When will you receive your cost of living payments?
In the Autumn Statement, Chancellor Jeremy Hunt unveiled cost of living help which will be paid to millions across the UK. People are in line to receive up to £1,350 directly into their bank accounts from spring 2023. Now, the key dates for receiving these payments have been announced.
The cost-of-living payments announced by Mr Hunt include a £900 sum for those on benefits, £300 for pensioners and £150 for those with disabilities. It is unlikely that households will qualify for all three payments. However, if you do, you will automatically be paid the full amount of £1,350.
If you claim pension credit, attendance allowance and are eligible for the winter fuel payment, you will receive the amount in full, directly into your bank account. You do not need to ask for the help – the Department for Work and Pensions (DWP) will get in touch with you.
Eligibility requirements, bank codes to look for on your bank statement and exact dates for the payments will be announced nearer to spring time. All payments are tax-free and do not count toward your benefits cap. This means it will not have an impact on the benefits you receive.
From spring of this year, the first £300 of the £900 cost of living payment will be paid directly into claimants’ bank accounts. The payment will be split into three instalments. Over eight million people will receive this into their bank accounts.
To be eligible, households must be claiming at least one of the following benefits:
Income-based Jobseeker’s Allowance
Income-related Employment and Support Allowance
Income Support
Pension Credit
Tax Credits (Child Tax Credit and Working Tax Credit)
Housing Benefit
Council Tax Support
Social Fund (Sure Start Maternity Grant, Funeral Payment, Cold Weather Payment)
Universal Credit
Summer
Over six million people with disabilities across the UK will receive a payment of £150 during the warmer months. As of yet, it is unknown what the exact eligibility criteria will be. However, the previous £150 cost of living payments were available to those receiving at least one of the following:
Attendance Allowance
Constant Attendance Allowance
Disability Living Allowance for adults
Disability Living Allowance for children
Personal Independence Payment
Adult Disability Payment (in Scotland)
Child Disability Payment (in Scotland)
Armed Forces Independence Payment
War Pension Mobility Supplement
Autumn
As the weather turns chilly again, the second third of the £900 payment will be paid to those eligible. The second chunk is also worth £300. Exact dates to be released in due course.
Winter
Across the UK, millions of pensioners will receive another £300 payment. It is still unknown whether households will qualify for this payment if they usually receive the Winter Fuel Payment.
Previously, you qualified for the last Pensioner Cost of Living payment if:
You were born on or before September 25, 1956
You lived in the UK for at least one day during the week of 19 to 25 September 2022 in what is known as the “qualifying week”
Spring 2024
Next spring – although it seems a lifetime away – the final instalment of the £900 payment will be paid. This will be £299.
Further details for qualifying criteria will be announced nearer the time, according to the DWP.
Enjoy showing your affection by smothering friends and family in hugs? Ever thought of converting your tactile generosity to cash by becoming a professional cuddler?
Probably not.
Well, we’re here to tell you that this is indeed a job description and one that may be worth investigating.
Exactly as the name suggests, a professional cuddler is someone who offers their cuddling/hugging/snuggling services to clients in return for money.
Purely platonic
While it probably sounds somewhat salacious, the first and most important rule of being a professional cuddler is that things remain purely platonic at all times.
The rules are clear – no nudity, no touching the cuddler in places covered by underwear, no unsavoury advances.
In other words, it’s not about giving clients a racy experience, rather a comforting one.
And this goes for every aspect of your business. For instance, your go-to workwear will be a pair of super soft and cosy pyjamas. Your office? The comfiest couch, bed and/or mattress you can find. Your sales pitch? The wholesome goodness of a loving embrace.
You’ll be surprised how many people will pay really good money for something that may seem pretty mundane to you!
Why the rise in professional cuddling?
The plain fact of the matter is that we live in an era where loneliness is one of our most lethal epidemics.
With the global move away from a rural subsistence existence to one driven by economic opportunities in urban environments, we seem to have sacrificed our ability to connect with those closest to us. Long hours at the office, exhausting commutes and a focus on survival has moved ‘getting to know the neighbours’ close to last on our priority list.
