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DFIN Finance - DeFi and Web 3.0


 
Guest Articles
 1) Tips for Beginning a Business
When You're Limited on Space
 2)  4 Tips for Improving
     Your Business's Finances
3) Transitioning Into
Life as a Digital Nomad
4) Use Your Digital Address
(domain) as Your Brand Name



 

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Contact: GLE@DFIN.com


Tips for Beginning a Business
When You're Limited on Spaces

A small home or apartment may work perfectly for you, especially when you consider you have less space to clean; however, starting a business in a compact area could become a challenge. It's not impossible, though, when you know how to make the space work for you and understand a few business management tips.   

Create a Dual-Function Room

When You're Limited on Space A small home or apartment may work perfectly for you, especially when you consider you have less space to clean; however, starting a business in a compact area could become a challenge. It's not impossible, though, when you know how to make the space work for you and understand a few business management tips.

When you have limited space, consider making one room a multipurpose room. Maybe you want the room to serve as your office and crafting room. You may want to use half the room as the office and set up shelving on the other side for the other purpose. Use your closet for storage for one purpose and set up the room as your office.
A well-placed desk and small office set up in the corner of your living room is another option.

Designate a Workspace 

Even if you can't dedicate an entire room to your business, you need a designated space for work. In this space, you should have nothing but your desk and anything else you need for business. When you have work-related items in the area, you'll be more likely to stay on task and not get distracted.

DE clutter

You might be your own worst enemy when it comes to living in a small space. If you're trying to keep too much, you can easily become overwhelmed and have even less space.
Therefore, immediately after you decide to start a business in a small space, start decluttering. You'll have more space and feel less overwhelmed.
As a general rule, rid your home of everything you haven't used in the last year. Chances are, if you haven't used it yet, you're not going to use it. 

Get Approval From Your Landlord

Besides contending with the space issue, you should also take into consideration your landlord if you rent. Ask permission from your landlord before you start a business for insurance purposes. Keep in mind that, as a part of their mortgage agreement, your landlord may be restricted from having a business operating out of the house if they're still paying a mortgage. 
Additionally, think about the potential for disturbing the neighbors. For instance, if you have people coming in and out of the house all day, your neighbors may not appreciate the noise.  
If you’re unable to use your current rental as the home of your business, you will want to find a new rental that fits your needs and offers the necessary amount of space. When searching rental listings, filters can help you zero in on specific amenities, but always talk to the property manager about whether it’s okay to set up shop.

Simplify Your Business Tasks 

No matter how well you declutter and create an area for your business, you may still feel stressed at times trying to operate your business with limited space. You can, however, take steps to make owning a home-based business easier.

For one, think about creating a limited liability company (LLC) as your business structure. An LLC can make running your business less complicated, especially come tax time. You'll also have less paperwork, which means less clutter in your small space and more time to focus on your business.
You can form an LLC yourself or use an online formation service to avoid lawyer fees, though when it comes to costs, prices can vary. Be sure to check into the state's regulations before proceeding.

Make Marketing a Priority 

Even a small startup needs to have a marketing plan, and it doesn’t have to be huge. The goal is to get your name out there and to boost your online presence. You can do this with a top-notch website, using social media and opting for advertising like Google Ads.

Small Spaces Have Big Possibilities

Your small space can provide you with everything you need and more to run your business. With a measured approach and attention to the details, you’ll be up and running in no time!

Adam Evans is part of the team behind CiteBrain.com which prides itself in being a knowledge database sharing articles on various topics of interest.




April  2022
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4 Tips for Improving Your Business's Finances


If your business has run up some debt, you don’t need to feel discouraged. Debt can be a part of the ebb and flow of running a business, and there are ways to get your company's finances back on track.

Adam Evans is part of the team behind CiteBrain.com which prides itself in being a knowledge database sharing articles on various topics of interest.  Adam invites reader to check out the suggestions in the guide below.

1. Budget, Budget, Budget

 

When managing money, the importance of a budget can’t be overstated. Maintaining a quality budget helps you keep on track, operate within your means and be aware of changes in revenue and expenses. Your small business budget should be revisited frequently so that it can work within what can be a volatile market. Look for ways to cut costs by shopping around for suppliers and services and negotiating when possible to get you the best potential rates. As a way to keep close tabs on your finances, invest in an online accounting tool that offers more than just budget help. Today’s platforms can do everything from tracking employee time to managing payroll to offering financial projections.

While you’re reducing costs, you also should look for ways to increase revenue. Utilize options for marketing that are free or low-cost and can bring you big returns for your investment, and consider raising prices within reason. Promoting goods and services that have a large profit margin can help to build up extra income. 

2. Find Funding

When in debt, businesses may need to look for additional funding. While loans can work for some, many businesses already have substantial loans and may be looking for other avenues. Investors can be an excellent way to get the cash you need to keep your business afloat, and you’re no longer limited to traditional investing practices. Crowdfunding has become an extremely popular way of receiving funding from sources online, as have angel investors.

Grants are highly sought after because they don’t require money to be paid back. Because of this, there is a lot of competition for them, and applicants need to do everything they can to make their business stand out. Familiarize yourself with the grant process and prepare a business plan that establishes why your company is deserving of grant money. Look for grant opportunities that are suitable for your industry and available in your area.

3. Prepare for Future Difficulties

While no one wants to think of things going poorly in the future, it’s much better to prepare for all eventualities. Forming a limited liability company is one way to help separate your assets from those of your business to help protect you should the business run into trouble.

