dark coffee beans

So what you have here is basically three massive combined markets all in one. 1. Coffee consumers 2. Weight loss 3. A home based business

Sean, the representative I spoke to describes it as an opportunity for positive people who want to work from home, or on the go, promoting weight loss coffee in a massive lucrative market.

Full training is available if you're interested in this network marketing opportunity, so check out these video links below for more information about the products.
To sign up visit the website www.healthycoffeeslimroast.co.uk

Slim Roast Video - Healthy Coffees

As with any business your results may vary and will be based on your individual capacity, business experience, expertise, and level of desire to achieve high earnings.

Ways that a successful business can keep their best customers

Your best customers are the ones who will be loyal to your company and spend their money with you rather than go elsewhere, even if they can find a cheaper product or service. These are the customers you never want to lose!

This is especially relevant if you provide some kind of subscription service where your business lives or dies based on how many subscribers you retain.

So how can you minimise the chance of that ever happening?

Here are four unusual ways to reduce churn rates and increase overall customer lifetime value.

1. Set the right expectations.

The number one source of churn is actually setting the wrong customer expectations. How does this start? During the sales process.

Here’s the problem: salespeople are trying to close deals every month to meet their quota. So sometimes they might sell to the wrong customer (a buyer who doesn’t really fit into your target market) or make lofty promises that go beyond the reality of the services you provide.

You need to know what your salespeople are selling. Make sure it aligns with what you actually offer.

How can you ensure your salespeople are laying out realistic expectations and targeting the right customers?

One of the worst things you can do is implement a clawback, where a sales commission goes away if your customer doesn’t last for a set amount of time. This is negative punishment and is absolutely terrible.

The smarter way to do it is to give everyone a commission for the sale, then add a meaningful bonus or deferred compensation that is payable based on retention. So if a customer lasts longer than 90 days (or whatever threshold you choose), then your salesperson earns the additional compensation. Totally positive reinforcement!

2. Build meaningful relationships.

You’d think that helping you customers achieve success through use of your product would result in less churn. Nope.

In fact, we found a negative correlation between quality of the results that were being delivered and the average customer retention duration. The better performance we gave, the more likely they were to churn — we helped them out so much they didn’t need us anymore!

You’ll actually find more success by focusing on building a personal relationship with your customers. Make sure you’re on good terms with the stakeholders. Try to be their best friend.

Having fun, great calls together correlates strongly to longer customer lifetime value. You’ll find this is true of pretty much every product or services company.

One way to do this is to avoid switching your customer service people around a lot. If your customer service person is changing every three months, it will be hard to build any sort of meaningful relationship with your clients.

To discover two more ways to retain loyal customers you can read the rest of this article here… www.inc.com

10 easy startup ideas for a small business

Looking for a simple non-techy idea to start your own business or make some extra income in your spare time? Check out these easy to start business ideas in the vidoo below. Some require a certain level of creativity and skill, others requires very little skill at all and most of them only require a very low budget to get started.
 

Drones are providing new business opportunities

Yep, drones are in the news a lot these days, and they are inspiring young entrepreneurs to develop their own businesses in new and exciting ways.

Take Aonghus Stevens for example… he was just 15 when he got his business ‘off the ground’

The Sydney Morning Herald reports…

“Working from his bedroom and using his student email address, he began to sell drones. The operation grew into a million-dollar business.

The company operates a fleet of 30 drones nationally, gathering information for sectors including agriculture, mining and telecommunications. The drones help farmers count livestock, monitor crops and infrastructure, film prestige real estate and assess damaged buildings for insurers.

According to market research, the global drones market will be worth $US5.59 billion ($7.57 billion) by 2020. The Association for Unmanned Vehicle Systems International estimates that, by 2025, the industry will be worth $US82 billion and employing 100,000 people worldwide.”

The opportunities that flying drones will bring in the future for fledgeling businesses is tremendous and it’s exciting to think how new technological advancements in this area will continue to grow.

Read full article here: www.smh.com.au

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