Internet Marketing - Moneysource1

Bing expands generative search experience and Deep Search

Microsoft announced a number of updates to Copilot today, specific to Bing Search, its generative search experience and Deep Search features are expanding more with this news.

Generative search. Bing said it is now expanding its Bing generative search experience for “informational queries”, such as how-to queries. Some examples include “how to effectively run a one on one” and “how can I remove background noise from my podcast recordings.”

“Whether you’re looking for a detailed explanation, solving a complex problem, or doing deep research, generative AI helps deliver a more profound level of answers that goes beyond surface-level results,” Microsoft wrote.

How to try it. Microsoft said, go to Bing in the United States and type “Bing generative search” into the search bar. “You’ll be met with a carousel of queries to select and demo, allowing you to experience how generative search can deliver more relevant and comprehensive answers for a wide range of topics,” Microsoft added.

What it looks like. Here is a screenshot:

What is Bing generative search. Microsoft explained that this search “experience combines the foundation of Bing’s search results with the power of large and small language models (LLMs and SLMs).” “It understands the search query, reviews millions of sources of information, dynamically matches content, and generates search results in a new AI-generated layout to fulfill the intent of the user’s query more effectively,” Microsoft added.

Deep Search expands. While Microsoft announced Deep Search last December, it had a rocky start, but it is live to US users as of last March. Microsoft today said, “While we’re excited to give you this opportunity to explore generative search firsthand, this experience is still being rolled out in beta. You may notice a bit of loading time as we work to ensure generative search results are shown when we’re confident in their accuracy and relevancy, and when it makes sense for the given query. You will generally see generative search results for informational and complex queries, and it will be indicated under the search box with the sentence “Results enhanced with Bing generative search.”

More. Microsoft reiterated its stance on publishers, saying:

Bing generative search is just the first step in upcoming improvements to define the future of search. We’re continuing to roll this experience out slowly to ensure we deliver a quality experience before making this broadly available. We also continue to ensure there are additional citations and links that enable users to explore further and check accuracy, which in turn will send more traffic to publishers to maintain a healthy web ecosystem.

Why we care. This is another step of the evolution of AI in search and we are looking forward to future changes.

Publishers will need to keep an eye on these changes and adapt to these changes going forward.

Original source: https://searchengineland.com/bing-expands-generative-search-experience-and-deep-search-447138

Common Mistakes to Avoid in Sponsor License Applications

Home Business Magazine Online

The global economy offers businesses an unprecedented opportunity to secure top international talent. For UK businesses, there can be great value in recruiting workers from overseas to fill skill gaps and drive growth. However, to legally hire non-UK workers who have no other basis to remain in the UK, businesses need to secure a sponsor license from the Home Office. This license allows employers to sponsor skilled workers who require a visa to live and work in the UK, and subsequently support their visa applications.

While acquiring a sponsor licence can open doors to a global talent pool, the process is complex, and businesses must adhere to strict legal requirements. The sponsor licence application process is governed by Home Office guidance, and failure to meet specific requirements can lead to an application being rejected. Such a setback not only delays recruitment but also results in additional costs and administrative burdens. A refusal could also result in a cooling-off period being imposed in relation to the submission of a fresh application.

In this post, the expert immigration solicitors at JMW will explore common mistakes that businesses make when applying for sponsor licences. By recognising these pitfalls, businesses can take proactive steps to avoid them and improve their chances of a smooth application process.

Inadequate Documentation and Record-Keeping

Among the most common mistakes businesses make with sponsor licence applications are administrative errors like failing to provide the necessary information or documentation to prove your business case for a licence. The Home Office requires a substantial amount of documentation when it assesses a business’ eligibility for a sponsor licence. This documentation is used to prove that the business is genuine, operates legally in the UK and has the capability to meet its sponsorship obligations.

The specific documents required will depend on the type of licence being applied for and the nature of the business. Commonly requested documents include evidence of a UK business bank account, evidence of business premises, and evidence of financial status such as audited accounts, financial statements or company tax returns.

Moreover, even after obtaining a sponsor licence, businesses are required to maintain thorough records relating to their sponsored workers. This includes details of their immigration status, their job roles, payment of salary and attendance at work. The Home Office can conduct compliance visits at any time – including when they are considering a sponsor licence application – so businesses must be prepared to present these records upon request. Inadequate record-keeping can lead to the suspension or revocation of a sponsor licence, as well as potential legal penalties.

To avoid these issues, businesses should take the time to carefully review the Home Office’s guidance on required documentation before submitting their application. They should also ensure that they have practices and procedures in place to ensure that they can monitor their workers and understand their record-keeping duties, as these compliance duties will come into play on the day the sponsor licence is issued.

It may be beneficial to seek advice from an immigration solicitor who can ensure that all necessary documents are included and that record-keeping practices meet the required standards. Solicitors can also assist with ensuring that sponsors are abiding with their post-application compliance duties.