If you have a partner, spouse, housemate or live-in family, this disconnection may not be altogether terrible. For those who live alone, however, it often means having several weeks go by without enjoying a meaningful conversation or the comfort of a gentle touch.
While the former is bad enough, it’s not entirely impossible to remedy – if you’re desperate enough, you could always chew off the ear of the barman at your local pub, the waiter at your favourite coffee shop or even the doorman at your apartment.
However, ‘skin hunger’ (the term used for being deprived of touch) poses a bigger challenge, as most people probably wouldn’t take too kindly to being hugged – out of nowhere – by a desperate stranger.
Benefits of touch
Be that as it may, one can’t get away from the fact that being able to share some form of physical touch is absolutely critical to our wellbeing as a species.
Here are just a few scientifically-proven benefits of human touch:
What this all comes down to, is the fact that there are more people than ever before who are suffering emotionally, physically and psychologically due to a simple lack of touch.
Hence the rise of a newfangled type of therapist called the cuddler.
As with any other form of therapy, cuddling starts with a consultation, where the cuddler establishes what type of therapy the cuddled is after.
Some people may just want a lengthy hug, while others crave being the ‘little spoon’ while napping. Some cuddlers even offer the option of snuggling while watching a movie of the cuddlers choice.
The options are really endless!
Ways to operate as a professional cuddler
So, if you are the physically affectionate type, becoming a professional cuddler may seem like a dream profession for you.
However, before you go advertising your services on Gumtree, there are a couple of things to keep in mind:
Do some thorough research about the cuddling industry and see if it’s really for you
Decide how you’d like to operate your business. We list a few options below.
Sign up with an agency
If you’re not confident to kick off your career as a cuddler on your own, you could always work through an agency.
Currently, BeCuddled is the UK’s prime professional cuddling agency and offers a range of benefits for those who sign up, including:
training and support
marketing and promotion
a BeCuddler profile
professional freedom to work when and where you choose
All things considered, it’s a great place to start, as you have a base to work from and more experienced cuddlers to network with and learn from.
Open a cuddle cafe
If you have a passion for hospitality, why not combine it with your cuddling capabilities? The concept of the ‘cuddle cafe’ started in Japan – where customers can order a certain type of cuddle off the menu, ranging from the likes of a 20-minute power nap to a full night’s rest in the arms of a comforting stranger. Apart from the hefty cover charge, customers would be billed according to the length of time they spent at the cafe.
So far, it doesn’t seem like anything similar exists in the UK, so why not be a pioneer?
Work independently
Finally, you could go your own way entirely and set up a cuddling business from home:
Designate a special room/area for cuddles and make it as cosy as possible
Work out a ‘menu’ of cuddles you are able to offer and how long each would take
Set up a website people can make bookings through
Advertise your services – if you’re nervous about putting yourself out there on something like Gumtree, try spreading the word through friends and family first.
Just be sure to have a very strict screening process for clients – perhaps you could arrange a coffee meeting in a public place beforehand and also have another person around the house whenever you have a client. Safety first!
How much you can make
If you create a profile on BeCuddled, you’re guaranteed an income of £25 per hour session, plus £10 per hour if you travel to the client, paid directly to you by the client.
As you gain experience and become more confident, you can start charging more – even up to £65 per hour.
Case study: Kitty Mansfield
Kitty Mansfield
Holistic therapist and founder of BeCuddled, Kitty Mansfield is, without a doubt, the pioneer of cuddling as therapy in the UK.
Starting out as a massage therapist, she often felt that while clients’ aches and pains were being alleviated, some emotional piece of the puzzle was still missing.
Eventually, she realised that this could be alleviated by prolonged touch, so she set up BeSnuggled.co.uk to sell her services and explain her concept.
Although it took a while to gain momentum, she soon found herself stretched to capacity and decided to expand by taking extra cuddlers on board and established BeCuddled.Today, Europe’s very first professional cuddle agency.
To ensure that everyone is as comfortable as possible, they offer cuddlers and those to be cuddled the option of male, female or LGBTQ partners for sessions. While some people don’t have much of a preference, others crave a specific type of touch.
Part of Mansfield’s success can undoubtedly be ascribed to the strict rules and regulations underpinning her business, making all involved feel safe, cosy and secure.
