How Does Working Capital Benefit Seasonal Fluctuations?

Working capital is the requirement of all businesses in order to finance everyday operational costs and short-term debt repayments. Businesses usually generate working capital via steady cash stream which is a combination of sales income and accounts receivable. Working capital is basically the difference between a business’s current assets and current liabilities. According to studies, however, this formula is not so simple when we add in seasonality effects.

The working capital your business needs, depends on the kind of business you run as well as on seasonal fluctuations. The type of business you own dictates how much working capital you need and at what times of the year. If your business is completely seasonal, such as growing and selling Christmas trees, your working capital needs would be different. Alternatively, if you run a year-round business such as a clothing store, the working capital your business requires would be different. So how exactly does working capital benefit seasonal fluctuations? Read on to find out.

Fund Low-Income Periods

One of the most practical benefits of working capital finance is to cover daily expenses in low-income season. It is easy to generate revenue for daily operation expenses in the months when business is earning revenue daily. However, it is harder to keep it running during the slower months of the year when sales are not good. Businesses need to prepare themselves for such times by figuring out their working capital needs and sources in advance. It also helps to be ready to tackle any unexpected working capital requirements arising from an unprecedented spike in sales.

Buy Inventory for Busy Season

Businesses can take advantage of working capital to fund inventory purchase during the slow season. Doing so helps the company prepare itself for the high-sales time period. You might lose sales opportunities if you purchase inventory in the peak season, as it may take time to arrive. By procuring supplies in advance, you get to make a head-start on production for the busy time ahead.

It is not uncommon for businesses to opt for working capital loans to finance their purchasing in low-income months. Doing this lets you prepare for the peak season and you can pay back the loan when your earnings increase. When you borrow money to raise working capital, they usually come at shorter repayment terms so you can repay them quickly. Businesses are usually able to repay such loans during peak season when revenues are high.

Finance Employee Requirements

Although peak sales generally indicate a good period for any business, you would need more employees during busy season. Alternatively, you may decide to increase the working hours of your present employees. In any case, you need to distribute the salaries of new employees or the increased salaries of your current workers. Working capital also helps you pay extra salaries so that your business can keep functioning smoothly. You might also discover that you need to train your sales force for the peak season. You can finance your employees’ training through working capital as well.

Helps Balance Investments

Working capital funding helps business owners balance their investments during seasonal fluctuations. If you have been in business for some time, you would know your busy and slow seasons. Research indicates that you wouldn’t make any major capital investments or repairs in the slow season. Working capital would, however, finance interest payment due in the low-income season on any loan that you have taken. You don’t have to worry about missing any interest payment on any long-term loan. In this way, working capital financing keeps your business afloat and your lenders happy the whole year round.

Doesn’t Effect Credit Rating

In case you need to borrow working capital for an emergency during seasonal fluctuations, it wouldn’t change your credit score. According to studies, businesses can fall behind repayment of their loans when they face difficult times, thus adversely affecting their credit rating. Lenders might hesitate in giving loans and may charge higher lending rates to businesses with bad credit scores. Working capital financing has no such negative effects on your credit rating. So you don’t need to worry about its future repercussions for your business.

Supports Business Growth

Working capital financing helps you grow your business and keep your products updated according to customer demand during peak season. For instance, there may be a new trending product and customers are demanding you add it to your stock. Working capital can help you procure highly-demanded products quickly, thus ensuring that you don’t lose revenue to competitors. You can also use working capital to fund your marketing and sales effort in the time leading to peak season. You might need funds to order marketing supplies such as banners, pamphlets, or paid social media marketing campaigns. Working capital comes in handy for all such situations so you can easily finance the tools to promote your business.

Freedom of Use

If you take a loan to raise working capital for your business, you can use it for various purposes. Lenders don’t restrict you to use the money on a specific area of your business. You can use the working capital to finance any area of business that needs improvement. This area can be anything from equipment repair, to employee hiring, to adding new products. You are free to figure out which areas need working capital the most and use it on that. You don’t need to explain the details of the use of the loan to the lenders.

