Twenty(20) Most Profitable Small Businesses

Some businesses are inherently more profitable than others. This can be due to expenses and overhead being low or the business charging a lot for its services or products. Still, all businesses, no matter how profitable they are, can be a challenge getting started.

Most Profitable Small Businesses

If you yearn to run a profitable business (don’t we all), take a look at the following 20 most profitable small businesses.

Tax Preparation and Bookkeeping

Without needing fancy premises or expensive equipment, tax preparation and bookkeeping servicescome with low overheads. Furthermore, the standard rate for quality tax preparers and bookkeepers is a decent salary to live on.

That said, if you’re not good with numbers, preparing people’s tax and keeping their finances up-to-date, won’t be the business for you.

Catering Services

You don’t need expensive premises to run your own catering business and could even operate your service from home, keeping overhead to a minimum. People and businesses are willing to pay for quality caterers, making this business profitable for those who work hard and have determination to succeed.

Website Design

Websites have become the ‘windows of every successful business’, hence quality and creative website designers remain in high demand. Again, low expenses and high rates make web design a lucrative business to run, providing you have the creative and technical know-how that is!

Business Consulting

Businesses are willing to invest in quality business consultants who can help them achieve the results they are looking for. They’re also willing to pay hefty amounts for the right advice, which, tied in with low overhead, makes business consulting a profitable business to embark on.

Of course effective business consultants do require sound business acumen and knowledge, so this isn’t necessarily the right opportunity for everyone.

Courier Services

Other than the outlay of your vehicle to deliver the goods, self-employed couriers don’t have large overhead. Getting lucrative contracts from the major courier firms can prove profitable. However, in a competitive market, being awarded lucrative contracts can be challenging.

Mobile Hairdresser Services

Granted, you can never charge a fortune to cut someone’s hair but that doesn’t take away from the fact that quality hairdressers will always be in demand. Furthermore, other than a quality pair of scissors and some hair dye, if you run a mobile hair dressing salon, your business expenses are surprisingly low, making mobile hairdressing a profitable business to run.

That said, mobile hairdressers are not difficult to find, so you’ll probably need to spend some money marketing your services.

Cleaning Services

All you need to start your own cleaning business is a vacuum, polish floor cleaner and, preferably, a car. With comparatively low overhead, little in the way of training required and a service which is always in demand, cleaning can be a rewarding business to get into.

So why isn’t everyone doing this? Well, if you’re looking for a more creative way to make a living, cleaning might not be for you.

Online Tutoring

You might be a math genius, a native Spanish speaker or a nifty guitar player. Whatever your talent, offering tutoring online can be a great way to earn an income with exceptionally low expenses.

The only downside to online tutoring… You need to have a skill others will want to learn!

Real Estate Brokering

The profits associated with real estate remain high and if you want to enter this industry one of the most cost-effective ways to do so is to set up a real estate brokering firm.

Real estate brokers act as an intermediary between sellers and buyers and all you need to get started is a brokerage license. That said, finding your own clients can be challenging, given the number of real estate brokers there are.

Logo Design

Got an eye for a great logo? If so, you might be on your way to starting a business where you can charge a tidy sum while not having to fork out on expensive overhead. Though be warned, logo design is a competitive industry, and you’ll have to come up with some unique and inspiring logos to remain at the top of your trade.

Warehouse Storage

Got a spare garage or building that’s not being used? If so, you may want to think about offering warehouse storage services. Providing a place for businesses and individuals to store goods and items can provide a highly profitable and predominantly passive income. Though it must be said, the job isn’t exactly stimulating and therefore isn’t for everyone!

Property Maintenance

There will always be a demand for people who are willing to clean gutters, repair chimneys or pull out stubborn weeds. While the hourly rate for property maintenance might not be the highest, with low overhead and high demand, property maintenance can be a profitable business to enter — as long as you don’t mind getting your hands dirty!

Technology Repair Services

Got a good eye for technology and how it works? If so, setting up your own technology repair business could see you in high demand as the world becomes increasingly dependent on technology.

