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The Importance of Establishing Multiple Sources of Income

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StrategyDriven Practices for Professionals Article |Multiple sources of income|The Importance of Establishing Multiple Sources of IncomeEstablishing a secure financial future can be challenging for people that aren’t aware of how to stabilize or diversify their income. If you’re trying to support your family, then having multiple sources of income can greatly help with the future. Unfortunately, most people don’t realize how they can establish several sources of income, or they find the idea daunting to say the least. So to help you out, we’re here to explain the importance of establishing multiple sources of income, and we’ll also show you how to get started.

Job security can be difficulty in uncertain times

Given recent global issues, it’s clear that there is no such thing as certain times in our lives anymore. Regardless of how safe you think your job is, you could lose it or end up with reduced work no matter your position. Entire companies can fold due to one or two stupid decisions by someone managing you, and it’s incredibly difficult to bounce back financially when you only have a single source of income. Having multiple streams of income means that you won’t be so reliant on a single job or salary, meaning you can protect yourself from financial ruin.

Locating business opportunities on the internet

You’d be surprised at the number of business opportunities available on the internet. Whether it’s job opportunities on social media or work listings on freelance websites, we highly suggest that you sign yourself up to social media and job boards to look for work requests and positions that need filling. However, it’s also a good idea to look for business opportunities such as looking for tenders. While tenders can be a lot more complicated, they do offer self-employed business owners and individuals with strong connections in the industry to find excellent business opportunities. However, if you don’t try to diversify your income, you won’t be able to take advantage of these unique opportunities in life.

Paying off your debts faster

Debts such as mortgages and student loans can weigh us down mentally. With the right approach, it’s possible to pay off those debts quickly by utilizing multiple streams of income. With more and more graduates leaving school with mountains of debt, it’s become incredibly important to try and pay off everything as soon as possible in order to secure your financial situation for the future. By establishing multiple sources of income, you can quickly pay off long-term debts without incurring massive amounts of interest.

Getting out of your comfort zone

Breaking from your comfort zone is a fantastic way to learn more about yourself. Taking risks, engaging in different jobs and generally diving deeper into the things you’re interested in can reveal a lot about you as a person. When you learn to diversify your income by taking on multiple jobs or setting up side hustles, it’s the perfect opportunity to chase your passions and grow your experiences and skills. If you stay in your comfort zone and refuse to adopt any changes, then it can be difficult to break out of the monotony of an unfulfilling career.

Hardware VPNs or Software VPNs? What’s the Best Option?

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StrategyDriven Managing Your Business Article | Hardware VPNs or Software VPNs? What's the Best Option?

When talking about VPNs, you might hear people referring to either “software VPNs” or “hardware VPNs.”

Fancy and interesting terms, but what do they mean exactly?

Well, this quick 5-minute article will tell you everything you need to know about them (including which option would be ideal for you).

What Is a Software VPN?

Software VPN is the app you use to run VPN connections on your device. VPN providers or independent developers create software VPN and make it available on their websites. Pre-installed clients on your operating system also count as software VPN.

I should also mention that VPN software is what VPN providers use on their servers to establish and handle client-server communications. That’s not really of interest to you, but it’s useful info to know.

What Is a Hardware VPN?

Hardware VPNs are devices with dedicated processors that offer VPN, and firewall features. Unlike software VPN, they are completely standalone. That means they can handle every single VPN function on their own.

To give you an idea of how hardware VPNs look like, here’s a good example – the hardware VPN from Zyxel.

Which Type of VPN Is Better Suited for You?

Well, just reading the definitions won’t help you make a decision on the spot, so I’ll compare the two types of VPNs with a focus on user convenience.

Alright, so let’s get started:

1. Software VPNs Are Much Cheaper

Let’s get one thing straight – hardware VPNs are not budget-friendly at all. Just one of them might cost anywhere between $100 and $500. If you’re looking for high-end features, the price can easily go over $1,000.

Sure, you might (emphasis on might) find hardware VPNs that cost less than $100. But don’t expect them to be as powerful as their more expensive counterparts.

And while a cheap hardware VPN can be a good option for your home network, software VPNs are still better price-wise. I mean, at most you’re looking at anywhere between $3 and $9 per month. Usually, the longer the subscription period, the cheaper the price.

Now I know what you’re thinking – if you use software VPNs, won’t you need to pay for tons accounts for all your employees?

Well, not really. Depending on the service you pick, you can get support for multiple simultaneous connections, like six or seven. In fact, some VPN providers might even offer you unlimited connections.

