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  • Things You Should Do (and Never Do) When You’re Renting Out a Unit

    Things You Should Do (and Never Do) When You’re Renting Out a Unit

    Whether you want to save some cash or pay back debts, renting out your property is an excellent solution. Additionally, if you’re going to live abroad, you can benefit from renting out your home instead of leaving it to potential wear and tear. Many people are lucky to have a property located in a seafront area or in the center of a big city. If your house is located in a tourist zone, you can rent it out for short periods or on seasonal vacations. You can also make a deal with seasonal rental groups that would make renting out your property much easier. Even though the motives of renting out your unit are enticing, be it a house or an office, some problems can occur if you don’t take the necessary precautions beforehand. On that note, here is a list of things you should and shouldn’t do when you’re renting out a unit.

    Things You Should Do

    Consider The Responsibility

    Renting out your unit is not all about having fixed income and long-term revenue; it comes with a huge responsibility and a lot of work. You need to know a few things before you hang a “for rent” sign. Renting out your property has several benefits such as preventing the potential wear out that affects empty homes, generating money that covers some expenses, or creating a decent profit. However, the responsibility that comes with it can be overwhelming and daunting. Things don’t usually run smoothly for a landlord; you have to take care of repairs, collect rent from tenants, and keep tabs on your tenants, should they cause any damage to the property.

    Make Your Unit Ready

    Renters tend to be picky and choosy as there is a myriad of rental units everywhere. Therefore, your property has to be ready and clean all the time. Make sure you take care of maintenance and ensure that your appliances and tools are functioning properly and the whole place is shipshape. Furthermore, the professional team at Mynd property management suggests that, if you’re renting out a specific room in your apartment, you make sure it is appropriately separated from the other rooms of the apartment to ensure privacy. Additionally, a rental property management company can easily take care of the whole process in case you’re busy or unable to deal with tenants. They can guarantee to manage a stress-free investment while taking care of growing your cash flow.  Moreover, renters tend to have high hopes, so make sure that your property meets their expectations by keeping it clean and sanitized all the time, especially during the Pandemic.

    Screen Tenants Beforehand

    Once your property is ready for showing, start looking for tenants by posting advertisements on websites or newspapers. Ensure that you choose your tenant very carefully as this person will not only be paying rent, but they will be responsible for keeping your unit in tip-top shape. Learn everything about them beforehand if possible. Start by checking their rental and credit histories and see if they have ever been evicted or don’t have a stable source of income. Additionally, make sure you take all the necessary safety precautions when you’re showing your unit to potential tenants; they’re still strangers after all. Therefore, you shouldn’t be alone whenever you’re showing your apartment. Once you choose a tenant, make sure you set some ground rules about your property and the payment plan.

    Things You Should Never Do

    Rent Out to Relatives or Friends

    Mixing family with business isn’t a good idea. Doing business with your relatives or friends doesn’t end well in most cases, so don’t jeopardize your relationship with them over a rental unit. Your close friends and family members will expect you to lower or extend the rent, which can be an embarrassing situation for both parties, whether you consent or refuse their requests. In addition, this business is meant to be a source of profit to you, so lowering the rent or extending it won’t do your pockets any good. In fact, renting out to people who are close to you may cost you more money rather than its revenue.

    Make Friends with Your Tenants

    You better be perceived as the bossy landlord who gets the rent at the beginning of every month on time than be the sweet landlord who forgives tenants for paying late or not paying at all. If you establish friendships with your tenants, they could, very likely,  use it to their favor; after all, you’re still their landlord who takes their money. Nonetheless, you should always be friendly while handling your tenants so they see you as an admirable and respectable person. You should also treat them all the same to avoid the appearance of favoritism or bias. The difference between being friendly and making friends with your renters is that the latter will put you under a lot of stress and financial loss once they start asking for favors.

    Do Repairs You’re not Qualified to Handle

    It makes sense to do a few simple repairs here and there to save money. However, things can get messy and more complicated if you attempt to fix something you’re not qualified enough to deal with; you may end up with extra costs in the long run. Being a landlord obligates you to keep the building and your tenants safe, so whenever you face a plumbing or an electrical problem, make sure you contact a professional to handle it. Moreover, if you try to repair something you don’t know how to fix, your tenants will get easily frustrated, which can make them refuse to pay the rent or leave.

