Tag Archives: finance

8 Online Business Ideas That Generate Sustainable Revenue

With more people trying to make money online, thousands of articles give advice on how you can generate some cash in the digital world. No wonder there are so many online business ideas out there!

1. Self-publish Books  

No one cares whether your book is self-published or published by a traditional publisher. The quality of your book is what matters. One of the most successful books in recent years is Can’t Hurt Me by David Goggins. He received some offers from publishers but decided to publish the book by himself. That way he owns all the rights.

And today, everyone can do that too. You can do the whole process yourself, or you can hire people to do it for you like David Goggins. You can even hire a ghost-writer.

2. Create An App  

Until just a few years ago, it would’ve been unimaginable to sleep in other people’s homes on a regular basis for cheaper accommodation. Yet, as Airbnb has shown in the travel and hospitality market, this concept has now become the norm. All these transactions are done with the app. 

But that doesn’t mean you need to create the next big-time app like Airbnb or Uber. Even without knowing how to code, anyone can build an app. There’s a list of no-code app-makers you can use online to do this.

The most important part of an app is your business model. Too often, we see apps that are great but don’t have a business plan.

3. Sell Other People’s Products  

Don’t want to build your own products? Then sell existing products, also known as affiliate marketing. It sometimes gets a bad rep but it’s a solid business model.

The best platform for this strategy is a website (or multiple sites). 

Once you have a website, you can start creating content that attracts people who are interested in the products you’re offering.

4. Create An Online Course  

I’m a big fan of Peter Drucker’s advice of focusing on your strengths so you can provide more value. This is about leveraging your knowledge, experience, and expertise for the benefit of other people. Maybe you’ve been training for a long time and you’re ready to become a fitness coach. Or you’ve been teaching history, and now can teach people how to adapt well to changes based on historical lessons.

We always want to learn. The popularity of online courses shows that there is great demand. And it’s easier than ever to sell a course. With the right tools, you are able to save time, maximize your efforts, and create courses that students can easily consume.

5. Start A Paid Newsletter  

One of the leading examples of a paid newsletter is Ben Thompson’s “Stratechery.” He popularized this digital product and he’s now generating millions of dollars. 

But you and I don’t need to become the next Ben Thompson. If you can generate a small but loyal following that’s willing to pay, you can make a good living with a newsletter.

In terms of technology, there are many solutions you can use. I’ve seen people using Substack.

6. Build An Online Community  

Most digital entrepreneurs work from home, so they barely interact with new people (often, just clients) on a daily basis. It can be a lonely pursuit.

The Sounding Board—a facilitated community where like-minded people can join, share their goals, insights, and even test their business ideas before implementing them. It’s a safe space for anyone in need of motivation and honest insights. But you can create a community around any topic.

7. Start A Coaching Program  

With the recent global crisis, more people are switching their offline activities (like being coached by a trainer in a gym) into digital programs. Now, you can have your trainer right there with you at home through your smartphone or laptop. 

This isn’t limited to fitness coaches. You can do nearly every type of 1-on-1 coaching over Zoom or Skype. Again, it’s all about what you’re good at. People want to pay for expertise. With enough experience, you can gradually expand to group coaching and booking multiple sessions. 

8. Build A Freelance Practice  

Yes, it’s easy to get on those freelancing sites, but you’re not building anything for yourself. Plus, you’ll be pitching to prospects all the time. You might as well use that time to build your own site, with your own rules.

The problem with freelance sites is that they lock you into a cycle of looking for clients and pitching to them. Many of the jobs offered are also one-time projects that pay lesser. These tactics may get you a handful of small clients at first, but you won’t build a loyal customer-base doing that. 

Building your own site, publishing your own content, and attracting high quality, well-paying clients take much more time. But the pay-off is so much more rewarding and sustainable. 

Now restrict the covid to imact your financial credit

 – Since the beginning of March, COVID-19 has turned millions of Americans’ financial situations upside down.

While the economy is showing signs of recovery, many Americans are still unemployed and having to dip into their savings to cover basic living costs. To that end, the question remains: How do you protect your credit score? Read on for some tips.

• Contact your lender aas soon as possible if you can’t make a payment. On-time payments are the largest factor affecting your credit score. Many lenders continue to offer emergency support such as deferral or forbearance options that may allow you to reduce or suspend payments for a fixed period. However, if those terms are set to expire soon, you should “call your lender to discuss what options are available,” says Rod Griffin, senior director of consumer education and advocacy for the credit reporting agency Experian.

• Look for ways to boost your credit score. If you have limited credit history, building credit can be challenging. Experian’s free tool, Experian Boost, can help raise your FICO score instantly by giving you credit for on-time utility, phone and streaming service payments.

This type of alternative financial data, known as “consumer-permissioned data,” allows you to manage your data with confidence and qualify for better credit. In fact, two out of three Experian Boost users see an increase in their credit score with an average increase of about 12 points. That’s enough to make a significant difference when applying for a loan or any type of credit.

• Consider getting a balance transfer credit card or one with an introductory offer. Handled responsibly, this actually has the potential to increase your credit score while either buying you time to pay off your debts or getting a “welcome bonus” of perhaps hundreds of dollars. If you’re looking for personalized credit card options, tools like Experian CreditMatch can help you get the right card based on your financial profile.

• Pay attention to your utilization ratio. Your credit score is based on your total balance-to-limit ratio (a.k.a. “utilization rate”). Adding a new credit card increases your total available credit. As long as your total credit balance remains the same, you’d be decreasing your utilization rate, which can potentially boost your credit score. Be sure to transfer balances to the card with lower interest and be mindful of temporary low interest rates.

