December 11, 2017, 11:08 am

How to Start a 7 Figure Online Retail Business Without any Cash

by: The Financial Blogger    Category: Business

You’ve always wanted to be a successful businessperson. The only problem is, you simply can’t find the money you need for that first initial investment. If this sounds like you, then the good news is that you can now take advantage of the digital age to start your 7 figure retail business online without any investment cash what-so-ever.

Now that we’re fully in the online world, customers love shopping online. After all, it’s quick, it’s convenient, and it’s an easy way to save cash too! Here are just four steps you can follow to start your 7 figure online retail business without any money.

Step 1: Have a Good Plan

Whenever you consider starting a new business, it’s always a good idea to make sure that you have a solid strategy in place. All entrepreneurs begin with a business model to help them figure out whether or not they have what it takes to be successful in the marketplace. Your business plan should include everything from what you plan to sell, to who your target customer is going to be, and how you’re going to make a profit. Remember to consider your position in the market carefully too, by looking at the competition you’ll face when you enter your chosen niche. You can find  more detailed insights on how to build a solid business plan here:

Step 2: Choose the Right Products

While there are a lot of different things that can make or break the success of your online business model, it’s worth noting that few things are more important than your decision of which products you should be selling online. Ideally, you should not only know which product you’re going to sell, but how you’re going to keep production costs low, and profits high. Think about whether you’re going to simply stick to one product line, or expand into multiple different areas as your company starts to grow too!

Step 3: Build Your Ecommerce Website

Building your website might be the simplest part of running an online business. There are plenty of tools available to make this task easier for you, including Shopify, WordPress, and more. You’ll find that there are a range of solutions out there to choose from, so you should read reviews and testimonials to get a good idea of which options offer the most attractive features to your company. Remember, the ecommerce site you build should be mobile-friendly, easy to use, and fast to load if you want your customers to enjoy their experience with you.

Step 4: Start Selling

Once you’ve officially set up your online store, you’ll be able to start uploading product pictures and descriptions, so that you can sell online. Remember, you can’t just list your products and wait for people to turn up, you’re also going to need to have a promotion strategy in mind for how to get your products in front of the right customers. Ideally, you’ll need to use a combination of social media, SEO, paid advertising, and content marketing over the course of your business’s life. To get you started, stick to the free options like social media and blogging!

Bonus Tips

The truth is, building a successful 7 figure eCommerce business doesn’t have to be as challenging as it seems. Once you’ve got a handle on all the resources and information that’s already available and at your disposal, you’ll be able to continue building and enhancing your eCommerce strategy over the years, spending as little money as possible in the meantime. Remember to keep the following things in mind before you get started for the best chances of success:

  • Who is your target customer going to be, and what will the scale of your operations look like? You might choose to ship products locally, internationally, or nationally depending on your opportunities for handling and postage.
  • Get the right stock: If you’re going to be shipping physical goods to your customers, then you need to have the right supply of products on hand. You could always consider dropshipping as an alternative, where you work with a third party who sends products to your customers for you.
  • Know your unique selling points: Make sure that you know how you’re going to stand out from the competition. You might choose to focus on quality, product shipping times, or prices to begin with.

If you prepare yourself for success with the right information and resources, you should be able to easily keep up with the ever-changing nature of the eCommerce world. If not you can still find reliable information about how to build a 7 figure business here:


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December 4, 2017, 8:32 am

Essential Factors To Consider When Choosing Workflow Automation Software

by: The Financial Blogger    Category: Business

The adoption of technology in organizations is considered to have diverse positive impact. One of the significant benefits of technology in business is its ability to reduce costs while at the same time increasing efficiency.

One of these adopted technologies is in the area of automated payment where the purchasing card (p-card) is considered among the favorite options. Use of these electronic payments options has resulted in increased efficiency.

What you should consider

Careful thought needs to go into the decision to adopt software use in the organization. This is not a decision that should be rushed. Here are some of the important factors to consider so you can be sure the software you choose is beneficial to your organization.


How simple the software is, ought to be your number one factor before making any purchase. The reason why businesses adopt software in their operations is to reduce the complexity of work and ensure it is executed easily and effectively. As such, a software that is hard to use does not really serve its intended purpose. For example, what is the use of adopting electronic invoicing software that even the accounting officer finds difficult to use? Choose a workflow automation software that is simple enough such that all your team members can use it with ease.


