Tag Archives: financial gain

How to Become an Angel Investor

Angel investors are usually wealthy individuals who invest in startup companies and entrepreneurs. The aforementioned investments usually come with the expectation that the “angel” will receive his or her money back (and then some) as the company takes off. In some cases, the investments occur simply one time; in other situations, the “angel” may make repeated investments.

Investing is one of the most common ways for people to capitalize upon their wealth, thus earning more of it. However, there are usually certain stipulations and requirements for individuals who wish to become angel investors.

Secure the Proper Resources

Contrary to popular belief, becoming an angel investor is more complex than simply throwing large sums of money at businesses which are likely to succeed later on down the line. According to Investopedia, angel investors are required to have a net worth of at least one million dollars, notable assets, a minimal yearly income of $200,000, considerable, professional investing experience, and liberal amounts of time.

Another critical skill for angel investors is good judgment. Many entrepreneurs have ideas and ambitions, but a plan for execution is paramount. Learning about the background, vision, experience, and finances of the company founders will provide insight into whether or not an angel investor can expect to yield profit from their initial investment.

Be Willing to Take Calculated Risks

Approximately 50% of startup companies go out of business within the first few years of their inception. For this reason, angel investors should carefully consider which enterprises they want to put their money into. Moreover, “angels” should not invest money which they need for other purposes, such as retirement, savings, etc.

Patience is yet another virtue for any successful angel investor. In many cases, it takes years for angel investors to see a return on the funds they put into certain companies. Hence, individuals who expect to see immediate gains and profits should steer clear of angel investing.

A Final Word

One of the most critical things to remember about angel investing is the fact that there are no guarantees. While one “angel” puts hundreds of thousands of dollars into a company and regains millions over time, another “angel” could invest just as much money only to lose it all to an enterprise which ultimately fails. At the end of the day, this form of investing all comes down to evaluating the business and ultimately deciding whether or not making a particular investment is worth the capital.

 

Authored by Gabrielle Renee Seunagal

How to Start a Successful Fitness Career

The benefits of physical fitness and exercise are well documented: stronger muscles, brain health, lower risk of cardiovascular diseases, etc. More and more people are signing up for gym memberships, going on walks and runs, and otherwise finding ways to pencil in exercise and physical activity into their daily lives.

However, other people are taking fitness and all of its benefits to the next level; some individuals are so passionate and committed to exercise that they actually want to make careers out of it. This can be done and many have gone on to start and maintain highly successful fitness careers.

Nevertheless, the inevitable questions still remain: What is involved in launching a fitness career? How does someone get started? How do they maintain and grow their business following its inception?

Assess Your Options

Believe it or not, there is more than one way to bring a fitness career into being, as explained by Precision Nutrition. One option is to pursue a university degree and study anatomy, exercise physiology, and biochemistry. While some people may see going back to school as a lucrative investment in a forthcoming, fruitful career, this particular route can have some unanticipated downsides.

A traditional education will allow the aspiring fitness aficionado to study the aforementioned subjects, but they won’t learn much about the business aspect of a fitness career or change psychology. Moreover, a university degree can take anywhere between 2-6 years to earn; the associated financial costs alone can also be enough to put someone in considerable debt. Starting off a business in the metaphorical hole is never the most advisable idea.

Thankfully, a formal education is not the only path to a successful fitness career. The alternative option is to become officially certified as a personal trainer. This can be accomplished at a much faster rate than acquiring a university degree and moreover, it provides the individual with the opportunity to learn physiology and anatomy at a speedier and much less expensive rate. While learning about the business aspect of a fitness career is still missing from this path, the aspiring fitness aficionado can learn business tips from a mentor and/or from observing and working with someone who currently enjoys and maintains a successful fitness career.

Slow and Steady Wins the Race

As the old saying affirms, you have to crawl before you can soar. This is especially applicable regarding the creation of a successful fitness career. American Council on Exercise explains that even after someone has earned the necessary credentials needed for their chosen profession, it will take time before they’re world-renowned success stories earning six and seven figures on an annual basis.

In the very beginning, brand new trainers may start off with a few select clients. However, new fitness aficionados will find that those few select clients will comprise the foundation which allows them to launch their careers. Marketing and self-promotion via social media, online websites, advertisements, etc will also prove valuable to people who are working on their fitness careers!

Never give up and never stop working to take your fitness career to the stratosphere!