Final Word

Business owners need to manage their working capital smartly and effectively to cover both the peak and slow seasons. It is easy to go on and splurge money on unnecessary expenses when the earnings are good. However, you should keep those months in mind when the revenue isn’t that high and plan accordingly. A successful business owner plans for seasonal fluctuations and secures working capital to keep the business afloat around the year.

 

Your Guide to Side Hustles

Getting by isn’t as easy as it used to be. No disrespect meant to the many success stories of the ’70s and ’80s, but those of us who are now — or still — out here trying to make a living have new challenges and new frustrations. A “gig economy” has stripped some of us of benefits that were hard won back in the Progressive Era. While the economy has grown, the wealth held by everyday, hardworking people in our country has remained remarkably stagnant; the trend continues today as a surging economy leaves too many behind. And if we work hard to earn a living, we may find that even that is not enough. Economists say the real wage of the typical American hasn’t budged in years.

All of this has created some real problems for Americans. Many of us have too little saved for retirement and too little in the bank to cover unexpected expenses.

But what can we do? Even if we aim for big policy changes or economic shifts, we need to come up with something in the meantime. That’s why so many people are now turning to the “side hustle.”

Why side hustles make sense

A side hustle is anything you work at for money besides your main job. It’s not exactly the same thing as moonlighting, though, because many (if not most) side hustles don’t involve an added employer. Side hustles are often entrepreneurial in spirit.

You’ll still pay taxes on your side hustle income (please don’t try to avoid this — it makes the IRS very upset), but having a side hustle allows you to increase your earning power by turning free time into work time (of course, assuming that you opt for an entrepreneurial side hustle, you can more or less choose how much to work and when). That’s a great way to build an emergency fund, supplement retirement savings, or pay down a debt faster.

From hobby to side hustle

Side hustles are great, but where can you get one? Well, you actually might already have one. Most people have hobbies they enjoy, but some of us can actually make money through our passions. Are you a weekend musician who plays paying gigs? A crafty creator who sells wares at art shows? Then your hobby might be a side hustle (and you should probably check in on the tax implications of that).

Or maybe you have a hobby that could be a side hustle. Does everyone love your crochet work? Your paintings? Your ceramics? Then maybe you should be selling them at art shows or through online marketplaces such as Etsy and eBay. It has never been easier for hobbyists to monetize their work, and choosing to make money off of something you already do and love could give you a side-hustle income without adding much new “work” to your days off.

Flipping and reselling

Folks with enough disposable income can do well flipping houses. They buy a run-down place in a decent neighborhood, spruce it up with renovations, and resell it fast for a quick profit. That can be either a full-time job or a side hustle — but, either way, it’s out of financial reach for many of us.

But houses aren’t the only things you can flip. If you master the market for some type of product or collectible on eBay or Etsy, you could snap up underpriced goods or pick up great deals at garage sales and then flip your finds for a profit. And then there are the products that you can buy in bulk through sites like Direct Liquidation — whole pallets of returns and liquidated goods from huge retailers such as Amazon and Walmart. Some entrepreneurs buy goods this way and then resell them on online marketplaces (including, sometimes, Amazon itself) for a profit. You’ll need to be knowledgeable, of course; try to focus on particular types of items so that you can learn everything you can about their resale values and popularity. The more efficient you can be with this work, the more you can make on the weekends or after work without having to quit your day job.

Passive income and long-term goals

A side hustle is great, but nobody wants to work forever. So we’ll leave you with this advice: Think about passive income. Sometimes, a side-hustle project like an e-book or a website (with ads) can give you long-term passive income that lasts after the work is done. Other forms of passive income don’t involve much “hustle” at all: Buying stocks and other investments can give you increased wealth without asking you to lift a finger. Be smart and work hard — you can still make it in this country of ours.