LLCs require less paperwork than other business formations and they also can save you some money when it comes to tax season. Online formation services make it easier than ever to file, allowing you to skip the lawyer’s office and do it yourself. Regulations on LLCs vary depending on the area you’re in, so research local laws before filing. 

4. Prepare for Future Success

Going back to school to earn a business degree can go a long way in improving your business’s prospects. With classes covering everything from marketing and research and statistics to corporate finance and human capital management, an MBA can give you the tools to ensure your business not only doesn’t fall into the red again but also thrives. Online courses have made it easier than ever to achieve this goal. Check out the available programs to see which might be the best fit for you and your circumstances.

When your business is in debt, it can be scary, but it doesn't have to stay that way. Make smart moves to help your business come back from debt stronger than ever and better prepared for trials and success down the line.

Adam Evans is part of the team behind CiteBrain.com which prides itself in being a knowledge database sharing articles on various topics of interest.




June  2022
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You're about to start on the adventure of a lifetime as you transition from a “regular” job to life as a digital nomad. You might be both a bit nervous and pretty excited about the prospect, but there are a few things you should take into consideration before you begin. DFIN invites you to learn about some of them.

1. Get Your Job in Place

 

Before you can embark on your life as a digital nomad, you need to have a job in place. Freelancing gives you the most flexibility and freedom of movement, but you must decide on the kind of freelancing that fits your talents and skills. Perhaps writing is a good match for you, or maybe tutoring, editing, or working as a virtual assistant would be better.

 

If you lack the skills and knowledge to make yourself an ideal freelancer, you may want to consider returning to school for a business degree. You can even earn your degree online from an accredited institution. With flexible coursework, you can pursue a degree focused on one of a variety of different business specializations. Once complete, your knowledge can make your skills as a freelancer in demand.

 

Whatever you decide, you'll have to structure your business properly and make sure it's registered. You might decide to form a limited liability company or LLC. This gives you greater flexibility, some tax advantages, and, of course, limited personal liability for the protection of your assets. An online formation service can help you learn how to start an LLC, as well as file all your registration paperwork in your state.

2. Market Your Business

Depending on the nature of your business, Geek Chicago notes that you may have to  do some marketing to increase your client base. Set up a website for your company as well as social media sites. Encourage your current customers to tell others about their satisfaction with your work, and ask family and friends to share your pages on their own sites.

3. Communicate With Clients

When you've developed a client base, Proof Hub suggests making sure you communicate efficiently  with your clients. Make an effort to answer all emails in hours rather than days, and reach out with questions and concerns immediately. Your clients will appreciate your promptness and attention to detail.

4. Find a Place to Rent

As you travel as a digital nomad, you're going to have to find places to rent that are within your budget and tech-friendly. Remember that you won't be in your old residence any longer, so be prepared to deal with some challenges. Since you'll be working completely online, you must make sure that wherever you live has  reliable internet access. Talk to the owner and other tenants about this when evaluating potential rentals. You might also discover that you'll have to settle for a smaller, less expensive rental, so travel light, and put some of your possessions in storage


5. Save Money

A digital nomad who's also a freelancer has to strive to save money in all kinds of creative ways. If you travel a lot, for instance, use discount websites that allow you to bundle your expenses and save. Also, learn to cook. You might be surprised by how much money you can save by eating at home and preparing your meals from fresh, rather than processed, ingredients. Be careful, too, about purchasing souvenirs when you travel. You could end up with a lot of stuff you really don't need and spend too much doing it.

6. Enjoy Life as a Digital Nomad

Your new life as a digital nomad can be a fun adventure. Just be prepared for it by setting up your business right, use best practices when it comes to marketing, and stay within a budget.

Adam Evans is part of the team behind CiteBrain.com which prides itself in being a knowledge database sharing articles on various topics of interest.




July  2022
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Use Your Digital Address (domain) as Your Brand Name
   Kassey Lee
The ultimate branding strategy may be to use your digital address (domain) as your brand name.

Such strategy is not possible in the physical world because physical addresses are local so you need multiple addresses if you want to run a global business. Also, they tend to be too long to be able to remember. For example, naming your jewelry store “1 Queen’s Road Central Hong Kong” does not mean anything to someone living in New York – and the name is too long to remember.

However, when you enter the ever-expanding digital world, such opportunity suddenly opens up because digital addresses (foundation of the internet) are global. Since domains are digital addresses, short domain names make perfect brand names.

An example I came across yesterday is Alarm.com Incorporated or simply known as the “Alarm.com” brand. The US-based company has been providing security services for over 20 years and recently has applied to trademark its brand “Alarm.com”.

What a wonderful (digital) world!

DFIN Comment: I couldent agree more. I own many domains for this purpose.  Examples include UsedCarSales.com, PetSales.com and StraightVeg.com
.

 

  

Kassey Lee  Founder, China Domains, Auckland, New Zealand, Writer, Domain Name Wire, Over 30,000 Followers on Linkedin  has published over 130 articles related to domains on LinkedIn, which can be found at: https://www.linkedin.com/in/kasseylee/recent-activity/posts/

 



July  2022

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Contact: Gary Lewis Evans; GLE@DFIN.com  br /> Gary Lewis Evans

LinkedIn Bio; hhttps://www.linkedin.com/in/garyevans/

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