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Increase Your Income Streams with These Three Remote Business Ideas

Nowadays, it’s not enough to rely on a single stream of income; you need multiple ones to have financial freedom. Here are three accounting business ideas you can look into.

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Increase Your Income Streams with These Three Remote Business Ideas

You might think you already have it all—a great house, a well-paying job, and a lifestyle you can afford. There’s nothing more that you could want because you’re earning enough for your present needs, but the future is murky, and everything is uncertain. It could bode well for you to prepare for the unforeseeable.

A great way to tame your fear of the unknown is by ensuring that you can have financial freedom no matter what comes your way. For this, it might not be enough to rely on your full-time employment alone, especially considering that the prices of market commodities are only getting higher by the minute.

To have financial stability and freedom in the future, you can increase your income streams. This means that you’ll have other sources of income aside from your full-time job, which can be freelance or part-time work or even a side business that can still showcase your talents.

If you prefer to hold your own time and earn while practising your technical skills, you can open a small business in line with your career path. To get you started, here are three small business ideas that any qualified accountant can establish:

1. Tax Preparation

As a professional accountant, you already have the upper hand over almost half of the world combined because you enjoy doing taxes. This can be a great side business for you, especially if you have a background in tax management because then, you could be of help to many entrepreneurs and individuals.

To make it even more convenient for you to conduct your business, you can look for the best online professional tax software so that you won’t have to be hassled in filing paperwork or seeking real-time updates. Most software solutions also come with a built-in automatic data backup feature, which means you won’t have to worry about losing all your hard work.

And because using the software can increase your turnaround time for tax preparation, you can accommodate more clients in the process. This means that you can maximize your earning potential without worrying about the other obstacles that often come with running your own business.

best online professional tax software

2. Financial Consulting

Unlike most people, you deal with numbers and money almost every single day, which means you probably have enough expertise in the field to give credible advice to others about money management. You can use your acquired knowledge and experience to start a financial consulting business.

It could be wise if you sought out more formal training in a specific niche, but with your wits and know-how alone, you can already advise individuals in need about how they can invest, save, or use their money better. However, gaining additional training might help boost your credibility as well.

Specializing in a niche market is unnecessary, but it can help create your reputation as a financial consultant. This is because if you were to focus on a specific field of interest first, then you can present yourself as an authority in that niche rather than a jack of all trades. But of course, this will still depend on what goals you want to achieve.

3. Notary Public

Lastly, if you’re looking to increase your income streams with a passive side business, you might do well with starting a notary public service. This is because you’re already a trusted and licensed financial expert in your field. If you were to receive formal training to get certified as an official notary, the business would soon follow.

Unlike the other two business ventures mentioned above, opening a notary public service can be more beneficial for you if you prefer a more passive approach to earn money. Once you have enough clients for your business, you can just set a fee for authorizing legal documents and other services.

The signature of a licensed notary is still a requirement on many legal and professional documents, which means this business can be very profitable if you put your mind to it. But of course, nobody needs their documents notarized every day, which means this may not be enough to provide for you as a standalone income source.

There are various other possibilities for expanding your skill sets and growing professionally without sacrificing your full-time job. By exploring your options for additional income sources, you will not only be finding ways to earn more for your future, but you’re also taking the time to hone your personal growth.

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Business

Upgrades That Will Help Your Business Thrive

Once you’ve identified your goals and how to attain them, you can then grow your business in specific areas according to what you want to achieve.  The following 13 upgrades cover common areas of business that typically need developing:

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Upgrades That Will Help Your Business Thrive

Continuous improvement should be the primary goal of any business.  While it takes time and effort and some financial outlay, it’s crucial to continue growing and striving toward becoming the leader in your field.

This guide offers 13 ideas to help your business grow, increase your customer base, improve your productivity and boost your bottom line.

Start With A Solid Foundation

Before you commit to growth you should ensure your business is built on solid ground.  Here are some tips to help you begin:

Know your business – the use of tools such as benchmarking, market research and trend analysis will help you get a better picture of the factors affecting your business.

Take charge of your finances Make a commitment to understanding your daily, weekly, and monthly figures. Unless you have a dedicated accountant, you need to have a thorough understanding of your financial situation.

Prioritize your goals – identify those business goals which can be achieved relatively quickly and those which will require more time and financial investment. Make sure the goals you set are relevant and can be achieved in a realistic timeframe.

Develop a plan – once you’ve identified your goals, you will need to develop strategies to realize them and the best means of implementing those strategies.

Make your results measurable – work out how you are going to measure your results.  You may want to introduce devices such as a point system or desired percentage increase.

13 Ways To Upgrade Your Business

Once you’ve identified your goals and how to attain them, you can then grow your business in specific areas according to what you want to achieve.  The following 13 upgrades cover common areas of business that typically need developing:

Include reviews – today’s consumers place great value on the opinions of their peers when it comes to buying products. Upgrading your website to include customer reviews will help to increase sales and boost customer confidence. Be sure to include both good and bad reviews if you want to be taken seriously.

Upgrade your internet an upgrade to FTTP (fiber to the premises) now will pay big dividends for your business down the line and it doesn’t have to cost you anything.  Qualifying businesses connecting to high-speed NBN plans can enjoy a $0 upfront cost.

Computer Monitor and Other Remote Work Must-Haves

Introduce automation – there is a multitude of software and applications designed to reduce labor costs and increase productivity. Many are inexpensive and can free up small business owners, allowing them to focus more on growing their core business.

Increase your social media presence – rather than just a Facebook page and a presence on Instagram and Twitter, you should look at other forms of customer interaction such as articles, sponsorship, blogs, and webinars.

Start networking – as well as an online presence, you need to get out there more and attend industry-related events such as expos and seminars.  This is, not only to network with others in your field but also to forge new contacts with like-minded businesses, with cross-promotion in mind.

Create a rewards program – think of ways to reward your existing customers to maintain their loyalty and incentivize them to buy from you again.  These could include early access to specials and exclusive offers not available to the general public.

Create an email list – email addresses of existing customers are a valuable resource you should be taking full advantage of.  Send those on your mailing list regular reminders of what you have to offer, but make sure it’s valuable content rather than what could be perceived as spam.

Ask for feedback – another valuable resource is your customers’ opinions.  Ask them what they think of your products and then use this feedback to improve your product line and customer service.

Streamline your business – identify which products aren’t selling, which employees aren’t performing and any other areas that may be holding you back.  Make changes and be ruthless on behalf of your business.

Reduce overheads – look at ways to cut costs within your business such as transitioning to a remote workforce or outsourcing business processes such as payroll, HR, and bookkeeping.

Invest in your people – good staff morale translates into good customer service. Provide your employees additional training, advancement opportunities, and a fair wage to ensure a healthy company culture.

Improve your credentials – reduce your carbon footprint, introduce sustainable processes and practice corporate responsibility in order to retain and grow your customer base.

Increase cybersecurity upgrade your cybersecurity systems to make sure you are protected from the latest threats from hackers, malware, etc.  This is particularly important if you have a remote workforce.

Roughly half of all small businesses don’t make it past their fifth year of operation, so continuous improvement needs to be a priority from day one. Adopting just a few of the measures suggested here should help keep your business on trend, competitive, and above all, profitable.

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