Repairing people’s much-loved gadgets can pay well and without much overhead, can prove to be a lucrative business. Naturally, those without a knack for technology will want to steer clear!

IT Support

As we become more reliant on IT to run businesses and go about our daily lives, those who offer IT help and support are extremely sought-after. Quality IT support technicians can charge a decent rate for their skills and don’t require too much overhead or equipment to run their businesses. However, IT support is a competitive industry, so you’ll need to efficiently market your services to get noticed.

Marketing Services

Businesses and organizations will always want a quality marketing team behind them to boost brand awareness and bring them results. Marketing agencies can charge a lot for their services and thanks to advancing remote technology and the internet, marketing efforts can be done remotely, keeping overhead low and profits high.

Still it must be said, marketing agencies are highly competitive and in order to be a success you’ll have to show you can deliver results.

Personal Training

Those who want to be fitter, slimmer and healthier, insure there will always be demand for personal trainers (PTs). Earning a qualification in personal training is not overly expensive and once you’re professionally qualified, you can offer your PT services. Overhead is inherently low in this industry, making personal training a profitable and sought-after business.

One of the biggest challenges PTs face is building up a network of clients in a competitive environment.

Food Truck

Providing quality food and drink will always be in high demand, though with expensive overhead, running a restaurant isn’t always as profitable as you might think. Serving food from a food truck on the other hand requires much lower overhead and can be an extremely profitable business venture. The downside is you have to work out of a van day in, day out, which isn’t everyone’s idea of a rewarding business.

Legal Services

Quality legal advice and support comes at a price and therefore those with legal knowledge can earn a tidy sum for their experise. That said, becoming qualified to provide legal advice takes time and money and the amount of training and education required to be able to offer legal services can put many people off.

A Man with a Van

Got a van and some spare time? Well you’ve got your business already mapped out! With virtually no expenses other than keeping your van roadworthy, helping people move and deliver items in your van can be an effective way to earn an income.

The downside? There’s a lot of competition, so make sure your delivery services stand out.

Gardening

Gardening is healthy and fulfilling work requiring an element of creativity. People love their gardens and so decent gardeners will always be in demand. Although gardeners require several tools for their trade, overhead is comparatively low, making gardening a profitable business. Though again, to ensure you get the work, you may have to spend some money on advertising your services.

Six(6) Timeless Strategies That Drive Successful Entrepreneurship

In today’s ever changing business climate, an entrepreneur can easily become overwhelmed. It’s vital, though, to stay focused on your goals for the company.

Even with a firm strategy in place, every entrepreneur should do these six things to clear a path to success:

1. Study the competition.

As an entrepreneur, you need to know who your competitors are. You also should understand the rival product or service that is being offering.

This knowledge will help you better market your product or service to stand out, perhaps even using your competition’s weaknesses to your advantage.

2. Conserve cash no matter how good business is.

Frankly put, live as cheaply as possible.

Entrepreneurs should be as conservative with their money as possible to be able to deal with any rough patch that arises. Conserving several months' worth of operating expenses in the bank will help you survive most unforeseen circumstances.

3. Research new products and services.

Understand emerging products or services on the horizon that could improve your company's operations.

Do your homework. Are you taking advantage of all technology has to offer? Is there an app that could help you manage your time more efficiently or a service that lets you delegate ordinary tasks to free up more time for priority projects?

4. Don’t tackle huge markets at first.

Avoid expanding into large markets in the initial stages. Thinking “if we can capture just 1 percent of China” could turn into a mistake. Niche marketing can be extremely cost effective if you keep three things in mind:

Meet the market’s unique needs by offering something new and compelling.

Speak the market’s language and understand its hot buttons.

Your language should be in synch with that niche even for the minor aspects of a marketing campaign like the company's slogan.

5. Listen to customer feedback and adapt.

Salespeople know the adage "always be closing," referred to by the acronym ABC. Entrepreneurs have an acronym, too: Always be adapting, or ABA.

But entrepreneurs can evolve their business only when they're listening to customer feedback. It may not mean much if one customer doesn’t like your product but if this is true for many of them and they're requesting another feature, listen and be ready to adapt.