While any balance can cause scores to decline, you should keep your utilization under 30 percent, both overall and on individual accounts. Shooting for a top credit score? “Keep your utilization in the single digits, or even better, pay your credit card balances in full each month,” says Griffin.

• Fight fraud by checking your credit report regularly.According to the Federal Trade Commission., there’s been a huge jump in attempted credit – and debit-card fraud since the pandemic hit; consumers have lost more than $100 million to COVID-19-related fraud

GST DAY

Approx most of the day we heard about this Term GST, if we Recharge mobile current postpaid bill is Rs 500, we will have to shell out Rs 590. It is Rs 15 more than what you are currently paying. Food, electricity, gold, land, loans in these services GST is applicable

GST, Goods and Service Tax Act passed in the parliament of India on 27th March 2017 and came into effect on 1st July 2017.

The day was celebrated on 1st July 2018 to mark the first anniversary of the new indirect tax regime.GST is a single indirect tax on the supply of goods and services right from manufacturers to consumers. It’s replaced a number of taxes such As excise duty, service tax, central sales Tax, Value-added Tax(VAT), and Octroi.

Excise duty is an indirect tax that levies on the goods which, are produced within the country. This tax is not related to the Customs Duty. Excise Duty is also known as Central Value Added Tax. value-added Tax is collected by the state government. For example, if we purchase a good then we must pay an additional tax as Value Added Tax to the government. The VAT rate is decided based on the nature of the item and state.Custom duty and OctoroiThis tax is levied on those goods that are imported into India from outside. The Custom Duty tax is paid at the port of entry in the country as the airport. This tax rate also varies over the nature of goods. While the Octroi tax is charged on the goods entering the municipality.

GST was First coneceptual by Former Indian Prime Minister Atal Bihari Vajpayee,1999.

In an official message on the occasion of GST Day, Finance Minister Nirmala Sitharaman on Wednesday said that more efforts are required to ease tax compliance further for the taxpayers, especially the micro, small and medium enterprises (MSMEs). Wednesday marked the third anniversary of the launch of the Goods and Services Tax (GST) regime.In message, Ms Sitharaman herhighlighted the steps taken towards easing the return filing process, including the recently introduced feature of SMS-based filing for nil return

Finance Bill 2020

The Finance Bill 2020 has been passed by the Lok Sabha on 23 March 2020 and also duly returned by the Rajya Sabha. There were significant changes made to the original Finance Bill 2020 which was introduced in the Lok Sabha on 1 February 2020.

The Lok Sabha passed the Finance Bill by voice vote with 40 amendments amidst the coronavirus pandemic. On March 27, President Ram Nath Kovind gave assent to amend the Finance Bill 2020 and now it became the Finance Act 2020.

In the Union Budget 2020-2021, the government proposed to spend INR 30,42,230 crore in the next Fiscal Year which is 12.7% higher than the revised estimate of the year 2019-2020. After the Financial Bill 2020 has passed in the Lok Sabha, these proposals have been given effect.

What is a Finance Bill?

As per Article 110 of the Indian Constitution, Finance Bill is a Money Bill having a Memorandum containing explanations of the provisions included in it. The Finance Bill can only be introduced in Lok Sabha. However, Rajya Sabha can recommend amendments to be made in the Bill and it is up to Lok Sabha to accept or reject the recommendations. The bill must be passed by the Parliament within 75 days of its introduction.

Importance of Finance Bill

All the elements included in the Finance Act associated with a particular Financial Year are of course important. Even so, there are particular elements that take precedence over the others. The most important element is the rules laid down in the Act with respect to Income Tax Rates. Every year, the Act lays down in detail all the associated provisions related to Income Tax in the country. Since this applies to a large number of taxpayers, it is considered one of the most important elements.

The Finance Act is responsible for laying down the tax slabs that applies to taxpayers. The Act includes various details related to – Income through salary, agricultural income, tax slabs for senior citizens, tax slabs for very senior citizens, income Tax Surcharges, taxes chargeable to companies and advance tax.

These are a few important elements included and elaborated upon in detail in the Finance Act for a particular year.

Direct taxes

The Finance Act for a particular financial year also includes the amendments that have been made with respect to Direct Taxes. The Amendments made under various sections are noted down in this section of the Finance Act and each amendment of every section is noted down separately. Also included in the Finance Act are the details of the insertion of new sections, if any.

List of important amendments in the Finance Bill 2020

1- Additional excise duty on Petrol and Diesel by up to Rs 18 per litre and Rs 12 per litre respectively as and when required.

2- The original Finance Bill proposed to reduce the time spent in India by the Indian citizens or people of Indian origins to qualify as Indian tax resident from earlier 182 days to 120 days in 2019. Now, the Finance Act states that the 120-day rule will not apply to those citizens having Indian-sourced income less than INR 15 lakh in the relevant Fiscal Year. 

3- The Tax Deducted at Source or TDS rate on payment of dividend to non-residents and foreign companies have been set at 20% after the amendment. 

4- In the original Finance Bill, the dividend received by the shareholders was taxable. However, after the amendment, the dividends received by the shareholders will not be taxed if DDT has been paid as per the original law with effect to April 1. 

5- After the amendment, 1% of TDS has been imposed on e-commerce transactions. 

6- Finance Act, 2020 has extended reduced tax withholding rate of 2% to royalty in the nature of consideration for sale, distribution or exhibition of cinematographic films.