If you are worried about keeping your business afloat in the face of a global recession, you are not alone. According to a World Bank study, the world is headed towards a recession, with global GDP growth expected to slow to 0.5 percent in 2023. For ecommerce business owners, the million-dollar question is: How can you weather the storm and keep your business thriving despite such challenges? Understandably, it will take more than just having a catchy website to skyrocket your ecommerce business.
The tips in this article will help you strengthen your ecommerce business and stay competitive all year-round — even in a recession and tough economic conditions.
1. Use Data to Guide Your Decisions
Use data and analytics tools to track your performance and make informed decisions about where to focus your efforts. The tools can help you identify areas of your business that are performing well and areas that may need improvement.
Analyze customer data. Look at your customer data to identify trends and patterns. It can help you understand what your customers are looking for and how they interact with your business.
You can use this information to tailor your product offerings and marketing efforts to better meet your target audience’s needs and preferences. For example, Kissmetrics helps you analyze and get detailed customer activity reports, such as your most viewed and purchased products and popular site searches.
Image Source: kissmetrics.io.
Track key performance indicators (KPIs). Monitor KPIs such as sales, traffic, and customer acquisition costs to determine how your business performs.
Your KPIs can help you identify areas of strength and weakness, guiding you to make data-driven decisions when it comes to allocating resources and optimizing your operations.
Utilize analytics tools. Leverage analytics tools to track and analyze data about your website and marketing efforts.
Analytics tools can help you discover valuable insights in your business’s performance and help you make more informed decisions to improve your marketing, sales, and other business operations.
Monitor industry trends. Stay up to date on industry trends and use data to understand how these trends might impact your business.
By employing these practices, it will be much easier to adapt your business model to unpredictable market conditions.
2. Focus on Customer Service
During a recession, customers may be more hesitant to buy and will likely choose a business with top-notch customer service. Here are some ways to help improve your customer service:
Offer multiple contact options. Provide customers with various ways to reach you, such as email, phone, or live chat. Doing so can help buyers resolve issues promptly, improving the customer experience.
Ensure you have a clear returns policy. Outline the conditions for returns in a clear and concise manner, visible to all customers when making a purchase, so that there is no gap between the customers’ understandings and your returns policy.
Make sure to include details such as return timelines, condition of the product, and shipping instructions so that everything is transparent from the get-go. This is a key factor in establishing trust with your customers and increasing their likelihood of making purchases.
Use automated tools to improve efficiency and flexibility. Automation software is designed to turn your repeatable, routine customer service tasks into automated actions. It can make your customer service operations more efficient by enabling you to handle a higher volume of customer inquiries in a shorter amount of time.
Automated tools also help you offer support to customers around the clock. This can be especially important during a recession when you will need to do everything in your power to stay competitive.
It can be helpful to use a reliable help desk software such as Zendesk. The platform automates the process of finding abandoned tickets that need updating, notifying agents when assigned tickets remain unresolved, and closing tickets after they have been solved.
Image Source: support.zendesk.com.
3. Consider External Financing Options
External financing options can help your ecommerce business stay afloat and even succeed in a recession by providing the following:
Access to capital. External financing options can provide a much-needed lifeline to capital that you can invest back into your business when cash flow is tight. They can also help solve capital barriers to purchasing inventory, hiring additional staff, or upgrading equipment.
Improved cash flow. Obtaining external funds can improve your cash flow by helping your business meet its various financial obligations. A healthy cash flow is crucial to help you manage your business’s expenses, allocate resources efficiently, and to give you the flexibility needed to fix potential issues before they cause serious damage.
Before deciding which financing option to go with, carefully consider the terms and conditions for each one. For example, 8fig is an ecommerce funding and planning platform that provides capital optimized towards each business’s unique cash flow based on its supply chain needs.
The platform provides tools for supply chain planning and product-specific revenue forecasting. Moreover, it has a flexible remittance schedule, granting business owners the cushion they need to plan appropriately and efficiently.
Image source: 8fig.co.
Tools like 8fig can be useful financing options in a recession when your business might easily be short on funds. If in doubt, seek advice from a financial consultant to help you decide which external financing option best fits your business’s needs.
