If you want to earn extra money each month, watching video ads online can be a good option. Yes, you read it right. You can make money watching ads. And the best thing is you don’t have to make any initial investment to get started.

With just your smartphone and a data connection, you’re all set. This article will explain everything you need to know about how to make money watching ads. You will also discover strategies to enhance your earnings from watching ads.

Without further ado, let’s dive in :

The Best Ways to Earn Money by Watching Ads

Making money watching ads can be straightforward. However, it’s important to maintain realistic expectations about your earnings. Watching advertisements is unlikely to provide you with enough income to quit your job or business.

However, watching videos online in your spare time can be an excellent way to save money for your favorite gadget or romantic dinner. You can also make money listening to music and find out how to make money with photography while you are at it.

Here are ten legit ways to watch ads for money and earn extra cash:

Swagbucks

Swagbucks is a leading company that offers a wide range of loyalty and consumer reward programs. You can earn rewards with Swagbucks for normal online activities, such as answering surveys, watching videos, playing games, shopping online, etc. You will get five reward points as a joining bonus. The reward points are called Swag Bucks.

Minimum Payout:

Each Swag Buck (SB) is worth 1 cent, and you can redeem your SB as low as three.

Payment Method:

You can choose Payoneer or Paypal cashout, depending on your reward points (SB). You can also opt for Amazon gift cards. And if you’re interested, you can use your SB for making donations to various NGOs.

MyPoints

MyPoints offers you opportunities to earn points through taking surveys, reading emails, watching videos, playing games, and many other online activities. If you love to shop online, MyPoints can help you earn points for your shopping from around 1900 popular retailers.

Minimum Payout:

MyPoints provides a selection of gift cards that you can redeem with your points. The minimum payout amount for PayPal is $25.

Payment Method:

You can get paid via online gift cards or PayPal. If you’re serious about making money watching videos, MyPoints’s sister site, Swagbucks, offers better options to earn money online.

AppTrailers

As the name suggests, AppTrailers helps you get paid to watch video trailers of apps, DIY videos, movie trailers, and celebrity gossip. You collect points for these online activities.

Minimum Payout:

You will require at least 5000 points to redeem them.

Payment Method:

You can redeem points with PayPal cash or gift cards.

InboxDollars

InboxDollars pays you to watch videos, complete surveys, play games, and read emails. The company claims to have given $80 million in cash rewards so far. You will get $5 as a signing bonus when you register. Some offers on InboxDollars are mobile-only. So you have to download the app from Google Play Store or AppStore, depending on your smartphone.

Minimum Payout:

There is no redemption for cash until you get at least $30 posted in your account.

Payment Method:

For cash withdrawals, you can opt for VISA or PayPal. You can also go for payment in electronic gift cards.

QuickRewards

QuickRewards is an A+ Better Business Bureau-rated company you can explore to get paid to watch videos. A good thing is that QuickRewards has a wide range of informational and entertaining videos for you. You can also get paid for completing online surveys, completing offers, and shopping online.

Minimum Payout:

There is no minimum payout. You can redeem even 1 cent.

Payment Method:

You can redeem your points for PayPal cash, Amazon gift cards, or in-store gift cards.

iRazoo

If you want to watch video ads of high entertainment value, you must explore iRazoo. The site has a regularly updated collection of short films, app trailers, cooking tutorials, movie reviews, and much more. You will earn iRazoo points by watching videos.

The site also has a survey inventory if you’re more into taking online surveys.

Minimum Payout:

You will have to amass 3000 points to qualify for any $5 reward.

Payment Method:

You can receive compensation for your online activities via gift cards or cash in your PayPal account.

PrizeRebel

PrizeRebel is a free reward site with around 5 million members. You can earn PrizeRebel points by completing online activities, which include completing surveys, watching video content, signing up for websites, etc.

Minimum Payout:

You can request a cash reward once you earn $5 worth of points. And to earn an Amazon gift card, you have to amass $2 worth of points.

Payment Method:

You can redeem PrizeRebel points for free cash or gift cards. Cash will be deposited in your PayPal.

AdWallet

Companies pay people for their attention. If you want to earn money watching videos from your favorite brands, AdWallet can be the right platform for you.

Once you’ve created your profile, you’ll begin receiving video suggestions tailored to your preferences. For each video you watch, you will earn a minimum of $0.50 and up to $3.00.

Minimum Payout:

You need to earn a minimum of $10 to cash out.

Payment Method:

There are three ways to get paid – Mastercard prepaid cards, donations, or gift cards.

You-Cubez

You-Cubez offers multiple ways of making money online. You can watch ads, view websites, complete surveys, or watch videos to earn money. If you want to earn more money, refer You-Cubez to your friends to earn up to 15% commission from the people you refer and their referrals.

Minimum Payout:

You will have to accumulate £2 – 8, depending on your membership.

Payment Method:

You can get paid via PayPal or various cryptocurrencies.

KashKick

KashKick is an excellent website to earn cash money for online activities, such as completing surveys, watching videos, surfing the web, and much more. KashKick will deposit money directly to your PayPal account.

Minimum Payout:

You have to amass at least $10 to cash out.

Payment Method:

Cash is paid to your PayPal.

Exploring Different Money-Making Apps

While watching ads for money is a fantastic way to supplement your income, there are various other money-making apps and opportunities worth exploring. These apps can offer additional avenues for earning extra cash and rewards. Here are a few popular options:

• Survey Apps: Explore options such as Survey Junkie, Vindale Research, or Toluna, which reward you for taking online surveys and providing your insights on different subjects.
• Cashback Apps: Apps like Rakuten (formerly Ebates) and Ibotta offer cashback and rewards for shopping at partner stores. You can earn money by simply shopping for items you need.
• Delivery and Gig Apps: Apps like Uber Eats, Lyft, and TaskRabbit allow you to earn money by providing delivery or gig services. If you have a car or specific skills, these apps can be lucrative.
• Freelance Apps: Check out freelance platforms such as Upwork or Fiverr, where you can showcase your skills and services, including writing, graphic design, web development, and much more.
• Investment Apps: Think about using apps such as Robinhood or Acorns to invest your money. These platforms provide a range of investment options that can help grow your wealth over time.
• Content Creation Apps: If you have a passion for content creation, apps like YouTube and TikTok provide a platform to showcase your talents and potentially earn money through ad revenue and sponsorships.
• Affiliate Marketing Apps: Explore affiliate marketing programs through apps like Amazon Associates or ShareASale, where you can earn commissions by promoting products or services.
• Peer-to-Peer Selling Apps: Apps like eBay and Poshmark allow you to declutter your home by selling items you no longer need, turning clutter into cash.

Remember that the key to success with these apps is dedication, consistency, and a willingness to explore different opportunities. While they may not replace your full-time job, they can significantly enhance your financial situation when used wisely.

How Much Money Can You Earn Watching Ads?

The amount of money you can earn watching ads depends on various factors, which include but are not limited to:

• Payment per ad
• Number of ads you can watch in an hour
• Number of hours you can spend watching ads
• Availability of ads on your chosen platform

So it is not possible to come up with a specific figure you will be earning for watching ads. But it is reasonable to expect that you can earn $25-50 per month in your payouts and rewards.

How to Maximize Your Earnings from Watching Ads

To maximize your earnings from watching ads, you need to pick the platform that updates its inventory of ads daily and offers more money to watch ads. You should also increase the time you put aside to watch ads.

Final Thoughts

Making money watching ads online is a practical way to earn some extra cash without any upfront investment. Although it won’t serve as a substitute for your main income, it can help you supplement your finances, save for particular goals, or treat yourself to enjoyable perks such as your favorite gadgets or romantic dinners.

This article has presented ten legitimate methods to make money watching ads, with each option providing distinct rewards and payout possibilities. Ranging from popular platforms such as Swagbucks and MyPoints to niche services like AdWallet and You-Cubez, there are various opportunities to utilize your free time to earn money.

However, it’s important to maintain realistic expectations. Your earnings from watching ads depend on several variables, including the payment per ad, the number of ads you can watch, the time you allocate, and the ad availability on your chosen platform. While it may not replace your full-time income, it can offer a consistent stream of supplementary earnings.

To maximize your earnings, select platforms that regularly update their ad inventory and offer higher compensation for ad viewing. Dedicate more time to watching ads when feasible, and consider exploring other money-making apps and opportunities to diversify your income streams.

In the end, making money by watching ads is a straightforward and legitimate way to make the most of your spare time. So, why wait? Begin today by exploring these apps and discovering additional avenues for earning extra cash through money-making apps.

Image: Depositphotos

This article, "How to Make Money Watching Ads" was first published on Small Business Trends

For tens of thousands of content producers when they started writing, Medium was a safe and user-friendly platform to publish articles. Many writers have joined Medium and shared their initial experiences, noting the platform’s welcoming environment and the opportunities it provided. Today there’s more to it. Content publishers are now also making money online on this popular platform. Not surprisingly, Medium is seeing a surge in the number of its users.

What is Medium?

Medium is a blogging platform that’s open to all. It’s one of the few blogging platforms where you don’t have to be a successful writer to set up an account. Anyone can become a contributor and share views, stories and insights.

What’s more, there’s practically no limitation on topics to explore. From entrepreneurship and technology to music and food, Medium works for all kinds of content writers. Medium writing allows writers to express themselves and even earn income, showcasing the value and potential of engaging with the platform.

Medium has gained popularity because it keeps things simple. The platform doesn’t have any frills, and as long as you adhere to their guidelines, you can make the most of Medium’s publications.

How Does the Medium Platform Work?

To publish your blog post on Medium, you need to sign up first. You can choose to contribute to publications of select stories or publish your own standalone posts. If you sign up using Facebook or Twitter, your connections will automatically start following your Medium account. As a content publisher, you also have editing rights.

To make money writing on the platform, you need to build your profile and get people to start following you. Medium has a membership program, which means users pay a reader’s membership fee that allows them to read and write as many articles as they like.

To join Medium’s Partner Program, you need to be an active writer and a paying Medium member. This program has become more selective, emphasizing the importance of meeting new eligibility criteria. When a paying member reads and claps for your story, a part of their membership dollars goes into your bank account.

You can also use Medium for business. If you have expertise in a particular field as a business owner, you can use the platform to showcase your ability and, of course, your business.

How Much Money Can You Make on Medium?

Medium is a great channel for you to make some extra money as a freelance writer. But it’s unrealistic to expect it to become a full-time living and revenue source. Let’s look at an example.

Suppose a paying member claps for just five stories in a month. Each author then receives $1. If the same member claps several times over, each author receives no more than a few cents.

Medium pays its writers through various models, including payment based on read time and bonuses for high-quality stories. In the first few months, when they build their profiles on Medium, active writers make about $25 a month. By posting regularly and focusing on quality content creation, writers earn more. In numbers, top members can make about $1,000 a month.

Ways to Make Money on Medium

Granted there are not too many options to earn money on the platform, Medium writers can still start writing and increase their income. With just a few stories, writers can start making money on Medium if they focus on quality and engagement. Top writers use different ways to increase their income on this platform. Let’s take a closer look at them.

Author Bonuses

Last year, Medium started paying $500 to 1,000 writers. These author bonuses were issued to writers who received the most reads, claps and follows.

As a writer, if you focus on making your content popular with your audience you can increase your chances of getting the bonus amount, too.

Friend Referrals

Another new thing Medium introduced on its platform last year was affiliate marketing.

Members get a personalized affiliate link or referral landing page. When your friends sign up on Medium and purchase a subscription, you get a cut and earn money.

Medium Partner Program

Most writers leverage Medium’s Partner Program to make money.

By enrolling in the Medium partner program, you will place your content behind a paywall. Any medium member interested in your article will then have to pay for it.

Interestingly, the Partner Program also has content curators who lookout for the best stories. Stories that make the cut automatically receive higher rankings on the site’s home page, email newsletters and user feeds. This, in turn, helps content creators reach more people and increase their income.

How to Join the Medium Partner Program

Joining the Medium Partner Program is a straightforward process that can open up new avenues for earning money on Medium. To be eligible, you need to have at least 100 followers and have published at least one story. Once you meet these requirements, you can apply to join the program through your Medium account. The program is free to join and allows you to earn money based on the engagement your stories receive from paying Medium members.

To join the Medium Partner Program, follow these steps:

1. Log in to your Medium account and navigate to the Partner Program page.
2. Click on the “Apply” button and fill out the application form.
3. Wait for Medium to review your application and approve you for the program.
4. Once approved, start publishing stories and earning money through the program.

By joining Medium’s Partner Program, you can turn your passion for writing into a source of income, leveraging the platform’s vast audience to reach paying Medium members.

Medium Stories

Another simple way to boost your income on Medium is by importing a medium story that highlights personal experiences and narrative-driven articles onto the platform.

Medium’s high traffic is useful to get your content attention. This is something your own blog may not be able to provide. By transferring past stories you can maximize your reach.

Sell Your Products and Services

Medium provides a fantastic opportunity to promote your products and services to a large, engaged audience. By using your Medium stories to showcase your expertise, you can attract readers who are interested in your niche and convert them into customers.

To sell your products and services on Medium, follow these tips:

1. Identify your target audience and create content that resonates with them.
2. Showcase your expertise in your Medium stories to build trust with your readers.
3. Include a call-to-action in your stories that directs readers to your website or sales page.
4. Utilize Medium’s built-in features, such as the “Buy Me a Coffee” button, to allow readers to support you financially.

By strategically using your Medium stories, you can effectively promote your products and services, turning your writing into a powerful marketing tool.

Leverage Affiliate Links

Affiliate marketing is a great way to earn money on Medium by promoting other people’s products or services. By including affiliate links in your Medium stories, you can earn a commission for each sale made through your unique link.

To leverage affiliate links on Medium, follow these tips:

1. Choose a niche that has a high demand for products or services.
2. Research affiliate programs that offer products or services in your niche.
3. Include affiliate links in your Medium stories and disclose your affiliation with the product or service provider.
4. Use Medium’s built-in features, such as the “Affiliate Link” button, to make it easy for readers to click on your affiliate links.

By incorporating affiliate links into your Medium stories, you can earn money while providing valuable recommendations to your readers.

Tips for Making Money on Medium

When it comes to Medium stories, you need to have a strategy so you reach more Medium members. That way, you can improve your earning potential.

Here are some tips that can come in handy.