Whether you're adapting your marketing plan, simplifying a product or responding to new trends, pay attention to customer feedback. Be all ears.

6. Respond to change.

In business change is inevitable and those capable of responding are flexible and versatile.

An entrepreneur must be prepared to accept change and adapt business operations accordingly. Be flexible. If a shift in your product or service is warranted, don't be left behind. Realize from the start that where you are is likely not to be where you’ll end up. A lack of adaptability can result in loss in customers, profits and even business failure.

As an entrepreneur, understand that the world is evolving rapidly. Even a company founded a year ago could change the world today.

Yes, the world customarily commends big players like Bill Gates and Oprah Winfrey. Yet there’s room for everyone in the game. Entrepreneurship in emerging markets could very well be a major factor in the return of a hearty global economy. Why couldn’t you be a part of that change?

Ten(10) Small Scale Business Ideas To Use Without Digging A Hole In Pocket

Spending on marketing can be a costly affair and it is especially a cause for concern in case you own a small business that emits limited income. On the contrary persevering in the cut-throat competition requires marketing efforts without a doubt.

But, who said that marketing cannot be carried ahead even in shoestring budget? Well, here are several tips that shall allow you to continue marketing your business without diffing your treasure box.

1.Social media – You may perhaps find it difficult to chart your audience geographically but most of them are present virtually over various social media platforms. Do not take social media for granted since there are several brands that are marking their existence merely through social media marketing. Run sponsored advertisements, generate quality content and keep the page/account updated consistently.

2. Research – This is certainly the most under-utilised pre-marketing tool. We shall call it because ideally prior implementing your action planning or even before preparing one, the organization must undertake thorough research covering several facets. You can search about the needs/wants and demands of the consumers and market. A study of the trends waving in your industry would also become an integral move.

3. Concentrate on quality – This might sound to you a completely unrelated and a concern to production department but if thought upside down it is a vital aspect. When you provide apex quality products to the customers they tend to talk good about your company to several other people. They begin to suggest your product/service to other making your business grow without actually spending much on the marketing. This is also one of the significant reasons why organizations primarily focus on their after sales services.

4. Data collection – Keeping a tap on the data of customers turns out to be beneficial especially when you deal with a small business. When you maintain your data on your own, you are not required to spend on the acquisition of the data from the third party before chalking out your marketing plan. Hence, it is advised to maintain various files that would reflect a variety of analysis making your planning time and cost effective.

5. Rich media and infographics – The reckless audience these days have not timed for the items or elements that don’t grab their attention. One of the competent ways of grabbing engagement on your website/blog/social networking pages is to incorporate rich media such as visuals and audio. Researchers prove that a visual attracts attention more a written text. Hence, a correct blend can easily keep your audience hooked.

6. Explore LinkedIn – Your motto while signing in LinkedIn shouldn’t stay constrained to adding connections and making it as wider as you can rather there are numerous things that you can carry on LinkedIn. Prepare a company’s page and participate in groups. Also, make sure that you participate it regularly. You should also keep updating your network through regular posting. Making it more active shall ripe financial fruits in future.

7.Hold contests and referral programs – In order to generate new leads and acquire the potential market, you should arrange monthly contests. Yes, it shall require you to loosen your budget but at the same time generating new leads would imply more customers contributing to the overall sales. Similarly, running referral programs wherein you shall award your customers with goodies or discounts for referring your products/services to someone else. This leads to an extended database along with prospective sales.

8. Blog by your side – Keep a blog by your site and post it regularly. Not just that the presence of blog brings traffic to your website but it also interests the user if you post quality content regularly. But, do not forget to post it consistently. Updating it once a week or twice a week is still a legit frequency. Share it to various social networking platforms of your company.

9. Guerrilla marketing – Guerrilla marketing costs you less and it possesses efficacy in letting the right message reach your audience. A lot of businesses are opting for guerrilla advertising since it is inexpensive comparatively at the same time it is intriguing to the buyers which enhance the recall value of your brand.