4. Optimize Social Media and Email Marketing
Optimize your social media and email marketing campaigns and initiatives by streamlining your workflows. Streamlined workflows can reduce your manual tasks, eliminate bottlenecks, and help you work more efficiently while spending less time, money, and resources, which is especially critical during difficult economic times.
Use social media management and email marketing platforms with features that allow you to set your social media and email marketing tasks on autopilot. For instance, you can use Mailchimp to schedule sending welcome emails, abandoned cart reminders, order confirmations, and post-sale promotions. Mailchimp also lets you respond automatically to specific customer behaviors.
Image source: mailchimp.com.
You can also make your social media marketing workflows and tasks more efficient using popular social media management platforms. For example, Buffer allows you to schedule your posts across social networks to auto-publish them on optimal dates and times.
Remember to monitor and analyze your results to track your performance on social media and email marketing campaigns. Dive into the data to identify what is working and what is not to improve your processes.
5. Offer Flexible Payment Options
Consider offering flexible financing or payment plans to help customers pay for your products. It can be beneficial for big-ticket items or for customers who may be struggling financially. Consider the following tips:
Offer flexible financing options. Some customers may hesitate to make large purchases due to economic uncertainty. Offer flexible financing options, such as deferred payment plans or layaway programs to help overcome these objections.
Implement flexible return policies. During a recession, customers may be more cautious about buying and more likely to return items. Offering flexible return policies, such as extended return periods or free returns, will help build trust and encourage customers to make more purchases with confidence.
Use payment gateways with flexible options. Choose a payment gateway with flexible payment options, such as splitting payments or accepting partial payments.
Allow multiple payment plan options. Consider offering monthly installments to make it easier for customers to pay for larger purchases. It can help increase sales and reduce the risk of default.
Achieve Ecommerce Success During a Recession
A recession is certainly daunting, but it does not mean all hope is lost. In fact, it might just be an opportunity to rise above the competition. Take advantage of the situation to find your unique competitive advantage and differentiate yourself from the rest.
By employing the strategies discussed in this article, you will be well on your way to helping your ecommerce business succeed in any economic condition. Moreover, you will emerge stronger at the end of the day.
2022 marked the first year since 2014 that Google and Meta’s advertising market share dropped below 50%, standing at 48.4%. By the end of 2023, that number is expected to drop to 44.9%.
What’s going on. Amazon, ByteDance’s TikTok and streaming services like Netflix are continuing to increase their foothold. People are spending less time online on sites like Google and Meta, so it’s no surprise that they’re facing hurdles, despite still growing (albeit slower than other digital ad platforms).
Meta and other platforms also suffered from Apple’s iOS14 update in 2021, which required apps on its devices to ask users if they wanted to be tracked. The majority of iPhone users opted not to be. Google was not affected by this update, as it relies on customer intent, revealed by a user’s search terms.
The TikTok effect. Marketers want more options, and TikTok is it. TikTok’s hold on the digital ad market more than doubled in 2022, while Amazon gained market share due to its ad business being able to target users by their purchases and browsing history.
The Washington Post reported that “Supergut Chief Executive Marc Washington said the maker of gut-health products used to spend about 80% of its ad budget on Meta’s Facebook and Instagram platforms, with the rest going to Google. In early 2022, he noticed that the cost of bringing in new customers through advertising on Meta’s platforms was twice as high as it was before Apple’s privacy changes. Supergut shifted about half of what it spent on Meta to TikTok, a short-form video platform popular with younger audiences.”
Insider Intelligence said that TikTok’s command of the digital ad market more than doubled in 2022 and has nearly 100 million U.S. monthly active users. However, its overall share remained small, at just 2% of U.S. digital ad spending.
Amazon continues to grow. Amazon accounted for 11.7% of U.S. digital-ad spending last year and is poised to grow to 12.4% in 2023, Insider said.
“Our advertising is at the point where consumers are ready to spend,” Amazon Chief Financial Officer Brian Olsavsky said on the company’s October conference call.
Other retailers have followed in Amazon’s footsteps by building digital-ad businesses based on their consumer data, known as retail media networks. Combined, Walmart Inc., eBay Inc., Etsy Inc. and Instacart took in about 1.4% of digital-ad dollars spent in the U.S. last year, according to Insider.
