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Financial Benefits Of Having A Second Job

For the longest time, moonlighting was seen as a means to take on extra work in order to supplement one’s full-time employment. It was exclusively for underpaid employees or those who are severely strapped for cash. Nowadays, moonlighting and having a second job are seen as acceptable means to expand one’s income without the weight of stereotypes.

Having a second job does not only expand your wallet, but also maximize your skills and talents. Many employers are open to the idea of giving their employees the freedom and flexibility to take on other jobs to keep up with the rising cost of living. To illustrate, combining your full-time job with a 20-hour per week sideline can pull in a greater income. You may also combine two part-time positions to get an income that will equate to a full-time position while working for less hours per week.

That is just the beginning. The following are other benefits of having a second job.

LESSENING YOUR TRANSPORTATION COSTS

Four years ago, I juggled my work as an enrichment teacher and as a freelance writer. As a teacher, I needed to travel three to four times per week around Singapore. While, my job as a freelance writer brought me to the comforts of my own home.

If your second job is either at a home office or at a place near you, you will be able to save more money on transportation costs. This situational advantage can help you shave dollars on monthly petrol consumption or EZ-Link top-up.

OPENING NEW JOB OPPORTUNITIES

We cannot fully guarantee that the economy will stay the same in a few years time. Say you lost your job. If you are running out of full-time job options, you may try your luck in several part-time employment positions that can eventually turn into a coveted full-time slot. After all, it is more cost-efficient for an employer to hire individuals who are already trained than to hire individuals who are unfamiliar with the field.

When given the chance to partake in a team as a part-timer, show how eager you are to know the tricks of the trade. Volunteer your time and exhaust your energy as much as possible. Do not waste the opportunities given to you.

GIVING MORE MEANS TO PURSUE OTHER ACTIVITIES

Freedom – is easier said than acquired. Experts say that people who have second jobs or second careers have a higher sense of freedom such as the feeling of not being shackled to one company. Furthermore, practicing in a different field gives you a financial cushion in case the economy becomes sour towards your other career.

Having a second job gives you more freedom to pursue other activities that will showcase your skills. If you are thinking of switching careers and want to minimize the risk, take on a part-time position that will enable you to test the waters. For those people who lack prerequisites or academic credentials to pursue their dream job, a part-time position may serve as a stepping stone that provides free training and meaningful experiences. While, others may use part-time positions as a means to climb the ladder within an existing field. For instance, a teacher may obtain an entry-level part-time work in order to finance his graduate studies. Further education will land him a more lucrative job in the field.

Image Credits: pixabay.com

It is up to you to find ways to maximize your income and make the most out of your second job.

Sources: 1 & 2

How To Become A Great E-Commerce Seller

Technology advancements paved way to the invention of e-commerce. E-commerce is the activity of buying or selling something via the Internet. From Instagram to Carousell, various websites and apps enable Singaporeans to practice e-commerce. That being said, here are tips on how to become the best online seller out there!

STEP #1: DEFINE YOUR BRAND

What are you willing and not willing to sell? What are the teens buzzing about these days? Pearl hair-clips or vintage headbands? How about the working adults? Are herbal oils in demand for pain management? Before you decide on putting a collection of products online, you must do your research.

Image Credits: unsplash.com

Look for sellers that offer the same products and see which products are on top. This ensures that your products are attractive and in demand without having to lose money in the process. As you diversify your product range and start selling more, you may need to find a warehouse.

STEP #2: NARROW DOWN THE COSTS

Opening a physical store entail a painfully long list of operation costs. It comprises of rent, interior design, electricity, utility, and other expenses. Not to mention, you have to maintain the overall look of your brick and mortar store.

Fortunately for you, you have avoided these expenses by opening an online store. You must start your business right by deciding which costs are necessary. Cut down unnecessary costs such as hiring additional staff.

STEP #3: OPEN AN ACCOUNT

To become an e-commerce seller, you can either open your own website or sign-up under an established one. For instance, you may set up a seller’s account at Lazada. It is easy!

As a prospective seller, you must provide basic contact information about yourself and the shop that you want to open. Next, you have to list down your products using Lazada’s Store Builder app. Ensure that you build appealing pages to increase client engagement. Lastly, you have to provide legitimate documentation. This documentation includes:

a. Your Business Registration Certificate or Business Owner Identification (NRIC),
b. Your list of directors,
c. A bank statement, and
d. GST letter (if applicable)

STEP #4: MARKET YOUR BRAND

Last but not the least, you must increase the visibility of your brand. Already established e-commerce websites have a lot of traffic, so you are at an advantage. You do not have to shell out more marketing budget. Nonetheless, you can always promote your products or services on Facebook and on Instagram.

Image Credits: unsplash.com

I cannot deny that many Singaporeans turn to social media for product or service reviews. So, make these reviews count!

4 Practical Tips On Making Your Online Business Successful

With a growth mindset, you aim to expand your online business in many ways! For starters, you want it to be more profitable than ever. All these goals can be possible once you employ the necessary changes. Remember that building a successful online business is a marathon and not a sprint! Nothing good happens overnight.

#1: WORD OF MOUTH

Millennials consume everything at a fast rate! When we want something, we want it now. With the digital consumer culture, it is best to create a positive online community. Post your clients’ feedback and tagged photos.

Singaporeans turn to the web for reviews on businesses and other services. Get positive word of mouth by providing professional service, monitoring your online presence, and giving back to the community. You may partake in or host charity events once a year.

#2: STOREFRONT OF YOUR BUSINESS

You have a fantastic product and a bulletproof selling process. It is time to design your own website. When creating your own website for your online business, you must keep things simple. You have about five seconds to grab someone’s attention. Otherwise, you will never see them again!