Sponsorship Management Failures

Once a sponsor licence is granted, businesses are required to comply with ongoing sponsorship management responsibilities. This involves appointing key personnel to manage the sponsorship process and using the Sponsorship Management System (SMS) to fulfil various duties.

Key personnel nominated at the licence application stage include an Authorising Officer, a Level 1 User, and a Key Contact. The Authorising Officer is responsible for the overall sponsorship process and ensuring that the business complies with its obligations. The Level 1 user manages the day-to-day operations of the SMS, including issuing Certificates of Sponsorship (CoS) to sponsored workers. The Key Contact serves as the primary point of communication between the business and the Home Office.

A common mistake businesses make is failing to provide any nominated personnel with adequate training. These staff members have important responsibilities. For example, failing to report changes in a sponsored worker’s employment status, such as a change in job role or a reduction to their salary, can result in non-compliance with sponsorship duties. The Level 1 User should understand and fulfil this function effectively to avoid legal penalties, and procedures must be in place to ensure the Level 1 User is made aware of any changes to the organisation’s sponsored workers.

Additionally, businesses must keep the Home Office informed of any significant changes within the business, such as a change of address or key personnel. Neglecting these duties can lead to the downgrading of a sponsor licence rating or, in severe cases, the revocation of the licence altogether.

To mitigate these risks, businesses should invest time in training their key personnel and implementing robust internal processes to manage their sponsorship obligations. Regular audits of the sponsorship management process can help identify potential issues before they escalate into compliance failures.

Administrative Mistakes

Administrative mistakes may seem minor, but they can have significant consequences, including delays or even the rejection of a sponsor licence application.

One of the most common administrative errors is incorrect or incomplete information on the application form or accompanying information documents. The sponsor licence application form is detailed and requires accurate information about the business and the nominated key personnel. Detailed information in relation to the required number of Certificates of Sponsorship (CoS) needed is also required. Mistakes such as incorrect business or key personnel information, or inadequate information on the required information documents in relation to why a sponsor licence is needed, can all lead to rejection.

Another administrative pitfall is applying for the wrong type of sponsor licence. The UK offers different types of sponsor licences depending on the nature of the employment, such as the Skilled Worker licence for long-term employment on a route that leads to settlement, the Temporary Worker licence for short-term employment and routes like the Seasonal Worker visa, or even a sponsor licence held in one of the Global Business Mobility routes. These might include a Senior or Specialist Worker visa, which enables multinational companies to transfer senior workers to an entity in the UK.

Late submissions or failure to respond to requests for additional information from the Home Office within the specified timeframe can also result in the application being rejected or delayed.

To avoid administrative errors, businesses should approach the application process with high attention to detail. It is advisable to double-check all information before submission and consider having the application prepared, or at least reviewed, by a legal expert who specialises in immigration law.

If your application is rejected, an immigration solicitor can provide your organisation with advice in relation to correcting any errors before you reapply or can explore the option of a review. This can be useful in providing clarity on potential outcomes before you proceed.

Businesses aiming to expand their access to international talent should consult a legal expert without delay to initiate the sponsor licence application process.

The post Common Mistakes to Avoid in Sponsor License Applications appeared first on Home Business Magazine.

Original source: https://homebusinessmag.com/growing-a-business/how-to-guides-growing-a-business/common-mistakes-avoid-sponsor-license-applications/

8 Ways to Make Money Reading

Can you really make money reading? YES!

Are you a true bookworm? If reading is a passion of yours, it may be worth considering the ways you can make money from reading. Who doesn’t want to earn money from something they love?

There are more ways to earn money from reading than you may think. From proofreading and editing to reviewing books, you could make decent cash on the side. If you’re going to read anyway, why not profit from it?

Here are 7 ways you can make money reading.

Review Books
Become a Beta Reader
Start a Book Blog
Use Social Media
Become a Book Scout
Proofreading
Narrate Audiobooks
Translate Books

Review Books

You don’t have to be a literary scholar to review books. All you need is a love for reading, and have the ability to form honest, fair opinions about the books you read. If you are asked to review a particular book, you will need to be open to reading genres or authors outside of your usual, and give them a fair chance. You really can’t judge a book by its cover with this one!

There are many websites online that pay you for your reviews. All you have to do is search ‘get paid to review books’ into Google, and a plethora of results come up. Do your research before launching into a job though, as the number of opportunities, level of pay and depth of reviews required may differ.

It’s also important to remember that reviewing books won’t make you millions, nor will you be able to quit your day job. However, it can be a lucrative and fun side hustle to help you put away extra into your savings, pension or even spend on more books!

OnlineBookClub.org is a great place to start. Publishers and authors will often give you a free copy of a new book in exchange for an honest, written review from you, the reader. You will get a free copy of a book, then on top of this, get paid to give it an honest review. The best part is, you don’t have to lie.

OnlineBookClub encourage you to be honest. You will get paid no matter what you think. You don’t have to claim you loved it if you didn’t.