2. Setting Up the Hardware VPN Is No Walk in the Park

If you’re expecting to just buy the thing, set it in your home or office, turn it on, and relax, you’re in for a nasty surprise.

Basically, if you want to set up a hardware VPN, you’re going to need an experienced IT team by your side. You can try to handle everything on your own, but if you make a mistake, you’ll end up with annoying errors and unsecure VPN connections.

Plus, get this; hardware VPNs don’t have the same configurations like corporate firewalls and routers. So, even a skilled IT team might need some extra training to get everything 100% right.

And that’s not all. Once the hardware VPN is set up and running, the job isn’t done. You’ll still have to configure your network to accommodate the new addition. Also, you’ll need at least one dedicated person to monitor the hardware VPN and perform maintenance when needed.

I mean, you can do it yourself, but it’s going to start feeling like a full-time job fast (it pretty much is anyway).

Well, on the plus side, once you handled everything, you get instant remote access whenever you want.

Though, that pales in comparison to software VPNs. You just download and install the client, run it, connect to a server, and that’s pretty much it. Takes just a few seconds at best, or a few minutes at worst.

3. Both Software and Hardware VPNs Offer Good Security

There’s really not much difference between them. Sure, hardware VPNs use dedicated connections, so you could say it’s a bit safer because you’re not sharing the VPN server with tons of other strangers.

But here’s the thing – there are also risks associated with a hardware VPN.

For one, connection errors can pop up if the IT team didn’t properly set up or monitor the device. What’s more, cybercriminals actually prefer targeting hardware VPNs.

With software VPNs, you can at least relax knowing the VPN provider is taking care of everything for you.

4. Business-Wise, Software VPNs Are More Scalable

If you’re running a small business, you get better scalability with software VPNs. If you hire more people, you just have to get some extra subscriptions to cover the new remote connections.

StrategyDriven Managing Your Business Article | Hardware VPNs or Software VPNs? What's the Best Option?

With hardware VPNs, things aren’t as simple. You’ll need to spend money on add-ons to support the new employees. And if your company really grows, you’re going to have to just buy an extra hardware VPN (or more), or a new model that supports more connections.

The Bottom Line

Overall, I’d say that there’s no need to use hardware VPN if you’re an average online user. I mean you can do it if you have the money and skills, but let’s be honest – hardware VPNs are more suitable for large companies with very skilled IT teams and large budgets that want dedicated VPN connections.

As a regular Internet user, you’re better off with software VPN. It’s cheaper and easier to set up. Plus, you can even use it for your business to secure your VoIP calls, get around geo-blocks, do SEO research, and encrypt remote employee connections to your network – not to mention save money too.

If you need help to find reliable software VPNs, take a look at ProPrivacy. The website has tons of useful guides, and reviews that will help you make a smart decision.

The Right Way To Disrupt Markets (Hint: You Might Be Doing it Wrong)

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StrategyDriven Entrepreneurship Article | The Right Way To Disrupt Markets (Hint: You Might Be Doing it Wrong)For the past five years, I’ve established a highly successful manufacturing company that actually supports the little guy. Lots of people said it couldn’t (or even shouldn’t) be done – that manufacturing simply didn’t work that way. I’m happy to say we are growing at an incredible rate, and helping other business owners see amazing growth in the process. But it didn’t happen overnight, and there are many ways that this new style of manufacturing could have gone wrong, instead of becoming the market disrupter that it is today.

Market disruption has become something of a buzzword over the last decade or so. It’s the ultimate goal of most entrepreneurs: find a new, better way of doing things that will become the new normal. Because there’s a rush to find the unique, disruptive, unheard of technology before somebody else does, some innovators dive headfirst into an idea, planning to take on the large corporations in their marketplace without a clear path to success. The right way to disrupt the market is a more calculated, step-by-step planning process.

It goes something like this:

  1. Know the market, inside and out. Before launching our own brand, my business partner and I worked for years inside the industry. We understood the nuances of profit margins, process, and market saturation. We also knew from this experience that there was room for something more. We saw too many smaller brands shut out of a process that could have been much more accessible, and we knew there was an opportunity to change the marketplace.
  2. Secure financing. You simply can’t launch a large-scale, market disrupting company without some capital. If you are independently wealthy, great – but odds are you’ll need to go looking for investors. Investors want to know exactly how you’re different from anyone who has come before you, and they want to see that you have a thought-through plan to get there. Most of all, they want to see your passion for your disruptive business and a dedication to making it happen. Be ready with your insider knowledge and a solid plan, and you’ll get there.
  3. Have a laser focus on your customer. One of the reasons market disruption becomes possible, even in well-established industries such as manufacturing, is because huge corporations lose focus on who made them successful in the first place: their customers. Constantly put yourself in the shoes of the type of person or company you are hoping will come to you. Revaluate their needs on an ongoing basis. For example, our company not only fulfills an initial manufacturing need – we help on the back end with marketing and brand development. If your customer is successful, they’ll have the means to invest. If you’re the reason they’re successful, they’ll have the incentive to invest in your brand. In short, when your customers succeed, so do you.
  4. Always be ready for the future. As your brand truly is able to disrupt your marketplace, you’ll grow with your customer base. But always remember: there are other disruptors right behind you. Always be planning for the next big thing for your consumers. We are continuously looking for ways to bring prices down, so we can reach an even wider base of clients looking for a small-scale manufacturing solution. We always follow market trends, so we know that our facility has to keep up with the demand for cleaner, sustainable formulas for our products. Our commitment to progress and to find innovative solutions will never rest.

Market disruption comes down to the right idea, with the right team, at the right time. Make sure you’ve put in the preparation – and then you’ll be ready to take advantage of your moment.

About the Author

StrategyDriven Expert Contributor | Jordan ErskineJordan Erskine has used his motivation and entrepreneurial skills to advance the personal care products industry for more than 17 years. He currently serves as the President of Dynamic Blending Specialists, a global cosmetics manufacturing company committed to delivering innovative solutions to businesses of all sizes. Jordan has contributed to the technical formulations of a variety of products, including those of Fortune 500 companies, and has facilitated the launch of several successful businesses. Jordan holds an MBA in International Business from Northeastern University.

How to Build Trust with Those You Lead

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StrategyDriven Management and Leadership Article | How to Build Trust with Those You LeadAs the author of Be Different! The Key to Business and Career Success and as a nationally syndicated columnist on leadership, I share my views on the traits of effective leaders. These views are based on over four decades of serving in the trenches advancing through 11 jobs to the position of CEO of a global company, and observing other leaders serving on numerous public, private, private equity and nonprofit boards.

I also have a window on the workplace issues that are on people’s minds. I post every article I write on LinkedIn. The articles that get the highest number of views are on the lack of trust between bosses and their direct reports.

Stephen Covey, the late motivational speaker, writer, and advisor, once wrote, “Without trust we don’t truly collaborate; we merely coordinate or, at best, cooperate. It is trust that transforms a group of people into a team.”

The CEO’s tone at the top and the culture they nurture determines the level of trust in the organization. So, how does one earn the trust of others?

Always lead with the highest standards of ethics and integrity

There should be no misunderstanding as to the tone and culture that you embrace. These reflect the values to which you hold yourself and your employees accountable. Employees want to be part of an organization with high ethical standards and work for a leader that lives by those standards.

Never lead through fear and intimidation

I once worked for a tyrant. His style took a huge toll on the morale of his people. I was promoted to be his peer and then promoted to be his boss. I then fired him. After appointing a very effective leader to replace him, it took months before the employees of that division started to make decisions on their own again.

Acknowledge the brutal facts of reality

Never shoot the messenger. You can’t solve a problem unless you know what it is. You want your people to feel comfortable when sharing bad news with you and confident that you will listen to them. Most problems can be solved if addressed as soon as they are known. They may become unsolvable if left unaddressed for too long.

Be consistent and readable by those you lead

As the leader, ensure your style is consistent and that your expectations are understood. Situations will arise when decisions need to be made by your employees for which there is no operating procedure or precedent. Employees will fall back on their common sense and good critical judgment, and proceed in a way consistent with your expectations, tone, and culture.

Don’t micromanage

Steve Jobs, the former chairman and CEO of Apple once said, “It doesn’t make sense to hire smart people and then tell them what to do. We hire smart people so they can tell us what to do.” Ensure your expectations are understood, negotiate goals, provide the needed resources and cut your people loose to do their thing.

Never publicly undermine your direct reports

Never criticize the people within your organization in public. It damages their ability to do their jobs. It only depowers them and makes them less effective. They lose credibility with those they will need to deal with in the future. Good employees won’t tolerate your behavior. They will leave the company and perhaps go to work for your competitor.

Don’t retaliate against those who follow their conscience and do the right thing

Retaliation shows you lack character. You may need those who you retaliate against in the future. What goes around comes around.

Organizations in which employees trust their leaders perform at a significantly higher level than those in which trust is lacking. Be sure you engender trust with those you lead.

About the Author

StrategyDriven Expert Contributor | Stan SilvermanStan Silverman is founder and CEO of Silverman Leadership and author of Be Different! The Key to Business and Career Success. He is also a speaker, advisor and widely read nationally syndicated columnist on leadership, entrepreneurship and corporate governance. For more information please visit www.SilvermanLeadership.com.

