CLICK ON PICTURES FOR DETAILS
DETROIT NATIVE SUN
DETROIT NATIVE SUN
Read Business Page 8
(StatePoint) With flowers blooming and birds chirping, you may be in a spring-cleaning mindset. As you spruce up your home, you can also channel that energy into getting your finances in tip-top shape!
According to CERTIFIED FINANCIAL PLANNING® professionals, here’s how to clear away the cobwebs in your budget:
Sort expenditures: If you’ve ever sorted your clothes and other items into piles during a spring clean, this budgeting principle will be familiar to you: Review your expenses and categorize them into needs, wants and expenditures you’re ready to part with. Whether you do this on paper or electronically, use a color-coded system to visualize where your money is going.
Review your streaming services: Electronic subscription bloat is common, as is paying for forgotten subscriptions after free trials end. For example, you may be subscribed to several of the most common entertainment streaming services, such as Netflix, Max and Hulu. Do you really need all of them? Whether it’s an online newsletter or a music streaming service, cancel unused subscriptions.
Avoid bank fees: Review your bank statements. Are you getting dinged with fees? Consider switching to a bank that doesn’t charge an account maintenance fee. You can also set up notifications to avoid having your account get hit with an overdraft. If you do get charged, contact your bank to explain your situation — you may be able to have some fees waived.
Switch insurance carriers: Periodically review your insurance rates, and shop the market to see if better rates are available for home, automotive and other forms of insurance.
Reduce debt: If your debt is costing you a pretty penny, it’s time to act. A CFP® professional or credit counselor can help you craft a plan for consolidating debt into lower-rate credit card accounts, refinancing your mortgage and reducing your overall debt burden. You should also automate credit card payments (and other bills) to ensure you aren’t paying late fees.
Pay yourself first: Earmark a portion of your budget to savings and investments each month. This will leave you with more money for your important goals and less for frivolous spending.
To work with a CFP® professional who can help you roll up your sleeves and get to work on cleaning up your finances, visit letsmakeaplan.org.
This spring, go beyond dusting the baseboards and mopping the floors. Refresh your finances for a fresh start to the season.
Tips to spring clean your budget
Tips for starting a new business
(StatePoint) Starting a small business is an exciting journey, and one that many Americans hope to make a reality. More than six in 10 U.S. adults say they would prefer to be their own boss, according to a Shopify-Gallup Entrepreneurship study.
However, in an ever-changing landscape, the prospect of launching and sustaining a business can feel intimidating. That’s why The UPS Store, which has supported small business owners with the resources they need to grow, thrive and reach their goals for 45 years, is offering these tips to put your entrepreneurial ideas into action:
1. Refine Your Idea: Coming up with an idea is the first step toward establishing a successful business. This phase involves recognizing market needs and determining how you can fill a gap. Refining your concept will help establish a solid groundwork for everything that follows, ensuring that your enterprise aligns with your vision and values.
2. Identify Your Passion, Skills and Purpose: Your passion and purpose are what will fuel your entrepreneurial journey, and your unique skills will allow your business to stand out in a crowded marketplace.
3. Evaluate the Competition: Having a thorough understanding of the competitive landscape is crucial. By evaluating other small businesses, you gain valuable insights into their strengths, weaknesses and the strategies they employ. Start by identifying your direct and indirect competitors. Take note of their product or service offerings, pricing strategies, marketing and SEO tactics and customer reviews. This information can illuminate gaps in the market and highlight opportunities for positioning your business. Remember, competition isn’t inherently negative. It can provide motivation and inspiration.
4. Research Market Demand: To validate your business idea and ensure its viability, you’ll need to gather information about your target customers, competitors and overall industry trends. This market research will ensure your business idea resonates with potential customers, help you refine your offerings, and prepare you for market ups and downs. Remember, informed decisions today pave the way for a successful business tomorrow.
5. Utilize Available Resources: Let The UPS Store be your one-stop-shop in making your business easier to manage. Make copies of important paperwork, arrange to shred documents you no longer need, pack and ship products to customers, or secure a mailbox to provide your business with a real street address. Whether you need to print marketing materials or have documents notarized, faxed or scanned, The UPS Store offers time-saving services and exclusive deals, so you can focus on the big picture.
6. Get Inspired: Each year the Small Biz Challenge, sponsored by The UPS Store and Inc. magazine, invites entrepreneurs and creators nationwide to apply for the business opportunity of a lifetime, which includes a share of a total prize pool of $35,000, incredible mentorship opportunities and networking connections, and an editorial feature in Inc. From March 17 to April 4, visit theupsstore.com/smallbizchallenge to get inspired by some of the most game-changing, innovative, and hard-working U.S. entrepreneurs today, and to vote for your favorite semi-finalist.
“Discovering the next wave of unstoppable small business owners with bright futures ahead is one of the most exciting outcomes of this year’s competition,” said Michelle Van Slyke, senior vice president of marketing and sales at The UPS Store, Inc. “Staying true to our long-standing practice of empowering our franchise owners at more than 5,300 locations, we’re thankful for the opportunity to help other small business owners actualize their big ideas into success.”