1. Write Longer Articles

Doing a deep dive into topics that other members value is a great way to show the uniqueness of your content. This is where long articles are useful.

Another benefit of writing long articles is you can add more keywords that can help you improve your content ranking.

2. Produce Quality Content

Regardless of the topic you choose, you need to focus on quality to stand out.

Remember, Medium is an extremely popular platform and every topic sees contribution from many skilled writers. Without focusing on quality, you cannot hope to compete against them.

When creating a Medium article, proofread it properly and check if it’s readable. Does it have short paragraphs? Do the sentences have proper punctuation? Is the overall tone consistent? Asking these questions will make your Medium articles readable and interesting.

It’s also important to be consistent. So, consider posting at least one story every week.

3. Get Your Work In front of Medium Members

Like any other social content platform, Medium is all about collaboration and bringing like-minded members together. That’s why, you need to focus on connecting with Medium readers and learning from other Medium writers, who take diverse paths to achieve varying levels of success.

Follow other writers who produce content on similar topics and engage with them. That way, you will be able to draw attention to your content.

4. Pay Attention to Your Headlines

If you’re wondering how to make money on Medium, one of the first things you must keep in mind is the importance of headlines.

Unless you have an enticing headline, you cannot expect to draw people to your article.

5. Build Credibility Before Going Behind the Paywall

Even though your objective is to make more money with your articles, you cannot go behind the Medium paywall right away. Not until you have established your credibility. So, consider posting some great articles as a new writer that will entice your readers to come back for more stories.

6. Create a Strong Profile

Medium users read not just articles, but also the stories behind each piece of content. A well-structured profile tells your audience about you and what separates you from other new writers. You can include links to your own website or blogs and share why you enjoy writing. By adding useful information, you can turn Medium publication into your writing portfolio. So, make sure you spend enough time to create your profile on the site.

Image: Shutterstock

7. Find a Niche

Finding a niche is crucial to success on Medium. A niche is a specific area of expertise that you can focus on and build a reputation in. By finding a niche, you can attract a dedicated audience and increase your chances of making money on Medium.

To find a niche on Medium, follow these tips:

1. Identify your areas of expertise and passion.
2. Research popular topics on Medium and find gaps in the market.
3. Use Medium’s built-in features, such as the “Topics” page, to find popular topics and trends.
4. Create content that resonates with your target audience and builds your reputation in your niche.

By focusing on a specific niche, you can establish yourself as an authority and attract a loyal readership, increasing your potential to make money on Medium.

8. Optimize Your Articles for SEO

Search Engine Optimization (SEO) is crucial to getting your Medium stories seen by a large audience. By optimizing your articles for SEO, you can increase your chances of ranking high in search engine results and attracting more readers to your stories.

To optimize your articles for SEO on Medium, follow these tips:

1. Use relevant keywords in your title, subtitle, and body of your story.
2. Utilize Medium’s built-in features, such as the “Keyword” field, to add keywords to your story.
3. Optimize your story’s meta description and title tags.
4. Use internal and external linking to increase your story’s authority and relevance.

By following these SEO best practices, you can enhance the visibility of your Medium stories, attract more readers, and ultimately make more money on Medium.

Image: Shutterstock

This article, "How to Make Money on Medium" was first published on Small Business Trends

This formula, used in a CAGR calculator, allows you to quickly figure out the average yearly growth of an investment. In this article, we will cover all the key points you need to understand about CAGR.

What is Growth Rate?

Growth rate is a measure of how fast something is increasing or decreasing over time. It is often expressed as a percentage and is used to track the progress of various economic, financial, and demographic indicators.

The growth rate can be calculated using a variety of methods, depending on the data being analyzed and the purpose of the analysis. Small business owners, investors, and budget planners use growth rate calculations to make informed decisions.

Calculating Simple Growth Rate: The Growth Rate Formula

The growth rate formula is a straightforward calculation that helps determine the percentage change of a variable over a specific time period.

To calculate the growth rate, you need to subtract the initial value of the variable from the final value, divide the result by the initial value, and multiply the quotient by 100 to express the change as a percentage.

The growth rate formula is frequently utilized in financial and economic analysis to monitor the growth of investments, businesses, and economies.

Calculating Compound Annual Growth (CAGR) Rate

The Compound Annual Growth Rate (CAGR) is a measure of the annual average growth rate of an investment over a specified period, taking into account the effects of compounding.

To calculate the CAGR, you need to divide the ending value of the investment by the beginning value, raise the quotient to the power of 1 divided by the number of years, subtract 1, and multiply the result by 100 to express the change as a percentage.

CAGR is commonly used to compare the performance of different investments over time.

Why You Should Measure Your Company’s Growth

Measuring your company’s growth is crucial for staying competitive in today’s business landscape. It allows you to assess your present value and performance and identify areas for improvement. Here are five reasons why measuring your company’s growth is important:

• Identify strengths and weaknesses: Measuring growth helps you identify areas where your company is excelling and areas that need improvement to save money in your business operations.
• Track progress towards goals: It allows you to track progress towards your goals and adjust your strategies accordingly. By measuring growth, you can adjust your strategies to maximize efficiency and profitability.
• Stay ahead of the competition: By measuring your growth, you can stay ahead of your competition and make informed decisions about your company’s future. This is especially important in highly competitive industries.
• Attract investors: Potential investors will want to see evidence of growth before investing in your company. If they are presented with robust growth data, they will be more likely to invest. Provide them with evidence of your company’s growth and you will be more likely to attract investors.
• Improve decision-making: Measuring growth provides valuable data for making informed decisions about your company’s future direction. Having access to accurate growth data allows you to make better decisions and more effectively allocate resources.

Check out what Rule #1 has to say about the importance of a company’s growth rate in this video:

Evaluating What Makes a Good CAGR: A Contextual Approach

Is 4% a high growth rate?

Per Investopedia, the perception of what makes a good Compound Annual Growth Rate is highly contextual. Investors typically consider a good CAGR by evaluating the opportunity cost and the investment’s risk. Therefore, whether 4% is considered a high growth rate depends on the context. You may also consider specific questions like “what is inflation?” and “why is inflation so high?”

To explain, if a company’s growth rate is 25% in a sector where the average CAGR is about 30%, the company’s growth might not seem remarkable.

Conversely, if the same company operates in an industry with lower average growth rates, say 10% or 15%, its 25% CAGR might be viewed as exceptional. In broad terms, the higher the CAGR, the more desirable it is.

So, to answer that question, a 4% growth rate may be considered high, while in other cases, it may be low. For example, in a developed economy with low inflation and stable conditions, a 4% growth rate may be considered relatively high.

However, in a developing economy with high inflation and unstable conditions, a 4% growth rate may be considered low. Small businesses facing inflation and economic instability can use CAGR calculators to accurately measure the average annual growth rate of their investments over time and create a recession-proofing sales process.

Using Growth Rates

Measuring and understanding the growth rates of your company, investments, and economic indicators can help you make informed decisions and maximize profitability.

By utilizing CAGR calculators and the related growth rate formula, an individual can quickly calculate the average annual growth rate of their investments over time.

Having a clear understanding of your company’s growth rates is essential for staying competitive in the business landscape and attracting potential investors. Ultimately, growth rates are a valuable tool that can help you make better decisions and achieve success.

Other Practical Applications and Calculations

Knowing the growth rate is very useful in many practical scenarios. Whether you are an investor analyzing the performance of an investment, a business owner tracking the expansion of your company, or an economist studying macroeconomic trends, understanding growth rate helps make informed decisions.

Let’s look at some specific applications of growth rates:

1. Evaluating Investments: Growth rate formulas are extensively used in finance to analyze the performance of investments. For instance, if you’re investing in stocks, the CAGR can give you an idea of how the value of your investment has changed on average per year.
2. Business Analysis: Business owners often use the growth rate to track changes in revenue, profits, customer base, and various other key performance indicators. This information can help in strategic planning and setting future goals.
3. Economic Analysis: Economists use growth rates to understand changes in various economic indicators such as GDP, inflation, and employment. This data can provide insights into the health of an economy and future trends.

Other Things to Take Into Account

While growth rates are important measures for tracking progress, it is important to consider other factors that may impact the variables being analyzed. Here are three additional things to take into account:

Seasonality

Seasonality refers to fluctuations in demand or sales that occur at specific times of the year. For example, the demand for retail products tends to increase during the holiday season. It is important to take seasonality into account when analyzing growth rates to avoid overestimating or underestimating performance and getting ready for the next recession.

External factors

External factors such as changes in regulations, economic conditions, and industry trends can impact growth rates. For example, a change in government policy can lead to a sudden increase or decrease in demand for certain products or services.

Base effect

The base effect refers to the impact of a high or low starting point on growth rates. A low starting point can lead to a higher growth rate, while a high starting point can lead to a lower growth rate, even if the actual change in the variable is the same. It’s important to consider the base effect when comparing growth rates over different time periods.

Growth Rate: Practical Applications and Calculations

Knowing the growth rate is very useful in many practical scenarios. Whether you are an investor analyzing the performance of an investment, a business owner tracking the expansion of your company, or an economist studying macroeconomic trends, understanding growth rate helps make informed decisions.

Let’s look at some specific applications of growth rates:

1. Evaluating Investments: The growth rate formula, and in particular, the Compound Annual Growth Rate (CAGR), is extensively used in finance to analyze the performance of investments. For instance, if you’re investing in stocks, the CAGR can give you an idea of how the value of your investment has changed on average per year.
2. Business Analysis: Business owners often use the growth rate to track changes in revenue, profits, customer base, and various other key performance indicators. This information can help in strategic planning and setting future goals.
3. Economic Analysis: Economists use growth rates to understand changes in various economic indicators such as GDP, inflation, and employment. This data can provide insights into the health of an economy and future trends.

Limitations of Growth Rate Calculation

While growth rate calculations are valuable tools for assessing financial performance, it’s important to understand their limitations to ensure you make well-rounded decisions.

1. Not a Measure of Volatility: CAGR smoothens out the trajectory of an investment by showing the constant growth rate that would yield the same end value. However, it doesn’t reflect the investment’s volatility, or the ups and downs it went through during that period. So, while the CAGR might look promising, the journey to that return might have been a rough ride.
2. Limited by Timeframe: Growth rates are highly dependent on the timeframe you select. A company might have a high growth rate in the short term due to some favorable conditions but might not sustain the same rate over the long term.
3. Doesn’t Account for Risk: Growth rates, including CAGR, don’t account for the risk associated with an investment. Higher growth rates may be accompanied by higher risks, which might not be suitable for all investors.
4. Not Always Representative: Growth rates can be skewed by a particularly good or bad year, which may not be representative of the overall trend. A company may have had a surge in growth due to a one-off event, which could inflate the growth rate.
5. Ignores Other Important Factors: Growth rates focus purely on the growth aspect of performance, ignoring other critical factors such as cash flows, profitability, market conditions, and management’s quality.

While growth rates are an essential part of financial analysis, it is crucial to use them in conjunction with other metrics and understand the wider context to get a holistic view of performance.

Final Thoughts About Growth Rates

Growth rates are useful tools for tracking the performance of companies, investments, and economies over time. By utilizing CAGR calculators and the related growth rate formula, you can quickly calculate the average annual growth rate of your investments over time.

In addition to growth rates, it’s important to consider other factors such as seasonality, external factors, and the base effect in order to get a better picture of performance. Having a clear understanding of these concepts can help you make informed decisions and achieve success.

Additional CAGR Resources

• CAGR Calculation on Google Sheets

How do you calculate growth rate over multiple years?

To calculate the growth rate over multiple years, you can use the compound annual growth rate (CAGR) formula. First, determine the starting and ending values of the variable being analyzed.

Then, divide the ending value by the starting value, raise the result to the power of 1 divided by the number of years, subtract 1, and multiply the result by 100 to express the change as a percentage. The resulting CAGR represents the average annual growth rate of the variable over the specified period.

What does the average annual growth rate mean?

The average annual growth rate indicates the average rate at which a variable has increased or decreased over a designated time frame, usually expressed in years.

It is calculated by dividing the change in the variable over the specified period by the initial value of the variable, dividing the result by the number of years in the period, and multiplying by 100 to express the change as a percentage.

The average annual growth rate is commonly used to measure the performance of economies, investments, and companies over time.

How do you calculate the growth rate per year?

To calculate the growth rate per year, you can use the formula for the average annual growth rate. Divide the change in the variable over the specified period by the initial value of the variable, divide the result by the number of years in the period, and multiply by 100 to express the change as a percentage.

The resulting growth rate represents the average annual growth rate of the variable over the specified period.

What is a good growth rate for a startup?

A healthy growth rate for a startup varies based on multiple factors, such as the industry, target market, and level of competition. Nevertheless, a common guideline suggests that startups should strive for an annual growth rate of 20-25%.

This rate allows for sustainable growth without sacrificing profitability and can be attractive to investors looking for high-growth opportunities. For startups, this is great information to know along with investment tips and different types of credit cards for startups.

How to calculate the growth rate percentage?

To determine the growth rate percentage, start by subtracting the initial value of the variable from the final value. Next, divide that result by the initial value and multiply by 100. This percentage reflects the change in the variable over the given time frame.

Growth rate percentage is commonly used to measure the performance of investments, companies, and economies over time. This calculation is also referred to as the compound annual growth rate (CAGR) formula.

How do we calculate the internal growth rate? How to calculate the revenue growth rate?

To calculate the internal growth rate, subtract the company’s dividend payout ratio from 1, multiply the result by the company’s return on assets (ROA), and express the result as a percentage. This rate represents the maximum rate of growth a company can achieve without external financing.

To calculate the revenue growth rate, divide the change in revenue over a specified period by the initial revenue and multiply by 100 to express the result as a percentage. This rate represents the rate at which a company’s revenue is growing over time.

Practical Tips for Calculating Growth Rate

Calculating the growth rate is a crucial skill for any business or investor. Here are some practical tips to ensure accuracy and reliability in your calculations:

1. Choose the Right Formula: Select a formula that best fits the nature of your data. For steady growth, CAGR is ideal, while a simple growth rate might suffice for more straightforward calculations.
2. Ensure Accurate Data: Verify the accuracy of your starting and ending values. Inaccurate data can lead to misleading growth rate calculations.
3. Consider the Time Frame: Be consistent with the time frame you’re analyzing. Comparing growth over unequal periods can distort the results.
4. Adjust for Inflation: To accurately assess long-term growth rates, it is essential to adjust for inflation, providing a clearer understanding of growth in real terms.
5. Use Reliable Tools: Utilize reliable calculators or software for complex calculations, like CAGR, to minimize errors.