    Renting out your property is a beneficial and profitable business. You just need to understand what it takes to be a landlord and comprehend the responsibility that falls on your shoulders. When renting out your unit, you should keep in mind these tips on what to do and what to avoid. Additionally, you need to address certain repairs before you show your unit to tenants to avoid potential complications. Consider the listed tips before you go about renting out your apartment or office to ensure a successful business endeavor.

  • 4 Career Paths You May Have Overlooked Before

    4 Career Paths You May Have Overlooked Before

    Technology and digitalization have significantly influenced the careers that people choose. The desire to be relevant and modern has led many to choose professions that integrate with technology. This trend, as a result, has impacted the world of blue-collar jobs as few people are willing to take on such careers. Blue-collar jobs require technical skills and physical manual labor.  

    And why is skilled labor called the blue-collar job? In the past, skilled workers used to wear dark clothes, in many cases blue, as dirt picked from their work wouldn’t show as it would on bright uniforms.

    Blue-collar jobs are still a necessity though they seem to be unpopular. We still need someone to drive our child to and from school, an electrician to assist with our power needs, a delivery man to deliver our order, as well as a truck driver to move goods from one point to the other. Below are four careers ignored in the career path choices;

    School Bus Driver

    The image that comes to mind is of a gentle, mature, and resilient driver patiently waiting in the school bus for students to board. This career, though not very popular, has always existed and most likely will always do. A bus driver saves families’ expenses they would h incur as they drop and pick their child from school. More so if these are parents with several children schooling in different institutions. 

    School bus drivers have to safely drive in all kinds of weather, traffic while transporting students with differing behaviors. The day of a driver starts with early morning trips, after which he takes another job as he waits for the afternoon trips. Then, during school breaks, the school bus driver takes other jobs.  

    School bus drivers have licenses with an (S) to indicate they qualify for the position. Though this job is not so popular, it’s still a career path one can choose. To be a school driver, one has to be conversant with the routes he works at, have strong interpersonal skills, organized and patient. 

    A Delivery Man

    A delivery person collects and transports different items such as; foodstuffs, medicine, electronics, and equipment safely to their owners. To deliver items, he uses a motorcycle, car, van, or even a truck. 

    The delivery man collects the items from the supplier and reviews the purchases to ensure they are complete, in order, and well charged. From here, he transports the orders to the client safely and on time, as deliveries are time-tracked. As he delivers items, he ensures the client is satisfied and signs to authenticate the delivery. 

    To work as a delivery person, one has to be a licensed driver or motorcyclist. The delivery man must be conversant with all the routes and locations of the area he works. He as well must be adept in problem-solving skills, people skills, and attentive to details. Working in the postal service, for instance, is demanding since mail has to be delivered. Starting your career as a mailman isn’t complicated, as with a high school diploma, you are set to go. If you are not an office kind of a guy, this should be your kind of job. 

    Being a delivery guy is a go-to career; it is very necessary and useful. The COVID pandemic significantly boosted this service as many people preferred to make orders from the safety of their homes to avoid exposure to infections.  

    An Electrician 

    The mere thought of a novice trying to sort a power issue sends a shiver down the spine. Yes, that’s why, though not a popular career, a professional electrician will always be handy. An electrician repairs, fixes or replaces wiring and electrical fixtures. 

    The digital world needs electricity as well. The two go hand in hand, and this has increased the demand for electricians. A failed switch, fluctuating lights, and a piece of overheating electrical equipment will always lead us to an electrician. Electrical services are a must-have in industrial and construction sites where wiring and power connections are needed. As many homes continue to be connected to power, the need to have skilled electricians rise. 

    To qualify as an electrician, one has to have at least a high school diploma. Most technical colleges train on electrical skills and give electrical exams which a student must pass. The course includes basic electricity knowledge, circuity, and electrical safety. An electrician gets a license once he passes the electrical exam. On skills, an electrician should be a detail-oriented person, confident, and able to follow instructions. 

