Business
Here’s Some Expert Advice for Small Businesses Enduring the Pandemic
The COVID-19 pandemic affected small businesses the most, disrupting the tax and retirement plans of its owners. Thankfully, there are many ways to bounce back before the year ends.
Most small business owners had to compromise planning their tax and retirement planning to keep their businesses afloat and survive the pandemic. The first half of the year was the toughest on SME’s because of the significant adjustments they had to make to adapt to the situation, considering they are not as liquid as large corporations. However, there are ways to get back on track before 2021 comes.
When their income dropped last spring, some entrepreneurs opted to skip on their paychecks for a couple of months. They also had to lower their withholding taxes and took a break from depositing to their retirement plans. These efforts were enforced to preserve cash to keep their stores operational. Thankfully, the situation eventually got better, and a lot of small businesses were able to recover in the last few months. Some of them are even bound to close the year with revenues higher than what they had initially projected. Now that they have enough cash, they will be able to make proactive adjustments to enjoy maximum benefits.
If you find yourself in a similar situation, here are some steps you can take from now until the end of the year to get back on track with your finances.
Increase Tax Withholding and Retirement Contributions
Restore your wages, withholding taxes, and retirement contributions to their original state before the pandemic. If your business has fully recovered, prioritize catching up on your contributions since the time it was deferred. Meanwhile, if you are making employer contributions, cross-check the amounts you’ve contributed so far with your initial funding strategy for this year. Although this is due in early 2021, it is best to settle it by Q4 of 2020 to avoid falling further behind. Otherwise, you might find yourself in another cash drought as taxes and retirement contributions are payable within the same period.
Invest in the Stock Market
It is understandable how you had to hold on to your cash and had to stop investing during the peak of the pandemic. Naturally, having enough cash to sustain your business’ operations was the main priority. Sadly, the stock market recovered and soared over the roof just a few months ago, and business owners missed out on a great investment opportunity.
Now that you have also rebounded from earlier losses, you may once again begin re-evaluating your cash needs. Consider setting aside a sufficient amount of cash or opening a home equity credit line which will serve as a safety net without compromising potential long-term benefits from your future investments.
Donate to Your Charities of Choice
While most small businesses suffered financial losses because of the pandemic, the majority of owners still sought to make donations to their selected non-profit organizations that aid communities highly affected by the coronavirus. Instead of selling your stock, you may donate a security to lessen fair market value and taxes.
Evangelos Marinakis was born in the Greek port city of Piraeus on 30th July 1967. He is probably best known as the chairman of Capital Maritime & Trading Corporation, having amassed an extensive business empire spanning an array of different industries, most notably shipping.
Vangelis Marinakis studied at the American International University in London, England, graduating with a bachelor’s degree in international business administration and a master’s degree in international relations. He served as a commercial manager for Capital Ship Management Corporation from 1992 to 2005, overseeing the success and growth of many businesses that today form part of the Capital Maritime group.
Founding Capital Maritime & Trading Corporation in 2005, Evangelos Marinakis began amassing an extensive fleet of vessels, which today includes container ships, dry bulk carriers and tankers. Having served as Capital Product Partners LP’s chairman of the board from 2007 to 2014, Mr Marinakis founded Crude Carriers Corporation in 2010, overseeing its merger with Capital Product Partners LP in 2011.
Like his father before him, Evangelos Marinakis is a life-long supporter of Olympiacos FC, the team of his home city, Piraeus. In 2010, he was fortunate enough to be able to purchase a controlling share in the club. Throughout the course of his seven-year tenure as Olympiacos FC president, Evangelos Marinakis led the team to an astounding seven consecutive championship victories.
In addition to owning Olympiacos FC, Evangelos Marinakis also acquired Nottingham Forest FC in 2017, gaining the English Football League’s approval for his ambitious plans to restore the side to its former glory. The scheme included an extensive redevelopment of the team’s historic grounds, culminating in the creation of a worldclass stadium that today ranks as the largest in the East Midlands.