 

Tips To Screen Potential Tenants In Dubai

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For those who have been in the rental property market for years, you’ve probably had a taste of what a bad tenant is. And if you haven’t been in this business, you won’t like to know what it is, for sure. Experts always advise to carry out an effective tenant screening process so you can filter out those potential bad tenants.

So if you’re looking for apartments for sale in Dubai or more specifically in amazing places like city walk apartments or Palm Jumeirah, and even off plan projects by Emaar, so you can start leasing and gaining extra money, here are some tips for you to screen your tenants and start your business without any problem. Isn’t that great?

1. HAVE AN APPLICATION READY TO GO

You must create a simple rental application so you get to know the basic profile of every tenant who comes to your door. Having it ready can save you plenty of time!

These applications should cover basic information like:

* Legal name (as per the passport or id)

* Phone number

* Lifestyle information (smoker or non-smoker, pets)

* Financial information (how much do the tenants earn, bank accounts, credit card balances, financial obligations)

* References from previous employers and landlords

2. IN-PERSON INTERVIEW

When you make a face to face interview with your potential tenant, you are probably making a big difference. You’ll get to know your tenant’s vibe and manners in a more personal, unique way. Be sure to notice details such as punctuality, considerate personality, well-manners, and other values.

3. RUN A BACKGROUND CHECK

Just to be sure, you should ask for a copy of a good conduct certificate.

Since January 2018, those foreigners or expats who are coming to the UAE and Dubai must obtain this kind of certificate for their home country or country of residence for the past five years when you’re applying for a work visa.

If you’re soon to be tenant has a criminal record, make sure you know the context of the crime and how severe it is.

4. APPROVAL AND SIGNING OF THE LEASE

Once you feel good and satisfied with the information you’ve already gathered from the amazing tenant screening you just did, congratulate your tenant for meeting the requirements and now you can proceed to the signing of the leasing contract. And that’s it!

 

The Advanced Skills to Seek Out Within Employee Hiring

When you’re constantly interviewing candidates and welcoming new people to your company, you may think you know everything to look out for. But just as quickly as technology and lifestyles change, so do people’s skills and qualifications, and it’s important to keep on top of them.

What was once the best qualification for your business’s needs may have been overshadowed by other, more modern and advanced training schemes. Those personality skills that were once viewed as key may not be as significant as a different soft skill that could bring a different dynamic to the business.

Let’s look at five key skills that are shining through when it comes to seeking out the best employees. If an employee can show all the below, backed up with examples, you’re onto hiring a winning candidate.

Managing ambiguity

At one point, HR teams looked for teamwork, communication and leadership as top personal skills. While these are still key, the ability to manage ambiguity is now an important one that recruiters should be looking for. It’s a less obvious one, but this skill is an essential one if you are looking for someone who can progress into management roles.

In a nutshell, managing ambiguity involves making decisions based on what information someone else has given, even if it is little or poor information. This comes with risk and uncertainty because the information tends to come from other people or untrusted sources. If someone can give examples how they handle this by can taking what they are given and using it to make the best decision, it is an invaluable skill.

Look out for this in particular if you are recruiting for the retail or hospitality industries.

Entrepreneurial skills

No matter what business area you are recruiting for, an ideal candidate will show various signs of entrepreneurial skills. If someone can successfully suggest ways to improve processes, discuss any gaps or spaces for opportunity in the market, or bring new ideas to the table in interview stage, it means they have an entrepreneurial approach.

It’s usually present with those who have studied business degrees at higher education, like MBAs, which train students about all areas of business in depth. From financial forecasting to curating marketing strategies, those fresh from an MBA qualification should be able to show their entrepreneurial skills, which are highly valuable to a business of any shape and size.

Look for candidates who have this qualification background and ask them about their studies during the interview. They may have studied online and worked it around their current or previous job, like this Suffolk course at https://online.suffolk.edu/programs/mba, which educates students to become skilled within real-life business.