    A Truck Driver

    Nic Allen, the general manager of Training for the Freight Transport Association, is quoted by Transportbusiness.net saying there is a shortfall of employees as the demand for truck drivers is higher than the drivers available in the industry. This concern confirms that truck driving as a career is not very popular. A truck driver transports goods and material things from the supplier to another location. It is an essential service in the industrial and manufacturing world. 

    In the supply chain, truck drivers are essential. First, truck drivers transport the raw materials from their source to the manufacturing places. Then, the same drivers will distribute the finished products to different locations. They as well transport products to the coastlines and railway stations for further shipping. 

    When a truck driver collects goods and materials, he verifies the accuracy of the load, ensures the records are in order, and delivers them as instructed. The driver is responsible for the truck and has to regularly check its mechanical operation and weigh the load on the weighbridges.  

    A qualified truck driver should have a Driver’s Certificate of Professional Competence and Heavy Goods Vehicles driver’s license. Skills required in this field are mechanical knowledge, attention to detail, focus, and endurance since the job involves long-distance and overnight journeys. 

     The above blue-collar fields represent many others that are not popular career paths as white-collar jobs are preferred. But as the article has stipulated, these skilled professionals are still a necessity. Compared to white-collar jobs, blue-collar jobs are easier to get. Blue-collar professionals have the option of starting their businesses that in turn creates employment. However, they do not appeal to the masses as they require technical skills and physical manual labor. It is time to draw attention to this area to alleviate the levels of unemployment in the market.

  • 10 STEM Careers with Lucrative Salaries

    10 STEM Careers with Lucrative Salaries

    STEM careers include everything involving science, technology, engineering, and mathematics. With such skill involved, it’s understandable that many of those careers provide a high salary. Which are the most lucrative, though? If you have a STEM-focused mind and want to enter a role that’ll give you a comfortable (and even luxurious) life, here are ten STEM careers with lucrative salaries.

    1. Data Analyst

    Average Salary Per Year – $71K

    Data analysts collect and analyze data to help a business grow and make the right decisions. Data analyzing is a skill that most businesses require, which means there are plenty of different settings for those wishing to pursue this career, including finance and marketing.

    Who would make a great data analyst?

    To thrive in this role, you must have great attention to detail and excellent mathematical skills. It’s also recommended that you pursue a master’s degree. An online master’s in statistics (requiring no GRE) provides analytical skills that are necessary to succeed as a data analyst while also being able to study from home.

    2. Civil Engineer

    Average Salary Per Year – $86K

    Civil engineers focus on the designing and building of infrastructure, which includes bridges, buildings, water systems, and roads. They also ensure quality maintenance.

    Who would make a great civil engineer?

    Civil engineering requires excellent communication, technical skills, and critical thinking. You also need to be highly organized and able to work as a team, as projects are worked on by many. If you’re interested in becoming a civil engineer, expect to spend at least four years in higher education attaining your bachelor’s.

    3. Environmental Scientist

    Average Salary Per Year – $70K

    Environmental scientists use their specialized knowledge to identify and solve environmental damage. There’s a lot of variety within this career depending on expertise, but most spend their time conducting research and devising ways to solve environmental issues.

    Who would make a great environmental scientist?

    It’s not just the technical skills needed for great environmental scientists – it is also a true passion for the environment. The best environmental scientists would be those who are highly analytical, organized, innovative, and care deeply about the earth.

    4. Nurse Practitioner

    Average Salary Per Year – $109K

    Nurse practitioners have more responsibilities than registered nurses, as they can perform physical exams, prescribe medication, and diagnose illnesses. They work in a range of settings, including clinics, nursing homes, hospitals, and schools.

    Who would make a great nurse practitioner?

    On top of deep knowledge of medicine and treatments, great nurse practitioners are those who have genuine empathy and can communicate well. It’s not just about providing treatment – it’s also about being caring and comforting while you do so.

    5. Software Developer

    Average Salary Per Year – $105K

    Software development is a particularly lucrative career, and it’s not hard to see why. The role is to design, maintain, test, and create software systems, which is something that many businesses seek out.

    Who would make a great software developer?

    To succeed as a software developer, you must have extensive knowledge of coding as well as high levels of organization, problem-solving skills, and accuracy. While some people imagine software developers as alone, they often interact with multiple people in one day, so excellent communication skills are also essential.