Impact of Market Fluctuations on Growth Rate

Market fluctuations can significantly impact the growth rate of investments and businesses. During volatile economic times, growth rates can fluctuate widely, affecting the accuracy of long-term growth predictions. It’s essential to:

1. Monitor Economic Indicators: Keep an eye on indicators like GDP, inflation, and employment rates as they can influence market conditions.
2. Periodic Reassessment: Regularly reassess growth rates during fluctuating market conditions to maintain accurate projections.
3. Risk Management: Develop strategies to mitigate risks associated with high market volatility, ensuring more stable growth.

Growth Rate and Business Strategy

Understanding growth rates is pivotal in shaping business strategies. A solid grasp of growth trends helps businesses in:

1. Setting Realistic Goals: Use growth rate data to set achievable short-term and long-term business goals.
2. Resource Allocation: Allocate resources effectively by identifying areas with the highest growth potential.
3. Market Positioning: Adjust market positioning in response to growth trends to capitalize on market opportunities.

Using Growth Rates in Different Business Phases

The application of growth rate analysis varies across different business phases:

1. Startups: For startups, focus on rapid growth rates to capture market share and attract investors.
2. Established Businesses: More established businesses might prioritize sustainable, steady growth, focusing on long-term stability and profitability.
3. Mature Businesses: In mature phases, businesses might use growth rate data to identify renewal or diversification opportunities to maintain relevance in the market.

Image: Envato Elements

This article, "Growth Rate Formula: Understanding CAGR and Annual Growth" was first published on Small Business Trends

Cloud financial management is becoming crucial for today’s growing businesses facing unprecedented challenges and opportunities.

With the ability to tap into global markets and resources, thanks to advanced telecommunications, e-commerce, and relaxed trade restrictions, companies are leveraging cost-effective materials and skills worldwide. However, they also face intense competition and complex operating requirements.

The modern business landscape includes a dispersed workforce of remote or mobile employees, necessitating effective communication with a broad network of global suppliers, partners, and customers.

To navigate these complexities and fully harness the potential of expanding markets, an increasing number of businesses are realizing the need for sophisticated financial management systems.

Adopting advanced solutions like cloud financial management, including AWS Cloud Financial Management, is essential to support and sustain business growth in this dynamic environment.

What is Cloud Financial Management?

Cloud financial management involves using web-based software hosted in the cloud to manage a company’s financial processes. It differs from traditional systems, which are on-premise and require significant hardware investments and longer deployment times.

Some smaller companies have used QuickBooks to track finances, but now need a more robust financial management system to handle their increasingly complicated transactions.

Why? They need to better forecast and track their revenue flows, keep a closer eye on their cost structures and adhere to tighter accounting and regulatory compliance standards. Additionally, cloud cost management is a crucial aspect of cloud financial management that helps businesses track and optimize their expenditures, ensuring they derive maximum value from their investments.

In the past, when companies graduated from QuickBooks, they would have to make significant investments in costly and complex on-premise, financial management software to meet their needs.

These premise-based applications often required long deployment cycles, added hardware to support the applications, and dedicated in-house information technology staff time to keep the software up and running.

Trends Leading to the Rise of Cloud Financial Management

• More and more companies of all sizes are adopting a new generation of cloud-based, Software-as-a-Service (SaaS) solutions to satisfy business requirements. This trend began with the adoption of customer relationship management, payroll and conferencing solutions from SaaS vendors such as Salesforce.com, ADP and Webex/Cisco. The success of these SaaS deployments has led to companies adopting comparable SaaS solutions to satisfy their financial management software needs as well.
• Companies of all sizes are facing a combination of market trends which are forcing them to more effectively manage their businesses. These trends include globalization, competition, worker dispersion, and a growing acceptance of web-based, on-demand services. Globalization has created new market opportunities, but has also opened the door to new market competition. It has given companies access to new markets and cheaper offshore resources. It has lowered the barriers to entry for a growing assortment of competitors who are increasingly competing on price rather than product features.
• More and more SaaS offerings have been specifically designed to scale to meet the needs of both small and large enterprises. SaaS appeals to companies that have been unable to acquire the sophisticated applications of the past, those who have grown tired of the complexities and costs of premise-based applications, and others who have outgrown the capabilities of their existing applications.
• While companies of all sizes must employ increasingly sophisticated financial management to control their corporate operations, small and mid-sized companies are particularly challenged to contend with these issues. Many of these companies are either young or too small to be able to justify the cost and complexities of traditional mid-market on-premise applications. Many have initially relied on Intuit’s QuickBooks to meet their revenue and expense tracking needs but their business requirements have evolved.
• As products and services become more complex, so do revenue management and billing requirements. Companies today also need to comply with increasingly complex revenue recognition guidelines. Most traditional mid-market accounting systems are not designed to handle this increased complexity and many organizations are forced to use manual spreadsheets to manage their revenue recognition and billing processes. By leveraging a financial management system that enables you to automate these processes, companies benefit significantly in higher finance productivity, faster close processes, and simplified compliance.
• As companies grow, they often need to track revenues, expenses and profitability across multiple business units. Rather than create multiple instances of financial information for each entity which must be consolidated manually into a Microsoft Excel spreadsheet, many companies seek an integrated, financial view of a company’s end-to-end operations within the cloud environment. This approach helps in managing and monitoring costs associated with cloud services, optimizing financial operations, and avoiding overspending.

Today’s new breed of SaaS offerings targeting cloud financial management permit users to pay on a subscription basis – relieving them of the added hardware costs, as well as deployment and management hassles.

This allows users to focus on leveraging the software functionality rather than worrying about the application availability.

Unlike on-premise applications which might be hosted by a software vendor, today’s SaaS solutions have been built to fully leverage the web and permit end-users to utilize the online financial management applications in the cloud anytime … from anywhere.

For businesses positioning to take the next step in scaling for growth, cloud based financial management presents great opportunities.

The Advantages and Benefits of Cloud Financial Management for Growing Businesses

As businesses experience growth and face increasingly complex challenges, cloud based financial management solutions offer several advantages to support their expansion. Here are the key benefits of adopting cloud-based financial management systems:

• Cost Efficiency and Business Value: Cloud financial management eliminates the need for significant upfront investments in hardware and software. Companies can subscribe to these solutions on a pay-as-you-go basis, reducing the total cost of ownership and allowing for better financial planning. Additionally, these systems enhance the overall business value by enabling informed decision-making and effective resource allocation.
• Rapid Deployment: Unlike traditional on-premise applications, cloud financial management systems can be deployed quickly. This agility ensures that businesses can start using the software without lengthy implementation cycles.
• Accessibility: Cloud-based financial management is accessible from anywhere with an internet connection. This feature is invaluable for businesses with a dispersed workforce or remote employees who need to collaborate and access financial data on the go.
• Scalability: Cloud solutions are designed to scale seamlessly with a business’s growth. Whether you’re a small startup or a large enterprise, you can easily adjust the capacity and features of your financial management system to meet changing needs.
• Automation and Efficiency: Cloud financial management systems offer automation capabilities for revenue recognition, billing, and other financial processes. This automation enhances finance productivity, speeds up the financial close process, and simplifies compliance with complex regulations.
• Integrated Financial View: Growing companies often operate multiple business units. Cloud financial management provides an integrated view of a company’s end-to-end operations, eliminating the need for manual consolidation of financial information across entities.
• Business Continuity: Cloud solutions are hosted off-site in secure data centers, ensuring business continuity in the event of disasters or disruptions. Data is regularly backed up and protected, reducing the risk of data loss.
• Focus on Core Business: Cloud financial management relieves businesses of the technical complexities of managing on-premise applications, allowing them to focus on their core operations and leveraging the software’s functionality.
• Subscription-Based Model: Cloud financial management is offered on a subscription basis, making it more accessible to small and mid-sized businesses. This subscription model provides flexibility and cost predictability.
• Web-Based Accessibility: Cloud financial management fully leverages the web, enabling users to access the application online from any location. This accessibility enhances collaboration and ensures that critical financial data is always at your fingertips.

Regulatory Compliance in Cloud Financial Management

In the cloud financial management landscape, staying compliant with the latest financial regulations and standards is a critical responsibility that offers several cloud financial management benefits. This involves:

• Adapting to Regulatory Changes: Keeping up-to-date with changes in financial laws and regulations and adapting systems to maintain compliance.
• Audit Trail and Reporting: Implementing features that provide a clear audit trail, accurate reporting, and transparency to meet regulatory requirements.

Risk Management and Compliance Tools

Utilizing cloud-based tools and features designed to aid in compliance and risk management is vital.

• Automated Compliance Checks: Implementing software capabilities that automatically check for compliance during various financial processes.
• Data Security and Privacy Measures: Ensuring that the cloud financial management system adheres to data security standards and privacy laws to protect sensitive financial information.

Leveraging Data Analytics and Cloud Cost Optimization in Cloud Financial Management

Utilizing Predictive Analytics

Using data analytics, cloud based systems can provide valuable insights and predictive analysis for better financial decision-making.

• Forecasting and Trend Analysis: Leveraging historical financial data to forecast future trends and make informed decisions about investments, budgeting, and resource allocation.
• Customized Reporting and Dashboards: Utilizing customizable dashboards and reporting tools for real-time financial insights and performance tracking.

Data-Driven Decision Making

Empowering businesses to make data-driven decisions is a cornerstone of effective cloud financial management.

• Real-Time Data Access: Providing real-time access to financial data to make timely decisions.
• Integrating Various Data Sources: Consolidating data from various sources for a holistic view of the company’s financial health.

Streamlining International Operations with Cloud Financial Management

Handling Multi-Currency Transactions

For businesses operating globally, cloud based systems can seamlessly handle multi-currency transactions and reporting.

• Automatic Currency Conversion: Facilitating real-time currency conversion and reporting for accurate financial management in different markets.
• Global Compliance Features: Incorporating features that assist in adhering to international financial reporting and compliance standards.

Managing Global Financial Operations

Effectively managing finances across different countries and regions is simplified with cloud financial management.

• Cross-Border Financial Collaboration: Enabling seamless collaboration and financial management across international borders.
• Customization for Local Markets: Adapting financial processes and reports to meet the specific requirements of different markets and jurisdictions.

Enhancing Financial Collaboration and Transparency

Cloud management fosters a collaborative environment for finance teams and stakeholders.

• Role-Based Access and Collaboration Tools: Implementing role-based access controls and collaborative tools for efficient teamwork, helping manage cloud resources effectively.
• Enhanced Stakeholder Engagement: Providing stakeholders with transparent access to financial reports and performance metrics.

Promoting transparency and accountability: The cloud-based system enhances transparency and accountability in financial processes.

• Centralized Financial Records: Keeping financial records in a centralized location for easy access and review.
• Audit-Ready Financials: Maintaining audit-ready financial records to simplify compliance and reporting processes.

Integrating Cloud Financial Management with Other Business Systems

Cloud systems can integrate with other business software for streamlined operations.

• ERP and CRM Integration: Integrating with enterprise resource planning (ERP) and customer relationship management (CRM) systems helps manage cloud spend more effectively by providing better cost allocation, visibility, and optimization.
• APIs for Custom Integrations: Utilizing APIs for custom integration with other essential business tools and platforms.

Automating Financial Workflows

Automating key financial workflows to save time and reduce errors is a significant advantage of cloud-based systems.

• Workflow Automation Tools: Implementing tools for automating routine financial tasks like invoicing, payment processing, and expense tracking contributes to cloud cost optimization by managing and reducing cloud expenses effectively.
• Customizable Workflow Design: Designing and customizing workflows to fit specific business needs and processes.

Cloud Financial Management FAQs

What is cloud financial management, and how does it differ from traditional financial management systems?

Cloud financial management refers to managing a company’s finances using cloud-based software, offering real-time data access, scalability, and collaboration across locations. Unlike traditional systems, public cloud services require no physical infrastructure, reduce upfront costs, and provide greater flexibility and integration capabilities.

Why should growing businesses consider adopting cloud financial management solutions?

Growing businesses can benefit from cloud financial management due to cost efficiency, rapid deployment, scalability, and accessibility. These solutions help reduce cloud costs by offering agility, automation, and integrated financial views.

How does cloud financial management help with cost efficiency?

Cloud financial management eliminates upfront hardware costs and offers a pay-as-you-go subscription model, leading to significant cost savings and reducing total ownership costs. Businesses can better plan their finances with predictable expenses.

Can cloud financial management systems be deployed quickly?

Yes, cloud financial management systems can be deployed rapidly compared to traditional on-premise solutions. This agility, driven by dynamic cloud usage, ensures that businesses can start using the software without lengthy implementation cycles.

Are cloud financial management systems accessible from anywhere?

Yes, these systems are accessible from anywhere with an internet connection. This accessibility is essential for businesses with remote or dispersed workforces, as it helps identify and reduce cloud waste. By monitoring resource usage and employing data analytics, organizations can effectively manage and optimize their cloud costs, making informed decisions about their cloud resource allocation.

How do cloud solutions handle scalability?

Cloud financial management solutions are designed to scale seamlessly with a business’s growth, contributing significantly to optimizing cloud costs. Whether you’re a small startup or a large enterprise, you can easily adjust capacity and features to meet changing needs.

What automation features do cloud financial management systems offer?

Cloud financial management systems offer automation for tasks such as revenue recognition, billing, and compliance. Automation enhances efficiency, speeds up financial processes, and simplifies regulatory compliance, leading to significant financial management benefits.

How does cloud financial management provide an integrated financial view?

Growing companies with multiple business units can benefit from an integrated view of their operations. Cloud financial management eliminates the need for manual consolidation of financial information.

Is data security a concern with cloud financial management?

Cloud solutions are hosted in secure data centers, reducing the risk of data loss. Regular backups and security measures ensure business continuity and data protection.

What is the subscription-based model for cloud financial management?

Cloud financial management is offered on a subscription basis, allowing businesses to pay for the services they use. This subscription model provides flexibility and cost predictability.

How does cloud financial management leverage web-based accessibility?

