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5 Tips for Taking Home Businesses to the Retail Worldwide

5 Tips for Taking Home Businesses to the Retail Worldwide

    Thanks to the explosion in popularity of shopping at online marketplaces like eBay, Etsy, adflyer, Folksy and others, small retailers and home businesses are now able to sell their goods to customers around the world.

    If you’ve got a home business selling anything from handmade jewelry or vintage clothes to pet accessories, chances are you’ve already dabbled with an online store at the major English language online marketplaces like eBay. But have you considered expanding beyond English?

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    There are nearly two billion people online worldwide, but only around 34 million are native English speakers – and the vast majority of online shoppers require information in their native language before making a purchase. That means if you’re only selling online in English, you’re reaching less than 2% of your potential online audience!

    Here’s how you can get a greater slice of those international markets…

    1) Look into foreign online shopping platforms

    eBay is undoubtedly the world’s biggest online marketplace for small retailers, with 38 localized versions for all the main European and Asian ecommerce countries, and it makes a great starting place for international versions of your online store.

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    However, there are also other popular online marketplaces in different countries, which are worth looking into. Taobao is China’s largest online marketplace, generating an annual turnover of more than $80 billion USD. It operates similar to eBay, and there’s also a thriving economy of Chinese consultants helping foreign businesses to sell via Taobao.

    Likewise, PriceMinister is the most popular online marketplace in many European countries, and MercadoLibre has established itself as the ‘eBay of Latin America’. It’s worth doing a little online research before entering a foreign market to find out where people are shopping.

    2) Get your sales pitch properly translated

    The key difference with foreign online marketplaces, of course, is language – eBay España is in Spanish, eBay Portugal is in Portuguese, etc. This means that you’ll need to get your shop and product descriptions translated into these languages by a professional.

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    Online machine translation programs ought to be sufficient to understand incoming orders, or to create your profile in the first place, but they’re not accurate enough to be trusted for your sales pitch – incorrect terminology or bad spelling and grammar will destroy a potential client’s view of your trustworthiness.

    3) Set your prices for the local market

    Before you jump in with an online store for Taobao or MercadoLibre, though, it’s worth checking what price you can charge for your goods in the local economy, and whether that will present enough of a margin to make it profitable.

    One of the major barriers to shoppers around the world buying from foreign stores is the comparatively high prices, created either by high exchange rates or differing local product values. For instance, the current strength of the Australian dollar means that it’s often cheaper for Australian shoppers to purchase goods from foreign online shopping sites and pay for the shipping than it is for them to buy locally. Conversely, small Australian retailers are finding it hard to sell overseas without dramatically reducing their prices.

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    By looking at the exchange rates and the prices set by your competitors in foreign markets, you’ll get a good idea for potential profit margins. Even if the profit margin is small, you may find over time that the sheer quantity of goods sold makes up for the lower prices – or you may gradually whittle your international efforts down to just a few foreign stores.

    4) Be aware of foreign payment systems

    The second major barrier for online shoppers is payment systems – if you only accept credit or debit card payments, but your customers in China don’t use credit cards and prefer to pay by Alipay, then you’re going to see a lot of abandoned shopping carts. Before launching your online store, it’s worth doing some online research, or purchasing market reports from consultancies like Econsultancy or yStats, to figure out which payment systems you’ll need to offer for each country.

    5) Research postage and shipping carefully

    The last step to ensuring profitability and practicality is making sure that you can actually ship your goods to the foreign countries in question, and at a cost which won’t price your goods out of reach for the locals. How reliable is the local postal service? What postage options can you offer to make your products trustworthy and attractive for local consumers? Indeed, would it be cheaper to ship your goods en masse to the country in question and employ a local agent to post purchased items locally?

    These are all questions you need to consider before going multilingual across foreign online marketplaces – but the potential for new sales vastly outweighs the hassles of making your home business international.

    Source: Common Sense Advisory

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    Small Business Ideas for Going International 5 Tips for Taking Home Businesses to the Retail Worldwide 5 Strategies for Marketing Your Foreign Language Ecommerce Website

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    Published on January 8, 2021

    How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

    How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

    Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

    The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

    Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

    What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

    Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

    1. Pay More Than the Minimum Credit Card Payments

    Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

    Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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    You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

    The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

    2. Start With High-Interest Credit Card Debt

    If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

    First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

    At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

    3. Revisit Your Budget

    Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

    You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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    Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

    If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

    4. Avoid Using Your Credit Cards

    Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

    The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

    It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

    5. Start a Side Hustle to Boost Your Income

    You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

    If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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    Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

    It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

    6. Sell Your Used Items for Extra Cash

    Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

    A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

    Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

    When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

    7. Know When to Seek Help With Your Debt

    Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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    There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

    In extreme cases, the debt solution can be:

    • Debt relief – where your debt is partially or wholly forgiven
    • Debt consolidation – taking out one loan to repay others
    • Debt settlement – the creditor forgives a significant portion of your debt
    • Bankruptcy – legal process for seeking relief from some or all your debts

    It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

    Wrapping It Up

    Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

    So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

    More Tips on How to Pay Off Debt

    Featured photo credit: rupixen.com via unsplash.com

    Reference

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