Ensure that you keep things simple by choosing two plain fonts and by making navigation clear. Collect as many email addresses as you can by offering promotions at the front page. Lastly, make buying accessible within one or two clicks. Ultimately, you must think of your website as your storefront. You have to make it eye-catching and consumer-friendly.

#3: POWER OF EMAIL MARKETING

As I have said above, you may collect as many email addresses as you can. Use these e-addresses to test the power of email marketing. It is such a strong tool to turn your potential consumers into loyal buyers. Allowing them to subscribe in your mail-list gives you permission to send regular promotions or new product updates. You are developing a long-lasting relationship with your client. Make each email count!

Email marketing is beneficial not only because it is cheaper that print marketing, but also because it is 100% measurable. You will be able to track whether you hit the target or not.

#4: EXPANSION OF THE CLOUD

With a startup business like yours, you can benefit from no-cost programs such as the “cloud” (e.g., Google Drive). Storing your files in one digital place will you monitor your gains and losses. The major advantages of using the cloud are its accessibility and its cost-effectiveness.

You will be able to access your business accounts and accounting files from anywhere and anytime using cloud-based applications. This way, you no longer have to pay for other applications.

Image Credits: unsplash.com

Being an online entrepreneur has its ups and downs. You just have to find practical ways to handle the obstacles and to move forward.

Source: Entrepreneur

5 Helpful Tips On How To Work From Home

Working from home is not just an option, it is a way of life. Overhauling the way you work can either make or break your career and sanity. Follow these helpful tips to get you started:

TAXATION RULES

One of the first steps to straighten out your finances as a freelancer is to know what your filing status is. In the Singaporean tax code, there is a huge difference between employment and small business types. Knowing which one you fall under on will save you in the long run. The government judges your status based on whether you take some risk of doing business or you get a share of the profits.

For instance, you may think that you are subject to the self-employment tax as a sole proprietor of a company. However, the law may consider you as an employee if you only have one client who supervises you, dictates your regular hours, pays you per hour, and gives you benefits.

GOAL SETTING

As a freelancer, it will help to develop both long-term and short-term goals. The former helps you to create a direction, a purpose, and a will to push forward. Long-term goals enables you to improve your money management and increase your job satisfaction despite working from home. For example, in 3 years time you can expand your business to reach international clientele.

While, short-term goals give you achievable targets. These targets will help you pay the bills and track your cashflow.

DAILY SCHEDULE

From my experience of working from home, I noticed how important it is to keep everything organized. You must have time management skills and motivation to finish each task. For example, you may set defined working hours when you work from one company. Try to avoid phone calls or emails beyond your regular schedule.

It is easy to get trapped into working any time and any day when you are working from home. Devise a plan to balance out your work and personal time to maintain your sanity. Every morning, you may plan a couple of breaks such as half an hour for coffee drinking or fifteen minutes to go outside. In reality, you must pull out your body from the laptop and have brain breaks.

HEALTHY SOCIALIZATION

Working from home can be isolating for most people. When you are used to being in an office filled with lunch buddies, it can be a significant adjustment to leave everything behind. This is why you must meet others on a regular basis. Meet your clients face-to-face, socialize with a group of people who share the same hobby, or invite your office friends for dinner.

Working from home saves you from a lot of awkward and embarrassing social encounters. But, you still need to interact with others to keep your mental health in tact.

WEEKEND SANCTUARY

As you are working in the comfort of your own home, things can get mundane and exhausting. Your life can be a series of completing tasks without a weekend to look forward to. Be different!

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Allot at least two days to enjoy yourself without having to think of work. Spend time with family and friends during your weekend sanctuary. Otherwise, you are comparable to the lifestyle of graveyard or red-eyed shift workers.

Sources: 1 & 2

How To Efficiently Evaluate Your Boss

It is not uncommon for a boss to continually evaluate your output and etiquette. While this happens, you are also evaluating him or her. Your mind automatically makes assumptions and perceptions about a person, even if you do not realize it.

To aid in the smooth stream of operations between the employees and the employers, transparency is needed. Evaluate your boss efficiently by following these tips.

COMMUNICATION SKILLS

Keeping the lines open between the employer and the employee can help address and prevent issues. Observe how your boss communicates with you. Does he motivate you when you perform or does he constantly criticize your work? He must be able to filter personal issues and constructive criticisms.

Feedback is essential in brewing a good relationship. Furthermore, the boss must be able to deal with the mistakes in a calmly and efficient manner.

MANAGEMENT SKILLS

When I was given a leadership position, I thought that micromanaging my staff will help lift their loads. To cut it short, I was wrong. A good boss does not dictate every step of the way. He trusts the capabilities of his employees and does not take credit for the work that they have done. However, he is willing to share the responsibility when things go wrong.

Management skills are showcased through your boss’ ability to discipline unpleasant behavior and through giving proper guidance to those who need it. Your boss must understand the requirements of each job title and maintain order in the workplace.

INTERPERSONAL SKILLS

Interpersonal skills refers to your boss’ ability to interact with you as an employee. Does your boss care about you and the company’s expectations? Does he recognize your achievements and contributions to the team?

A good boss must be able to encourage you and your co-workers to meet the same goal. He must be able to clearly communicate the expectations, which are in line with the company.

Image Credits: pixabay.com

When evaluating your boss, ensure that you incorporate both positive feedback and constructive criticisms. Confidentiality is highly encourage to enable you to have honest reviews.

Lastly, put yourself in his shoes! Consider how you want your boss to conduct performance reviews and give the same courtesy to your boss.

Sources: 1 &2

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