 

Authored by Gabrielle Seunagal

How to Purchase an Existing Business

As entrepreneurship and self-employment continue to rise, more and more people are looking for ways to go into business for themselves. Sometimes this is done via freelancing, entering the gig economy, starting a business, or even purchasing a business. With the proper execution, buying an already existing enterprise can be beneficial; however, without the required steps and precautions, such a purchase can be financially devastating.

Thankfully, the following steps will prove to be incredibly helpful and advantageous for anyone who is considering the prospect of purchasing an already existing business.

Sit Down with a Professional Business Broker

Even the most lucrative business people should consult the top professionals whenever they’re considering purchasing an enterprise, explains Legal Zoom. There are several benefits to consulting a business broker, which include overall advice and critical information about the enterprise. However, business brokers don’t provide services for free; making sure that the chosen broker is legitimate and knowledgeable of what they’re talking about is extremely important for the sake of your time and money.

Thoroughly Investigate the Existing Business

Even with the best advice from the most seasoned business broker, investigating and looking into the existing business is incredibly important before any money is spent. Now, it’s important to understand that doing your due diligence prior to purchasing an enterprise can take weeks, if not months. That’s OK; a thorough understanding of the soon-to-be-purchased enterprise is critical before deciding to make any payments.

Other important ways of investigating the existing enterprise include looking into their credit history, comparing the enterprise to other competitors, and finally, getting feedback from the current owner, employees, and customers. Garnering perspectives and intel from the aforementioned sources can also provide really unique viewpoints which cannot be found on the internet or from people who lack close ties to the enterprise.

Be Sure the Business is the Right Fit for You

Consulting a business broker and investigating the ins and outs of an enterprise are definitely the right steps for any person who is serious about making a purchase. However, of equal importance is complete certainty that owning this particular business is the right call.

A solid business plan to keep the enterprise running, management skills, and knowledge to assume complete responsibility for the enterprise after the purchase are so critical. Therefore, Wealth Pilgrim suggests that anyone who is considering purchasing a new business should sit down with people who are close to them and get honest, constructive feedback.

A Final Word

Like all professional decisions, purchasing an already existing business is a pretty big deal. This is why each individual should be sure that they’re completely ready on all fronts before buying an enterprise; once this decision is made, it cannot be reversed or otherwise undone. Proceed with awareness, vigilance, and don’t hesitate to take as much time as you need before closing the deal.

 

Authored by Gabrielle Seunagal

How to Earn Income as a College Student

Nine times out of ten, most young people decide to attend college after finishing high school. While this decision can be beneficial regarding success in various occupations, earning at least one source of income during one’s time in college is always an advantageous decision.

Earning income not only grants students the ability to have their own money but moreover breeds personal responsibility. However, there are certain jobs and opportunities which are best suited for students who must prioritize university and their studies. The ultimate key to succeeding as a college student entails recognizing the best opportunities and then knowing how to make the most of them.

Take Advantage of the Gig Economy

At this point in the world of work, the gig economy is the best friend of college students seeking to earn income without losing focus on their academic studies. There are countless opportunities for financial gain within the gig economy; many options are listed on The Penny Hoarder and include (but are definitely not limited to): selling schoolbooks, driving for Lyft or Uber (assuming that the student owns a car), selling class notes, tutoring other students, setting up accounts on freelancing platforms like Upwork, Fiverr, or Freelancer, etc.

The flexibility and variety which inherently come along with the gig economy will also be quite helpful for young people in college. Jobs can be done during free time and will not interfere with students’ academic work assuming that they properly manage their time.

Of course, different opportunities in the gig economy will be better for different people. Students may have to experience mild degrees of trial-and-error until they discover the jobs which work for them.

Pursue Job Opportunities on Campus

One of the most obvious ways for college students to earn income is by seeking out job opportunities which are already available on their campuses. The majority of colleges and universities understand the importance of young people working and engaging in productive activities during times when they are not in class; moreover, working on campus may allow college students to dedicate a percentage of their earnings towards paying off student loans.

The ability to pay off student loans before graduating from university truly comes in handy; student loans have a way of insidiously piling up. Interest added on top of the aforementioned loans can make matters worst and be financially devastating. Virtually everyone is familiar with the horror stories which chronicle the years (or sometimes decades) which pass before people finally pay back what they owe to the government.

Look Into a Paid Internship

One of the upsides of attending college comes in the form of exposure to internships. Even though these opportunities generally last for relatively short time periods, paid internships are great for earning income and learning information in various fields. Furthermore, taking up an internship can (and often does) lead to additional business openings and even a successful career in the future.

Many college students wind up making invaluable connections and coming across inspirational mentors during their internships.

 

Authored by Gabrielle Renee Seunagal