Problem solving abilities

Every successful business tends to have a member of staff – or a group of staff members – who can problem solve, quickly and efficiently. During the interview stage, it’s worth asking a few competencies based questions that present a potential problem to the interviewee, and see how they take the information and turn it into a solution.

Things to look out for when assessing someone’s ability to problem solve is how they use creativity. Most people who are brilliant problem solvers tend to be creative, allowing them to look at problems in a whole different way, either intuitively or methodically.

An effective problem solver should also show signs of being a strong researcher, which is again an excellent skill to have. You could test both their creative and research-based problem solving skills by proposing two different scenarios and asking how they would approach them. Make sure one shows how they use their creativity, and the other how they approach researching.

Resilience

If a potential employee understands how to professionally cope with change, stress and problems, chances are they have resilience. Today’s fast paced industries means that work place situations can change rapidly, and not always for the best. It’s how an employee handles this and sets an example to other employees that makes them a key, resilient member of the company.

Ideally, a strong candidate will react quickly to change, accepting any modifications and communicating professionally where needed.

Analytical skills

Most companies are led by profit and growth, therefore anyone who processes strong analytical skills will be highly valuable for your business.

It’s not just the basics of analytics to look out for, it’s how they can work with different types of information, explore patterns and trends, and draw up meaningful conclusions from data.

Speed is also crucial in certain companies, so if you are recruiting for a position that highly depends on analytical skills, don’t be afraid to run a timed test. This will give you a realistic idea of how well someone can analyse figures and take them into certain situations, and to what timescales they can work to.

As businesses must quickly react to the changes in technology and media, it’s worth keeping your eye out for creative and social media skills too. If someone can come into your company who has an eye for digital trends, the importance of social media, and online marketing, they could be key as the business grows.

It’s all about drawing up a set of suitable skills relevant to not just the available role, but also the company as it continues to grow. Staff with varied skills that can stretch into other areas as the company grows are irreplaceable.

Publishers Driving Traffic Through Instagram

Instagram is one of the toughest platforms to drive the traffic for the publishers as compared to Facebook and Twitter. But it has not limited the publishers from converting Instagram users into their readers. Instagram has evolved from being a fancy app for photo sharing to a base for the customer and business interaction. It has introduced features like shoppable posts, stories, mentions and many other which makes it easy for the customers to connect with the businesses.

There has been a notable increase in the number of publishers on Instagram and the way they are coming up with interesting strategies to convert Instagram users into real-life readers. There are various ways to drive traffic from Instagram for publishers. You can look at the best ways to buy Instagram followers in 2019.

The publishers these days are using every Instagram feature at disposal for the marketing plan and getting more and more readers and subscribers. You can use Instagram stories to reach out to the wider audience who are not the followers and are not able to see the posts. It also makes it easy for the readers to go through the news in just a click without leaving the app or else go to the link in the bio. It is a great strategy for any publisher or business looking to drive traffic.

Just like offline methods, breaking the continuous text with a quote is working on Instagram as well. It is a perfect Instagram strategy to use quotes in the captions which depict the personality and inspires the followers. It is also necessary to add connecting captions or call to actions to the post. It becomes an important tool for users to reach out to the publishers.

With the release of Instagram stories highlight, most of the publishers and businesses have started using it for reaching out to the readers. Their best articles and contents are at display in this area which allows the followers to understand the style. Publishers are coming up with very different strategies which really leads to a high rate of engagement. You can look at examples of various magazines and publishers for that matter. You can use Instagram more than a method of marketing and instead of driving the force towards you through the snippets of your content.

You can appeal to the young and digital audience by engaging them in Instagram story polls. It allows building the relationship between the publishers and the users. It is the best strategy to go behind the scenes and make feel your audience part of your growth.

Videos are a much better source of driving traffic than posts. Most of the publishers miss out on video and gif content. Video content with a call to action, in the end, do wonder on Instagram and becomes an integral part of the publishing company’s social media marketing campaign.