    6. IT Manager

    Average Salary Per Year – $84K

    Information technology managers help companies with their computer needs. As they are in charge of the IT team, they are responsible for organizing the IT department and the maintenance of the business’s computer systems.

    Who would make a great IT manager?

    Not only do IT managers need to be tech-savvy, great with computers, and effective communicators, but they also need to be stellar leaders, as they are responsible for managing the entire IT department in a company. That is what makes this career more lucrative than others.

    7. Dentist

    Average Salary Per Year – $169K

    Dentists don’t just examine teeth – they perform surgeries, diagnose oral diseases, take x-rays, and advise patients on optimal oral health. It’s a challenging role and one that requires a lot of knowledge. For this, they earn an extremely high wage.

    Who would make a great dentist?

    Dentistry requires a hard-working, intelligent person who has a passion for helping people. You’d also need to be willing to put many years into the study, as dentists typically spend around eight years in higher education before becoming qualified.

    8. Web Developer

    Average Salary Per Year – $74K

    Website developers design, build and maintain websites for clients and businesses. Many web developers work freelance for several different clients, while some work for a specific company. 

    Who would make a great web developer?

    To become a successful web developer, you’d need a great handle on code as well as a keen eye for design. It’s crucial to be organized and self-disciplined, too, especially if you’re a freelance web developer.

    9. Psychologist

    Average Salary Per Year – $77K

    Psychologists take up a part of healthcare that revolves around mental health. They assess, diagnose, and treat mental health patients with a wide range of problems, from depression to eating disorders.

    Who would make a great psychologist?

    Many psychologists hold a doctorate, so someone willing to learn is required to become a great psychologist. It’s also crucial to be empathetic, patient, and organized in this line of work, as no two days are ever the same, and sometimes a patient or general situation might be challenging to handle. 

    10. Biochemist

    Average Salary Per Year – £94K

    Biochemists use their knowledge of biological processes to aid healthcare. For example, a biochemist might study the cell development of cancer cells to understand them better for treatments. Due to this, they play a pivotal role in the development of medicine and healthcare research.  

    Who would make a great biochemist?

    To become a biochemist, you must be analytical, have excellent mathematical skills, and maintain a high level of accuracy. Due to the nature of the role, biochemists have little room for errors, so perseverance and organization are also crucial.

    By choosing to study one of these ten STEM careers, you’ll end up with a satisfying and lucrative career.

  • What Mistakes Do Most Dropshippers Make in Their First Year?

    What Mistakes Do Most Dropshippers Make in Their First Year?

    Dropshipping can be a very lucrative business model. But too many first-time dropshippers make mistakes that cost them dearly. If you want your dropshipping business to be successful, ensure you do not make any of the following common mistakes in your first year.

    A Lack of Investment

    Many people are drawn to dropshipping because they think it does not involve any investment. While you can technically begin a dropshipping business for little to no money, if you want it to be successful, it is vital you put cash into your business. While your supplier delivers any goods directly to your customers, and takes a percentage of the sale cost, enabling you to not have to deal with logistics, you still need to put money into marketing to grow your brand identity and attract customers. You should aim to put around $300 to $400 into advertising. Many newbie dropshippers begin their businesses before they have saved enough. Furthermore, many first-time dropshippers are not willing to invest money into tools that can help with long-term growth. While the best dropshipping automation tools come with costs, they can substantially help to raise your business’s profile, handle various logistics, and make your dropshipping business become a success. Dropshipping is like any other business. The more time and money you invest in it, the more you will see results.

    Providing the Wrong Products

    Choosing the right product line is at the heart of a successful dropshipping business. But many new dropshippers do not select the right products to sell and end up folding in the first year. There are two primary ways you can go with product lines. You can either sell items that are in high demand or you can cater to a niche audience. While the former can potentially bring more customers, you will face a lot of competition. On the other hand, the latter allows you to target a more specific customer base.