Different organizations have diverse needs in regards to workflow automation. For example, the AP automation software that your competitors have might differ with what would work best for your company. Always, it is important to consider what your organization needs and compare that with the available options. The best way to choose software is by being keen during its demonstration to capture its capabilities and establish whether it can execute all your needs.


One mistake that most people make is to choose software that does not align with the already available hardware and other tools. It is important, first, to examine your available tools, hardware, as well as any existing systems so you can determine what your ideal workflow automation software should look like. If the new software is compatible with your other systems, the implication is that you will have an easy time switching platforms and this can be cheap and fast.


After you have considered all the above factors, it is time to think about cost of the software. Weigh the software pricing with respect to your budget. Also examine whether the price of the software is one off, or you will be required to make monthly or yearly subscriptions. In most cases, workflow automation software are paid on a subscription basis.


When looking out for any workflow software, security should be your number one factor.  For example, an electronic invoicing software ought to guarantee you the highest security since you will be performing sensitive transactions. Software that does not have security features can have adverse impacts on your organization such as being vulnerable to cyber-attacks.

Fact is workflow automation software is an important aspect of any organization. The choice of your automation software can break or make your business. However, by considering the above factors, you can select the software that will serve you effectively.



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November 27, 2017, 2:34 pm

How Much Do You Pay for Your Health If You Don’t Have Insurance?

by: The Financial Blogger    Category: Insurance

Photo by Fabian Blank on Unsplash

The truth is, health insurance has become costlier. For some, paying premiums, copayments, and deductibles simply isn’t an option.

Which is why some people choose to go without health insurance. Still, the cost of care is expensive, with a trip to the emergency room being as much as four times that of rent.

Just how much do you pay when you aren’t covered? Can you cut down on costs even without coverage? Read on to find out.

Photo by Ken Treloar on Unsplash


The Cost of Care Without Coverage

According to John Hopkins, a 2015 study revealed that the average cost of a doctor’s appointment for a new uninsured patient came out to $160, more or less.

Of course, this dollar amount changed depending on the state the patient was seeking care in. In Pennsylvania, for instance, the cost was $32 less, with an appointment costing roughly $128. Doctor’s appointments in Oregon, meanwhile, were around the $188-dollar mark.

What can be said is that if you don’t have coverage, similar to other products and services, location matters.

Also, know that the study indicated that 6% of uninsured patients were turned down care because they did not have insurance. That said, those who don’t have the coverage may have fewer options.

(If you don’t have health insurance, it is important that you know ahead of time of doctors and health facilities that accept uninsured patients; that way, should you need to visit a doctor as soon as possible, you will know where to go.)

Photo by Crew on Unsplash


Health Insurance Options When You Don’t Have Coverage

As mentioned, health insurance is pricey. Because of this, coverage may not be an available option. If you find yourself in this situation, know that you do have options.

If you are 65 or older, consider looking into Medicare, a government-funded healthcare program geared towards American seniors.

If you aren’t a senior but are going through tough financial times, consider looking at Medicaid—another government-backed healthcare program aimed at providing coverage for low-income American citizens.

If these options do not work for you and you are between companies, you may still be able to stay on your previous employer’s health insurance. Research thoroughly to determine if this is an option for you.

Or, you could create your own emergency health savings, allotting a portion of your income to your health each month. That way, should a medical emergency take place, you have accessible funds to use.

Think of it like setting funds aside for a large appliance or trip. (Speaking of trips, check out From A to BC: 8 Reasons to Go North on an International Jet Charter.)

Please know that these are not your only options. Other options include being under your parent’s’ health insurance (if you are under 26), COBRA, and more.


Final Thoughts

Just because you do not have health insurance doesn’t mean you go without care. There are accredited and licensed doctors and health facilities that do accept uninsured patients.

While medical appointments, medication, etc. will be out of pocket, talk with your doctor and/or health facility to determine if a payment plan or discount is possible.

How much do you pay out of pocket for medical costs? What ways have you saved and reduced costs? Leave a comment.

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November 22, 2017, 2:44 pm

How millennials can save money

by: The Financial Blogger    Category: Financial Planning

Group of young people using laptop.

The millennial generation – generally considered to be those born in the last 20 years or so of the 20th century – face many different financial challenges. Many of them are paying mortgages for the first time, or else are trying very hard to save enough to get on the housing ladder. At the same time, they may be paying off student loans and other debts, whilst trying to pay their regular bills, and enjoy a decent social life.

Wonga South Africa recognises the financial challenges faced by today’s millennials, and has published some money saving tips on its website.