Business Ideas for Entrepreneurs

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StrategyDriven Entrepreneurship Article | Business Ideas for EntrepreneursStarting up a business requires a lot of dedication and consistency and should be kind in mind that there many chances that your business would fail. Even people with have an idea what business they want to open they come across many hurdles of how to implement or execute it. There are many factors which are the prerequisite to start something on your own, one needs to be practical when coming up with an idea and should able to withstand the situation if the business would go down.

Furthermore, some ideas are authentic and fantastic, but the execution of it would be a long and challenging task. Some of the areas which people can adopt to do part-time jobs are online businesses. This method helps to earn more money along with doing their existing jobs. It is very beneficial for the people who cannot leave home due to their responsibilities, and different circumstance can easily make money and their time productive. The business which can be executed from anywhere is online trade. As in today’s time, the world of global shipping is very diverse and quick. This article will assist the new people who have a business idea, or they are planning to do something of their own. Besides, this article will categorize a different kind of business into four broad categories to help people to get an idea about what type of business they want to pursue or what is appropriate or adjustable for them to carry it along with their other tasks in routine.

List of Business Ideas

  • Home-based business ideas
  • Small business ideas
  • Self-employment ideas
  • Fresh ideas for business.

Home-based Business Ideas

Writing Blogs

Blogs are one of the first business entity which comes with the invention of the online data. Blogs are the sources through people learn or take advice. It has been seen around 4.4million blogs posted on the internet every day, which is increasing as the entire publishing area is shifting towards the online world model. Though there is no doubt that the competition is excellent, still there are places for the new people in this industry. The first thing one needs to figure out before getting into this business is to decide which genre they want to write on. For instance, lifestyle, business, beauty, finance and many others. It is important to note that people who are planning to come in the online business need to know the usage of search engine and complete knowledge of other social media platform. Secondly, buy a domain name and develop a website which must be mobile-friendly and responsive. The last task is very crucial for any business to succeed. The content of your website is considered very important, mostly when approaching the business of your product or service. One should give the maximum time for creating the content. While writing the content of your website include only those things which is relatable to your products and selling strategies. Additionally, the keywords play a role to come in the top priority of the search engine. Which implies that your website would get more visiting and ultimately in result a profitable and sustainable business.

Video Logger

Once people get to a certain amount of subscriber on their channels, earn an enormous amount of money through different companies and organization to promote their cause or product. To start it by deciding what kind of videos you would like to display to the audience. After figuring out the video content, it is necessary to see whether the idea is relatable which the market or the viewer wants. It is essential to be truthful and responsible for the content you are putting up online, as this is available to the mass and can hurt people if it is not appropriate. Though this business requires a lot of patients and consistency. As not all people get famous overnight as we have seen in our last decade in the online arena.

Freelance

The importance of freelancer can be understood from every third person in the UK working on a contractual basis. This work does not compel people to restrict them from doing their other business. People can carry out the task according to their timings in a given deadline and return, get the money for their expertise. The essential requirement to do any freelance work is one should be professional in what he is aiming to work in. The professions which offer high fees are web designing, content writing, development of software etc. There many online freelance companies available online to get into. Where one needs to develop a decent profile and upload the information related to the work you offering and experience. It is imperative to acquire position reviews to get more job in the form of gigs.

Dropshipping

This kind of ecommerce is very appropriate for people with less investment and capital as in this online selling, one does not buy the product upfront but instead upload the supplier on their website and buy it from the supplier if someone order it forms your website. It reflects that you do not require a warehouse or money is not bound with stock you have bought. So, people who want to step up the business with less money can utilize this method to earn money online. Also, it is vital to keep in mind to put up only those product which is in demand and has the least depreciation cost. Dropshiping is all about the right timing and proper selection. It is critical to consider only those supplier who is reliable and quick because it would give a negative impact on your business if the buyers cancel their order before the arrival of the product. Besides this, the advertisement for your service or product is an essential factor to make your product seen to the mass audience. In these days, Facebook, Instagram, twitter comes in rescue for the problems related to the promotion and awareness of your business to the potential buyers.

Conclusion

To conclude, starting up a business is only for those people who have the patience and consistency. Because there are big chances of failure or business going down. Though, once one has completed or fulfill the prerequisite of starting up a new business and remain committed to his work, unprecedented success could be achieved. Plenty of options are available to pick your idea for your business that you can do passionately. At least, there is no comparison of satisfaction one gets from something you have created of your and get the chance of becoming a boss of your own.