    Marketing on the Wrong Platforms

    You need to spend time and money on marketing to be successful, but you also need to ensure you target the right audience. So, do not make the common mistake that many new dropshippers make by placing ads on the wrong platforms. Some of the most prominent channels for marketing your products are Facebook Ads and Google Adwords. But if you place those ads on sites like Facebook when you are selling products that are more aimed toward a millennial audience that hangs out on platforms like Instagram, you need to rethink your strategy. The more research you do into your target audience’s demographics, the more accurately you will be able to reach the right potential customers. It takes time to find the right platforms and ad services. Just make sure you pay attention. If your goods are not selling through one channel, it is time to try another.

    No Persistence

    Dropshipping is not as easy and straightforward as many think it is, which is why so many new dropshippers fail in their first year. Regardless of the precise strategies you implement to raise the profile of your brand and generate new and repeat customers, it is vital you remain patient and persistent. No dropshipping business can make you rich overnight. Like any business, you will make mistakes and learn from your mistakes as you go along, and you will have to spend a lot of time growing your brand. That is perfectly natural. The biggest mistake is giving up early on when you are not seeing results. Instead of throwing in the towel, re-scrutinize your strategies and make changes, such as the product lines you sell, their price points, and your marketing techniques. With hard work, there is no reason why you cannot make your dropshipping business a success.

  • What Does It Mean When The Market Is Choppy And Why You Should Avoid It?

    What Does It Mean When The Market Is Choppy And Why You Should Avoid It?

    The stock market is a market for publicly traded companies. Any company can become a part of this market because of its value. Investors buy stocks in companies to make money from their appreciation in value. This is called the capital appreciation of a stock. You can buy a stock for a price called the “exchange price in the stock market.”

    What Is The Stock Market?

    The stock market is a collection of companies with their shares for sale, but only a minority of those companies are traded on a stock exchange. Some of them are listed on the New York Stock Exchange (NYSE), others on the London Stock Exchange (LSE), while others are only traded through private companies. Stock markets are locations where you can buy or sell a stock. They are prominent places, and it can be hard to understand. While it’s easy to get caught up in the day-to-day ups and downs of the market, the real goal is to learn how the market works and why it happens the way it does. The first step in doing this is understanding what a stock is. Once you know that, you can learn about the markets’ history, how they’re valued, and how investors make money from them. Some of the major stock exchanges include:

    • New York Stock Exchange (NYSE).
    • NASDAQ.
    • Tokyo Stock Exchange.
    • Shanghai Stock Exchange (SSE).
    • Euronext.
    • Hong Kong Stock Exchange.
    • London Stock Exchange.
    • Shenzhen Stock Exchange.

    What is a Stock?

    A stock is a financial investment in a company. It can be a physical share, a certificate, or a promise to pay money. Stocks are financial investments in corporations, and an investment in a company is made up of two parts: the portion of a company’s stock that you own and the portion of a company’s stock owned by someone else.

    Choppy Markets: What Does it Mean?

    Look at any chart of the stock market, and you’ll find there is not much consistency. The market will rise, then fall for a while, then rise again. Each of those movements is called a “wave” in technical terms. The waves are usually small, perhaps a few points in a primary index (the Dow Jones Industrial Average or the S&P 500 Index), so there’s not much surprise when the market goes up or down. Nonetheless, investors and traders track movements in the market, and the “waves” are a sign that things are changing. Essentially a choppy market is a market that changes rapidly due to unforeseen circumstances such as:

    • Technological advances.
    • Mergers and acquisitions.
    • Changes in the workforce.
    • Currency fluctuations.
    • Regulations.

    Understanding Choppy Markets

    Markets are constantly moving. The prices of stocks, bonds, commodities, and real estate fluctuate wildly, seemingly out of control, but ultimately there is a method to this madness, a pattern to the madness. The market is a river. It flows, and then stops, and then flows again. The stock market is notorious for its jerky movements, which can lead to gains and losses in a matter of seconds, and the news media loves to feature stories about how volatile the market is. But while the market is unstable, it is essential to understand why that is. 

    When you look at the big picture, it becomes clear that this volatility results from the market being made up of a lot of small markets, which makes it easy for large movements to appear. In other words, a choppy market is one where the market is in balance. This may not sound right after discussing how volatile it is, but “in balance” can also be a form of volatility. This could mean, for instance, that buyers and sellers are on equal footing or that sellers and buyers are in an intense fight, but there is no clear winner. Many trend traders struggle to make money in choppy markets since they focus on trading movements, up or down. Trend trading capitalizes on the progress of sustained price in one direction.

