Saturday, April 7, 2018

Home Based Business Ideas UK: If You Want To Achieve Anything Meaningful In Your...

Home Based Business Ideas UK: If You Want To Achieve Anything Meaningful In Your...: In 1979, a longitudinal study was conducted by the Harvard MBA programmme where graduate students were asked, “have you set clear, written ...

If You Want To Achieve Anything Meaningful In Your Life Set Goals And Write Them Down With Plans To Achieve Them

In 1979, a longitudinal study was conducted by the Harvard MBA programmme where graduate students were asked, “have you set clear, written goals for your future and made plans to accomplish them?”.

Only 3% had written goals and plans. A further13% had goals, but had not written them down and 84% had no goals.

Ten years later, the same group was interviewed again and the results were absolutely amazing.
The 13% of the class who had goals but did not write them down was earning twice the amount of the 84% who had no goals.

The 3% who had written goals were earning, on average, ten times as much as the other 97% of the class combined!

The results speak for themselves. To achieve success, you must to first commit to making a change and set goals.

The very act of setting goals is the first step in turning the invisible into the visible, the intangible into tangible and the dream into reality.

Many years ago when I started a new business, my partner and I had to write a business plan in order to obtain a loan from the bank. We wrote this comprehensive plan with a list of all the great things we were going to do because we wanted to impress the bank manager and get the loan. We got the loan.

Years later I pulled out the business plan from my desk drawer and blew off the dust. The funny thing is that even though we hadn’t looked at the plan since the day we had presented it to the bank, I found to my amazement that we had achieved all the plans on our list.

I recently attended a Clickfunnels convention in Orlando at the Disney Coronado Hotel. Clickfunnels founder Russel Brunson talked about how Walt Disney had died before Disneyworld was actually built. When it was opened, a journalist remarked that it was a pity Walt Disney did not live to see his dream come true. A staff member replied that Walt had in fact “seen” his creation in great detail in his imagination long before the first brick had been laid.

Right now, take a moment to map out your goals and your life. Don’t hold back, write down all the things you want to do and achieve – it doesn’t have to be financial or work related. Don’t be vague, be specific and definite.

Rather than writing “I want a good job with a nice salary”, say “I want to work as a XYZ for ABC company on a salary of £50,000 pa”.

Make sure the results you are moving toward are specific, measurable, achievable, realistic and anchored within a time frame.

Even if you don’t have any firm plans or idea how you are going to achieve your goals you should still take the first step by writing out your goals.

Check out my episode "3 Steps To Starting A Business And Changing Your Fortunes " on Anchor!

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Wednesday, April 4, 2018

Home Based Business Ideas UK: Last Chance To Claim Tax Allowances UK Tax Year En...

Home Based Business Ideas UK: Last Chance To Claim Tax Allowances UK Tax Year En...: The UK tax year ends tomorrow, 5 April 2018 . If you're planning to make full use of your ISA or Pensions/SIPP (Self Invested Person...

Last Chance To Claim Tax Allowances UK Tax Year Ends Tomorrow 5 April

The UK tax year ends tomorrow, 5 April 2018. If you're planning to make full use of your ISA or Pensions/SIPP (Self Invested Personal Pension) this year, you must act soon. I have been talking about this since February in my Money Tips Daily blog and Podcast, so don't say I didn't warn you!

There are hundreds of banks and pension providers out there. You can invest online or in the High Street branches, but you only have just over 24 hours left.

If you're not sure where to invest, there's a simple solution. You can just add cash to secure your ISA and SIPP allowances now and choose investments when you're ready.

As always, I'm giving you information, not offering advice, so take advice from an independent financial adviser and remember that investments can fall as well as rise in value so you could get back less than you put in.

Here are the basic rules for ISA’s and SIPPs.


An ISA is simply a savings account where you can shelter up to £20,000 from UK tax as long as the money is held in the account and ISA wrapper. You can also invest funds into a ‘stocks and shares’ ISA, where your money is invested into shares or a fund holding shares. Again, the tax free wrapper applies, but the investments can fall as well as rise in value.

When I worked in the bank many years ago, some customers would have hundreds of thousands of pounds tied up in accounts which not only paid a low interest rates, but were also taxed. By simply moving their money into ISA’s they could avoid taxes forever on their savings and earn more money on their savings, as interest rates were also higher in the ISA accounts. 

Remember that banks have a habit of churning accounts and reducing the interest rate on those accounts making them effectively obsolete. Despite all the benefits, many of them would say “no, I’m happy where it is” and refuse to move their money!

If you had invested the maximum allowable amount each year into ISA’s or similar accounts since they were introduced you would now have over £1,000,000 in a tax free wrapper. It's also far less hassle when doing your tax returns.