Pay outs current range from $5 to $60 per review. This is approximately £4 to £50 GBP. This isn’t a good pay when you work it out by an hourly rate – but if you love reading and would do it anyway, it’s a good way to make some extra side cash. The thing to note with OnlineBookClub is that you won’t get paid for your first review. However, you will get the book for free.

We also recommend:

Magazines and newspapers also regularly have book review sections. While their staff are the ones who usually read the book, it’s worth approaching publications you love with a book review section to find out if they need reviewers. You’ll need to show you can write a constructive review, so prepare some short sample reviews ready to send over as examples.

Overrun with books? Find out how to make money from your old books.

Become a Beta Reader

A beta reader is someone who reads a book while an author is still writing it. They might have a specialist interest or life experience, or simply be avid readers with a good sense of story and a critical eye.

The pay for beta readers varies widely – many people will do it for free, for people they know or respect. However, there are paid opportunities out there. Look into author communities online for people asking for readers – such as Reddit or Facebook groups – or set up as a freelancer. Then, you can advertise on social media with targeted adverts, in specialised publications like Writers Magazine, and charge a rate you like.

Remember that the rate needs to be competitive, so starting at around £30 for a book up to 50,000 words is a good guideline. This is the length of a Young Adult (YA) or Middle Grade book, or a ‘cosy’ crime or romance book. Literary fiction is usually 80,000 to 100,000 words and fantasy often 120,000 words. Most beta readers charge by the 1000 words to make it easy to work out a rate.

Beta readers are expected to provide critical feedback to an author that they can use. It’s not just saying ‘I don’t like this’. It should be things like ‘this bit didn’t make sense to me’, or ‘this storyline felt slow’, or even ‘hey, I loved these characters!’. Telling authors what works is as important as telling them what doesn’t.

Start a Book Blog

Blogging is a great way to earn money on the side, and could actually become a full-time job should you build your brand and grow your blog successfully. Book bloggers are can be very popular and successful, with blogs such as BookWritten getting over 75,000 hits per month.

The site contains articles on a range of things, from finding places to read books for free, to looking after books to keep them in pristine condition. However, you could write about anything that tickles your fancy.

The Literary Edit is a more personal blog, written by award-winning book blogger and writer Lucy. She blogs about all things books, with a more informal, chatty style, Lucy writes reviews of books she’s read, tells her followers her favourite books of all time, and even has a great little section called ‘Desert Island Books’.

You could even find a niche and discuss books particularly close to your interests. Crime By The Book is a fascinating book blog, written by a lover of crime fiction, with a particular skew towards Scandinavia. Although most of the books are general crime fiction, the niche is particularly interesting.

But how can you make money from blogging? Well, mainly ads on the site, as well as partnerships and affiliates with brands. You may even get a sponsorship for a particular series. As your blog grows and develops, you may be sent freebies of books, and even asked to review them on your blog in return for payment.

If your blog grows large enough, people may even pay monthly subscriptions for exclusive content, or you could use widgets such as Buy Me A Coffee, where people can buy you a virtual coffee to help fund your mission. Plus you will be able to make this money reading.

Our frugal columnist, and award-winning blogger Jane, owner of shoestringcottage.com, first started her blog over a decade ago:

Jane from Shoestring Cottage

“I began with a free WordPress blog, as I was writing as a hobby. However, when I realised it was possible to monetise my site, I purchased a domain name and server hosting. I also bought a theme (design) to make it look more professional. I maybe spent £400 initially and now pay around £150 a year.

“The key to getting a steady readership is to post regularly – at least once a week, preferably more. I also did a couple of cheap blogging courses, and learned some of the technicalities of running a blog. I think it is worth doing this if you are a complete beginner.”

Not sure where to begin? Here are some websites we recommend to start your blog:

WordPress
Wix.com
Squarespace
Blogger

These websites are free, easy-to-use and allow you to build your blog using templates available. They are straight forward and you can create a beautiful, unique blog in very little time.

Find out more about making money from blogging here.

Use Social Media

Social media is a brilliant tool. Many people actually become full-time ‘influencers’, and earn a good sum of cash using their platforms.

Instagram

One of the biggest platforms that appreciates books is Instagram. As with blogging, people use their Instagram pages to review books they’ve read, share their favourite books and interact with other people who love reading as much as they do.

The money comes from sponsorships, affiliates and brand deals. You may collaborate with a brand on a post, for example promoting a new book being released, or encouraging your followers to follow a new author’s work. You may be given affiliate links as well as upfront payment, where you make a cut of a sale when someone buys a book through your link.

Of course, you won’t get these opportunities immediately, and it will take some hard graft on your end to build a following. But through following others, interacting with them and posting a steady and constant bout of content, you could grow more quickly than you may think.