Microsoft & Netflix. We can’t talk about Netflix without talking about Microsoft. Last year they announced a partnership to bring an ad-supported subscription plan to Netflix. Vincent Létang, executive vice president of global market research at Magna, a media- investment firm that is part of Interpublic Group of Cos.‘ Mediabrands, called Netflix and Disney’s entry into the market “a game-changing moment” for ad-supported streaming. “They bring a potentially huge number of viewers,” he said, and a wealth of premium video content.
Why we care. Advertisers should be aware of emerging platforms, just as they should be aware of those experiencing a decline. Though most tend to predict these types of trends long before the numbers get published. But reports like this help solidify what many advertisers already know; diversification is key.
The helpful content update started Dec. 5, and the link spam update started on Dec. 14.
The algorithm update rollouts were supposed to be completed within two weeks, but clearly that has not happened.
Google’s new statement. Danny Sullivan, Google’s Search Liaison, said on Twitter that these two updates will complete “likely within two weeks, maybe only one” week but he added that it is “not a guarantee” and “timings might change.”
Why the delay? The rollouts are taking longer because of the holidays. Sullivan said earlier on Mastodon, “Both the updates are continuing to rollout. Normally these types of updates would have concluded by now, but rollouts can slow or pause when we get into the holiday periods.”
Why we care. As I said above, both updates are still rolling out at the time this was published. It is very hard to accurately say that one ranking change in aggregate is related to a specific ranking update when both are rolling out at the same time. That being said, it is likely easier to look at individual sites and know if the site was hit by a link algorithm versus a helpful content algorithm, especially if you look at the links and content for that site.
We have some early data on the impact of some of these updates, but this long rollout has made it really hard to measure accurately.
So you will need to do the due diligence and dig into sites impacted by each update on an individual basis. This just shows you that it appears that these updates did show movement and did cause ranking volatility in aggregate.
Consumers in a 12-year-long class action lawsuit against Google say that Google shared their queries with third parties without their permission.
What happened. The lawsuit alleged that Google violated both the Stored Communications Act, a federal law that governs access to records held by internet service providers, and state laws in California.
The settlement. Details of the settlement can be found here. In addition to the $23 million payout, which still needs court approval, it also requires Google to provide added disclosures to consumers about the sharing of search terms.
Dig deeper. Read the full announcement from Bloomberg.
Why we care. We’re not sure how or if this will affect advertisers in the future. But privacy issues are still a hot topic as we move into 2023.
When analyzing consumer behavior at scale, decision-makers need to keep up – making consumer insights matter more now than ever. This means staying on your toes with actionable consumer intelligence from continuous social listening is a must.
Join this live webinar and learn how Purdue University’s Center for Food Demand Analysis and Sustainability created a visualization of online and social datasets to help people throughout the food system. You’ll also gain insights into how online data is used to understand human behaviors and industry trends.
Worrying reports are emerging that Britain is likely to be hit by a deep recession this year. This is the result of high energy bills, soaring interest rates and businesses failing. This may be the biggest recession out of all of the largest economies in the world.
The UK economy is expected to shrink by 0.9% this year. In terms of business insolvencies, these are likely to rise by approximately 15%, with inflation remaining uncomfortably high. However, inflation is expected to dip slightly to 7.5% in 2023.
With this in mind, here are a few ways to prepare yourself and your money well in advance.
Review your spending habits. Find the last three to six months of bank statements, print them out and analyse them. Use different coloured pens to highlight essential spending and discretionary spending, as well as your wants and your needs.
You needs include rent and mortgage payments, food and bills. Your wants, however, may be clothing, electronics or subscription services. Although some monthly or weekly spends may seem small, such as a morning coffee or a takeaway, the costs can quickly add up.
Prioritise your spending and work out what works best for your monthly budget. Creating a simple budget which highlights all incomes and outgoings can help you decide what you can afford and where you can cut back.
Look at your debts
Reports show that over two-fifths (45%) of the British population currently consider themselves to be in debt. This is a staggering statistic, with debts not only extremely worrying but can impact everyday life. Debts may also impact your credit score negatively.