The Stocks and Shares ISA allows you to invest in shares or funds which invest in the stock market on your behalf. These funds can go up or down and obviously carry more risk than a cash ISA. If you already own shares, it makes sense to shelter them in an ISA wrapper to avoid tax on dividends and CGT or capital gains tax.

Companies like Hargreaves Lansdown offer this ISA service and has a good online platform.
You can invest in an ISA by making regular monthly contributions or a single lump sum each year.

Check out the best deals online (e.g. at or similar comparison sites) and now is the time to start shopping around rather than leaving it until the last minute and risk losing out.
In addition to the ISA allowance, all UK basic rate tax payers can now earn up to £1000 a year in interest without paying tax on it. With base lending rates standing at .5% as I write, you’d need quite a lot of money on deposit to earn £1000 of interest on your savings. Assuming a savings rate of .25%, you would have to have £400,000 on deposit in order to earn £1000 in interest.

ISA Features
  • Save tax - Grow your money free of UK income and capital gains tax (stocks and shares ISA)
  • Accessibility - although investing is best for the long term, you can take your money out whenever you need to
  • Wide investment choice - choose from deposit based ISA to thousands of managed funds, UK and international shares, investment trusts and more.
Tax rules can change and the benefits of investing in ISAs depend on your ongoing circumstances. 


A SIPP and most other approved pension schemes allows you to gain 20% tax relief on qualifying funds you invest into your pension plan. A SIPP generally gives you a wider choice of investments than a pension plan with a single pension provider.

SIPP Features
  • Save tax - Grow your money free of UK income and capital gains tax
  • Great value - 0.45% p.a. to hold your SIPP investments. 
  • Wide investment choice - choose from 2,500 funds, UK and international shares, investment trusts and more
Pensions are more complex and the right plan for you will depend on your circumstances, for instance, your tax status, age and whether you are employed, self employed or a company director. Seek advice.

Tax rules can change and the benefits of investing in a SIPP depend on your circumstances. At present, you can only access the money in a SIPP from age 55 (57 from 2028).

Business owners and the self employed should consult their accountants to see if they can make any last tax plans before the end of the tax year. After the year end might be too late to claim allowances against your profits. In my experience most accountants and reactive rather than proactive and only talk to you when it's all over, and then say "you could have done this or that last year...".

Bonus tip. Get into the habit of saving a percentage of your income no matter how small to start with. The sooner you start saving the better, as compound interest (interest on interest) will work in your favour. Albert Einstein described compound interest as one of the greatest forces on Earth.

Acton. See an independent financial advisor and do your own research online.

Check out my Podcast episode "Last. Chance To Claim UK Tax Allowances Tax Year Ends 05/04" on Anchor! Also available on itunes.

Tuesday, April 3, 2018

Home Based Business Ideas UK: 3 Steps To Starting A Business, Changing Your Fort...

Home Based Business Ideas UK: 3 Steps To Starting A Business, Changing Your Fort...: Money tips daily serves those who want to save money as well as people who want to make more money. No matter how hard you try and make...

3 Steps To Starting A Business, Changing Your Fortunes And Building A Better Life

Money tips daily serves those who want to save money as well as people who want to make more money.

No matter how hard you try and make savings, eventually you will reach the point where you cannot cut your budget any further.

It’s a bit like governments who find that making cuts and reducing wastage can only go so far. The country needs to produce more revenue and GDP in order to prosper.

Just like a business, you need a combination of both keeping costs down and increasing revenue and profits.

It’s the same for your own personal “economy”, which by the way is the only one you can control, right? After making savings and cutting down on waste and nonessential spending, how do you the next logical step and start earning a little extra cash so that you can enjoy a better standard of living?

You could get a better paying job, work longer hours or take a part-time job, but you will still be exchanging your time for money. This obviously has its limitations, as there are only so many hours of your life you can give to an employer.

You could also start a part-time business, on or offline, from home like millions of people have done. Most small businesses start as home-based or part-time ventures with little or no start-up capital.

Starting a physical business requires capital, premises and equipment. Whereas, an online or service based business usually requires little or no capital as you are giving your service in exchange for money. You don't need to purchase stock or expensive equipment, all you need is a laptop or smart phone to get started. 

If you’re starting a new business I would NOT suggest renting a shop in the High Street or signing leases for shops or offices.

Every year, I see shops in my local area come and go as one business after another fails. I’ve seen shops selling all manner of things like party costumes and balloons, upmarket bathrooms as well as numerous restaurants all collapse within the first two years. Some were start ups, but others were established businesses. One casualty was the restaurant chain Frankie & Benny’s who didn’t last very long in a premises they’d spent a fortune renovating. They must have lost between £500,000 and £1,000,000.