Cloud financial management fully utilizes the web, enabling users to access the application online from any location. This accessibility enhances collaboration and ensures critical financial data is always accessible.

Is cloud financial management suitable for small and mid-sized businesses?

Yes, cloud management is well-suited for small and mid-sized businesses that want to streamline financial processes, reduce costs, and adapt to changing business requirements.

What benefits does cloud financial management offer for business continuity?

Cloud solutions provide business continuity by hosting data off-site in secure data centers. This ensures that businesses can continue operations even in the event of disasters or disruptions.

Photo via Shutterstock

This article, "What is Cloud Financial Management?" was first published on Small Business Trends

Farm products are in great demand. Do you want to be your own boss? Are you eager to learn how to start a farm? If so, keep reading, as we will explore the best strategies for how to make money farming on both small and large farms right away!

Here’s a word from Epic Gardening on how one farmer works less than 40 hours a week and makes 6 Figures:

Ideas for Making Money on a Small Farm

Utilize U-pick Operations

Customers love this. Many people look forward to a family strawberry-picking expedition as a rite of spring.

Create an Online Storefront

Let’s say your small farm raises honey bees. You can sell honey through your online storefront.

Host Farm Tours

Once you become a member of your local chamber of commerce, you can promote your farm tour there or collaborate with several members to organize tours together.

Sell Fresh Cut Flowers

Find your niche! A farm stand may offer standard fares such as tomatoes and beans – make yours stand out with fresh cut flowers.

Offer Subscriptions

This is another way for your market to be a cut above another market. You can increase your income by offering subscriptions for farm products throughout the season. You will sell weekly produce boxes to customers who have subscriptions.

Double Crop

Legumes such as beans and peas have a short growing season and also add nitrogen to the soil. Consider a spring crop such as snap peas or another crop with a quick turnaround, followed by a second crop after the weather warms.

Sell Compost/Organic Fertilizer

Quality compost can be a lucrative product. The truth is that the primary ingredient (manure) is relatively inexpensive, and its availability increases daily. You have the option to produce your own compost and market it as a sellable product.

Raise Niche Crops

Study your local market and find the gaps for different crops t sell. For the most part, farm markets offer the same lines, such as tomatoes, sweet corn and beans. Farm markets aren’t offering specialty products such as oyster mushrooms or purple green beans.

For example, cow milk is readily available; does anyone have goat milk? Are farm stands offering flowers and herbs? Even if you only have a little space, you can grow flowers and herbs to earn extra income.

Rent Camping Space

State park camping is great – although campsites are crowded. Many suburbanites would love to tent at a private campsite on your farm. You may even invest in tiny houses. You can rent tiny houses and make money while introducing city dwellers to farm life.

Grow Hops for Craft Breweries

Growing hops is a rapidly growing business. You can grow many different kinds of hop vines and sell them to microbreweries or home brewers.

Sell Goat Milk

You can sell goat milk, which is in very high demand. However, you must commit to milking the goats two times a day, every day.

Start a Market Garden

Many hobby farms start as market gardens, raising vegetables to sell to the general public. Make yours stand out by offering specialty products that are different than the typical fare.

Earn Money from a Wooded Lot

If you live near a campground, offering firewood in bundles to campers can be a steady income stream. It’s free wood for you, but you must add the time and labor. You can also reach out to sell your firewood bundles in commercial places.

Raise Sheep or Goats

With both sheep and goats (Mohair type), you can shear the animals and sell the fleece. Or you can turn the fleece into specialty yarn and sell that. Both animals are also commonly raised for meat. Compared to cattle or pigs, they take up less space, grow to maturity faster and are cheaper to raise.

Some goat farmers “rent out” their goat herds to aid in eco-friendly brush clearing.

Raise Rabbits

Rabbits can produce several litters a year and are prized for their meat or as pets (depending on the species). Rabbit pellets are also in high demand as fertilizer.

Ideas for Making Money with a Large Farm

An experienced farmer can earn a full-time income on a large farm. Most harvest the most profitable crops, such as corn and soybeans.

What can you grow on a farm to earn a good living?

Raise Livestock

The top choices are beef cattle and pigs.

Have Barn Weddings

Those expansive, beautiful open timber barns can make a great wedding venue.

Start a Christmas Tree Farm

This is a great business to start as a sideline. However, it takes about seven years to grow a Christmas tree to a saleable size. And you won’t just be watching them grow – annually, each tree must be sheared and shaped in the spring, and you must be vigilant against pests and drought.

Make a Corn Maze

Some varieties of corn are grown for their stalks rather than ears of corn. Conversely, those varieties are most often harvested and chopped, with all parts fed to cattle. These varieties are typically very tall and make the best corn mazes.

A pumpkin patch makes a great extra attraction to a corn maze.

Host a Bed & Breakfast

Turn spare rooms into guest rooms. Feed your guest as much food as you can right from the farm.

Offer Horseback Riding Lessons and Tours

For beginners, the thought of riding a horse can be intimidating. With that in mind, if you own horses, think about providing lessons. If you have a trained group of trail-safe horses, consider offering tours.

Teach People about Farming

It’s a safe bet that the majority of people don’t know the process of food to the table – no matter what the product. Therefore, offer classes! Inviting people to learn about milking dairy cows or goats, or harvesting hay, can be a learning experience for them and a money maker for you.

Sell Extra Herbs and Seedlings

Start your farm by selling your extra seedlings and herbs.

Open a Creamery

Sell value-added dairy products to local markets or directly to consumers.

Sell Beeswax-Based Products

Learn to make honey and beeswax products from your honey hives.

Start Beehive Rental & Swarm Removal Services

Make more money by transporting your beekeeping bees to farms that need them as pollinators. Use your bee hives to attract bee swarms on other properties.

Lease Your Land to Other Farmers

So, how do you start farming with no money? Lease your land to other farmers. Set that money aside to start your own farming operation.

Raise Chickens

Many consumers are seeking organic chickens, such as free-range or pastured poultry. As such, you can make money by selling meat chickens or learning how to start an egg farm. What’s more, you can make money hatching eggs and selling chicks to people who want to start their own flocks.

Lease Your Land to Groups

You can lease portions of your land to groups such as Scouts, Dog Trainers, and others.

Lease Your Land for Hunting

You can set your own rules, such as only allowing archery hunting or restricting hours and days when hunting may take place.

Making Money on the Farm: Small vs. Large Operations

Below is a snapshot of the list of unique and viable money-making ideas tailored for small-scale, personalized farms and expansive, commercial large farms.

Is a Farm Business Profitable?

Being a local farmer requires a lot of effort. New farmers should keep in mind that understanding how to start a business is essential to successful farming. In essence, effective business planning is vital for learning how to make money farming.

Will you own or lease farmland? Does the land have the high-quality soil needed to grow high-value crops? Can you afford to purchase breeding stock at a good price? These are factors that will affect your bottom line.

Tips for Owning Your First Farm

• Don’t rush. In other words, it may take a few years for your business to turn a profit.
• Start small. Use the additional income from a regular job to support the business.
• Study your market. Although it’s an additional cost, consider hiring a professional to handle social media, your website, and advertising. A professional may uncover ways to make money while you’re busy working the land.
• Involve a tax professional. Your income may be reported as profit or loss on Schedule C, with you as a sole proprietor. Or, it may make more sense tax-wise to set up the farm as its own entity. Some purchases for a farm (such as animal feed) may be tax-exempt, for example.
• Buy dirt. Yes, the country song is correct. Owning land is important, especially if you are going to grow crops or animals. Also, owning land creates a buffer between you and your neighbors.
• Consult local zoning officials. Even an operation as small as a micro-farm may not be allowed in certain areas. Before you buy or lease land or start a farm business on land you already own, make sure its use complies with local ordinances.

Tap into Educated Outdoor Resource Professionals

Leveraging the knowledge of educated outdoor resource professionals can greatly improve the sustainability and productivity of your land. These specialists, typically working for government or non-profit organizations, are well-versed in the latest research and methodologies in their areas of expertise. Their insights can be crucial whether you’re managing a private forest, enhancing wildlife habitats, or maximizing crop production.

For instance, a wildlife biologist could offer insights into creating a more biodiverse ecosystem on your property, attracting a variety of species and promoting a healthier environment. Similarly, an agricultural extension agent could provide personalized recommendations on crop rotation strategies, pest management, and water conservation techniques that are tailored to your land’s specific needs.

Engaging with these professionals not only aids in achieving your immediate goals but also contributes to the broader objective of environmental stewardship. By leveraging their specialized knowledge, you can implement practices that are ecologically sound, economically viable, and socially responsible, ensuring your land remains productive and sustainable for future generations.

Are there any Apps for Farmers?

Absolutely! The rise of technology has made its way to agriculture, ensuring there’s an app to assist with almost every aspect of farming. Here are some examples of popular farming apps:

1. The Climate Corporation: Climate Fieldview – Offers farmers a better understanding of their fields so they can make better operating decisions.
2. Weed Analyst: ID Weeds – Identify problematic weeds using various search parameters. Available for both Apple and Android, it aids in weed management using habitat, leaf type, and other characteristics.
3. Bird’s-eye Viewer: TerrAvion Mobile – Access vast aerial imagery from TerrAvion and integrate it with field scouting. Benefit from accurate data-driven decisions and have field maps on the go.
4. Cattle Nutritionist: Grazing Calculator – Developed by dairy farmers, this app calculates nutritional needs, crop allocation, and pasture duration for cattle. It lets farmers optimize cattle numbers for the best outcomes.
5. Data Tracker: Farm Logs – Store and analyze essential farm data, calculate expenses, and optimize operations. The free version includes fundamental features, while the premium version provides advanced marketing and reporting tools.
6. Market Watchdog: AgMobile – Keep an eye on grain and livestock markets, receive bids for different crops, and stay updated with important local news and weather. Developed in collaboration with Successful Farming and AgriCharts, this handy tool provides real-time insights for your agribusiness.
7. Crop Analyzer: Yara CheckIT – Identify potential nutrient deficiencies on the spot. This app provides photographic references and remedies. It also suggests when to consider crop insurance.
8. Small-farm Recordkeeper: BeetClock – Crafted by a vegetable farmer, it aids smaller farms in tracking time, labor, and crop profitability. Gather and analyze data from seeding to sale for effective management.

And this is just the tip of the iceberg. As technology continues to advance, more specialized apps tailored to the unique needs of farmers are continually being developed.

Image: Envato Elements

This article, "How to Make Money Farming: Reaping the Green in Every Way" was first published on Small Business Trends

How Does the Approach Help with Financial Transaction Fundamentals?

The right software takes the edge off what can be a hectic life for the small business owner. It allows them an automated way to keep track of some of the fundamentals they still need to feed into an accounting template or pass along to another professional.

In fact, a lot of this type of innovation starts at a level below accounting. It allows the small business owner to keep track of expenses, clients and invoicing — just a few of the basics they need to keep straight so the numbers come out right at the other end of the more involved accounting process.

Companies like FreshBooks help the small business owner along with workflow. Their particular business model allows owners to track their time and automatically place that on an invoice.

One of the priorities for this company is to allow small businesses to run their enterprises without even needing to learn accounting. The main focus for this particular software is making sure businesses capture the information  they need to run their businesses.

What Other Big Advantages Does this Approach Bring?

One of the big advantages to starting out on the right foot this way is it makes financial reporting easier down the road. Using double entry systems lets a small business generate cash flows, detailed income statements and balance sheets. Combined with the right software, you’ll be able to get a hold of these reports any time.

This kind of software is also useful for small business owners that already have a relationship with some kind of tax professional. It’s also helpful for those people that want to run their numbers through a system like TurboTax and want to feel comfortable about the data they start with .

“Half the market are business owners that want to get it done themselves and the other half relies on a professional to help them through that process,” Baker says. “If you can move from doing it yourself with pen and paper, Word and Excel to software, the promise is you can save time, look more professional and be better ready for tax time.”

Digital Solutions in Double Entry Accounting

Transitioning to cloud-based accounting software is a pivotal step for small businesses aiming to streamline their financial processes. This digital shift not only simplifies the application of double entry accounting principles but also grants businesses real-time access to their financial data, anywhere and anytime.

The convenience of streamlined financial operations, coupled with the ability to collaborate effortlessly with accountants and financial advisors, transforms the approach to financial management.

Additionally, the enhanced security features of cloud-based solutions, including automatic backups and updates, safeguard financial data against loss and breaches, ensuring business continuity.

Automated reconciliation and error reduction are among the standout features of modern accounting software, significantly minimizing manual entry errors and saving time for small business owners.

These platforms automate the matching of bank and credit card statements with transactions recorded in the accounting system, enhancing the accuracy of financial records.

The automation extends to the auditing process, where the reduced margin for error facilitates smoother and more efficient audits, underscoring the importance of adopting software solutions equipped with advanced reconciliation capabilities.

Conclusion: Transforming Financial Management in Small Businesses

The adoption of double-entry accounting, enhanced by the latest accounting software, provides small business owners with crucial financial insights, facilitating informed strategic decisions.

This approach gives a clear picture of the company’s financial health, aiding in the identification of trends, assessment of profitability, and strategic investments. It emphasizes the significance of double-entry accounting in empowering businesses with actionable data for guiding operations towards growth and success.

Embracing Technology for Future Success

In an ever-changing business environment, integrating double-entry accounting with modern software tools prepares small businesses for future challenges and opportunities. This method not only simplifies financial management but also ensures adherence to current and future financial regulations.

Highlighting the necessity of staying adaptable and adopting technological advancements, this approach is presented as a strategic investment in the resilience and competitive edge of small businesses in the digital era.

Advantages of Double-Entry Accounting and Software

The synergy of double-entry accounting and contemporary software offers small businesses a robust solution for enhancing financial management. This strategy benefits owners with increased accuracy, efficiency in bookkeeping, and streamlined financial operations.

Suitable for various business models, from sole proprietorships to those with investors, it simplifies financial reporting and tax preparation. By catering to diverse business needs, this method saves time, upholds professionalism, and ensures readiness for tax obligations.

In a competitive marketplace, the strategic use of double-entry accounting and advanced software emerges as a pivotal factor for financial stability and business success.