Try to prioritise paying off debts with high-interest rates first. This will get them out of the way so they don’t accumulate too much interest. Being in a debt-free position, or having as little debt as possible will be hugely beneficial during times of economic uncertainty.
If you have a personal loan, ensure you are paying it on time every single month. Late payments or missing a payment completely can have an impact on your credit score, which may mean you find it more difficult to secure financial products.
Work on your emergency savings
Having a backup fund is always usual, but it is particularly pertinent in times of financial crisis. Not only does it give you peace of mind, but allows you a small cushion in case of unexpected events such as redundancy or increased living costs.
Check your credit score
It is imperative you check your credit score often and identify areas for improvement. This can help you secure affordable credit in the future and allow access to a wider range of financial products and services.
Paying debts on time, paying utility bills in your own name, registering to vote, avoiding payday loan companies and clearing any County Court Judgements (CCJs) in your name, can all aid in improving your credit score.
The world of entrepreneurship is changing rapidly. In the past decade, we’ve seen a dramatic increase in the number of entrepreneurs and a rise in innovative new business models and technologies. As the business landscape continues to evolve, entrepreneurs need to stay ahead of the curve if they want to remain competitive. In this blog post, we’ll discuss some business tips for 2023 that will help entrepreneurs stay ahead of the game.
1) Foster Adaptability
The most successful entrepreneurs are those who are able to adapt quickly and effectively to changes in their environment. This means having an open mindset and being willing to try new things. As the business environment changes rapidly, so too do customer needs and preferences. To remain competitive in this ever-changing market, it’s vital that entrepreneurs have an agile approach to their business and are able to respond quickly when necessary. If entrepreneurs aren’t able to adapt quickly to changes, they may find themselves falling behind the competition and losing out on potential customers.
2) Make Use of Technology
Technology is one of the key drivers of change in the modern business landscape, so it’s essential that entrepreneurs keep up with emerging trends and technologies. Technology can help businesses become more efficient and provide them with a competitive edge over their rivals. For example, businesses can use technology such as artificial intelligence (AI) and machine learning (ML) to automate processes, freeing up valuable time for employees and improving resource management. These technological advances can also help businesses better understand their market and customers, allowing them to make more informed decisions regarding product development and sales.
3) Focus on Customer Experience
Customer experience is becoming increasingly important for businesses today, as customers expect personalized service from the brands they trust. To ensure customers remain loyal, businesses must strive to deliver exceptional customer experiences every time they interact with customers online or offline. This means understanding customer needs and preferences better than ever before so that businesses can create customized solutions tailored just for them. In addition, businesses should focus on providing excellent customer service online and offline if they want their customers to return again and again.
4) Invest in the Team
Your team is your most valuable asset, so it’s essential that, as an entrepreneur, you invest in your staff if you want to remain competitive. Investing in training and development can help employees stay up-to-date with the latest trends and technologies and ensure they have the skills necessary to perform well in their jobs. Entrepreneurs who do not take these steps toward investing in their employees may find themselves with a team that is unprepared for the changes in the market and unable to succeed. Businesses can also use these investment tactics to reward employees, which can help with employee retention and create a more positive workplace culture.
5) Build Partnerships
The world of business is increasingly becoming more interconnected, so forging strong partnerships with other businesses can provide entrepreneurs with a significant competitive advantage. Working together with other businesses allows for greater access to resources and expertise and increased reach and exposure. Even if two businesses are in different industries, there can still be great synergies that can help both companies grow. These networks can also provide entrepreneurs with the support and guidance they need to take their businesses to the next level. Entrepreneurs should also consider seeking out a mentor to provide advice and guidance on how to succeed in the business world.
Photo by Anna Shvets from Pexels
6) Enhance Digital Marketing Efforts
Digital marketing is one of the most powerful ways for businesses to reach their target audience, so entrepreneurs must make sure they are investing in these efforts. Developing a comprehensive digital marketing strategy that includes website optimization, content creation, social media management, and more is important. Businesses should also be leveraging data-driven approaches such as A/B testing and machine learning to help them understand their customers better and create more targeted campaigns. Finally, it’s important to measure the results of these campaigns so that entrepreneurs can determine which strategies are working best for them.