10. Public relations – Using the paid public relation tactics and certainly let you shift your creative burden on them. There is the minor investment without a doubt but given the return o investment you would gain, public relations is worth the try. If you are not willing to allocate majorly for public relations, you can always opt for smaller chunks instead.

Six6) Signs Your Business Is Going To Die And How To Correct Them

Here’s how to tell if your business is headed for the undertaker.

Business deaths are rarely sudden. Like lead characters on TV soapies, few small businesses die overnight but are typically drawn out affairs with lots of warning signs on the decline.

So why do thousands of ventures collapse every year across Australia, terminally unprofitable and cash flow starved?

Rhondalynn Korolak says it’s prudent to look out for early warning signs a business is failing.

Business coach and founder of Imagineering Now, Rhondalynn Korolak, says it comes down to failure to detect commercial illness early.

“Almost every business will experience financial distress or pressure at some stage and the key to survival lies in the owner’s ability to diagnose problem areas and take corrective action quickly,” Korolak says.

So what are the symptoms which, left untreated, will prove terminal?

Here are six symptoms from The Sydney Morning Herald of a weak business pulse:

No new customers

You started with gusto, networking like crazy and marketing at every turn. Business grew. Then you stopped hunting jobs.

The earliest sign a business is failing is when there have been no new customers for six to 12 months, according to Iain G. Mackenzie, author of business titles including Results in a Minute.

“Existing customers drift away for a variety of reasons over the years and if you are not connecting with new ones you are already going out of business,” Mackenzie says.

Prognosis: Can be treated. “Drop the employee mindset ‘no, we have enough business, I am busy enough, I don’t want any more customers’ and start turning things around,” Mackenzie says.

Haphazard accounting

Do you know how much money is in the bank, moving in and out of the bank and what you do that actually makes you money?

If you don’t have your back office paperwork in order, your biz is on a slippery slope.

“Sadly too many business owners have a head-in-the-sand approach to their business numbers,” says Carl Taylor, founder of Business Builders Academy.

“You don’t need to be a math whiz, you just need to know which numbers are important and what they mean.”

Prognosis: Good, if you act fast to engage an accountant or do more DIY bean-counting.

Dodge commercial rot by making sure your business produces timely financial statements and reports, invaluable quick references for calculating and forecasting your business’s all-important cash flow.

Serial price cutting

“Discounting is a major problem in small business as everyone seems to think they need to do it,” Taylor says.

“But they keep eroding their profit margins until they just are not sustainable – no more business.”

Prognosis: Curable if you can stop competing solely on price, increase prices and add value where possible. Expert and excellent service goes a long way to appeasing customers querying a price rise.

Debt dependency

Over-reliance on borrowed funds to pay loans and meet other business costs (wages, inventory, leases etc) means your business is going to flat-line sooner than later.

“If a business is experiencing difficulty paying creditors and tax obligations and has a continual need for capital injections and loans because business is not generating enough operating income internally – often selling but not collecting payments quickly enough and relying on credit cards to cover this period – these are sure signs of financial crisis,” Korolak says.

Prognosis: Certain death – unless you reduce debt, immediately.

Inject your sick business with new life by collecting outstanding debts, renegotiating debts, contributing more equity via partnerships or your own money, or selling unused inventory.

Dysfunctional sales

Can’t convert a prospect to a done deal? No repeat business? Sounds like sales woes are killing your business.

Poor pipelines, problems converting sales or trouble retaining customers can quickly sap life from your biz, says director of sales consulting/advisory firm Trinity Perspectives, Cian McLoughlin.

Prognosis: “Death by a thousand cuts” if business owners do nothing, McLoughlin says.

“The good news is there is much a business owner can do for low or no cost to remedy these problems and the first thing is asking ‘where are we going right, and wrong?”’

High staff turnover

Losing staff hand over fist? Definitely time to run an HR health check.

Every time an employee leaves it is an intellectual capital loss, and often the loss of customers in service industries including hairdressing, dentistry and accounting.

“You have to teach someone all over again and that takes time away from growing business,” Korolak says.