‘Bookstagrams’, as they are fondly know in the book-lover community, are a hugely popular part of the platform. Elizabeth Sagan (@elizabeth_sagan) boasts a whopping 203k followers. A self-confessed ‘book whisperer’, Elizabeth posts beautiful imagery of her books and fun, engaging short videos. Other accounts such as @coraliebickfordsmith and @stacked_shelf have 25.8k and 10.3k followers respectively.

You don’t have to have hundreds of thousands of followers to start making money. Once you reach 5,000 followers you are considered a ‘micro-influencer’, and can start reaching out to brands and companies to see if they’d like to work with you. Remember to work with other influencers and help to build each other up.

Find out more about making money on social media.

TikTok

One of the largest video-sharing platforms in the world is TikTok, and ‘BookTok’ is an integral part of the platform. BookTok even has its own Wikipedia page, and the tag #BookTok has over 112.2 billion views on the app.

You may start on another platform and as you feel more confident, move over to making videos. It can seem daunting, but the BookTok community is a warm and welcoming one. Despite the criticisms of social media, this corner of the internet is full of friendship, enjoyment, and great connections over a shared passion.

We love @bookishbytammi, who shares books she’s read monthly, her favourite books in different genres such as fantasy and romance, and does fun challenges too. She has 64k followers and almost one million likes across her videos.

If you aren’t feeling ready to make videos, join the platform and have a browse. As you watch other people make videos and discuss topics you love, you may become inspired to start creating videos yourself.

As with other social media platforms, the money you can make comes in the form of sponsorships, brand partnerships and affiliates. You may be asked to do ads for a certain product or company, and get paid to attend events.

Find out about the TikTok influencers teaching personal finance to millions.

YouTube

BookTube is a huge part of the online video service, YouTube. To find out what kind of content you need to create, simply search ‘booktube’ in the search bar and watch lots of the videos that come up.

Like TikTok and Instagram, most BookTubers are comfortable on camera, but you can do an off-camera presenting style if you are good at creating interesting graphics for people to look at while you talk. Often, this includes filming yourself reading the book but from ‘your POV’ so the camera looks as if it’s from your eyes, looking at your hands etc.

Proofreading

Another way to make money reading is to become a proof-reader. Proofreading is essentially a final quality check before publishing. A proof-reader will carefully check the text for any errors before it is published or shared. It’s the last stage of the writing process, and it is essential for any text.

The job of a proof-reader is to bring attention to any spelling, punctuation, and grammar errors, as well as any typos or formatting issues. You may even alert the author and publisher to any inconsistencies within the text.

Many proof-readers do it on a freelance basis. You can advertise your proofreading services on websites such as PeoplePerHour and Fiverr. Some people offer their services for under £5, however when you build up your reviews, ratings and reputation, you could be charging hundreds for longer texts and novels.

You could also go in search of opportunities. Websites such as UpWork and Freelancer are goldmines for people looking for proof-readers to help them. From doing last-minute checks of novels to going over important documents and even checking for spelling and grammar in examination papers, proof-reading involves a huge range of tasks. The roles range from £8 per hour to a few thousand pounds for large, important projects.

In order to be a successful proof-reader, you will of course need a love for reading, but some key skills are required also. You will need a great attention to detail and a solid understanding of spelling and grammar. You’ll need to be self-disciplined and be able to meet tight deadlines.

Scribbr have a great guide to proofreading, which you can read here.

Need a flexible schedule? Check out these work from home roles for everyone.

Narrate Audiobooks

Do you have a smooth as butter voice that people love to listen to? Perhaps you are good at doing accents, making a book come to life as you read to others. Do your children or grandchildren guffaw when you make a funny voice, pretending to be the monster in their book? Narrating audiobooks or participating in an audio podcast drama could be just the thing for you.

If you are an avid reader, this is a great way to supplement your income. You may even choose to pursue this as a freelancer on a full-time basis if you find it is a successful career path for you. You can make money reading books, out loud!

But how can you get started? Well, the internet is a powerful thing, and there is a plethora of opportunities waiting for you.

The Audiobook Creative Exchange (ACX) is a huge online platform that pays people to read books out loud. Books you narrate for this popular platform could even appear on iTunes and Audible, which would be a great boost for your portfolio. Simply create an account, upload some high-quality samples of you narrating a small paragraph or passage, and then set your hourly rate.

Authors and publishers will be able to find you and review your work and may ask you to narrate for them. The great thing about ACX is that you could even earn some of the royalties earned on the book!

There are many ways you can get work, as well as the ACX. As previously mentioned, you could advertise your work on freelance sites such as Fiverr. There are also many more companies which specialise in voiceover and narration.

Here are some we recommend:

Listen to thousands of audiobooks, podcasts and Audible originals, with Audible. Sign up for your free 30-day trial.

Translate Books

Do you speak more than one language? Many people are crying out for people to translate texts for them. From novels to documents and even old texts, your language skills could earn you a decent bit of money on the side. If you speak multiple languages, even better! You will be a very valuable asset to many companies and be able to make decent money from reading.