7) Diversify the Business Model
Businesses should also be investing in diversifying their business models if they want to remain competitive in the years ahead. Businesses can no longer rely on a single income stream; instead, they must find new ways to generate revenue and profits. This means thinking outside the box and looking for opportunities to expand into different markets or launch new products and services. Additionally, entrepreneurs need to utilize digital tools to help them identify new ways of creating value and generating income. This could include anything from setting up an online store or developing a subscription service to creating customized products for customers.
8) Boost Creativity
The success of any business depends heavily on its ability to be creative and innovative. Creativity can help entrepreneurs differentiate their businesses from the competition, develop more effective solutions to customer problems, and create new products that meet their customers’ needs. Entrepreneurs should encourage employees to think outside the box and come up with unique ideas for new products, services, or strategies. Additionally, entrepreneurs need to invest in ways to boost creativity if they find themselves in a rut with their business strategies. Doing things like hosting brainstorming sessions, trying delta 9 THC gummies to enhance creativity, and offering rewards to employees for new ideas can help to foster a creative environment.
Photo by EKATERINA BOLOVTSOVA from Pexels
9) Take Advantage of Automation
Technology is changing the way businesses operate, and automation is allowing entrepreneurs to streamline their processes. Automating mundane tasks such as data entry, customer service, and inventory management can save valuable time and money for businesses. Additionally, automating these tasks can also reduce errors and increase accuracy, which can help to improve customer satisfaction. Investing in automation can also help increase efficiency and reduce overhead costs, which can significantly impact a business’s profitability.
10) Streamline Business Processes
Entrepreneurs need to also look for ways to streamline their business processes. By removing any unnecessary steps or eliminating redundant tasks, businesses can become more efficient and save time. Additionally, streamlining processes can help to reduce costs and increase productivity. Businesses should also be leveraging technology wherever possible to automate tasks and make their processes more efficient. This might include investing in software solutions that can take care of accounting or customer service tasks or utilizing machine learning techniques to analyze data and provide insights into how businesses are performing.
11) Keep Learning
As the business world continues to evolve, entrepreneurs need to be sure that they are staying on top of the latest trends and developments. This means continually learning new skills and keeping up with changing regulations. Allowing yourself to be open to new ideas and ways of working can help entrepreneurs to remain competitive in the years ahead. Entrepreneurs should also be investing in professional development opportunities such as conferences or workshops so that they can stay up-to-date on the latest industry trends and strategies. Expanding their knowledge and skills can help entrepreneurs stay ahead of the curve and ensure that their businesses remain competitive.
Final Thoughts
Businesses must step up their game if they want to survive and thrive in 2023. Following these tips can give entrepreneurs a leg up on the competition and position them for success in the years ahead. By implementing some or all of these strategies mentioned above, entrepreneurs can improve their chances of success and ensure that their businesses remain competitive in the ever-changing business landscape.
Taking on a side gig is becoming increasingly common. In the past, having a part-time job would often be the preserve of students or those with other commitments. Now though, millions of people with full-time jobs are also seeking extra income from side gigs.
Gig work is on the rise and offers the opportunity to work the hours that suit you. Around 9% of Americans operated in the gig economy during 2021, and around 22% of workers in Florida are involved in gig work. Over the pond in the UK, about 4.4 million people use gig work platforms every week.
There are a number of gig platforms that delivery drivers can use to find work. However, generally, this will involve using their own vehicles once selected. This comes with some downfalls including being responsible for paying out for repairs, maintenance, and insurance.
What Is the Gig Economy?
If you have always thought of gigs as being something musicians take part in, then you are not far off. The gig economy refers to individuals taking on one-off tasks, or gigs, and receiving payment for them as some bands do. In other words, you are not an employee, but more of a short-term contractor.
It is sometimes known as the sharing economy, but this area is slightly broader and takes in such things as renting spare rooms or selling online to raise extra cash. However, these are not usually the main sources of income. The gig economy, though, has millions of people who rely on it completely.
The Economic Anxiety Index is a way of measuring how much stress an individual suffers due to his or her financial status. It looks at savings, employment, and outgoings.
One of the biggest criticisms of the gig economy is job security or the lack of it. Around 45% of workers who use this for their sole or main incomes have a score of more than 50 in the EAI. In 2018, the average score was 30.