Get real! If the likes of Maplins and Toys “R” Us (both have recently gone bust) cannot make it on the High Street, you’re going to need something pretty special in order to survive.

Over the years, I’ve seen so many people who have had a windfall or come into some money (or borrowed money from relatives who have had a windfall) start up a physical bricks and mortar business or paid thousands of pounds for some useless franchise only to lose everything.

You’ve only got to watch shows like Dragons Den - a BBC TV programmes where people pitch new ideas to wealthy entrepreneurs - to see some of the ludicrous business ideas that people have and get into without doing any proper market research. Some of the contestants have already sunk their life savings into an invention or business idea which has no chance of succeeding. 

When asked by the experts what research they had done, they usually say they have asked their friends and relatives if they thought it was a good idea and most people said yes! What would they expect their relatives to say? What do their friends and relatives know about a new business anyway?

I’m not saying don’t start a physical business, but you have to be very careful and have enough capital to survive for the first few years. 

If your physical business fails and you have ongoing liabilities, such as the rent on a long lease, or personal guarantees, you could lose everything including your house.

What are the alternative and better ways of getting into business?

You don’t have to spend your life savings or start a physical ‘bricks and mortar’ business, as there are plenty of better and safer alternatives with far less risk and liabilities.

When the Napoleon Hill published his ground-breaking book, Think and Grow Rich, during the great depression of the 1930s he said that the way to start the business with little or no capital was to provide “services”. This has not changed that much in the last hundred years!

In Hill’s day he mentions services like bookkeeping, which is still relevant today as most businesses need a bookkeeper in addition to an accountant.

When I was running a physical business we employed various bookkeepers over the years, most of whom came to the office and had no business premises of their own. On average we paid between £25 and £45 per hour for a Bookkeeper, and it was not easy to find a good one.

The service sector has replaced the old heavy industries that used to power the UK economy. Today the City of London employs hundreds of thousands of people and earns billions in revenue for the British economy.

3 steps to starting a business

  1. Decide what you really like to do.
  2. Open your mind
  3. Take Action

1. Decide what you really like to do

Before you start any business, first decide what it is you like to do or better still, what is your passion?

What do you like doing in your spare time or at weekends?

What jobs would you do for free?

What would you really like to do if you won the lottery after you’ve got tired of travelling the world and sitting on beaches?

We all have unique talents and skills which can be monetised, so what is yours?

Of course, you may need further training in your field, this can be done very cheaply in your spare time.

One thing that has changed over the last hundred years is the multitude of opportunities which are now open to us in the internet age.

There are thousands of jobs and businesses that didn’t exist 10 or 20 years ago.

People can now make a living selling goods on Amazon, Shopify or Groupon. You don’t need to rent a shop in the High Street, as these companies have built an online store for you, and believe me, they get far more "footfall" than you will ever get in the High Street!

You don’t need to invent your own product, as there are thousands of products and services you can sell as an affiliate partner on a commission basis. 

You can also sell products for direct sales companies (Avon, Betterware and Ann Summers) and network marketing companies. You can also earn commission working with weight loss organisations and networking companies who have done the hard work of building a product and brand for you.

I know many people who are making a very good living in property, but started with no capital.

Some are running letting agencies on a rent to rents basis, with a make excellent profits and have no shop and very little office overheads.

2. Open your mind

The second thing you need to do is to open your mind and change your mindset. If you’re stuck in your old ways and refuse to see the opportunities around you then your closed mind will hold you back forever. 

Things will not change unless you change, and as Jim Rohn put it, "If you will change, everything will change for you".

3. Take ACTION!

The third thing you need to do is to take action!

Nothing moves without action!

Taking action now might involve making a plan, doing some research or setting up a free online account with Amazon.

I can hear some of you saying, well that’s alright for some people, but I haven’t got the time. This has more to do with your mindset than reality, because in reality, we all have the same number of hours in a day. How we use those hours will determine our success, happiness and future security.

You can spend all your spare time in front of the television or on social media or use your time wisely by learning a new skill, improving yourself, looking for opportunities or setting up a part-time business.

If every waking hour really is filled with activities, you might want to consider outsourcing some of the work you do to free up time for income generating activities.

Hiring a cleaner or gardener might cost you a little bit of money, but the time it it will save will be worth it if you use that time to generate extra income. My cleaning does my house in half the time I would take, which is a double bonus! 

I’m sure your hourly value is higher than a cleaner and if he’s not right now it will be if you start using your time more effectively.

If you would like further details on courses to get you started in an online or property business, please email me at

Check out my episode "3 Steps To Starting A Business And Changing Your Fortunes " on Anchor!

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