Nicholas Fainlight is an aspiring finance professional.

Tag: entrepreneur

Hard Won Lessons from the Pandemic

The recent pandemic has had a significant impact on the global population. The most-affected countries have seen their economies shrink and populations dwindle due to the virus. But not all countries were affected equally. Some managed to recover from the pandemic.

The Hard-Learned Lessons From Businesses That Survived the Pandemic

1) Keep an eye on the bottom line – A company’s priority is always profit. Still, it becomes even more important to focus on the money coming into and going out of your business in times of crisis. It’s imperative not to lose sight of financial management during periods of crisis because doing so can lead to bankruptcy if things worsen.

2) Businesses can take advantage of political shifts. During times of crisis, governments may be more open to partnering with businesses or providing incentives for companies to implement better practices to boost economic health. Governments may also offer tax breaks or other incentives for companies that invest in areas like renewable resources.

3) Grow a solid customer base – One key lesson from businesses that survived the pandemic was how important it was to have a solid customer base. Many companies that could recover did so because they had loyal customers willing to put up with shortages and difficulties to continue supporting their favorite brands.

4) Diversify your portfolio – Most people are only familiar with “survival” strategies for making it through tough times. Still, this pandemic taught us that different designs are necessary for recovering from a disaster, too.

5) Keeping your employee’s morale high by taking care of them as they care for you. It is important to do your best to keep them healthy in their workplace.

6) Prepare for the worst. The Covid pandemic was swift and sudden. Though it would be challenging to prepare for an event like Covid, it is possible. Think about what you need and what you would want if the situation arose.

Businesses that recovered from this disaster took a variety of approaches. Some diversified their portfolio by expanding into new markets or investing in renewable resources; others used social media campaigns and advertising campaigns as ways to get their message out and grow sales even when they couldn’t.

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Side Hustles You Can Do From Home

Get Your Hustle On

It has been reported that over 45% of Americans have their own side hustle. This is a huge number, and this means that it is quite possible for anyone to have a successful side hustle from home. What exactly is a side hustle? A side hustle is a job that you do on your own apart from the job where you make the majority of your income. The great thing about a side hustle is that it can eventually turn into a full-time job. Generally, a side hustle can be an interest that a person has on the side, or it can be a special skill that a person has acquired. There are plenty of great side hustles that can be done directly from home.

Sign Language Interpreter

Sign language interpreters are needed all over. Deaf folks need to be able to communicate freely, so they leverage the skills of a sign language interpreter. Sign language interpreters can work directly from home as long as they have the platform to be able to do a video phone call. Depending on what state that a person is located in, extra training may be needed, but sign language skills can be extremely helpful as a side hustle.

Freelance Writing

Ghostwriting can be a great way to make extra income. A ghostwriter is a person who writes about different topics according to the client’s needs. Ghost riders can be used for SEO purposes, and they also can be used for blogs. There are several classes that a person can take in order to improve on writing and grammar skills. Good writing skills are highly desirable, and apart from freelance writing, there are professionals who are looking for copywriters and grammar experts as well.

Taking Surveys

Surveys are another great way to earn money as a side hustle. Brands need to improve on their products and services, and by going to certain platforms, it is easy to take surveys about those items. Surveys can pay anything from pennies to hundreds of dollars, and they can be taken any time of the day.

Get on Board with a Side Hustle

Apart from the side hustle that I mentioned here, there are hundreds of other side hustles that have yet to be invented. Wherever there is a need, a side hustle can come in and take care of it. Since so many Americans have gotten hip to the value of owning their own businesses on the side, there are more and more opportunities opening every day for savvy innovators.

Nicholas Fainlight Startup (1)

A Few Reasons Why Some Startups Fail

Every new startup faces risks of failure, but, as an entrepreneur, it’s up to you to minimize those risks as much as possible. One way you can do this is by taking the time to understand why startups do fail. In doing so, you can take steps to avoid those common pitfalls.

Failing to Fulfill a Need
While your product might be fascinating or utilize the latest technological advances, it will gather dust on shelves if it’s not fulfilling a need. Products that solve problems in new and more efficient ways are the ones that attract consumers. Your goal should be to convince consumers that they can’t live without your product.

Failing at Providing Good Customer Service
Another weakness of new entrepreneurs is failing to recognize the importance of providing good customer service. In today’s digital world, customer experiences are instantly shared and consumed online. This creates a force for developing brand reputations over which businesses seemingly have no control. In fact, your only control over your business’ reputation is in how you promote customer satisfaction.

Failing to Hire the Right People
You can’t be present for every interaction each consumer has with your business. Instead, your own employees will collectively become the face of your business. Employees that seem uninterested or rude will lead to customer dissatisfaction and fewer consumers will visit your business. Your goal should be to hire individuals with a passion for your products or for the field of interest your business operates within. Additionally, they should be knowledgeable about your industry and passionate about performing well in their jobs.

Failing to Generate Capital
From the moment you launch your business, you’ll have to create a cycle of growth and reinvestment. This requires generating enough capital on a continuous basis to provide you with surplus cash to invest back into your business. Whether the capital is used for marketing, enhancing the business, or meeting growing customer demands, you should continue to reinvest in your business. If you’re not generating the capital to meet these demands, your business will likely fail in a very short time.

While addressing these issues won’t guarantee success, your actions can increase your chances for success. In addition to avoiding these common mistakes, you must also dedicate yourself to succeeding. While talent will take you far, perseverance has the power to take you all of the way.

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