Prognosis: Recovery likely if you fix underlying workplace culture problems.

“If someone leaves you have to survive it; you don’t really have a business if it is tied to one person including yourself, and create a culture in which people want to stay.”

Tips to Choose the Right Business Loan Deal for Your Small Business

Running any sort of business is not that easy – you need the right business ideas, the right resources and a good mix of these will decide whether your business will fare well in the future or not. Both these ingredients are necessary for a successful business, but if you don’t have the finances, it is very difficult to execute the ideas. Getting a Small Business Loan in today’s world is not too hard and if you are a small business owner keen to know about such kinds of loan, you have come to the right place. This article will give you all the information about Business Loan deals, the various types of loans available and which one to select for your type of business.

Before you decide to take a loan, consider these tips first:

Apply for Business Loans Online in India

1. Know the loan amount:

The loan amount is the most important thing that you should consider before even thinking about the loan. It is vital to have an idea about the amount of funds you require ensuring that the lenders will hand it over to you.

2. Know the collateral:

Small Business Loans are various types and only the unsecured ones will not ask for collateral. For all other loans, you must have collateral or something that will be a guarantee to the bank. Collaterals could be anything – some property, assets, inventory, and so on. Any of these items could be used as collaterals, but the bank must be ready to accept it.

3. Know the disbursal method:

When you take a Business Loan, you must know the way it will be disbursed to you. Usually Business Loans are given in two ways – instalment loan and line of credit loan. In Instalment loan, your entire loan amount is given to you all at once. In the line of credit loan, you can withdraw as much money as you want within the maximum credit limit at any time. You can choose the type of disbursal depending on your requirements of funds.

Now that you know whether you should be taking a small Business Loan or not, here are the different types of loans you can choose from:

Merchant Cash Advance Loan:

A merchant cash loan is very helpful for small business owners who do most of their business in Credit Card Transactions. This type of loan will help to keep the cash flowing. Based on your monthly transactions, you can get a loan of up to 125% of your anticipated volume. And in order to repay the loan the next month, all you need to do is pay it in instalments according to certain terms.

Equipment Loan:

As the name suggests, an equipment loan is a type of loan that the small business owner can take for loaning an equipment. With this type of loan, the company owner can buy anything, starting from small stuff for the employees to the bigger stuff like machinery. You can make monthly payments on the items.

Working Capital Loan:

Small business owners have to face this problem repeatedly. Sometimes their business is running extremely well and on some months, their business might not be getting as much revenue. Working Capital Loans are short-term solutions wherein you can infuse short-term cash into your capital and make the business run again.

Line of Credit Loan:

This is for those businesses that have quite unpredictable ways. Here you don’t have to withdraw the loan money all at once, you can use it as, and when you require. However, the only catch is, you can withdraw money only up to a certain limit.

Therefore, these were the various loan options available to small business owners and depending on the kind of loan they require, they can now make an informed choice. Before taking any sort of loan, the small business owners should always evaluate and see whether that loan is actually necessary and only take it if their business seriously requires it.

Insurance:How to Get Cheaper Car Insurance at Your Finger Tips

Saving money on your car insurance is easy and quick, but many people still fail to do it.

The mistake most drivers make is not taking the simple step of shopping around for the best premium. Instead they just accept their insurer’s renewal quote, which is likely to be much higher.

The good news is that comparing car insurance is simple and easy and you can find the best price in less than five minutes.

You can then compare the quality of the policy and have a idea of the best price to negotiate with your existing insurer, if you want to stay put.

There are a handful of ways to help reduce your car insurance costs? Whether you are male or female, old or young, follow our ten steps to lower premiums.

The quick way and easy to save on car insurance

We list our ten tips to find the best car insurance deal below – but for a quick money-saver, you can also use our carefully chosen quick comparison engine powered by MoneySupermarket with the link below.

> Compare car insurance from more than 130 insurers

Motoring costs: Use our ten-step plan to lower your car insurance costs

1. Shop around for the best car insurance

This is the number one way to save on car insurance. Savings of hundreds of pounds can be found if you shop around when you renew your cover.