Translation services for fiction books aren’t about direct translation of the words on the page. It’s an art: you need to capture the essence of what is being said and making it sound just as beautiful in the second language. Translation for non-fiction or business documents is more literal.

You could advertise your services on freelance websites, or go in search of opportunities. We have previously recommended Fiverr, Upwork, Freelancer and PeoplePerHour, all of which are relevant to this route too.

However, there are also websites dedicated to translation work. Blend is one of the most popular and successful translation websites. They guarantee continuous workflow and fair pay for every project. You can also apply as both a translator and a voice artist, so you can mix things up! Although the pay doesn’t start out high, the progression system makes it easy to build up your pay and your reputation on the website.

However, if you want to make real money from this, you could consider going full-time as a freelance translator. On Freelancer, text translation jobs range anywhere from £7 to £25 an hour for simple texts, and a few thousand pounds for more in-depth, intense texts.

The post 8 Ways to Make Money Reading appeared first on MoneyMagpie.

Original source: https://www.moneymagpie.com/make-money/6-ways-to-make-money-reading

Work Less, Earn More: The Art of Delegation for Freelancers

Getting distracted, managing work-life balance, or meeting tight deadlines are all struggles of the freelance career. Even the most experienced freelancers with years of practice, trial and error need a bit of help from time to time to manage their workload. The art of delegation for freelancers suits all stages of your self-employed career, too!

You’ve probably wondered if it’s worth the cost of delegating, what tasks you should outsource, and even how to delegate effectively. We’re going to show you that delegating as a freelancer is easy – and frees your time to focus on the money-earning side of things!

Focus on Your Strengths
Outsource to Reliable Freelancers
Have More Time on Your Hands
Get a Virtual Assistant
Smarten Up Your Tax Returns
How to Delegate Effectively
More Freelancing Tips

Focus on Your Strengths

When you do tasks that you’re not very good at or dislike, the process takes up hours of your day. They can also stress you out and reduce your overall productivity. On the other hand, productivity peaks when you’re doing things you love.

The art of delegation for freelancers starts with knowing what you’re not great at doing. Be honest with yourself – and see if you can find someone to take over the task for you! Another benefit is that the overall quality of your work improves, as you have more time to focus on it.

Outsource to other reliable freelancers

You don’t need to hire employees to delegate! Use other freelancers in your network to share the workload. This also helps boost your future opportunities, as they may send work your way, too. It’s a mutually beneficial situation.

Get to know a range of freelancers working within – and adjacent to – your industry. Then, when projects come in that need their expertise, you can outsource that element of the project. Because you’ve found the work, you can take a percentage of their usual cost as a “finder’s fee”, too (usually 10%). Freelancers are always grateful to have a community that sends work their way, so are often happy to give you that small amount as commission – because they’ve not had to work (or pay for marketing) to get the lead.

Outsourcing to freelancers keeps your costs low, too. You’re not responsible for paying their taxes or overheads, so it’s really easy to keep on top of the finances. You simply invoice the client for the full amount, then take your percentage off before you pay your freelancer friend. Remember, that their fee counts as a business expense, so you only need to account for the percentage you retain for the purposes of profit on your tax return.

More time on your hands

Another key advantage of delegation for freelancers is freeing more hours of your day. This additional time can now be used to perfect a skill that might increase the quality of your service or might bring in more business.

You could also use this time to reach out to more people and expand your client network. More free time gives you the opportunity to strategies further and think creatively about new ways to increase your revenue streams. Outsourcing reduces your workload, which might decrease your stress and exhaustion levels. You get more time to focus on the aspects of the job that you enjoy, which leads to feeling more satisfied with your career.

The other bonus of having more free time is, of course, establishing a better work-life balance! This can be difficult when you run your own business, so make sure that when you’re delegating to increase your time, you allow for some of that time to be TIME OFF.

Get a virtual assistant

Virtual assistants are a Godsend for many freelancers. They take on tasks like booking meetings and travel arrangements, managing social media, and handling admin like invoices and emails. It can save you SO much time each week – and because this type of work is THEIR skill set, it takes them less time than it’d take you to do, too!

A virtual assistant could handle a specific thing for you, like balancing your books at the end of each month. Or, you could make them a more central part of your freelance business and get them to handle all the admin and even social media stuff, too. Many freelancers use a virtual assistant for small tasks to start with, then build up their role as the business grows.

Improve your tax returns

Your tax returns will be much easier to manage when you’ve got a virtual assistant or bookkeeper managing your invoices and expenses! If your annual tax return gives you a headache, it’s well worth hiring an accountant to do it for you. It’ll cost a couple of hundred quid. However, a good accountant will likely spot where you can save WAY more than that on your return, so it’s always worth investing in.

More than that, outsourcing fees you pay to assistants, other freelancers, and even business coaches can all be offset against your tax bill. So, using freelancers to support your business benefits you financially, too!