Nevertheless, many people have found it profitable to work in some areas of the gig economy. The average gig worker in the states makes $10,000 more a year than the median US salary.
Is It Common for Drivers to Work in the Gig Economy?
As you have read, there are several apps set up for drivers in general including specific ones for food and goods delivery. It is becoming increasingly common for companies to try to avoid the expense of employing individuals. Keeping workers as independent contractors instead of employees saves businesses billions.
Some of the biggest firms in the world are benefitting from hiring individuals for side gigs rather than putting them on the payroll. Some of those who benefitted from gig-economy work the most include Uber Eats, Lyft, and DoorDash.
However, many delivery companies hire drivers on a similar basis. In addition, this means the workers fail to receive certain benefits such as holiday pay, and vehicle insurance.
Photo by Kindel Media from Pexels
What Insurance Do These Delivery Drivers Need?
If you work as a delivery driver on a freelance basis, then you must put in place proper protection. Delivery drivers need to not only be legally able to drive, but must consider the possibility of breakdowns, and being off the road due to an accident.
Being unable to drive in the gig economy means a lack of income. If you are using this as a side gig, then you may have another income to support you. However, for many delivery drivers, this can be financially damaging.
Therefore, you may want to find cover that includes breakdowns and replacement vehicles. This, however, is not the only consideration. Insurance firm, Zego, points out that private hire insurance is needed for delivery drivers. If you are transporting goods to order from a booking system, then you are classed as a private hire driver and need appropriate insurance.
Can Private Hire Insurance Be Used by Other Drivers?
Private hire refers to any driver who only engages with prearranged bookings. For example, an Uber driver gets a booking on his or her app in advance of pick up.
Therefore, anyone who makes money from driving could use private hire insurance, but not everyone can. Taxi drivers comprise one area where there is a distinction between the two types.
As a taxi driver, you could choose to obtain a license so you can pick up passengers as you wish. Alternatively, you could work for a taxi cab company that only takes bookings. In the UK, the first choice requires public hire insurance, while the latter needs private hire cover. Different states and countries set their own rules around insurance requirements.
Although private hire covers many different hire-for-reward driving roles, it is common for insurance companies to provide tailor-made options. Uber drivers can buy specific cover, and Zego launched van courier insurance to cater to these workers, too.
What Are the Consequences of Delivering Goods with the Wrong Insurance?
The average driver only needs to take out regular car insurance. However, when you drive for work, you need to have a different policy protecting you.
Driving without insurance comes with a range of penalties. Failure to produce the necessary proof that you are insured could lead to you being fined. Or, in the worst cases, such as those involving a serious accident, you could even be jailed.
However, it is just as problematic having the wrong insurance as having none at all. It is normal to swap details and take notes after a car accident, but your insurance may be invalidated if you use the wrong insurance.
For reassurance, visiting an insurance broker in person or on his or her website should make things clearer. Ideally, choose one that specializes in private hire driving insurance.
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Could Your Side Gig Lead to Bigger Things?
So, at this point, you have found employment away from your regular source of income. You are driving legally, and making money, but it could be better, right?
The unfortunate state of the economy and the cost of living have driven many to spend excessive hours working just to get by. This diminishes the quality of life and can cause health problems, too.
If you think it is time to get serious about your side gig, then delivery driving has a lot of potential for expansion. You could look into starting your own enterprise. You will need an understanding of laws, licenses, and insurance, but by now, you should be well-versed in the latter.
If your area has the potential and the demand for another local delivery service, then you could turn a side hustle into a genuine business. Moreover, you could potentially expand into other areas such as taxiing passengers. Not every area is covered by the big guns yet, and smaller cities and towns are possible locations for food delivery, courier services, and taxis.
Summary
A side gig is a viable way to make ends meet, and some find it even leads to bigger things. One of the most common ways to freelance today is to drive, especially since the rise of Uber and Lyft. Being an independent contractor has its advantages and some downsides. One is the legal requirement to have proper insurance before you can work.
Fortunately, there are specifically tailored options available for private hire drivers. Some of these even involve rewarding careful driving, which leads to lower costs. In this economy, especially with gig work, this is advantageous.
