KillerStartups |
- How to Build a Sustainability Startup from Scratch
- 18 of the Easiest Money Saving Tips That’ll Make You a Millionaire
- Is Your Startup Idea Good? Steps to Find Out
| How to Build a Sustainability Startup from Scratch Posted: 03 May 2022 07:50 AM PDT Sustainability is defined as "The ability to be maintained at a certain rate or level." At least, that's the general term. However, it goes deeper with its second definition — "avoidance of the depletion of natural resources in order to maintain an ecological balance." In other words, saving the Earth. Sure, it sounds like a super-pushy environmental message, but let's be honest. If we don't take care of this planet, what exactly is it going to do for us in return? Enter the sustainability startup. That's why it's important to have sustainability startup companies out there. Companies that are looking to make a difference for the world, even at a high cost. Companies that are looking to do more than just your typical recycling job. With the right sustainability startup, there's no telling what good a company can do. But it's not an overnight process. A lot of devotion and thinking goes into such a company. Let's take a look at the building factors that go into creating that sustainability startup that has, well, sustainability that will last. What good will you do?You want to do something that makes a difference for the planet. That's a nice step to take, but…what is it? Will you have resources that can help resolve the fuel problem? Do you have something that can sustain plant life for a prolonged period of time? Do you have something that could make for a powerful additive to keep trash from overcoming the planet? It sounds like quite a bit, doesn't it? That's why it helps to establish a ground plan with your sustainability startup. Don't just say where you're going to begin, but where you intend to grow. Where do you want your sustainability startup to go after a few years? What improvements are you hoping to make in the field of nature? Do you really believe it'll make a difference? These are the questions that come up in terms of the establishment process. It never hurts to have a few environmental colleagues to turn to, in an effort to put your plan into action. Remember, investors won't show any sort of interest if you don't have the data to back everything up with your sustainability startup. And that brings us to a crucial step… How's the science involved?Some will say that science isn't important when it comes to research, and maybe going with your gut is. But see what happened with COVID-19? Keeping science in mind is a very big deal, and will put you on the map with your sustainability startup faster than you can blink. This is where research and hiring the right people for your sustainability startup are absolutely vital. Without that, you really don't have too many facts to stand on. Take the time and research the subject at hand. Looking at environmental solutions? Weigh both the pros and cons, particularly with any sort of fallout from waste. Think you've got an additive that could do wonders with produce? Will they actually hurt the produce, or give it what it needs to thrive? These are the questions you'll need to ask yourself — constantly — before you get anywhere. Trust in science. Never mind the wavering opinions that say otherwise. It can go a long way in helping your sustainability startup thrive. Incorporate testing and trust in your sustainability startup.Finally, once you do have a product going with your sustainability startup, you'll want to be careful with it in two key departments. The first is testing. Testing, testing, testing. You can never do enough testing. It'll save you some legal trouble down the road, and you see aftereffects before it even comes close to the market. It'll guide you closer to success and show that you're serious about its success. That'll attract consumers and, more importantly, investors, vital to your endgame. For that matter, you want to stay loyal to those that stay loyal to you. A one-time customer is good, but a lifetime customer speaks volumes. Loud volumes, to say the least. The key to the success of a sustainability startup is knowing that you can get repeat business. Likewise, people that trust you the first time around, as much as they will the tenth. People that can spread good word-of-mouth about what you're doing. Again, volumes. There's a lot that goes into a sustainability startup. Consequently, it just depends on how much you're willing to put into it. Does it have the right cause in mind? Can it really make a difference compared to what others are doing? Does it have what it takes to stand out? If the answer to all these is yes, do your research. Trust in scientific fact. Do whatever it takes to prove your point. But be patient with your sustainability startup. Work on development. Similarly, test like crazy. Eventually, you could see success and, like the thriving environment itself, watch it grow. The post How to Build a Sustainability Startup from Scratch appeared first on KillerStartups. |