Be careful though. When shopping around for car insurance, it’s important to make sure that you are comparing like-for-like cover. Some policies may seem cheaper, but you may find you don’t have the same level of cover when you have to make a claim.

Use an online comparison service to do the hard work for you. Put in your details and check the prices that come up. You can alter the excess that you are willing to pay and the mileage you will drive and get new quotes.

Try This is Money’s car insurance search powered by MoneySupermarket here – it will search more than 130 insurers for you, remember your details for next year and remind you when it is time to renew.

Also check the insurers that don’t feature in comparison sites, the big two are Direct Line and Aviva. It is also worth checking Admiral separately for its Multicar offers if you are looking to insure more than one vehicle.

Other car insurance comparison options include Confused.com, GoCompare, and ComparetheMarket

If you’ve been happy with the cover your existing provider has given until now but are unhappy with their renewal quote, let them know the best offer you have received from a rival insurer and ask them to at least match it. Comparing prices is essential to finding this information.

BLACK BOX TECHNOLOGY CUT MY PREMIUMS BY £800

Boxing clever: Laura Keely’s premium has been slashed

All drivers, especially the youngest, can also grab themselves potentially much cheaper car insurance by opting for a blackbox policy (also know as telematics policy) – these monitor your driving and reward those who are careful and don’t get behind the wheel at dangerous times.

Laura Keely, right, opted to have a black box installed in the dashboard of her Vauxhall Corsa provided by Insurethebox.

Previously, she paid £1,800 for a comprehensive policy. Twelve months on, her premiums dropped to just £1,000 — a 44 per cent fall.

2. Don’t put everyone on your policy

Ensure that only regular drivers are named on the policy. You can always add someone for a few days when they really need to drive the car.

3. Protect that no-claims bonus

A long no-claims bonus is the single best way of cutting car insurance costs, so protect it.

This may increase the premium by a few pounds, but this fades into insignificance against the potential loss of a 90 per cent discount on a premium of several hundred pounds.

But the definition of a protected no-claims bonus can vary widely between insurers.

Though accidents caused by another driver will normally have no impact on such a bonus, those caused by the insured could. The key is to always check the policy carefully.

4. Increase your voluntary excess

Agreeing to pay more towards the cost of any accident repairs will bring down premiums. If you are not at fault in an accident, the excess can be recovered. Beware being tempted to allow it to rise too high, however, especially if you have a lower value car.

5. Secure your car

Fitting an approved alarm, immobiliser or tracking device can attract a discount of around 5 per cent. Many newer cars will come with these as standard, so make sure you check if you have them and then declare them.

EXTRA TRICKS TO CUT THE CAR INSURANCE BURDEN

Don’t forget to haggle! The car insurance market is notoriously competitive. Once you’ve been on This Is Money’s comparison and found your cheapest price (below), get on the phone and start bargaining!

Avoid paying monthly charges: Direct debit instalments generally come hand-in-hand with high interest rates.

Think outside the box: An accelerated no-claims bonus, such as the Bonus Accelerator from Admiral, could give you a year’s no claims bonus after just 10 months.

Named drivers and friends and family: If you have previously been insured as an additional driver on another policy, see if you can transfer a no claims bonus to your own insurance coverage.

Some insurers do this, including The AA and Direct Line .Try for a discount by insuring two or more vehicles between friends or family members with the same firm.

No claims discount: It could be worth paying extra to protect yours

6. Do fewer miles

Reduced mileage equates to a greater saving.

For example, a reduction in annual mileage of 5,000 miles could save a typical 35-year-old driver about £50 a year in premiums.

A cut of 10,000 miles a year could save more than £100.

But you must be honest about your annual mileage, as inaccuracy will jeopardise any claim.

Check your use cover – if you don’t use your car to drive to work or for business – both things that increase your premium – you may be able to get a cheaper rate.

7. Think carefully about adding young drivers

Adding a young, inexperienced driver to your policy can be a false economy, especially if you have a large or higher powered vehicle.