    How to Identify a Choppy Market

    Some people believe that the market will be choppy when it moves up and down for 2-3 consecutive days. Others say that the market will be choppy when it moves up and down three times in a single week. Still, others believe that the market will be choppy when it moves up and down at least four times in a month. Nevertheless, there are some methods you can use to identify when a choppy market could be approaching:

    • Fibonacci retracements: These retracements provide easily observable visual indicators of trends.
    • Rectangular prices: You should look for several highs and lows in the same area to see whether there has been choppy trading recently.
    • General Market Indices: You can look at the general indicators and see how the market is performing.

    Why You Should Avoid a Choppy Market

    It’s important to know when the market is choppy and when it is not. A choppy market can be hard to navigate, and the consequences can be devastating. You can lose control of your investments and end up with less money than you started with. A choppy market can even lead to a market crash, which can spell disaster for those who lack the experience and knowledge to navigate it. In summary, trading in choppy market conditions is like suicide. Trading is a precarious business for anyone who lacks experience and a mastery of the strategy. Even experienced traders will steer clear of such markets.

    Additionally, traders are often unable to generate profits when the markets are choppy since the moves are relatively small compared to trending markets. This trading style can be worth your time, however, if you have a high winning percentage. Essentially, this means aiming for a win ratio between 60% and 70%. In addition, tight stops and tight profit targets are also required during these small moves. Whenever you are wrong, you limit your losses, while when you are right, you book your profits.

    The stock market is not always a smooth ride; sometimes it dips, and sometimes it goes up, but this type of volatility is nothing new. Investors have known this for some time; the market’s fluctuations are nothing more than a natural part. The market’s ups and downs are no different from the natural ups and downs of the ocean. When the waves are small, you can walk along with them and feel the sea breeze. However, when the waves are large and unpredictable, it is far more challenging to navigate and stay afloat.

  • Why Do Startups Fail?

    Why Do Startups Fail?

    If you’re about to launch a startup, you’re sure to be excited by the idea. You’ll have lots of different ideas, and you’ll be keen to get going as soon as you can. But it’s important to know that an estimated 97 percent of startups will fail. This shouldn’t put you off from launching your business, but it’s crucial that you are prepared and understand what it is you’re letting yourself in for if you want to be in the three percent of startups that make it. Here are some of the biggest reasons why startups fail so you can avoid being in this situation and grow your business to success. 

    Launching Too Soon

    You might have the most amazing idea, and that idea could be something that will revolutionize the world. So of course, you’re going to want to let people know about it and start selling right away. 

    This is not a good strategy. As much as you might be sure you have a market and that your goods are high quality, that doesn’t mean you’re ready to launch, and if you go too soon – before you’re really ready – you will lose that initial rush of interest. Once this is gone, no matter how many changes you make and what you do to improve, your potential customer will no longer be interested. 

    It’s far better to take some extra time putting every detail in place, from revenue cycle management software for healthcare organizations to thoroughly testing your products to having good branding to having a team that has enough training and so on, than it is to rush to launch and not be able to handle the work that comes in. 

    No Demand 

    For a business to be successful, there has to be a high enough level of demand for whatever it’s selling. As an entrepreneur, you’ll love your idea, and you may well believe that everyone else will love it too, but launching a business on that belief alone isn’t enough, and you might discover that you were wrong – not enough people want to buy what you’re selling. 

    The best way to prevent this is to conduct market research. Find out just who will want your product (this will help when it comes to marketing also) and what proportion of the population they make up. Is that going to bring you enough business? You have to be honest with the results, and if there isn’t enough demand, you’ll need to start thinking again. It’s annoying, but it’s far better than launching and then having to close, losing money in the process. 

    High Levels Of Competition 

    Some competition in business is good. It’s always helpful to have a few competitors to learn from and work with. However, too much competition could be just that; too much. You need your business to stand out from the crowd, and unless you have something unique to sell, that’s going to be hard, even impossible, if there is a lot of competition already. 

    Again, market research will give you an idea of just how much competition there is for your products and services. If there is a lot, perhaps you can think of adding a twist to your idea to make it different; this will help immensely.