This article gives you the inspiration to drive traffic through Instagram. This is the basic way many publishers are transforming their digital appearance.

If you want to learn more about our blog, please click here.

Elite Email Advertising: 4 Effective Email Marketing Strategies

Are you a Mailchimp email marketer looking to improve advertising effectiveness? Click here to learn 4 effective email marketing strategies to dominate inboxes.

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Check your inbox.

You probably have at least one email from someone soliciting your business. Email marketing strategies are constantly evolving.

Because they work. You can pump up your own sales with the right email.

Here’s how.

1. Make It Pretty 

People have predictable preferences when they read online. They don’t want to stare at huge blocks of text.

You can break up it by using images, bullet point lists, etc. If you decide to send out a weekly or monthly newsletter, you should think about hiring a designer to create a template.

Play around with different fonts and colors as well. Too often, business owners stick to the default email option.

Your message doesn’t need to look like a piece of art but it does need to be broadly appealing. Test it out the design internally before you ship it out to your customers.

2. Give Something Away  

Nobody can resist free stuff. One of the best ways to drum up interest in your company is to offer something for free or a severely reduced price.

You don’t have to give away your actual product. Let’s say you work in financial services. You can offer a free e-book about how to get out of debt or how to save for big purchases.

If you sell a commodity like hats, try offering a steep discount. You’ll recoup the money later on if the person becomes a repeat customer.

Send the offer to everyone on your email list. As long as you give people the option to unsubscribe, you shouldn’t worry about bothering people. Your customers want to hear about good deals!

3. Be Personal- Not Gimmicky 

Being too personal can backfire spectacularly. Businesses really aren’t your friend. So it seems strange when they try to rely on a sense of intimacy that isn’t there.

If you know a customer frequently buys product A, you can add them to a list that receives a message whenever product A is on sale. The message is personal because it caters to their specific interests but it doesn’t overstep.

Be careful addressing people by their first name. It can be off-putting for some customers. It depends on your industry.

4. Email Tips 

It takes skill to craft the perfect email. Whatever your content is, there are style tips that have been proven to be helpful.

For example, keep the subject line short. If it’s too long, people will be less likely to open your email.

Send the email at the right time. You want your customers to be in a relaxed, browsing mood when they see your message.

Finally, keep track of all of your data. Analytics are critical.

Do most customers open the email? Have your sales been affected? A Pipedrive Mailchimp sync can help you keep track of everything.

Winning Email Marketing Strategies 

The best email marketing strategies are fluid. Don’t bind yourself to a rigid idea. Your customers will appreciate a customized approach.

Check out our blog for fresh ideas. We can help boost your sales.

Financial Management: Why Hiring an Accountant is Beneficial For Your Start-up

 

In many ways, managing a start-up company is a lot like taking care of a young child. You have to meet its needs and ensure that every base is covered – with every mistake having potentially devastating consequences. It is the reason why many inexperienced business owners are overly cautious when it comes to making risky decisions for their company. That said, playing it too safe could very well stunt the development of your business, and make things more challenging to move forward.

For example, there are quite a few start-up business owners who would much rather deal with financial management on their own than hire an accountant. It is understandable as extra expenses are best avoided. However, hiring an accountant could prove to be beneficial for your start-up, especially if you go for quality services, such as those provided by accountants Central London offers.

Accounting is complicated – hiring a professional will help on multiple fronts

There is no denying the fact that managing finances can be a very complicated matter. It does not help that the paperwork can often pile up, and while many issues can be fixed with enough time and effort, a layer of complexity can make things much more challenging than they have to be. An accountant will be able to deal with both the legwork, as well as the complexity of the problems you are facing. The best part is that while your accountant gets the job done, you can observe and learn how and why they do the things they do.

Accountants give you the freedom to focus on other aspects

When you are dealing with your own finances, it can often feel like financial management alone is more demanding than most other aspects of running a business. Unfortunately, it can lead to other critical elements being ignored as you are forced to put all of your focus and attention on getting the paperwork for your finances finished.