Key Takeaways for Small Businesses

• Strategic Insights: Leverage double-entry accounting for deeper financial understanding and strategic planning.
• Future-Proofing: Adopt modern software to stay compliant and competitive in a digital-first landscape.
• Efficiency and Accuracy: Benefit from streamlined processes and accurate financial data for better decision-making.
• Adaptability: View these tools as essential investments for adapting to market changes and ensuring long-term success.

In conclusion, the integration of double-entry accounting with advanced software solutions stands out as a transformative strategy for small businesses, aiming at not just simplifying financial management but also securing a path towards sustainable growth and adaptability in the evolving business dynamics.

Photo via Shutterstock

This article, "What is Double Entry Accounting and Will it Work for Your Small Business?" was first published on Small Business Trends

Having multiple loans complicates business bookkeeping. Multiple loans may also impact business cash flow during the month.

Should you consider business debt consolidation? Absolutely. Even if you’re easily managing multiple loans and cash flow, you might save money through debt consolidation.

An investigation into small business debt consolidation that helps you save money? Sounds like a good idea. Let’s take a look.

What is Debt Consolidation?

Let’s get the simple definition out of the way. Debt consolidation is when you take multiple loans, including fixed loans and lines of credit, and combine the debt into one loan.

Can You Consolidate Business Debt?

As you took on the trappings of adult life, you accumulated financial responsibility. You got a mortgage, a car payment and credit card. Well, or credit cards.

At some point you thought, wait a second. My mortgage rate is good, but my credit card interest rate is ridiculous. My car payment interest rate falls somewhere in between. Hey, if I got a home equity loan I could pay off the car and credit card, with a lower interest rate.

Debt consolidation is not just for consumers – businesses can make use of the approach as well. You most likely have a business credit card. You may have taken on additional business debt as needed, to purchase equipment or inventory. Perhaps you have done this using a series of business loans as you grew the company.

Should you consider business debt consolidation?

Pros and Cons of Debt Consolidation

Every debt consolidation has its Pros and Cons. The Pros and Cons for every debt consolidation vary by the status of the small business seeking the loan. In other words, each small business has a unique financial operation that affects its fit for debt consolidation.

Here are factors that will carry weight on any business owner’s decision.

Pros of Business Debt Consolidation

• Lower loan payment amount each month – you’ll have a longer loan term. Spreading out the payments will make the monthly payment lower.
• Lower interest rate – Shop around. Business debt consolidation doesn’t make any sense unless you get a lower interest rate.
• Helps on other loan applications – Banks and other lending institutions don’t like to see a list of multiple creditors. If you’re seeking a separate loan, consolidating your existing loans into one may help you get that other new loan.
• Business expansion – At the same time you consolidate your business debt, you can borrow more to cover the cost of growing your business. You can use the funds to buy equipment or supplies.
• Aids cash flow – When you do a business debt consolidation, you can pick the loan due date. You can choose that date based on the monthly schedule of your business earnings.
• Simplifies status and payback of business debt – It’s much easier to keep track of one loan. You’ll know when that loan is due. That makes it easier to coordinate your small business earnings with debt repayment.

Cons of Business Debt Consolidation

• Longer term – Do you have a home mortgage? Did you find it disheartening to compare the home purchase price with the actual loan repayment amount? Yep. Having lower monthly payments on debt consolidations can be a Pro and a Con. The actual repayment amount will be much higher than the loan amount. But don’t forget you can negate that con by throwing all the money you can at the principal.
• Fees for new loan – The loan application and approval process may include various fees and costs. You can often include those fees in the new loan.
• Interest rate – Based on the types of loans you currently have and their respective rates, you might not discover lower interest rates. Experiment with the figures. Is it worth pursuing a business debt consolidation for an interest rate that is 1% lower? Or perhaps 2%? You can adjust loan amounts and interest rates on sites like bankrate.com.
• Overall debt amount – due to fees and costs, your overall amount of business debt may increase.

Should I Consolidate My Business Debt?

Is this the right time for you to do a business debt consolidation? Here’s a checklist of considerations:

You Qualify – As you grew your business, you may have taken out a series of small loans. Now you’ve been in business for a few years. Because of your proven business record, you may now qualify for a business loan that you couldn’t get then.

Interest rates – The new loan should have a lower interest rate. Calculate the rate you seek by finding the average of the interest rates you have on loans now. The debt consolidation loan should have the same or lower interest than the average of your current loans.

Repayment Amounts – Add up the payment amounts for your current loans. The debt consolidation monthly repayment amount should be less than this total.

Timing of Payments – Covering a series of monthly payments with various due dates can be a juggling act. Having one business debt consolidation loan payment can free up working cash during the month.

Cost Associated with New Loan – There may be various loan origination fees and other associated costs for new loans.

Length of New Loan – There’s a tradeoff for a lower monthly payment when you combine numerous loans into one loan. The tradeoff for business debt consolidation is a longer time period on the new loan.

Early Payoff Option – Small business owners, by nature, are good at self-discipline. Make those scheduled business debt loans. And pay against chunks of the principal whenever you can. Few people are comfortable with a lot of debt. You can allay that discomfort by combining scheduled loan payments with payments targeting the loan principal.

Analyzing the Suitability of Debt Consolidation for Your Business

To determine whether business debt consolidation is a viable option, it’s important to analyze various factors pertaining to your business’s financial health and goals.

Evaluating Business Financial Health

• Debt Assessment: Examine the nature and amount of existing debts, focusing on interest rates, repayment terms, and outstanding balances.
• Financial Stability: Assess your business’s financial stability and its capacity to manage a new consolidated loan effectively.

Goals and Strategic Fit

• Business Objectives: Ensure that your decision is in line with your business objectives, whether you aim for growth, stabilization, or cost reduction.
• Long-term Impact: Consider how consolidation aligns with your long-term financial strategy, including its impact on credit rating and future borrowing capacity.

How to Consolidate Business Debt

If you want to consolidate your business debt, here are the steps to follow:

Step 1: Make a list of all your current loans. Include the payment amounts, loan amounts, interest rates and length of term. Calculate the average annual interest rates. Add up the totals for your loan amounts and payment amounts.

Step 2: Add details for each existing loan. How is each existing loan set up? Is there a penalty if you pay it off early? If so, you have 2 choices – calculate the early repayment penalty and include it in the debt consolidation loan amount. Or, don’t include loans that have early repayment penalties.

Step 3: Investigate any repayment penalties. While exploring your options for consolidating debts, pay attention to which choices do not impose early repayment penalties. The ability to make additional payments towards the principal loan amount can be a significant advantage that offsets the longer loan duration.

Step 4: Explore Loan Options. Your small business is unique, and there will be a loan and a lender that are your best fit.

Step 5: Compare APRs. The interest rate and the annual percentage rate are like cousins, twice-removed. The interest rate is a number applied to the loan amount and repayment terms. It’s easy to calculate a payment amount using solely the interest rate.

The second cousin, APR, is different. It’s the interest rate plus any annual fees. The APR is the real number. Your goal is to get a better APR than you currently have with the existing loans.

Key Steps in the Consolidation Process

Consolidating business debt requires a structured approach to ensure it aligns with your business needs and financial capabilities.

1. Detailed Debt Analysis: Thoroughly review all existing business debts, noting interest rates, terms, and penalties.
2. Financial Assessment: Evaluate your business’s financial situation, including cash flow, revenue streams, and creditworthiness.
3. Lender Comparison: Research and compare potential lenders, considering factors like interest rates, loan terms, and customer service.
4. Application Preparation: Prepare all necessary financial documents and information required for the loan application.
5. Loan Selection and Application: Choose the most suitable loan option and complete the application process, ensuring accuracy in all provided information.
6. Debt Repayment Strategy: Develop a strategy for using the consolidation loan to pay off existing debts and manage the new loan effectively.

Business Debt Consolidation Options

The Small Business Administration is an excellent resource for exploring small business debt consolidation. Locating a bank that is part of the SBA lending program is straightforward, and your current bank may already participate. You can access a list of participating banks on the SBA website.

You can apply for a traditional bank loan or investigate the debt consolidation options available through alternative lenders.

Small Business Association Loans

Small business debt goes hand-in-hand with business growth. The SBA has decades of experience with the ups and downs, and needs, of small business owners.

The SBA offers traditional term loans as well as lines of credit loans. There are loans specifically for seasonal businesses. Loans aimed at benefiting minority business owners, including women. And loans specifically for aiding Veterans.

For more information, take a look here:

Related reading:

• How to Apply for Small Business Loans Backed by the SBA
• What is the SBA 7(a) Loan Program and How Can It Help Your Business?

Bank Loans

Most banks and credit unions offer a debt consolidation loan. Is it the same as a Refinance? Not exactly.

A refinance loan can be a debt consolidation. Here’s how:

A refinance loan – That’s a refinance of an existing loan. The refi is done to get a better interest rate on the loan amount. A debt consolidation loan combines the amounts owed on various loans into one loan.

When you refinance, you can often include your consolidated debts in the process. This is especially likely if you have a strong credit score and an excellent repayment history. Your bank or credit union has already been receiving your payments along with interest. They would also prefer to receive the money and interest that you have been paying to other lenders, provided you maintain a solid repayment record.

Options for consolidating small business debt include numerous loan options, including traditional term loans.

Related reading:

• Best Place to Get a Small Business Loan

Alternative Lenders

You may also be able to get a debt consolidation loan based on the type of business revenue you generate.

For example, there’s a loan option called Invoice Financing. As it sounds, you borrow money based on the amount of money you’ll get when invoices are paid to you. This isn’t based on estimated invoices; it is based on amounts that have been invoiced and have due dates.

There are various online lending platforms. Many are set up to provide working capital during specific times, such as seasonal businesses tied to construction and building. There are online lenders that specialize in small business debt consolidation.

Related reading:

• 8 Alternative Lending Options for Small Business Capital

Funding Circle

Funding Circle is a global, small business loan platform that connects small business owners with investors. It has a presence in the UK and has expanded to the US market.

Unlike other online lenders, Funding Circle solely offers small business loans. Since its launch, the global loans platform has tendered nearly $12 billion to 81,000 businesses.

Don’t have time to shop around for small business debt consolidation? Funding Circle applications are completed online.

Funding Circle as a lending and securities operation subject to individual state laws, as well as regulations of the Securities and Exchange Commission and the Federal Trade Commission.

Business debt consolidation can be an effective strategy for managing multiple debts, potentially leading to better interest rates and improved cash flow. However, it’s vital to carefully consider your business’s financial situation, understand the terms of the new loan, and ensure that the consolidation aligns with your long-term business strategy.

Seeking advice from financial experts can provide valuable insights and help make informed decisions about debt consolidation.

Business Debt Consolidation FAQ

Below, we answer the most frequently asked questions business owners have about business debt consolidation.

Is Business Debt Consolidation the Same as Refinancing?

Technically, it’s not the same. Refinancing, by definition, is taking one existing loan debt and redoing it to get a lower interest rate.

A business debt consolidation takes a number of loans and combines them into one debt. However, it is possible to add other existing debts to the new obligation when refining the existing debt. In fact, a lender may like that. A lender has a choice – get your money plus interest from one loan or get your money plus interest from a number of loans (that other lenders are currently collecting).

Does Debt Consolidation Hurt Your Credit?

No. And it may actually help your credit. If you’re applying for a large loan, a lender doesn’t want to see a laundry list of creditors. Having one creditor is more favorable if you’re applying for another loan.

Can I Consolidate My Business Debt if I Have a Low Credit Score?

If you are beginning your journey with poor credit, you may find it challenging to locate a business consolidation loan. However, if your credit score is low, you can attempt to obtain loans from these lenders for small business loans with bad credit.

Conclusion

As a small business owner, you have a myriad of decisions to make on a daily basis. In addition to its potential for saving money, doing a debt consolidation is a form of decluttering.

Instead of having various loan payments due on various days of the month, you have one monthly payment. This can free up your working capital and make doing business more simple.

Image: Depositphotos.com

This article, "What Is Business Debt Consolidation and Is it Right for You?" was first published on Small Business Trends

Real estate agents aren’t the only professionals making money in real estate. There are other ways to make real estate income, such as with monies from rental properties or by providing property management.

Which type of real estate venture will work best for you, and more importantly, should you invest in real estate?

Types of Real Estate Business

We have selected four primary types of real estate businesses. In the following sections, we will provide a general overview of these four categories and then delve into more detailed information (Ways to Make Money Investing in Real Estate).

1. Residential real estate investments
2. Commercial real estate investments
3. Property management services within the real estate sector
4. Real estate developers

You don’t have to be a licensed real estate agent to get involved in these segments of the real estate industry but having that education and experience would certainly help. If you don’t have a real estate license, connect with a trusted person who does.

Ways to Make Money Investing in Real Estate

This is a fact. Smart people who do their research will make money in real estate.

Real estate investing takes many forms:

Residential Sales and Rental Income

You can purchase properties like condos and homes and then act as a landlord by leasing them out to earn income. Long-term residential rentals can create a significant passive income stream.

Or you can buy properties that are in need of repair, do the repairs, and resell them. This is often called Flipping.

The term Flipping implies that the transaction is a quick, easy task, but that’s often not the case. Whether you’re going to lease or resell a property, pad in extra time because renovations almost always take longer than expected. And are more expensive than expected.

Commercial Real Estate Sales and Rents

Don’t overlook the commercial side as a money-making rental property. Post-pandemic, many towns and cities are faced with a glut of empty commercial properties, from closed restaurants or office complexes to a factory or warehouses.

Similar to a residential property, these commercial spaces can be retrofitted to fit today’s market and you can begin to collect a monthly rent for each tenant.

For example, you can subdivide a large space into a number of smaller spaces and generate rental income from the small spaces. This type of venture lends itself to creative financing, such as real estate crowdfunding platforms. Entrepreneurs and other investors may back such a venture.

Real Estate Investment Trusts

Trusts are often set up to manage financial investments, but real estate investment trusts handle property – residential, commercial, or a combination. The real estate investment trust can be part of an investment portfolio, also regulated by the guidelines of the securities and exchange commission. Or it can be set up by a real estate investment group.

You’ll need an attorney who specializes in the field. As a property or properties are added to a trust, a new deed is created to reflect the new “owner” (the name of the trust). You will need a trustee who is responsible for property distribution if that becomes necessary.

An attorney or a certified financial planner well-versed in this field can investigate whether or not a real estate investor trust is a good investment strategy and the best way to structure your investment properties.