If you are a member of the millennial generation, the company’s advice includes:

  1. Put together a budget. Work out what income you have from various sources, then work out what you spend each month on food, clothing, mortgage and debt repayments, transport, utilities, telecommunications, insurance and other areas. This will then show how much you realistically have left to spend on entertainment, socialising, hobbies and other areas that might be classed as ‘discretionary’ or ‘non-essential’ expenditure. There are many different budget planning tools on the internet that you can use free of charge
  2. Be selective when it comes to your social life. Although you may have an understandable FOMO (fear of missing out), it is not realistic to accept every social invitation that comes your way. Decide which social occasions are most important, then place the money you have saved from declining your other invitations into a savings account
  3. Cut down on your treats. Do you really need, for example, to buy your lunch at the most expensive café in town, or to regularly buy high-end, designer clothing?

Other money saving tips for millennials include:

  1. Shop around for low borrowing costs. Before taking out a loan, or borrowing on a credit card, consider how you can do this as cheaply as possible
  2. Audit your subscriptions. You might be paying all manner of subscriptions, such as gym membership, internet services such as Netflix, magazines and online newspapers, sports clubs etc. Are there any of these that you’re not using, or are hardly ever making use of? If so, maybe it’s time to cancel them
  3. Find the telecoms plan that best suits what you need. You may be paying for phone contracts that provide all manner of features that you don’t need, while you may also be paying for TV channels that you never watch
  4. Compare prices. The internet allows you to compare the costs of many different goods and services before you buy. Searching the internet can also alert you to special offers and discount vouchers
  5. Identify your costliest debts. When paying off your debts, prioritise clearing those with the highest interest rates
  6. Find the best savings rates. If you are able to put some money aside each month, shop around for the savings accounts with the best interest rates


Image Credit: The Odyssey Online



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November 8, 2017, 11:26 am

What is Too Little Life Insurance? Too Much?

by: The Financial Blogger    Category: Insurance

If you are thinking about getting life insurance, or if you are evaluating a policy that you already have, you probably already know there are two main life insurance types: term life insurance and permanent life insurance. Both can provide coverage for the people in your life who would need help if you weren’t around any more. But both options are generally not right for each customer.

Without much forethought, it’s easy to get a life insurance policy that is too big, or too small, for your unique needs. In the first case, you can pay way too much money over the lifetime of your policy. In the other case, your dependents may not have the financial help they need when you pass on. These decisions have long term consequences. Do some reading, get some quotes, and obtain the best life insurance policy for you and yours.

Too Much Life Insurance

One of the most common causes for an individual having too much life insurance would be when they choose permanent life insurance, without actually needing it. There are variations to this model, but generally a permanent life insurance policyholder will 1) pay more money each month to ensure a death benefit to loved ones and dependents, no matter how long the policyholder lives, and 2) have money taken out of each monthly payment to save or accumulate cash value.

This savings component create a permanent life insurance policy’s cash value. Depending on the type of permanent life insurance you have, you might use this growing balance for income, to act as collateral for borrowing, or to increase the death benefit that will eventually go to someone you care about.

Typically, permanent life insurance policies are selected by people with estates, high net worth, those with complex investment needs, or those who want to make sure that their chosen policy benefits those who need it.

For all of these reasons, permanent life insurance can be a great option for many kinds of people. But for others, it may be a little too expensive and complex. This policy might seem like the only way to know for sure that your death benefit will have the effect you desire, but this assurance can usually be achieved other ways. Some of these people may be better served with more affordable and simpler term life insurance.

Too Little Life Insurance

37% of parents with children living at home do not have life insurance, according to the 2015 Bankrate Money Pulse survey. Among the remaining 63% that do have life insurance, one-third have less than $100,000 of coverage. That might seem like a lot of money, and it might be when considered as a lump sum. But $100,000 or less may not be enough to cover the living expenses of a people or people who have, up until this time, depended on you for their support.

If you find yourself in this situation, it’s time to get realistic about how much life insurance coverage your dependents, family, and loved ones actually need. For policyholders of term life insurance plans, additional coverage is probably more affordable than you think, and can certainly provide a better financial solution than insufficient coverage.

For people who purchased life insurance without thinking too much about the details, the end result is frequently too much, or too little coverage. If you haven’t bought life insurance yet, make sure you carefully consider your needs and the needs of those who will receive the death benefit of your policy. In the end, you can have just the right about of life insurance for your unique situation.

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