By hiring a professional to get the job done for you, it will free up valuable time and resources, allowing you to focus on developing your company. It also has the added benefit of allowing you to take a break from management, as your health is more important than any business.

Accountants can and will keep costs low

Last but certainly not least, hiring an accountant is not just for managing financial paperwork. They are also there to offer insight, giving you a new perspective on how to move your company forward. With their advice, you can keep costs low and minimise the risk of managing your business in a volatile industry.

The number of benefits when it comes to hiring an accountant can vastly outnumber the potential risks. No matter the size of your business, a quality accountant is one of the key components of success. Why bother making it more challenging for yourself if you can hire a professional, reducing workload and risk all at once?

Boost Your Sales With These Simple Tips

Although there is no clear cut strategy that will skyrocket your sales instantly, there are tips that actually work at improving your sales. Wouldn’t it be great if you found all these effective tips in one article? Well, this article will give you all the tips you need to get your sales where you want it.

1. Set Goals

Goals motivate people and keep them on track. Set monthly goals for your business and work towards achieving them. These goals should be geared towards improving your sales. If you do not have a website for your business, your first goal could be creating a website by the end of the month. The next goal may target a certain amount of traffic for the website. You should also make sure that your goal is feasible. Setting unrealistic goals and not achieving them makes it difficult to set another goal. Although your goals should not be overly ambitious; they should challenge you.

2. Use high impact low-cost marketing strategies

You do not need to break the bank to get the word out about your business. There are lots of strategies to use to get your business to your target audience. One of these is content marketing. Now, there are many online platforms to share content. You can create high-quality content about your products and services. It should answer all the questions a reader may have about your product. You should also present the value of the product or service to the reader.

Another strategy is to use short videos. People love visuals and videos are a good way to get through to your market. Create short but impactful videos that can easily be viewed and shared online.

Another thing is to optimize your business for local searches. Google has made it easier for you to establish your online presence. You can make your business optimized for local searches by using NAP or creating Google+ pages. When you appear in local searches, people are able to reach out to you easily. For instance, if you run a B2B wholesale business, other companies who will need your products will prefer to get the products from companies close to you. You can be their ideal supplier if you appear in their local search.

3. Get Reviews and testimonials

You should also get as many testimonials as possible. Try to get feedback from your customers and use them to improve your business. You should also project the positive reviews to attract other customers. Make use of review websites as well.

4. Take advantage of social media

Social media is a great marketing tool for businesses who take advantage of it. Whether you are a B2B wholesale business or B2C business, you can use social media to your advantage. People spend most of their time on social media these days. Wouldn’t it be great if people would see information about your business while they leisurely scroll through their news feed? Popular social media platforms such as Facebook, Twitter, and Instagram make it easy to engage potential customers.

You can create pages on social media to start a community for your business. It is easier to share more information about your products or services if you establish a social media community for your business. These communities will give you the opportunity to answer queries concerning your products or services.

5. Improve the quality of your goods and services

The quality of your products and services serves as a form of advertisement. People are more confident about recommending your business if they know that you offer the best. Customers also will come back to you if they like the service you render. It is important that the products or services your business offers are up to the standard of the industry. In the end, you will be offering your customers value for money. For instance, a cheese company can improve the quality of their cheese to attract a bigger market.

6. Observe and monitor trends

Your business falls under a larger category or industry. There are lots of people doing what you are doing. You cannot operate a business in a vacuum: not knowing what others are doing. In the same way, you cannot be oblivious to the trends in the industry. You need to know these trends to fuse them into your business. Your customers will not be attracted to what you offer if you lose touch with society. They need to experience the trends when they patronize your brand.

Apart from monitoring the trends in your industry, you also need to monitor marketing trends. As technology advances, marketing trends are being developed to meet the technological advancement. Make sure that whoever is in charge of marketing constantly update their marketing technique.