How to delegate effectively

The secret to the art of delegation for freelancers is to do it well. Here are some useful tips about delegating tasks properly to get the most out of this experience for both parties.

Write a clear brief for the freelancer
Include deadlines – and stick to them!
Make sure they have the tools to complete the job
Be available for them to ask questions
Avoid micromanaging – it defeats the point!
Always remember to thank your fellow freelance for their work.

The advantage of using freelancers, instead of employees, is that it’s a flexible arrangement on both sides. So, if you find that a freelancer hasn’t completed a project to your high standards, you’re not obliged to hire them again.

More Freelancing Tips

This is just one of many articles we’ve got to help new and established freelancers succeed with their career. Read these next!

The post Work Less, Earn More: The Art of Delegation for Freelancers appeared first on MoneyMagpie.

Original source: https://www.moneymagpie.com/make-money/work-less-earn-more-the-art-of-delegation-for-freelancers

How EasyKnock Aims To Serve the “Boxed-In” Middle-Class Homeowner

Home Business Magazine Online

As of the second quarter of 2023, the median home price in the U.S. was $416,100, according to the Federal Reserve Bank of St. Louis. This is a significant amount of equity for many homeowners, but it’s often inaccessible due to current lending standards.

In the aftermath of the 2008 financial crisis, the U.S. housing market underwent a significant transformation. Stricter lending standards emerged, designed to prevent another subprime mortgage meltdown. But these well-intentioned reforms, along with more recent rising interest rates and inflation, have contributed to an unexpected consequence: a growing cohort of “boxed-in” homeowners who find themselves asset-rich but cash-poor, unable to access the equity in their homes through traditional means.

In 2016, Jarred Kessler founded EasyKnock to offer a solution: residential sale-leaseback with an option to buy back. This approach aims to provide flexibility and liquidity to homeowners who have been left behind by conventional financial products. Can this model truly address the needs of middle-class Americans struggling with inflation, stagnant wages, and mounting personal debt?

The Boxed-In Phenomenon

According to a recent white paper by researchers Marvin Chang and Jeremy Potter, over 9 million American homeowners could be classified as boxed-in. These individuals have substantial equity in their homes but are unable to access it due to factors like an unaffordable housing market, insufficient income, less-than-stellar credit scores, or other constraints.

The paper notes that there are roughly 2 million mortgage holders with credit scores below 600, 3.2 million homeowners with long-term mortgages at interest rates of 6% or above, and 2.6 million homeowners over the age of 45 without steady income.

Kessler explains the crux of the problem: “After the credit crisis, lenders really started looking more at the person’s profile. One of the big reasons people get declined is their debt-to-income ratio is not in the right place.” This ratio, a key factor in mortgage underwriting, has become increasingly problematic as interest rates have risen and inflation has squeezed household budgets.

Many Americans are taking on more credit card debt at higher rates, hurting their credit scores and restricting their ability to save income and improve their debt-to-income ratio. According to an August 2024 Federal Reserve Bank of New York report, total credit card balances are up 5.8% from a year ago, to $1.14 trillion, and rates of credit card delinquencies are increasing.

“If interest rates go up, debt goes up and that ratio gets out of whack,” says Kessler. “A large percentage of homeowners in the U.S. do not have access to the mortgage markets, and it’s one of the big reasons you don’t see a lot of movement. They’re boxed in. Lower FICO scores are another big reason. Those are really the two driving factors that are boxing in people and we have record amounts of home equity.”

EasyKnock Solution

EasyKnock’s programs offer a potential lifeline to these boxed-in homeowners. Here’s how it works:

The company purchases a home directly from the homeowner at 100% fair market value as determined by an independent appraiser. The homeowner receives 75% of the purchase price in cash at closing, and the remaining 25% is held as an option contract, giving the homeowner the right to buy back the property or to direct a sale on the open market where they can realize all potential future appreciation. The former owner then becomes a tenant of the house, signing a one-year lease with the option to renew for up to five years, depending on the program.

This arrangement provides immediate liquidity while allowing the homeowner to remain in their house. It’s a stark contrast to traditional options like home equity loans or cash-out refinancing, which often remain out of reach for those with credit issues or insufficient income.

“We give people appreciation, we give people the chance to buy back their home, we’re paying their taxes, homeowners insurance, [homeowners association] fees, we’re handling some of the repairs. We’re giving people an opportunity,” says Kessler.

EasyKnock has also made efforts to keep the rental arrangement fair and transparent. It caps annual rent increases at the greater of 2.5% or the consumer price index, which stands in contrast to some landlords who have implemented dramatic rent hikes in recent years.

Kessler also emphasizes the sell-leaseback model isn’t meant to be a permanent solution, but rather a bridge to help homeowners regain their financial footing.

“If we’re not seeing them again, it’s a good thing,” he says, noting that many customers use the program to pay off high-interest debt or weather temporary financial difficulties before repurchasing their homes.