| 18 of the Easiest Money Saving Tips That’ll Make You a Millionaire Posted: 03 May 2022 05:00 AM PDT Even if you're modest, I think everyone wouldn't mind being a millionaire. But, with such an uncertain future is it even possible to have that much money? Actually. It is. With proper planning, responsible spending habits, and smart investments you can grow your fortune to $1 million and beyond. But, there's a key part of that equation that shouldn't be overlooked. And, that's effectively saving your money using these easy 18-tips. 1. Make it a game."You probably think saving money has to be boring, hard work," writes Michael Beck. "I say, let's play a game instead!" he adds. "And if you're good at it, this game can help you save a lot of money." Here's how the game began. Beck and his wife were broke after purchasing their first home. While eating at a fast-food restaurant they challenged themselves to see if they could both leave full by spending only $10. Since that was too easy, they kept dropping the price. From there, they competed against each to see who could stretch their gas tanks the most. After that, taking their entertainment budget to zero. And, finally, reducing their energy consumption by turning off the lights or reading instead of watching TV. The result? The couple was able to save $10,000 in one year? 2. Don't talk about it. Be about it.What exactly do I mean? Well, if you want to save money, then it could be as simple as asking. And often, this is done in two ways;
For some, this may induce an anxiety attack. Thankfully, there are tools like Trim and Truebill that analyzes spending. From there, they will cancel unnecessary subscriptions and negotiate your recurring bills for you. Here are a couple of other suggestions for being proactive with your money;
3. Get free stocks.Not everyone thinks they are wealthy enough to invest. Well, guess what? The truth is, you don't need that much to start investing. In fact, if you know where to look, you can even find free stocks — sometimes worth up to $500. Robinhood is one example of a robo-advisor that lets you start investing with $5, $100, or $800. It's actually a favorite among beginner and professional investors because it doesn't charge commission fees, and it lets you buy and sell stocks without any limits. In addition, it's extremely easy to use. In addition, Robinhood automatically deposits a share of free stock into your account when you download the app and fund your account. This type of stock has a random value, so you could get anywhere from $5 to $500. Still, it gives you a jumpstart on building your investments. 4. Pay with cash.The easiest way to save money every time you make a purchase at the store is to use cash instead of a credit card. With a credit card, you can lose sight of your limits very easily. But, with cash, you have a hard spending limit. Whatever cash you have is your spending limit. If you don't like carrying around cash, you could go out with a prepaid and reloadable card. 5. Buy used.You don't have to spend your money on new and fancy stuff just because you have the money. That's what Ilene Davis, who became a high-income earner when she went from making a moderate income to becoming a millionaire, discovered. Davis, for instance, typically shops at thrift stores and consignment shops for her clothing. The author even titled a chapter "Unfashionably Rich," showing four pairs of jeans and asking what the difference between them is. One pair cost $132 and the other three cost around $12. "I also only buy used cars and will opt to watch movies with friends at home instead of going to the theater," she said. Those are just a few ways to live a thrifty lifestyle, but there are plenty of ultra-easy frugal tips to try. 6. Lower your car costs.The ability to refinance your auto loan at lower interest rates will save you a lot of money in the long run. You can also save money if you shop around for car insurance regularly, rather than letting your current policy automatically renew. By driving less, taking heavy items out of your trunk, and avoiding excessive acceleration, you can reduce car maintenance and fuel costs. Speaking of gas, there are several things you can do to reduce your gas consumption and save money, even if you can't control prices at the pump. For example, when you fill up, consider using a gas app to save money. 7. Re-evaluate your housing costs.Most households spend a substantial portion of their budgets on housing costs, such as rent or mortgage payments. In fact, housing costs accounted for more than 35% of the average person's budget in 2020. If possible, you may be able to start saving right away if you move to a place with a lower rent. Choosing to refinance your mortgage can help you save money on interest and monthly payments. However, it's important to understand whether refinancing is right for you. Or, you could find ways to monetize your home or rental. For instance, you could find a roommate or list a spare room on Airbnb. 