Property Value Increase

This is a Flip on a delay. For example, relying on research, you analyze how much an incoming new business will impact a local real estate market. If 700 jobs are to be created from a new industry, it stands to reason that those employees will need housing. The new business is slated to open in two years. You buy a property or property, planning to rent it or let it sit until the demand for housing increases. When the time is right, you sell at a profit.

Cleaning Services

It’s a lesser-known niche within the house cleaning industry: newly constructed homes require cleaning, particularly after the interior has been dry-walled. The seams of the drywall need taping and spackling, followed by sanding until they are smooth enough for painting. Before the builder’s punch list—which includes finishing trim, painting, and installing floors—can be addressed, the dust from the sanding must be thoroughly vacuumed and wiped clean.

Landlords may also need this service for properties that are in between tenants.

Staging

A staging company uses a set of household goods such as furniture and accents (wall art, bedding, area rugs, etc.) to give a house a welcoming look. The company delivers and removes the items needed for staging.

This can be a face-paced business, as realtors ask for quick staging before an open house, for example. Staging is most often used to prep a house for a successful open house.

Photography

We’ve all seen the images used to help sell a house. Showcasing a property with good photos takes a lot of time. Increasingly, realtors like to use drone footage to show the location of a real estate property.

Foreclosure Specialty

When a company becomes owned by a bank or other hard money lenders, it often becomes listed with a real estate company. But the foreclosed property may be cluttered with items the previous owners have left behind. It may also be dirty.

There are a couple ways you can make money by working with foreclosures:

You can become the management agency that cleans it up, readies it for sale, and keeps the grounds mowed or plowed until it sells.

You can be the person who buys a foreclosure as an investment property, to either rent or sell. There are investors whose entire real estate portfolio of rental real estate is comprised of foreclosure properties.

Typically, each real estate company will have one or two agents who handle foreclosures. This can be a slippery slope, as foreclosures may be complicated by liens on the property for back taxes or utility non-payments. You’ll want a good title search.

Property Management Company

A company can take care of indoor tasks, outdoor tasks, or both. Their responsibilities may include tenant screenings (such as credit and criminal record checks), significant property maintenance (like electrical and plumbing work), and even the collection of rental income. Additionally, a property manager can manage outdoor maintenance tasks like mowing and snow removal.

Home Warranties/Inspections

This is a great option for a retired contractor. Often, property values are based on inspections, which detail things such as the type of electrical service, age of roof and windows, condition of foundation, and more.

Factory and Commercial Rehab and Design

Many empty factories and other commercial buildings could thrive if retrofitted to be more up-to-date. Once you know your local market, you may be able to identify a need and fill it.

For example, such properties can become “incubators” or “hubs” for businesses which benefit by grouping. For example, an empty shoe factory can be sectioned to hold a couple restaurants, small commercial ventures and day care.

A Combination of These

A crucial element of successful real estate investing is diversification. For instance, you can pair staging with photography and charge separately for each service! You can also purchase rental properties from foreclosure listings. Additionally, you can buy and furnish these properties with essential household items to utilize for short-term or vacation rentals, like those listed on Air BnB or VRBO.

Things to Consider Before Investing in Real Estate

1. Local housing and commercial market
2. The local predicted job market
3. Your tolerance for risk
4. Your goals – quick profit versus steady income

You may be able to purchase a property with a minimal down payment. For example, for a residential loan, you sometimes only need 5% of the purchase price (or 20% for vacant land). Your monthly mortgage payment may include the property taxes, calculated by the month. Interest rates impact the amount of payment.

In other words, if you have a good credit score, you can begin to build your real estate assets and purchase your first investment property with minimal upfront costs. Whether you plan to flip houses or rent out office buildings, it’s essential to carefully estimate your monthly positive cash flow. Therefore, be sure to thoroughly review your numbers to prevent real estate investment mistakes.

How to Get Started in Real Estate Investing

1. Decide whether or not you want to buy and sell, buy and rent, or choose another type of involvement (management, staging, etc.) in real estate.
2. Choose which type of property, commercial or residential.
3. Get preapproved for private lending.
4. Learn the punch lists for inspections and appraisals so you’ll know what to look for in a property.
5. Network. For example, to set realistic rehab goals, enlist a local contractor for estimates. Establish relationships with key players such as inspectors, appraisers, agents, and lenders.

How to Make More Money as an Investor

1. Network with local business owners.
2. Develop an interactive website and social media presence.
3. Diversify your holdings.
4. Self educate – learn about maintenance and marketing.
5. Never stop researching the local real estate market.

What is the fastest way to make money in real estate?

Flipping properties is the fastest way to make money (see below).

How much money can you make investing in real estate?

The average investor makes between $70,000 to $121,000 annually, according to statistics. Here’s how the types of investing compare:

Flippers make about $63,000 per flip

Rentals (residential) make from $35,120 to $61,097.

Wholesaling properties garners from $21,500 to $98,500.

Commercial rentals bring in from $27,500 to $121,000 annually.

Five states have led the way in making money for real estate investors: New York, Massachusetts, Hawaii, Connecticut, and New Hampshire.

Image: Depositphotos

This article, "How to Make Money in Real Estate" was first published on Small Business Trends

Here are legit apps that you can easily download to earn money, including ways to get paid to take surveys, play games, lose weight, work a side gig, and even sell your stuff, in addition to a host of other activities you can perform from your favorite internet browsing device.

Our Methodology: The Best Money Making Apps

In the digital age, where our smartphones govern much of our lives, it’s no surprise that many entrepreneurs and savvy individuals turn to money-making apps to increase their incomes.

These apps can serve as a practical means to leverage your spare time or augment your main income. Our methodology for selecting the best money-making apps is comprehensive, considering various user needs and market conditions.

To assist individuals in selecting the most suitable and effective money-making apps, we’ve considered a range of factors. These criteria are rated on a scale from 10 (most important) to 1 (least important), ensuring that our recommendations cater to those looking for legitimate and practical ways to earn extra income.

1. Earning Potential: Importance 10/10
   • Realistic earning opportunities offered by the app.
   • Clarity on potential earnings and effort required.
   • Balance between time invested and financial return.
2. Legitimacy and Trustworthiness: Importance 9/10
   • Verification of the app’s credibility and legal standing.
   • Positive reviews and testimonials from users.
   • Lack of hidden fees or misleading earning claims.
3. Ease of Use and Accessibility: Importance 8/10
   • User-friendly interface and straightforward operation.
   • Minimal technical glitches or issues.
   • Accessibility across various devices and platforms.
4. Variety of Income-Generating Activities: Importance 7/10
   • Diversity in tasks or activities available (surveys, watching videos, playing games).
   • Suitability for different skills and interests.
   • Opportunities for both passive and active income.
5. Payment Methods and Thresholds: Importance 6/10
   • Multiple reliable payment options (PayPal, gift cards, bank transfer).
   • Reasonable thresholds for cashing out earnings.
   • Transparency and timeliness in the payment process.
6. User Privacy and Data Security: Importance 6/10
   • Measures to protect user privacy and personal data.
   • Clear policies on data usage and sharing.
   • Compliance with data protection laws.
7. Customer Support and Resources: Importance 5/10
   • Availability of customer support for inquiries and issues.
   • Access to resources like FAQs and user guides.
   • User community or forums for tips and advice.
8. Flexibility and Convenience: Importance 4/10
   • Ability to use the app according to the user’s schedule.
   • Suitability for different lifestyles and time commitments.
   • Option to earn from anywhere at any time.

Our analysis’s depth ensures we recommend apps that are not only legitimate and secure but also worthwhile for your time and effort. The aim is to empower you with side hustles that complement your financial goals efficiently and enjoyably.

The Best Money Making Apps to Earn Passive Income

Passive income apps are ideal if you don’t have lots of time to do extra work but want to earn passive income. Choose from tons of income ideas, including apps that help you make money with cryptocurrency, commercial real estate investments and even online content.

The following are the best money-making apps for passive income:

Swagbucks

Swagbucks is a nice app that allows you to make convenient money through your usual online activities. You can earn SB (reward points) as you create an internet browsing history, shop online, and spend time watching videos. You can also find many in-app shopping deals to save money.

Compatibility: Android and iOS

Average Payout: $1 to $5 per day

Payment Method: Gift cards, PayPal cash or check

OnMyWay

The OnMyWay app pays you to drive without texting, making it convenient and easy to use. It starts keeping track of the miles when you’re driving over 10MPH and pays OnMyWay Cash points, which can be converted to cash at certain levels. OnMyWay disables the message alerts, but you can answer calls via Bluetooth.

Compatibility: Android and iOS

Average Payout: $0.05 for every safe mile you drive without texting or looking at your phone

Payment Method: Gift cards, PayPal, or credit card payments

Public.com

Public.com is one of the best investing apps for investing and earning income. You can invest as little as $1 and buy parts of shares, ETFs, and cryptos on one of the best apps for investing. Public.com also helps you connect and interact with fellow investors.

Compatibility: Android and iOS

Average Payout: Depends on the investments

Payment Method: ACH, wire transfer or check

Fundrise

Fundrise provides straightforward access to real estate investment opportunities. You can invest small amounts in multiple large projects without needing to purchase an entire property. This allows you to earn genuine dividends and returns on a regular basis. However, be aware that the investment terms for Fundrise are generally 5 years, and a 1% penalty applies for early withdrawals.

Compatibility: Android and iOS

Average Payout: Depends on the investments

Payment Method: Deposit to a bank account

Airbnb

Airbnb enables you to earn income by becoming a host and renting extra space in the home to guests. The app has tons of brand trust, user reviews, and streamlined features. You can delegate and automate regular cleaning and maintenance so service providers will take care of those tasks.

Compatibility: Android and iOS

Average Payout: $41,026 per year

Payment Method: Payoneer prepaid Mastercard, PayPal account, Fast Pay to credit or debit card, international wire or direct deposit to a bank account

Medium

Medium is an open online publishing platform where writers can showcase their voices and expertise on any topic. Writers who join Medium’s Partner Program are paid for their content based on how much time people spend reading it. And there are tons of subjects you can cover to earn legitimate money. Publishing content is a great source of passive income for those interested in making money on Medium since readers can continue to consume it weeks, months, or even years later.

Compatibility: Android and iOS

Average Payout: $15 to $30 for every 1,000 views, depending on the read time

Payment Method: Stripe

Soundcloud

Wondering how to make money on Soundcloud? It’s an easy-to-use platform for both musicians and listeners. You can even make money listening to music. Soundcloud is an online platform where musical artists can find audiences for their creations. Musicians can monetize their Soundcloud accounts and earn money every time listeners stream their audio files.

Average Payout: Between $0.0025 and $0.004 per stream

Payment Method: PayPal

Best Cash Back Apps that Make You Money

Cash-back apps pay rewards in the form of points or money when you make a qualifying purchase from partner retailers, either online or in-store. The following apps are popular to earn points or cash rewards:

Shopkick

Shopkick provides you with easy cash back for online shopping as well as in-store purchases. You earn Kicks (reward points) to go to stores or buy products from within the app. Then, the points can be redeemed for gift cards.

Compatibility: Android and iOS

Average Payout: $2 for 500 Kicks

Payment Method: Gift cards or PayPal

Capital One Shopping

Capital One Shopping app gives you credit points to shop from its partners, which can be redeemed for gift cards. Capital One Shopping also provides price comparisons, cashback deals and discount coupons to help users save money.

Compatibility: Android and iOS

Average Payout: Up to 15% of the shopping amount

Payment Method: Gift cards

Rakuten

Rakuten lets you earn rewards and savings when you shop from its app. It has links to hundreds of partner online stores from which you can shop and rake up cashback points. These points are paid out quarterly.

Compatibility: Android and iOS

Average Payout: Up to 40% of the shopping amount

Payment Method: Check or PayPal

Dosh

Dosh provides cash back when you shop, dine or book accommodations with its partners. You earn points when paying with the card linked to the Dosh app. You can redeem these points for actual cash.

Compatibility: Android and iOS

Average Payout: 2% to 10% of the shopping amount

Payment Method: PayPal, Venmo or bank deposit

Fetch Rewards

Fetch Rewards gives you points every time you click and upload a grocery shopping receipt, as well as receipts from certain other locations. Because Fetch Rewards accepts your gas station receipts, it even doubles as one of the more popular gas-saving apps. It also gives points for eReceipts in your email, so you can earn more by buying products from its affiliated brands and not just in-store purchases.

Compatibility: Android and iOS

Average Payout: $15 to $50 per year

Payment Method: Gift cards

Ibotta app

Ibotta is a free app that can be downloaded from the iOS App Store or Google’s Play Store. Like other cash-back apps, it offers users cash back on every qualifying purchase, including from restaurants, groceries, and online shopping. To make money with the Ibotta app, just sign up, activate offers on your device before shopping at participating merchants, and start making money.

Compatibility: Android and iOS

Average Payout: $20 per month

Payment Method: Gift cards, PayPal account, or bank deposit

Best Side Hustle Money Making Apps

As the name implies, side hustle money-making apps enable you to earn extra cash while keeping your current job. Whether you’re looking to leverage a unique skill for a side hustle or discover ways to make money using a pickup truck, you’ll encounter opportunities with some of the top gig apps.

Let’s explore these side hustle apps to make money:

TaskRabbit

TaskRabbit connects you with individuals who want to outsource their everyday tasks. So, you can set your hourly rate and earn extra cash in your free time. The simple tasks include grocery shopping, furniture assembly, lawn mowing, and more. If you’re looking to make money with your car, you can probably find an errand that needs to be completed on TaskRabbit.

Compatibility: Android and iOS

Average Payout: $36 per hour

Payment Method: Bank deposit

UrbanSitter

UrbanSitter is a money-making app for you if you like to spend time with kids. It connects you with parents looking for nannies, babysitters or tutors. You also can find pet care and senior care tasks on UrbanSitter.

Compatibility: Android and iOS

Average Payout: $17 to $19 per hour

Payment Method: Bank direct deposit

Rover

Rover helps you find pet owners who want someone to take care of their dogs/cats. You can even offer boarding facilities for pets. But daycare, walking and house sitting are among the common tasks available.

Compatibility: Android and iOS

Average Payout: $15 to $30 per hour

Payment Method: Stripe

Upwork

Upwork is a platform for finding creative freelance projects. Designing, accounting, and marketing are among the hundreds of categories available on Upwork. So, you can find many tasks within your skill set to do in your free time. Want to make money typing? You can find data entry gigs on Upwork, as well as content writing, social media management and so much more.