In 2014, Evangelos Marinakis joined forces with Yannis Moralis, the then-Olympiacos vice president and current mayor of Piraeus. Together they launched the Piraeus Winner alliance, running a highly successful election campaign, with Mr Marinakis subsequently becoming an elected member of Piraeus city council. Focusing on improving living standards for local people, transforming infrastructure and establishing Piraeus as a thriving tourist hub, Evangelos Marinakis pledged his own personal finances to facilitate the creation of businesses and jobs throughout the city.
Evangelos Marinakis is also an active investor in the media industry, with his company, Alter Ego Media, ranking as Greece’s largest media group with a presence in broadcasting, content creation and publishing. The group portfolio includes this historical media outlets TA NEA, TO VIMA and OIKONOMIKOS, as well as the radio station My Radio, and Mega, Greece’s largest television channel.
Throughout an extraordinarily successful career spanning not just global shipping but a variety of other industries, Evangelos Marinakis has consistently leveraged his position as a public figure and business leader to achieve a positive social impact. Following the Greek financial crisis, he pledged €168,590 to Greece Debt Free on behalf of Olympiacos FC, providing the non-profit website with vital funding with the mission of eliminating the national debt. A committed philanthropist, Mr Marinakis is the benefactor of an array of worthy causes, actively supporting UNICEF and the Kazantzakis Museum in Crete. He is also a proud patron of Ohio State University’s Miltiadis Marinakis Professorship for Modern Greek Language and Culture.
Today, the Marinakis family owns and operates a vast 146-vessel-strong fleet of dry bulk carriers, ships and tankers. Under Evangelos Marinakis’s visionary leadership, the organisation has gone from strength to strength. Capital Maritime & Trading Corporation has been recognised with numerous prestigious awards for its sustainability efforts, including earning GREEN4SEA’s 2015 Excellence Award and the Green Environmental Achievement Award from the Port of Long Beach in Southern Carolina.
What Are the Safest Industries to Start Your First Business in 2023?
The Top 10 Safest Industries to Start Your First Business in 2023
Starting a business can be an exciting venture, but it is essential to choose the right industry for your first business. When considering which industries are the safest to invest in, you want to look at factors like market demand, stability, and future growth potential. In this blog post, we have put together a list of the top 10 safest industries to start your first business in 2023.
The industries listed here have been selected based on their overall potential for success and long-term growth. These industries may offer lower risks for first-time entrepreneurs and a better chance of success due to established markets, stable customer bases, or growing trends. Keep in mind that while the industries featured here may be considered safer bets, no industry is entirely risk-free, and it’s crucial to conduct thorough research before committing to any business idea.
Let’s dive into our list of the 10 safest industries to start your first business in 2023, where we provide an overview of each industry along with some key points to consider.
1. Eco-friendly Products and Services
As people become more environmentally conscious, the demand for eco-friendly products and services continues to grow. This industry offers a wide range of opportunities for new businesses that focus on sustainability and reducing humanity’s impact on the planet. With increasing public awareness and support from both consumers and governments, starting your business in this field has never been a more attractive option.
For instance, you could design and produce sustainable clothing made from organic materials or create biodegradable packaging for food and beverages. The possibilities are vast, and the market potential is promising for those who can offer innovative solutions to environmental problems.
- High consumer demand for sustainable products
- Supported by government initiatives and regulations
- Potential for social media outreach with eco-friendly messaging
- Attractive to environmentally conscious investors
- Different entry points depending on your business idea (e.g., products, services, consulting)
- Opportunity to make a positive impact on the planet
2. Health and Wellness
With an increased focus on personal health and wellness in recent years, this industry presents a wealth of opportunities for new businesses. Consumers are seeking ways to live healthier lives through various means, such as nutrition, exercise, mindfulness, and holistic remedies. As a result, there is an increasing demand for innovative products and services that cater to these interests.
Consider creating a mobile app that promotes healthy habits or opening a fitness studio specializing in popular workout trends like yoga or HIIT. The opportunities are endless, and with the right approach and effective marketing strategy, you could build a successful business in this thriving industry.