8. Improve your credit score.The importance of having a good credit score cannot be overstated. After all, credit cards, mortgages, and student loans all have reduced rates if you have a better score. Furthermore, payments go down when the interest rate goes down. As such, reduced payments allow you to focus on important goals. As an example, if you're saving $25 extra a month, you could throw it towards your debt, an emergency fund, or vacation savings. How can you improve your credit score? Well, here are some pointers to get you started;
9. Don't be wasteful.Besides being terrible for the environment, food waste is doing a number on your budget as well. According to statistics, the average American family of four throws away $1,600 in produce each year. How can you be less wasteful? Well, you could only buy what you need at the store. I know. Easier said than done, right? But, it's possible if you map out your meals for the week and only purchase those items. Bonus points if you base your meals around coupons as well. I'm also I big fan of the freezer. For example, when I just went to the store, chicken breast was buy one, get one. So, I cooked up one package for my dinner for the week and throw the other in my freezer. 10. Auto-save your money.Your money will accumulate over time without any further work from you if you set up automatic transfers. As an example, each month a percentage of your paycheck automatically goes to your savings account. This is especially convenient when you're setting up different savings account for different goals, wheter that's building an emergency fund or going on vacation. You can even set up automatic enrollment for a retirement savings plan. Additionally, there are apps such as Digit, Qapital, or Acorns that do some of the heavy lifting for you. Upon signing up, a small amount will be transferred from your checking account to a savings account. Therefore, you won't have to waste time or energy thinking about transferring funds. You can also round up purchases made on your debit or credit card and divert them into a savings account using these apps. 11. Transfer all windfalls to a savings account.Unexpected cash may still come your way even if you're past the age when relatives give you birthday money. According to Miami-based attorney Miguel Suro, who runs RichMiser.com with his wife Lily Rodriguez, you should open a separate savings account just for these cash windfalls. "Deposit all unexpected income there," Suro recommends. "I mean things like product recall refunds, class action settlements, refunds you get when you return an item or money someone gifts you. Just money that you weren't expecting or counting on." Do not forget to take advantage of your employer's bonuses. Suro adds that unexpected income can be used for a specific goal or you can splurge on something you want in the future. It can also be used to create or boost an emergency fund. Bonus tip: You're probably losing money at traditional financial institutions. So, when it comes to savings, consider parking this money in an alternative that pays better, such as a high-yield savings account. 12. Don't keep up with Kardashians.What makes you happy? Go ahead and give yourself plenty of time to answer that question. Got it? Great! You can now resist the temptation to keep up with Joneses, Kardashians, or whoever the latest influencer is. Also, I strongly recommend spending less time on social media — especially before you go shopping. The truth is, it is unhealthy to compare one's life with the lives of those around you on social media. It's well known that these are selected to display unrealistic perfection. 13. Take advantage of your employer's 401(K) match at work."If you work for a fantastic company, one of the best perks that may offer is matching your 401(K) contributions. While you may not be able to access this today, it's yours when you retire," notes Due founder and CEO John Rampton. "We find that most 401k match contribution level are tiered," he adds. "A generous match might include a dollar-for-dollar match on the first 3%-5% of the employee's deposit." Most 401(k) plans then contribute 50 cents for each dollar of the next 3%, which would equal 10% of employee contributions. "I would 100% take advantage of the first part, I also would take advantage of the 50% match for the second part as well," John recommends. "This is all free money to you at the end of the day." 14. Exercise and stay healthy."Finances and health are nearly impossible to separate," writes Kate Underwood in another Due post. "After all, health care costs money, and making money is a lot simpler when you're healthy. You may be thinking you just don't have time to focus on healthy habits like