The Broader Economic Context Going Forward

EasyKnock’s emergence comes at a time of significant economic uncertainty. With inflation pressures persisting, many middle-class homeowners find themselves in precarious financial positions. A lack of financial cushion makes accessing home equity all the more critical for many families.

“A few years ago, somewhere around 50% of the country couldn’t afford an unexpected bill of $1,000 or more, and I bet you it’s now $500,” Kessler says.

The company’s focus on the middle class is deliberate and, Kessler argues, necessary. “I think a lot of people are trying to serve the upper echelon and I think the people that need the most help are the middle class,” he says. “When you’re rich, there’s a lot of choices and when you’re in the middle class, there are not a lot of choices.”

Looking ahead, Kessler sees both opportunities and potential pitfalls in the housing market. He anticipates a potential increase in foreclosures and believes that, as interest rates eventually decline, it could drive up home prices in some areas while leading to repricing in others.

“I think you’re going to see more so than any other period, a discrepancy throughout the United States of some markets that are doing really well versus markets that are doing really bad,” he cautions.

As the 2024 U.S. presidential election approaches, housing affordability is emerging as a key issue. Kessler sees this as both an opportunity and a challenge. “Affordability is the sleeper issue of the campaign this year,” he believes.

However, he’s also wary of how the issue might be politicized. “The biggest problem is the middle class, and people struggling with income are too often used as pawns in these elections,” Kessler says. He argues for more concrete action: “If you really want to help these people, you should encourage incentives to help them.”

The post How EasyKnock Aims To Serve the “Boxed-In” Middle-Class Homeowner appeared first on Home Business Magazine.

Original source: https://homebusinessmag.com/business-spotlight/how-easyknock-aims-serve-boxed-middle-class-homeowners/

Navigating the Legal Aspects Within Running a Small Business

Home Business Magazine Online

Finances are the fundamental aspect of any business and especially for small businesses, it is a necessity. To protect the business from risks and compliance issues, a solid understanding of legal documents is required. Whether it’s about fulfilling tax obligations using the correct tax forms or it is about understanding the employment laws, legal aspects are very important for running and growing a small business.

Legalities not only come with a lot of documentation but the severity of overlooking the documents and be hight. Financial penalties are not just a monetary loss but a loss to reputation as well. With help of this article, we aim to shed some light on the legal considerations every small business owner must take care of.

Reporting wages, navigating licences, regulatory frameworks, all are important for a successful business and we will explore these essentials. A good understanding of these aspect will ensure that the business not only survive but also gain a reputation by staying ahead of legal issues.

Compliance with Business Structure and Licensing

When setting a business, the first part is to set the type of business you’re looking for. The possible structures are sole proprietorship, partnership, LLC, or corporation. Each one of these have their own legal and tax implications. Each structure comes with their own filing requirements that affect liability and day-to-day operations. Additionally, the proper licensing is also important for the business. The licenses include local, state, federal, and any other depending on the type of business and the location.

Employment Laws and Regulations

Employment laws are another essential aspect for a business when it comes to hiring employees. It includes things like minimum wage requirement, overtime rules, worker’s compensation, and anti-discrimination laws. These laws are important for both small business owners and large business owners to maintain a safe workplace for their employees.

Reporting Wages and Tax Compliance

Another critical aspect for a business is to correctly report wages to IRS. This can be done using the correct tax forms, such as W-2s for employees to comply with tax laws and avoid any penalties. It’s important for business owners to keep detailed records for all financial transactions to support tax filing and audits.

Intellectual Property Protection

Intellectual property is also a type of property which includes trademarks, copyrights and patents which must be secured under your branding. This includes proper registration and enforcement of IP rights to prevent competitors from infringing on your unique products and services.

Contract Law

Contracts are another fundamental aspect in any business. Suppliers, customers, employees, stakeholders, everyone needs a contract to ensure that agreements are legally binding protecting the interests of your business. A well-drafted and clear contract can prevent legal disputes and provide a sense of security in all types of business transactions.

Privacy Regulations

The society today is a data driven society and protection of customer data now is more important than ever. The internal data protection techniques must comply with privacy laws such as GDPR for European customers. This is important to build trust with your customers.

In conclusion, for a small business, there are many legal aspects which one should comply with. This starts from very beginning i.e., the business structure. Taking care of your employees by complying with employment laws, protecting all your intellectual property, and tax reporting using the appropriate tax forms.

One must comply with these legal elements not just to avoid penalties but to also foster a robust and respective environment. Adhering to these legal standards can help in protecting your business from unforeseen liabilities. A stable framework is what a customer chooses and with a stable framework comes innovation and growth.

Ultimately, the legal diligence is integral to not only safeguard the business but to also position yourself in future successes and expansion. For every small business owner, the legal knowledge plays an important role in their planning and to ensure that business retains its competitive edge.

The post Navigating the Legal Aspects Within Running a Small Business appeared first on Home Business Magazine.