Compatibility: Android and iOS

Average Payout: Depends on the projects

Payment Method: PayPal or ACH

Fiverr

It’s easy to see how to make money on Fiverr. The global marketplace for freelancers differs from competing platforms. Instead of bidding on projects and being selected by clients, Fiverr freelancers list their available services so prospective customers can shop for them. The variety of services offered on Fiverr ranges from writing or proofreading to website design or marketing and everything in between.

Compatibility: Android and iOS

Average Payout: Varies based on project and experience

Payment Method: PayPal

Best Money Making Apps that Pay You to Play Games

Do you love playing games on your phone? Can you believe you can get paid while playing the games you love? You’ll definitely want to explore the following gaming apps that pay.

If you happen to find any game of your interest, you can make money fast.

Mistplay

Mistplay is like a loyalty program app exclusively for gamers. Users earn reward points, known as units, to test and review games. So, they can discover fun games and earn rewards for playing them.

Compatibility: Android

Average Payout: $14 to $50 per month

Payment Method: Gift cards

Bananatic

Bananatic is another online gaming app that allows users to play games to earn reward points. It is called Bananatic and is called bananas. Here, players test games, finish quests, and write reviews. Watching ads is another way to earn additional reward points with Bananatic, which you can redeem for legitimate cash.

Compatibility: Android or iOS

Average Payout: Up to $5 per task

Payment Method: Gift cards, Steam Wallet or PayPal

Gamehag

The Gamehag app also pays you to play games. It provides reward points called “soul gems” for playing games and completing quests. You can earn more by writing game reviews and interacting in the forums.

Compatibility: Android and iOS

Average Payout: Up to $2 per hour for gameplay

Payment Method: Gift cards, PayPal, Steam Wallet and Robux

PlaytestCloud

PlaytestCloud is a money-making gaming app that allows you to participate as a game tester and earn money. The tests you receive are tailored to your demographics and devices. Each testing session typically lasts around 10-15 minutes.

Compatibility: Android and iOS

Average Payout: $9 per session

Payment Method: PayPal

Twitch

One of the most popular ways to make money playing video games is live streaming gameplay on Twitch. Twitch content creators accrue viewers and followers by showcasing their gaming skills and commentary. The more people who watch a video – and the more ads that they view – the more money the Twitch user earns by playing games.

Compatibility: Android and iOS

Average Payout: $50 to $1,500 per month

Payment Method: ACH, PayPal, wire, or check

Best Mystery Shopper Apps that Pay You for Shopping Online and In-Store

Do you like shopping? Do you always have an opinion about how a store owner can improve customer experience?

If your answer is Yes to those questions, then you can get paid handsomely as a mystery shopper. Businesses are constantly seeking visitors who will evaluable their experiences, and they are willing to pay good money for your opinions when using the following apps:

Field Agent

Field Agent provides a money-making opportunity to those who love shopping. When you sign up as an agent, you can get paid to try products and complete tasks. The cost of products is reimbursed upon the task’s completion.

Compatibility: Android and iOS

Average Payout: $6 to $30 per hour

Payment Method: Bank direct deposit

EasyShift

The EasyShift app lists auditing tasks, called shifts, at local shops and retailers. In the EasyShift app, you get tasks like taking product photos, checking prices and reviewing promotions. It usually takes about 15 minutes to complete a “shift.”

Compatibility: Android and iOS

Average Payout: $7 per task

Payment Method: PayPal

GigWalk

GigWalk is a mystery shopping app where users apply to complete listed tasks. You can undertake them upon the client’s approval. The tasks are simple and include activities like location checks, shopping experience reviews, property inspections and more.

Compatibility: Android and iOS

Average Payout: $4 to $12 per task

Payment Method: PayPal

Marketforce

The Marketforce mystery shopping app is an excellent choice for food enthusiasts. The tasks available on this platform primarily focus on restaurants, fast-food chains, and delivery services. Users assess cleanliness and food quality while also performing various related tasks.

Compatibility: Android and iOS

Average Payout: $5 – $10 per task

Payment Method: PayPal

PrestoShopper

PrestoShopper is a money-making app that aggregates tasks from different mystery shopping companies. You can easily pick the task you’re interested in and then connect with the company that posted it.

Compatibility: Android and iOS

Average Payout: $5 – $10 per task

Payment Method: Gift cards or PayPal

Money Making App Options – Losing Weight

Millions of people around the world wish they could drop at least a few pounds, but motivation continues to deter their efforts. What if you could get paid to lose weight? You can, with some of the best weight-loss apps. The following apps not only can help you lose weight but also earn money for your success:

HealthyWage

The HealthyWage app offers a weight loss challenge program that rewards participants with cash prizes for achieving their weight loss goals. You can choose to make a personal weight loss bet or create a team fitness challenge.

Compatibility: Android and iOS

Average Payout: Up to $24 per pound lost

Payment Method: Check or PayPal

DietBet

DietBet rewards you with cash if you succeed in the weight loss bet you make for yourself. The app offers various game types tailored to different health objectives. You can join an upcoming game challenge or start a new one of your own.

Compatibility: Android and iOS

Average Payout: 1.5- to 2-times the bet amount

Payment Method: Check or PayPal

Evidation

The Evidation app helps you earn points by tracking your activities. You can connect the app to your fitness tracker and log your biking, running, walking time, etc. You even earn points to log sleeping and meditation, too. So it’s an easy experience that you can fit into your daily habits.

Compatibility: Android and iOS

Average Payout: $20 per year

Payment Method: Gift cards or PayPal

StickK

StickK pays to do activities you commit to. In StickK, you bet on yourself and commit to a health goal, which can be either short-term or long-term. You’re then assigned a “referee” to track and verify your progress.

Compatibility: Android and iOS

Average Payout: Varies based on the bet amount

Payment Method: PayPal

Best Apps to Sell Your Things

Do you have piles of stuff lying around that you no longer use? Or perhaps you’re in possession of antique, rare, or collectible items, but you don’t know where to sell them. Fortunately for you, there’s also an app for that.

The following selling apps will help you market your things and earn money. Some will even offer sellers with a pre-paid shipping label to help with delivery. These money-making apps are completely legit.

OfferUp

The Offerup app can help you sell anything. It has an easy-to-follow posting template to upload item details and set your offer price. Offerup offers local selling as well as nationwide shipping.

Compatibility: Android and iOS

Average Payout: The offer price (minus a 12.9% service charge)

Payment Method: Bank deposit or In-person transaction

Poshmark

Poshmark is a marketplace for fashion and home decor products. You can sell dresses, shoes, makeup products and so much more, all in an easy-to-use mobile app. Poshmark is a superb option if you’re looking forward to cleaning and updating your wardrobe.

Compatibility: Android and iOS

Average Payout: The offer price (minus a 20% service charge)

Payment Method: Check, bank deposit, Venmo or check

NextDoor

Nextdoor is a handy app that allows you to sell your things locally via a mobile device. It’s a neighborhood-specific social media platform where users can easily post items for sale. Once you list products to sell, others in the local area can see them in their feeds.

Compatibility: Android and iOS

Average Payout: The offer price

Payment Method: As negotiated with the buyer

Facebook Marketplace

Facebook Marketplace helps users connect with people willing to buy products locally, regionally or anywhere. The items appear in Facebook Marketplace feeds for everyone in your geographic location, as well as anyone else searching a broader area. Just strike a deal and negotiate the delivery and payment methods.

Compatibility: Android and iOS

Average Payout: The offer price

Payment Method: As negotiated with the buyer

Decluttr

Decluttr is a money-making service designed for selling old tech products, including phones, computers, media players, smartwatches, and more. When users upload details, the app gives them a valuation of the items. On Decluttr, you can sell old gaming consoles, used tablets, and all of your other used electronics.

Compatibility: Android and iOS

Average Payout: Depends on the item and condition

Payment Method: Check, PayPal or direct bank deposit

Other Legit Money-Making Apps You Should Consider

If none of the money-making apps mentioned above appeal to you, here are some additional apps for you to consider:

Redbubble

It’s easy to see how to make money on Redbubble. The print-on-demand online marketplace displays designs submitted by independent artists and designers, then Redbubble customers can pay to have those the artwork printed on a large variety of products, including shirts, phone cases, notebooks and canvases. Artists are paid a portion of the Redbubble sales that incorporate their designs.

Compatibility: Android and iOS

Average Payout: 20% of the product’s base price

Payment Method: PayPal or bank deposit

Doordash

Doordash is another reliable app for starting a side hustle and making money. It pays you to deliver food from local restaurants to customers’ homes and workplaces. You can choose your own hours with Doordash and the orders you want to deliver. However, drivers can earn extra money by making deliveries during Peak Pay times when offered by the company.

Compatibility: Android and iOS

Average Payout: Up to $25 per hour

Payment Method: Bank deposit

Instacart

Instacart is another delivery app that pays you to shop in store and deliver groceries. It provides a flexible schedule for drivers to work when they want. You even can choose to sign up as an Instacart delivery partner only.

Compatibility: Android and iOS

Average Payout: $13.88 per hour plus tips

Payment Method: Check or bank deposit

Uber

Uber is a ride-sharing platform that allows gig workers to earn money by driving during their free time. With the Uber app, you can create your own schedule and even choose a destination to pick up and drop off passengers along your route. Additionally, Uber now offers qualified drivers free tablets to help them increase their earnings through ad revenue sharing.

Compatibility: Android and iOS

Average Payout: Up to $25 per hour

Payment Method: Bank deposit or debit card deposit

Rocket Money

It’s easy to save money when you use the Rocket Money app. The financial management application helps users lower their bills and optimize their budgets with a variety of useful tools. By connecting all of your financial accounts, Rocket Money can help you save enough money it will be like adding extra cash into your bank account.

Compatibility: Android and iOS

Average Payout: $512 saved each year

Payment Method: N/A

TikTok

It’s hard to use the internet these days without recognizing how to make money on TikTok. The global platform hosts user-submitted short-form videos on any topic. Users can share their content, view others’ videos and follow their favorites. You can monetize your TikTok account once you achieve 10,000 followers and 100,000 video views, and then you’ll get paid when people stream your videos.

Compatibility: Android and iOS

Average Payout: 2 to 4 cents per 1,000 views

Payment Method: PayPal or Zelle

Best Survey Apps

Companies around the world are extremely interested in consumers’ thoughts and opinions, and so they frequently seek people interested in answering surveys for money. Completing relevant surveys online with apps like Survey Junkie is a great way to earn extra cash in a few hours of your spare time, but it’s important to make sure the app is legitimate.

Check out some of the best survey apps that are totally legit:

Survey Junkie

Hundreds of thousands of users access Survey Junkie each day to trade their opinions for cash payments. To start, just create a profile and specify your interests, then start taking surveys and earning points that can be redeemed for cash. Some Survey Junkie users even can earn extra money by testing products.

Compatibility: Android and iOS

Average Payout: $1 to $3 per survey

Payment Method: PayPal or e-gift cards

InboxDollars

With the InboxDollars app, you can make money by taking online surveys, watching videos, playing video games, redeeming coupons and even shopping online. This free app offers legit money-making opportunities, and it’s quick and easy to use. The best part, InboxDollars users earn actual cash for completing tasks instead of points that must be converted and redeemed.

Compatibility: Android and iOS

Average Payout: Up to $5 per task

Payment Method: Gift cards or PayPal

Branded Surveys

Another app that lets users earn money by taking surveys is Branded Surveys. An online community where companies pay for consumers’ opinions, the program will match users to relevant surveys, then send daily updates with polls, challenges and other offerings that can be completed to earn points.

Compatibility: Android and iOS

Average Payout: A few dollars per survey

Payment Method: PayPal or Dwolla

Google Opinion Rewards

The Google Opinion Rewards program allows users to participate in a mobile panel as they spend time taking surveys and earning rewards that can be converted into cash payments or credit in Google’s Play Store. Just answer questions asked by market researchers from the Google Opinion Rewards app to start earning credits. Topics include opinion polls, hotel reviews, merchant satisfaction surveys, and more.

Compatibility: Android and iOS

Average Payout: Up to $1 per survey

Payment Method: PayPal or Google Play Store credits

Here is a quick snapshot of the moneymaking apps and their key details in an easily-referenced comparison table.

Apps Not Worth Your Time

All of the apps mentioned above offer legitimate ways to make some extra money, but there are plenty of others out there amounting to little more than scams. How can you make sure you’re choosing an app that’s worth your time? Be aware of the following red flags:

• Cost – Legitimate money-making apps won’t charge you to try them, or they will base their service fee on your earnings. Be aware of apps that want you to pay upfront without even a free trial for new users.
• Privacy – No money-making app should require private information such as your Social Security number unless you’ve earned at least $600 and it’s needed for tax purposes. You also might want to investigate the app’s data collection policy to ensure you’re comfortable when the company decides to collect data from you. Of course, your bank account details will need to be provided if you opt for direct deposit.
• Ratings – Review what other users are saying about the app. Take a few minutes to read product reviews and customer ratings in Google’s Play Store or the Apple App Store.
• Awards – What sort of rewards does the app offer? Can you earn enough to make it worth your time?
• Qualifications – Does the app require users to meet significant qualifications to complete tasks? If so, new app users might end up spending too much time answering surveys only to discover they aren’t qualified for a reward.

Optimizing Your Earnings with Money-Making Apps

While the list of effective money-making apps provides a solid foundation, understanding how to maximize their potential is key to boosting your earnings. Here’s how you can enhance your strategy using these apps:

• Diversification of Income Sources: Don’t rely on a single app. Each app offers different ways to earn money, so by diversifying your sources, you increase your chances of a steady income. Use a combination of apps like Uber for active income and Airbnb for passive income to balance your earnings.
• Maximizing App Features: Take full advantage of the unique features each app offers. For instance, utilize the promotional tools on Facebook Marketplace to reach a wider audience, or leverage peak times on DoorDash for higher earnings.
• Efficient Time Management: Time is a precious resource. Focus on apps that yield the highest return for the time you invest. For instance, apps such as TaskRabbit or Nextdoor allow you to complete quick tasks for immediate payment, making them effective choices for short-term earnings.