a balanced diet, exercise, or sleep." However, "you might change your mind if you consider the many financial reasons to prioritize your health." Having a healthy body helps you avoid illness and being absent from work. For freelancers or those with limited sick days, that's especially important. In the case of freelancers, if you don't work, you don't get paid. If you are a full-time employee, calling out excessively isn't going to convince your employer to pay you more. In addition, there are long-term consequences. With healthcare costs rising, taking care of yourself today can help reduce your costs in the future. As a result, you should follow a nutritious diet and exercise regularly along with getting enough sleep. I am not the only one who can confirm this. Self-made millionaires also exhibit these traits. "Seventy-six percent of the rich aerobically exercise 30 minutes or more every day," said Thomas C. Corley, who spent five years researching the daily habits of 177 self-made millionaires. Exercises that focus on cardio, such as running, jogging, or walking, count as aerobic exercises. "Cardio is not only good for the body, but it's good for the brain," he added. "It grows the neurons (brain cells) in the brain." "Sleep is critical to success," Corley also wrote. According to his study, 89% of self-made millionaires slept seven or more hours each night. 15. Brown bag-it.Did you know that the average household spends roughly $3,526 a year on food outside the house? When you crunch the numbers, that's $294 per month! Buying lunch once or twice a week might seem like a big deal. By packing your lunch, however, you can expect substantial savings. 16. Follow the S.J.S.P. Principle.What's the S.J.S.P. Principle? Well, according to Jeff Rose, founder of Good Financial Cents, this stands for stop justifying your stupid purchases. But, what classifies as stupid purchases? In short, liabilities like designer sneakers or McMansions. Instead, you should purchase assets. These would be things that appreciate in value over time, such as real estate, insurance policies, passive businesses, and stocks and bonds. 17. Don't fall for quick rich schemes.Those who are successful in building wealth invest their money strategically. More importantly, they're well aware that accumulating wealth doesn't happen overnight. So, don't fall for the false promises from get-rich-quick schemes. In reality, these should be referred to as lose-your-money-fast schemes. Remember, if it sounds too good to be true, it probably is. 18. Invest in yourself.Want to build a financially secure future by saving money and investing in the stock market? That's a smart move. At the same, it's equally important to invest in yourself. After all, has Mark Cuban has said "the best time to invest in yourself is when you're young and have nothing to lose." One idea? Improve your financial literacy by listening to financial podcasts or reading finance books during your commute. Or, you could have "Mad Money" or "Squak Box" on in the background when doing the dishes. In addition to becoming more financially literate, you could also take measures to become more valuable. Perhaps you could learn a new skill or earn new qualifications in order to secure a raise or freelance on the side. Frequently Asked Questions About Becoming a MillionaireWhat is a millionaire?Millionaires are people whose net worth exceeds $1 million. Therefore, they have assets worth at least $1 million less than their liabilities. Why do you want to be a millionaire?As silly as the question may seem, wanting to be a millionaire and really understanding its meaning are far apart. After all, you must know why you want to achieve something in order to accomplish it. Millionaire status just for the sake of having a lot of money probably won't give you the motivation to succeed. Instead, think through why you need to succeed;
What's preventing you from becoming a millionaire?Debt and time are two major roadblocks to becoming a millionaire. If you can keep these two factors in your favor, you can become a millionaire regardless of your situation. In fact, by the time you retire, you can be a millionaire if you avoid consumer debt and start investing every month when you're in your 20s or 30s. To start saving, you should put your investments into a tax-deferred account, such as an employer-sponsored 401(k). As long as you invest in retirement accounts, you can take a balanced approach to reduce any debt. How can you increase your savings?Although imagining becoming a millionaire is exciting, many people wonder if saving $2,000 a month is even feasible. The easiest way to increase your savings is to spend less and earn more. You should be able to save more as your career advances if you avoid lavish luxury purchases and avoid consumer debt. Have you formulated a retirement savings plan?The average person assumes that purchasing a home will be the biggest financial decision of their lives, but you'll need far more money in retirement than you'll need for a house. Building enough of a nest egg takes years, and the first step is to figure out how you'll save it. 18 of the Easiest Money Saving Tips That'll Make You a Millionaire was originally published on Due by John Rampton. Image Credit: Karolina Grabowska; Pexels; Thank you! The post 18 of the Easiest Money Saving Tips That'll Make You a Millionaire appeared first on KillerStartups. |