7. Offer a time-sensitive promotion or sale

Sometimes, you need to discount your products or services to get the attention of the consumer. Since there are lots of people offering that product or service, people will be attracted to your products if they know they will be paying less for a standard product. If they are satisfied with what you offer, they will come back to you even after the promotion. Clearly define your parameters when it comes to promotions. Let your customers know the duration of the promotion.

8. Pricing

Setting the right price is very important. Do not set a price that is too high for what you offer. Your customers need value for money. They will feel ripped off if they realize that what you are offering is not worth the money. In the same way, you should avoid setting prices that are too low. Prices help customers to gauge the value of your service or products. Putting a low price on a product that could be priced higher will create the impression that your products are low-quality.

Sometimes, you should raise your prices when you are trying to increase sales. This requires a lot of work since you need to give your customers a good reason why they need to spend more for that product. If you do this very well, the high price will put a greater value on your business since lots of people believe that high prices mean higher value.

Hack Marathon- Think, Innovate and Build

There is a misconception in everyone’s mind that hackathon is basically to hack something (due to the word hack) or it is only related to coding but it is basically to build a prototype for your idea and problem statement in an innovative way in given time. The word “hackathon” is a portmanteau of the word “hack” and “marathon”, where “hack” is used in the sense of exploratory programming, not its alternate meaning as a reference to computer security. A hackathon is an event, usually hosted by a tech company or organization, where programmers, students and sometimes even professors get together for a short period of time to collaborate on a project. The participants work rapidly and often work without sleep to achieve their task, as the events generally only last 24 hours or take place over a weekend. Here, you don’t have to invent something but rather you have to give an alternative approach to solve the real-world problems in an innovative way keeping in mind the basics requirements of the user who is going to use it. It is all about learning and teaching, solving problems, meeting like-minded people, building something innovative, collaboratively pushing the limits of technology.

To conduct or participate in a hackathon online, there are many platforms available where you can conduct or participate. Some examples of hackathon platforms are: datahack, codechef, hackerearth, mettl, etc., where all upcoming hackathons and current on-going events are shown. In hackathon there are two rounds, one is idea phase round and second is actual hackathon (Online and offline both). All you have to do is read their problem statements carefully and answer their questions. Afterwards if they like your idea then they will inform you via email and then actual hackathon begins. Sometimes colleges and companies organize their own hackathons so visit their websites independently to take part in. Also, there are rewards for those who participates and outperform with his skills and different rewards according to the positions they achieved at the end of the event, where reward is generally a cash prize and some goodies too with various other opportunities.Some types of hackathons:

  • For an application type- Some hackathons focus on a particular platform such as mobile apps, a desktop operating system, web development or video game development.
  • Using a specific programming language, API, or framework- There have been hackathons devoted to creating applications that use a specific language or framework, like JavaScript, Node.js, HTML5 and Ruby on Rails. Some hackathons focus on applications that make use of the application programming interface, or API, from a single company or data source.
  • For a cause or purpose- There have been a number of hackathons devoted to improving government, and specifically to the cause of open government.
  • For a demographic group- Some hackathons are intended only for programmers within a certain demographic group, like teenagers, college students, or women. Hackathons at colleges have become increasingly popular.
  • For internal innovation and motivation- Some companies hold internal hackathons to promote new product innovation by the engineering staff. For example, Facebook’s Like button was conceived as part of a hackathon.
  • Code sprints- In some hackathons, all work is on a single application, such as an operating system, programming language, or content management system. Such events are often known as “code sprints”, and are especially popular for open source software projects, where such events are sometimes the only opportunity for developers to meet face-to-face.

The most popular form of a hackathon is a physical or offline one. For the participants, a hackathon platform is perfect platform to explore new technology, work on a project they are passionate about, and build it in a short span of time. Anyone who can contribute to building a product can participate this. Organizations conduct hackathons to encourage creative problem solving, drive innovation, and build brand awareness. Many companies conduct internal hackathons within their organization to engage their employees and promote a collaborative work environment. Additionally, external hackathons help companies in finding and recruiting talented professionals at a lesser cost than traditional recruiting methods. Companies can assess potential candidates by their performance in a hackathon instead of going through tedious rounds of interviews.