The premium will still be affected by the youngest driver and he or she may not have a no-claims bonus. Insurers have also been cracking down on fronting, where parents insure cars in their name for children to cut costs, so make sure if you are the policyholder on a car driven by your children that you are actually its main driver, or that you declare otherwise.

8. Watch out for insurance trap cars

If you decide to change your car, check with your insurer if the model will have a significant effect on the premium.

Sporty cars can attract a high premium and often a slightly different model or smaller engine can make a big difference in your favour. It will also probably save you on petrol too!

Be aware that Insurers will try to include administration fees for changes to a policy mid-term. This fee, usually between £25 and £50, will be added if you change a vehicle or your home address.

However, you can ask for the fee to be waived if it is a minor adaptation, such as changing to a personalised registration number.

9. Remember what the garage is for

If your garage is full of junk, clear it out and use it for your car.

Insurers like cars kept in garages overnight and this can dramatically cut your premium.

Aside from the benefit of not having to scrape the ice off in winter, there is a higher risk of theft by keeping the car on the road, so keeping it in the garage will be reflected in your premium.

10. Be a better driver and sign up to a blackbox

Blackbox policies, where the insurer installs a system in your car to monitor your driving, reward those who drive carefully.

Officially called telematics, these check your speed, how aggressive you accelerate and brake and how cautiously you drive, and also whether you are on the road at perceived dangerous times – i.e. the early hours of the morning.

They can cut premiums substantially once you start proving you are a good driver. The biggest win is for those whose premiums are high, especially young drivers.

Some insurers even offer an up front discount if you take out a telematics policy.

Women and cheaper insurance

The EU ruled that finance companies can no longer consider your gender when deciding what to charge you.

This was triggered by a European Court of Justice ruling on a challenge by a Belgian consumer group. Its case was that the exemption for insurers contradicted the principle of gender equality.

The ban came into force on 21 December 2012, after fierce campaign for UK firms which argued that they were not discriminating between the sexes — but instead were basing their prices on statistics.

Their argument was that as women live longer they pay less for life insurance, and get cheaper car cover because they have fewer accidents. The move to so-called gender-neutral pricing will affect premiums for all types of insurance — including car, life, private medical and income cover.

Despite this, there is still a significant difference between the prices paid by by male and female drivers on average, which is currently almost £100.

Ways to Get Best Deal on Personal Loan

The simple rule of economics states one should get as much possible and pay as little as possible. This rule is applicable to the finance sector, especially in the personal loan segment. However, it is always not easy to get a personal loan at a low interest rate.

So where do you go at this time and how do you get loans at low-interest?

Apply onlineHere are a few ways to get the best deal on personal loans:

Digitisation has helped various sectors, especially the personal finance segment. It has helped around 220 million credit-eligible customers get access to more credit options. The number of digital lending platforms is increasing day by day and therefore are able to assist more people throughout.

Moreover, applying for a personal loan online has also reduced the hassle of paperwork and reduced the time and effort taken by a customer. Nowadays, a customer can simply apply for a personal loan at the convenience of your home.

When you add a co-signer on board for a personal loan, you are increasing your chances to get easy approval on the same. If your co-signer has an excellent credit score, you can negotiate on the interest rates offered to you. Moreover, you are splitting the risk associated with defaulting the loan as the loan account is under both your names. Add a co-signer

If possible, you can pledge a collateral. One of the reasons for personal loan offering slightly high-interest rates in comparison to other forms of credit is due to its unsecured nature.Pledge a collateral

When you pledge a collateral such as a property or fixed deposits, you provide an alternative solution to the lender in a case you default the loan.

One of the ways to find the best deal on a personal loan is by doing an in-depth research on the different interest rates. Only the lender should not assess whether you are right for them, even you should assess the lender before taking the final decision. To find the lender that best suits you, it is important to compare the interest rates in India.Compare personal loan interest rates

Your credit score plays an important role in your credit profile. Your credit score is a 3-digit numeric expression which helps the lenders assess your creditworthiness. A strong credit score gives you an excellent chance to get the best deal on personal loans.Improve your credit profile