| Is Your Startup Idea Good? Steps to Find Out Posted: 03 May 2022 03:35 AM PDT So you've got a good idea for a startup business. Hey, that's great. Ideas are always the best idea for establishing a business, especially if it's something truly genius. But the real question is, how do you know that it's a good idea? To prospective business owners, any idea can sound like a good idea. That is until the bottom falls out and it becomes a bad idea. Here now is a guide on how you can gauge whether you've got a good idea for a startup. Ask each of these questions carefully and, after weighing everything, see if it checks out. If so, you could be on your way to greatness. Just don't rush yourself — and don't cheat. There's money on the line here, and it's most likely yours. Is it innovative?The first step to learning if you've got a good idea for a startup is how innovative it is. After all, there are thousands of startup businesses already, and some might be doing what you do. Take a close look at the idea. Where does it stand out in your business field? How are others doing what you're thinking of? Are they doing it better, or have they failed as a result? Research goes a long way here. Take the time and see how some of these startups panned out. There's another thing to consider when seeing if you have a good idea for a startup. If no one's done it yet, is there a reason? Perhaps something went wrong on the way to conception. Or perhaps there's not enough interest. Case in point — a few years ago, in Los Angeles, there was a restaurant for chocolate-covered chicken. (We're serious…here it is.) Doesn't sound so great on paper, does it? But it's wildly popular and has gained a pretty good following. Remember to take your time. Weigh all the factors. Find out if your good idea for a startup is truly just that. Convinced? Let's take a look at what comes next. What does it offer?While you might have a good idea for a startup on paper, you have to take a look at whether it's something else — beneficial. A lot of startups these days have something to offer. A medical service. A unique dining experience. Something within the gaming realm. Something to do with entertainment. There's always a base that gets covered with each of these businesses. So, with your good idea for a startup, where does that lie? Does your product have a service attached to it? Are sharp people ready to step up and make a difference with it? These are part of your research, and you'll need to do it properly. Take the time and balance all the factors, and see what benefits your product comes with. Also, weigh the drawbacks. Let's say you're in the medical field and the product you have in mind can help save lives. Great. But there's the other side of that coin — could it hurt anyone? Could it potentially lead to a lawsuit? Weigh all the factors. Just because you think you've got a good idea for a startup doesn't mean it always pans out. Talk to people!There's a good idea for a startup sitting right there in your head. You're worried about sharing it with the wrong people. We get it. But what about the right ones? It never hurts to get a fresh perspective on what others may think about your idea. This is where the power of being social comes in. Talk to your family members, the ones that believed you'd make something of yourself after college. Tell them about your idea and what it offers, and gauge their feedback. For good measure, take it up with trusted friends too. Reach out to them during lunch. Hit them up on Messenger. Bug them between turns on bowling night. Get your good idea for a startup out there and see what they think of it. Or, more importantly, if they'd actually get something from you once it was opened. Maybe take it easy on the social media front. Talk to trusted types and watch what you put out there. You never know if someone could come along and snatch your good idea for a startup. Hence, making it their good idea for a startup. That's not good. Remember, patience. Patience is completely key here. See what you can offer, if anyone else offers it, and what others may think. Gauge all this out and then take the next steps with the establishment process. As we said, any idea can look good jogging inside your head. It's just how it pans out into an actual business you should show concern over. Good luck! The post Is Your Startup Idea Good? Steps to Find Out appeared first on KillerStartups. |
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