In today’s digital world, the success of a business depends on its ability to sustain innovation. To meet growing customer expectations and beat the competition, companies must innovate fast and build new features to improve their product or service. The biggest advantage a hackathon offers is a structure to scale innovation and build new features. Concrete ideas derived from hackathons can help companies provide better customer experience and thus improve revenue.

Traditionally, the only way to be part of a hackathon was to be physically present at the venue. This meant that you’d miss all the fun and action if you couldn’t make it to where the hackathon was being held. Thanks to the internet, things have changed.

The emergence of the digital world and crowdsourcing platforms has made the concept of online hackathons possible. Hackathons can now be conducted online or offline, or as a hybrid. You can participate in an online hackathon from anywhere in the world.

In an online or virtual hackathon, all participants are remotely connected. Irrespective of their location, hackathon enthusiasts can participate and show their skills on an online hackathon platform using various tools. Thus, gives everyone the opportunity to participate, showcase their skills, and have fun.

For a company, these are the advantages of hosting a hackathon

  • Crowdsourcing business ideas and solutions
  • Increasing API adoption
  • Internal engagement
  • Engaging with developer community/ branding
  • Putting data to better use
  • Identifying tech talent

Engaged employees pursue ways to innovate, which can translate to improved quality, enhanced customer experience, brand building, increased profitability, or more creativity. They go the extra mile, align their career goals with the organization’s goals, steer better business outcomes, and boost workplace happiness and creativity. Thus, they are a great way to learn, make innovations, show your creative skills, to collaborate with external partners and get rewarded.

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Setting Up a Low-Cost Website For Your Business

Believe it or not, it is quite easy to create a low-cost website for your business these days. A website will let you comminicate with your customers as well as allow you to sell your products. So it is always a good idea to have a website for your small business.

Building a good website involves getting a domain registered and hosted, installing small business budget templates, and adding content. Back in the day, creating a website without the help of a coder and designer was impossible. But nowadays, you have many free tools that let you create a wonderful site, without the worry of spending a fortune on developers and designers.

In this guide, we’ll help you set up a small business website with as little cost as possible.

Get your website domain registered and hosted

A domain is basically the name and address of your website such as www.yoursmallbusiness.com. Since names can already be taken, you’ll have to search for a suitable name on a domain registrar and then purchase it. Normally domains cost not more than $10 unless you are buying an already used domain through auction. For a small business, it is recommended to get a fresh domain.

Once you have your domain, the same company you got the domain from can also help you host your website. Hosting is necessary because all your data needs to be kept on a server. For a small business, you should get a regular hosting package that offers you at least enough storage space to upload your small business budget templates, a few pages of content, and a couple of videos.

Create a website using WordPress

Your domain registrar or hosting company will help you install WordPress on your site. When WordPress is active on your site, you can easily start designing your website. Just be sure to look for budget templates to save costs. There are literally thousands of templates to pick from when working with WordPress.

Populating your small business budget templates

Once you set up a template, you should be able to immediately start adding content on it. Content is key to growing your business on the internet. Be sure to also pick a template that gets regular support from its developers and is at least mobile friendly. The rest of the work is very simple. You’ll be picking colors for your theme, adding logos, and creating pages. All of these can be done from within the WordPress dashboard without technical know-how of developing or coding.

Seek professional help from freelancers

If you find it difficult to work with small business budget templates, seek help from freelancers available through platforms like Fiverr, or Upwork. Freelancers usually don’t cost a lot and they provide excellent services. You can also get content creators on the same platform if you are having trouble creating engaging content.

Let people know of your website

Once you have set up a logo, a good looking business website template, and some content, you can start sharing your website with existing users and customers. Let them know that you are finally available on the internet.

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