Critical Considerations When Using Money-Making Apps

• Verifying App Legitimacy: Always conduct thorough research to confirm the legitimacy of an app. Check for user reviews, ratings, and online discussions to avoid scams and ensure a secure earning experience.
• Understanding the Payout Process: Get to know the different payout methods and their requirements. Some money making apps may provide instant payouts, whereas others may impose certain conditions or minimum thresholds that need to be satisfied.
• Balancing Effort with Returns: Assess the effort required for each app and its corresponding potential earnings. While some apps may require more active involvement, others can offer passive income with minimal effort.
• Protecting Your Privacy: Be cautious about the personal information you share on these platforms. Ensure you are comfortable with the data you provide and understand how it will be used.
• Smart Use of Gaming Apps for Earnings: While gaming apps can be fun and potentially profitable, choosing a game that aligns with your interests is crucial. The more you enjoy the game, the more likely you are to dedicate time to it, which can lead to better-earning potential. However, keep realistic expectations about the amount of money you can make through gaming apps.

Start Increasing Your Bank Account Balance Today

If you’re looking for ways to get extra cashback and increase your bank account balance, you can find plenty of apps that let you earn free gift cards, free stock, and even cash back. Some of these free apps require new users to spend time completing surveys, tasks, and activities for making money, while other apps offer passive income opportunities for users to boost their earning potential.

The effectiveness of money-making apps depends largely on how you use them. By diversifying your app usage, maximizing its features, managing your time wisely, and being mindful of privacy and legitimacy concerns, you can enhance your ability to earn additional income.

Remember, these apps are tools to supplement your income, and a strategic approach can make them more beneficial for your financial goals.

Here’s a quick word from PaidfromSurvey that you can check out after reading the article.

Can you earn money from the Google Play Store?

There are so many ways to make money on your phone. Sometimes, users can even get cash back directly from Google’s Play Store. If you have the right skills, you can create an app and sell it from within the online store, but you also can earn rewards by watching YouTube videos promoted within many games and apps. Google will reward participants with credits toward other Play Store purchases or even cash in their PayPal accounts.

What is the best app to earn money?

The best app to earn cash is Upwork, as it is completely legit, and you will get paid timely. However, this app is best for freelancers.

Following are a few best money-making apps to cater to a diverse audience

• Uber (for drivers)
• DoorDash (for food delivery contractors)
• Facebook Marketplace (for sellers)
• Airbnb (for house owners to rent their properties)

The above apps are completely legit and known to pay on time.

Do money-making apps really work?

Yes, money-making apps can work, and many people have found success using them. However, you should download apps that pay on time and are completely legit. Popular apps like Survey Junkie, Uber, and Capital One Shopping, as well as the others listed above, can be considered trustworthy.

Unfortunately, there are many fake money-making apps in the market. So, you should be extra careful when downloading a legitimate app to make money. It’s also important to understand that these apps aren’t a quick fix for financial woes. While they can provide a source of extra income or savings, they’re not typically a pathway to quick riches.

Things to Consider When Using Money-Making Apps

1. Legitimacy: The internet is rife with scams, and the world of money-making apps is no exception. Before downloading an app, do some research to ensure it’s legitimate. Look for reviews and ratings on app stores, as well as discussions about the app on online forums or social media.
2. Payout: Consider the potential earnings and payout methods. Some apps might offer enticing potential earnings but make it difficult to actually get your money. Make sure to understand how and when you’ll be paid before you start using an app.
3. Time and Effort: Some apps require a substantial time investment for a relatively small payout. Consider whether the potential earnings are worth your time.
4. Privacy: Many money-making apps require access to personal information, such as your location or shopping habits. Make sure you’re comfortable with the information you’re sharing and understand how it will be used.

What apps pay you cash instantly?

Airbnb, Facebook Marketplace, TaskRabbit, and Nextdoor pay you instantly. Sometimes, there is a minimum threshold amount you have to touch before getting paid. Usually, apps that help you sell something (products/services) offer quick pay.

Which game is best for earning money?

The best game for earning money is the game that you’re crazy about. It’s a tough job to earn cash by playing a game. So, if you don’t like the game, you will not be able to earn much money, regardless of how great the game is.

Image: Depositphotos

This article, "Best Money Making Apps: Uncover Profitable Opportunities" was first published on Small Business Trends

Gas expenses can add up significantly for both individuals and businesses. Companies that operate a car, truck, or a small fleet often find it difficult to budget for gas costs. With the wide range of gas prices in different areas, managing this expense can be particularly challenging.

Locating the most affordable gas can be highly advantageous for your business, both in the short term and the long run. This is why we have compiled a list of the top smartphone apps designed to assist small businesses on how to save money on gas at the pump and reduce expenses.

Top Smartphone Apps to Save Money at the Pump

Gas Buddy

GasBuddy: Find Cheap Fuel – Apps on Google Play

GasBuddy is one of the best smartphone apps to find the best gas prices. It’s a community-based app that helps you find cheap fuel options based on location and cost. The app also tracks gas consumption, which can be incredibly helpful for businesses looking to manage their budget and find cheap fuel quickly when on the road. GasBuddy is a comprehensive gas app that can be very useful for road trips and long routes.

Available on: Android and iOS

Gas Guru

Gas Guru: Cheap gas prices – Apps on Google Play

Gas Guru uses a lot of different information sources to find cheap gas, including the oil price information service, to ensure that you’re getting the most accurate prices possible. Gas Guru can be incredibly useful for those on the go since it not only finds cheap gas but also allows users to organize locations for quick access. Gas Guru information also includes information about amenities available at gas stations, adding a bit more value.

Available on: Android and iOS

Waze

Waze – GPS, Maps, Traffic Alerts & Live Navigation – Apps on Google Play

Waze has a little bit of everything, making it a very valuable app for businesses with employees always on the road. Waze includes gas information, navigation, and traffic alerts, making it the perfect gas app for long and short road trips.

For those seeking options to find the cheapest gas, Waze can be a valuable app to check prices and traffic news in one place during a road trip.

Available on: Android and iOS

Receipt Hog

Receipt Hog | Receipts to Cash

Receipt Hog – Receipts to Cash – Apps on Google Play

Using a gas station receipt, you can get cash back on purchases such as groceries and gas, thereby allowing businesses to recover some of the cost of gas. Receipt Hog is a great way to better understand fuel usage, overall fuel economy, and gas patterns while getting cash back through a PayPal or Amazon gift card on purchases. You can save money on gas through this method and use Receipt Hog as a gas app to understand spending patterns for expenses logged at grocery stores and gas stations.

Available on: Android and iOS

Get Upside

GetUpside: Free app for cash back on gas, groceries & restaurants | GetUpside

GetUpside: Save BIG on gas and food – Apps on Google Play

One of the most well-known gas saving apps, GetUpside, offers numerous advantages. This free app functions as a cash back platform, allowing users to receive 25¢ per gallon in cash back. GetUpside shows users eligible gas stations where they can refuel and earn cash back on their purchases. Most major gas stations participate, making it convenient to locate a qualifying station and save on gas expenses. Additionally, drivers can make purchases using credit or debit cards, simplifying the tracking and management of their gas consumption.

Available on: Android and iOS

Gas Manager

Gas Manager on the App Store (apple.com)

Gas Manager offers a variety of cost-saving features to assist businesses in saving money and helping drivers save time on the road. For instance, the app enables users to create detailed dashboards to comprehend fuel economy, consumption patterns, spending, and more to gain complete oversight on how gas price impacts businesses and where money is being allocated. The app also provides traffic updates, which is beneficial for businesses as it can help evaluate carbon footprint, gas mileage and per gallon travel, and average travel to make improved spending decisions in the future.

Available on: iOS

Map Quest

MapQuest: Directions, Maps & GPS Navigation – Apps on Google Play

Mapquest has been around for a long, long time, and it still provides a lot of value for users. Mapquest can be used on a road trip for GPS navigation, directions, maps, and more, making it one of the best apps to save both time and money on the road. The mobile app also enables access to roadside assistance and helps find gas stations and cheap gas in the area. Mapquest is a great app for drivers since it has a host of helpful features that can help out with multiple aspects of being on the road.

Available on: Android and iOS

Route4Me

Route4Me

Route4Me takes a slightly different approach to saving money on gas, as it’s more of a route optimization app. Best used for car fleets and truck networks, Route4Me uses dynamic route optimization technology to map out the best possible routes for journeys, ensuring that gas and time are saved in the long run. Mobile route planning ensures that drivers are taking the best routes possible and journeys can be tracked, thereby ensuring that fuel consumption is monitored and improved based on the routes being taken.

Available on: Android and iOS

TruNow

TruNow

TruNow is one of the best gas apps around as it helps users find local deals on gasoline prices, restaurants, groceries, and much more. It’s a great way to price-check gas while also getting cash back for qualifying purchases. Users simply need to snap a picture of their gas purchase and upload it to the app to start getting cashback. TruNow helps customers save on gas, as well as other expenses that can be incurred on the road, making it great value for businesses looking to derive additional value for their business.

Available on: Android and iOS

Fuelly

Fuelly

Fuelly helps drivers drive smarter, as it’s one of the most comprehensive gas apps available. With Fuelly, businesses can track, share, and compare their vehicle to understand spending patterns, fuel consumption, and fuel economy to improve operations.

By understanding the cost incurred with fuel consumption and driving patterns, businesses can save money on gas in the long run and look for ways to find cheap gas along routes and drives. Plus, Fuelly provides access to community data to help drivers find the cheapest gas prices around the world and provides insight into mileage and consumption to help them make better decisions around cost.

Available on: Android and iOS

Fuel.io

Fuel.io

Fuel.io is a great app for businesses looking for a vehicle management solution that allows deeper insight into fuel economy and consumption. With Fuel.io, businesses and drivers can keep a fuel log and add costs and mileage to understand patterns and consumption with Fuel.io. By having all that data in one place, businesses understand how gas is being consumed and the associated costs. Businesses can create a better strategy for route optimization to ensure that costs don’t skyrocket. For businesses looking to save money on gas and understand how vehicles are being used, apps like Fuel.io are a great option.

Available on: Android

Gas Station and Fuel Finder

Gas Station and Fuel Finder

Gas Station and Fuel Finder are excellent choices for road trips, as they help drivers save money on gas. True to its name, this app enables users to locate gas stations and nearby fuel options. Unlike some other apps on our list, Gas Station and Fuel Finder does not offer cash-back rewards. Instead, it focuses on helping drivers find gas based on their location. Users can browse a list or view a map to discover affordable gas nearby. The app utilizes multiple databases to pinpoint gas station locations, making it accessible to customers around the globe.

Available on: Android

More Ways for Businesses to Save Money at Gas Stations

Businesses can find other ways to save money on gas by using apps. By understanding consumption patterns, driver habits, routes, and more, businesses can save money on gas in the long term while optimizing for costs.

Some of the ways businesses can save money at gas stations include:

1. Vehicle management: Having a comprehensive system that allows for tracking vehicles can help with understanding routes, issues, and what cars consume more to help make better decisions moving forward.
2. Route Optimization: Gas costs tend to increase if drivers are taking inefficient or longer routes. By optimizing routes to shorten where possible, businesses can start saving more on gas costs as drivers take better routes to get to where they need to be.
3. Join a gas rewards program: By getting a gas card and other rewards options, businesses can save on gas while also getting cash back and other benefits from their purchases.
4. Vehicle maintenance: Poorly maintained cars will inevitably consume more, which is why regular maintenance and servicing are absolutely vital to save money in the long run.
5. Keep purchases on a credit card: Like the earlier point about rewards programs, keeping gas purchases limited to a credit card with cashback and other bonuses can also help businesses save money while tracking expenses better.
6. Keep an eye on prices: Gas prices are always going up and down, so it’s important to plan shipping routes and logistics alongside gas prices. Where it’s forecasted to be higher, cars can be limited, or businesses can shift schedules as needed. Having a dynamic plan to manage gas prices can help with saving money as routes are planned.
7. Encourage responsible driving: To keep consumption optimal, it’s important to remind employees and drivers to drive responsibly. Measures can include less speeding, using cruise control where appropriate, and reducing drag and friction as that can impact fuel levels. Responsible driving can help with saving money on fuel.
8. Think about fuel grade: Keeping an eye on fuel grade and what drivers are using to fill up cars in the first place can also be useful to keep costs down. Encourage using cheaper gas where they can at gas stations and to be mindful of price when filling up to ensure that gas costs do not go too high.

What is the best gas savings app?

There are many amazing gas saving apps currently available for Android and iOS. One of the best gas saving apps is Gas Guru. It collects lots of information from different sources to help users find cheap gas and provides accurate pricing to ensure users get the best value possible when at the gas station. For those looking for the cheapest gas, Gas Guru can be very helpful.

What app gives you money for gas?

Numerous apps provide cash-back deals and gift cards that can help you save money on gas. Many of these apps offer gift cards from well-known companies like Amazon and PayPal for your purchases. Some of the gas saving apps that give you money for gas include:

• Receipt Hog
• GetUpside
• TruNow

Is the GetUpside app worth it?

For those on the road, GetUpside can be very useful and worthwhile. GetUpside is a cash-back app that ensures customers get money back through their purchases – up to 25¢ per gallon. It can be worth it to use to get money back from purchases – thereby saving on cost. However, the cons are that purchases need to be made at eligible gas stations to qualify, which might be challenging for some. Receipts also need to be uploaded for each purchase to get cash back, which can also be difficult.

Is GasBuddy or Upside better?

GasBuddy and Upside are both valuable gas saving apps for individuals looking to reduce their fuel expenses. GasBuddy excels at locating and comparing the best gas prices in a user’s area. In contrast, Upside is a cash back app that rewards customers with money back when they purchase fuel from participating stations. As a result, GasBuddy is ideal for those focused on finding the lowest gas prices, while Upside caters to those who may prioritize cash back over price.

Are gas apps worth it?

Gas apps are worth it for a variety of reasons. They provide great information on how to find the cheapest gas in any location and can help with saving money on fuel. Gas apps can also provide additional insight into consumption, mileage, and more to give drivers a full picture of their vehicles and patterns to help with saving more money on gas in the long run. Gas apps such as Waze and Mapquest also provide additional features such as GPS navigation which add further value to the experience.

Image: Depositphotos

This article, "Pay Less With These Gas Saving Apps" was first published on Small Business Trends