Original source: https://homebusinessmag.com/management/legalese/navigating-legal-aspects-running-small-business/

First-party data checklist for marketers by Digital Marketing Depot

With third-party cookies on their way out, organizations need to start mapping out what a first-party data strategy looks like for their business. Use this checklist from OneTrust as your roadmap to cultivate trust, ensure compliance, and build stronger, data-driven relationships with your customers.

The Marketers First-Party Data Checklist covers seven essential steps: conducting a website audit, managing trackers, setting data goals, incorporating zero-party data, streamlining data collection, creating personalized experiences, and optimizing through data analysis. By following these steps, you’ll not only ensure compliance but also enhance your ability to deliver value to your customers through personalized experiences.

Visit Digital Marketing Depot to get your copy.

Original source: https://searchengineland.com/first-party-data-checklist-for-marketers-447113

Is Google using Chrome for mobile-first indexing and user signals?

Phase two of Google’s mobile-first indexing – rendering – is Chrome and has been since 2018, according to SEO expert Cindy Krum. In a newly released video presentation, Krum said:

“What I believe is happening here is that Google failed to tell us at this time in 2018, when it launched, that what they were using for the second phase of indexing was not a bot, per se. It was our own computers in our homes. Your Chrome being used as a rendering resource became available. That means you. As someone requested the site and executed the JavaScript, they would go and fetch that from their computer. They wouldn’t use their bot to render it. They would wait until a user rendered the page for them and then they would just go capture that full-page render so that they could process it.
“… Google [is] using our own computers to pre-process information for indexing and our own browsers to capture information and rendering. We haven’t necessarily opted into this and we’re not knowingly getting anything back.
“…Google is also using our rendering data and our behavior – in terms of making models like cohort models and topic models, history and engagement models – and they’re using this all taking it from our local computers without permission and passing it up to their processors. Now it’s pre-processed locally so that it can be batched and sent up and then sending it to their algorithms to be further processed and evaluated. That’s how they’re able to get the rankings that they do, but also that’s how they’re able to understand things like demographic cohorts, Journeys, where you shop, and make decisions and understanding and modeling that so that they can use that data in their advertising models in PMax, in PPC campaigns. They’re using our own behavior to market to us and to train AI that serves ads to do a better job.”

Put simply in two slides:

Connecting dots. There are a lot of claims made about other huge implications of Google’s switch to mobile-first indexing in Krum’s presentation, as well as how Chrome essentially fuels Google’s illegal search monopoly:

User computers as resources: Google uses users’ devices to render and process JavaScript, which they then index – essentially outsourcing computational work to users. Essentially, Google is using Chrome in the same way your computer could be used for Bitcoin mining.
Core Web Vitals: Google captures real user data to assess page load performance and interaction and feeds this data into its ranking algorithms.
Browser updates and data collection: Frequent Chrome updates ensure data collection aligns with Google’s search and ad models, contributing to targeted advertising and AI training.
Privacy violations: Google has been found indexing private data (e.g., private WhatsApp groups), likely due to its aggressive caching and data collection practices.
Chrome’s role in AI: AI is very expensive, so Google could use Chrome’s processing model to help with AI development, giving them an edge in the AI arms race.
Ad tracking and targeting: Google’s data collection extends into advertising models like cohort targeting and user behavior modeling for ad optimization.
Cookies and privacy: Despite promising to end third-party cookies, Google continues to use them for extensive tracking and data collection.

Possible SEO implications. I reached out to Krum and asked her what the possible SEO implications are here if all of this is correct. She told me:

If a page has links that never get clicked, Google is less likely to crawl it. We knew this, in theory, but now we have a better idea of how it works.
Real user engagement is likely factoring in more than previously thought – we have known this since the Google Search leak.
Manipulation of SERP and click information is a significant vulnerability, if it happens in Chrome.
Actual user rendering is critical, so selective serving for GoogleBot might not be a great strategy.

Why we care. We know that Google collects extensive Chrome and end-user data from its other various services (Search, YouTube, Ads, etc.). That said, and to be clear, much of what she discusses is for now an unconfirmed theory (Krum does use the word “tinfoil” during her presentation and there are multiple “X-Files” themed slides).

When I first watched the video, I found it equal parts fantastical, inconceivable and entirely believable. It’s a lot to process. However, in light of all the revelations from the DOJ trial and the leak, nothing Krum discusses in the video seems like too wild of speculation. I’ll be curious to see whether Google responds.

Additional reading. Krum also referenced research by Malte Ubl, a former Googler, who said that “Google uses an up-to-date version of Chrome for rendering” and whose research found that “100% of HTML pages resulted in full-page renders, including pages with complex JS interactions.”

The presentation. Watch the video and decide for yourself (I suggest starting around 6:37): Phase II of Google’s Mobile-First Indexing is just Chrome.

Original source: https://searchengineland.com/google-chrome-mobile-first-indexing-user-signals-447154