- Growing market with high consumer interest
- Expanding range of possibilities, from apps to physical products
- Increased importance due to global health concerns
- Multiple niches to explore (nutrition, fitness, mental health)
- Can be started online or in-person
- Physical, mental, and emotional well-being will always be relevant
3. Educational Technology (EdTech)
The EdTech industry has experienced rapid growth in recent years, thanks in part to the shift toward remote learning. This industry focuses on integrating technology into educational settings to improve overall learning experiences. There is a vast potential for growth here, especially as advancements in technology continue to shape how we learn and teach.
An example of a successful EdTech startup might be an online tutoring platform that connects students with qualified instructors in their chosen subject area. With online learning becoming more accessible and in-demand, this is an increasingly attractive market for entrepreneurs.
- Rapid industry growth driven by technology advancements
- Expanding range of products and services available
- Increased demand due to remote learning adoption
- Appeals to both individuals and institutions
- Potential for global reach through online platforms
- Relatively low barriers to entry, especially for digital products
… please limit your response to 2800 characters
What Are the Safest Industries to Start Your First Business in 2023?
The Top 10 Safest Industries to Start Your First Business in 2023
Starting a business can be an exciting venture, but it is essential to choose the right industry for your first business. When considering which industries are the safest to invest in, you want to look at factors like market demand, stability, and future growth potential. In this blog post, we have put together a list of the top 10 safest industries to start your first business in 2023.
The industries listed here have been selected based on their overall potential for success and long-term growth. These industries may offer lower risks for first-time entrepreneurs and a better chance of success due to established markets, stable customer bases, or growing trends. Keep in mind that while the industries featured here may be considered safer bets, no industry is entirely risk-free, and it’s crucial to conduct thorough research before committing to any business idea.
Let’s dive into our list of the 10 safest industries to start your first business in 2023, where we provide an overview of each industry along with some key points to consider.
1. Eco-friendly Products and Services
As people become more environmentally conscious, the demand for eco-friendly products and services continues to grow. This industry offers a wide range of opportunities for new businesses that focus on sustainability and reducing humanity’s impact on the planet. With increasing public awareness and support from both consumers and governments, starting your business in this field has never been a more attractive option.
For instance, you could design and produce sustainable clothing made from organic materials or create biodegradable packaging for food and beverages. The possibilities are vast, and the market potential is promising for those who can offer innovative solutions to environmental problems.
- High consumer demand for sustainable products
- Supported by government initiatives and regulations
- Potential for social media outreach with eco-friendly messaging
- Attractive to environmentally conscious investors
- Different entry points depending on your business idea (e.g., products, services, consulting)
- Opportunity to make a positive impact on the planet
2. Health and Wellness
With an increased focus on personal health and wellness in recent years, this industry presents a wealth of opportunities for new businesses. Consumers are seeking ways to live healthier lives through various means, such as nutrition, exercise, mindfulness, and holistic remedies. As a result, there is an increasing demand for innovative products and services that cater to these interests.
Consider creating a mobile app that promotes healthy habits or opening a fitness studio specializing in popular workout trends like yoga or HIIT. The opportunities are endless, and with the right approach and effective marketing strategy, you could build a successful business in this thriving industry.
- Growing market with high consumer interest
- Expanding range of possibilities, from apps to physical products
- Increased importance due to global health concerns
- Multiple niches to explore (nutrition, fitness, mental health)
- Can be started online or in-person
- Physical, mental, and emotional well-being will always be relevant
3. Educational Technology (EdTech)
The EdTech industry has experienced rapid growth in recent years, thanks in part to the shift toward remote learning. This industry focuses on integrating technology into educational settings to improve overall learning experiences. There is a vast potential for growth here, especially as advancements in technology continue to shape how we learn and teach.
An example of a successful EdTech startup might be an online tutoring platform that connects students with qualified instructors in their chosen subject area. With online learning becoming more accessible and in-demand, this is an increasingly attractive market for entrepreneurs.
- Rapid industry growth driven by technology advancements
- Expanding range of products and services available
- Increased demand due to remote learning adoption
- Appeals to both individuals and institutions
- Potential for global reach through online platforms
- Relatively low barriers to entry, especially for digital products
… please limit your response to 2800 characters
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