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How To Start A Property Management Company?

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how to start a property management company

The property management industry is expected to boom in the upcoming years. With such growth, the market is enticing to property managers wishing to start a property management company from the ground up, take on more clients, or even real estate brokers looking to test the waters.

So you must be wondering how to start a property management company?

There’s a lot to consider before you get into property management. That’s why we have created a comprehensive guide on what you need to do before you open the doors of your business.

What is Property Management?

Property management refers to managing one or more apartment buildings, student housing, community amenities, and commercial assets. The owner and manager may be the same person, but this is not always the case. The owner or manager may also be someone who does not have enough time to manage these particular properties themselves.

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What do Property Managers do?

Property managers look after and manage buildings and other real estate assets on behalf of people or groups of individuals. They are the traditional middlemen who link landlords and tenants and maintain vacant rental properties.

Property managers are responsible for promoting unoccupied units, exhibiting properties, collecting applications, signing leases, collecting rent, monitoring property maintenance, completing move-in/out inspections, and more.

The ability to be highly organized, connect and sympathize with people, and be sensitive to various critical situations are just a few of the most important qualities of a great property manager. You’ll be interacting with residents and prospects frequently, so excellent customer service skills are required.

You’ll also need the ability to build positive working relationships with suppliers, as you’ll require a network of contractors to take care of maintenance concerns and special requests. You’ll need to be proactive in identifying ways for property owners to improve their properties while also saving money where possible.

Working with landlords, residents, and contractors will make up most of your daily chores; therefore, your ability to communicate and deal with them is critical. Property managers must be meticulous, dependable, self-sufficient, and consistent.

This task is being outsourced so that the owners do not have to be involved. A successful property manager is a problem solver who is innovative and effective. Finally, you must have a good awareness of housing laws and regulations at the local, state, and federal levels, as well as a fundamental comprehension of finances.

Writing a Property Management Business Plan

A business plan serves as a framework for your entire property management business. It helps you plan all aspects of the business, from start-up capital to your break-even point.

According to the Small Business Administration (SBA), a formal business plan includes the following:

  • Summary
  • Business description
  • Market research conducted
  • Managerial and Organizational structure
  • Outline of services or products
  • Plan for sales and marketing
  • Funding
  • Financial forecasting
  • Appendix

The work that goes into drafting a business plan helps novice property managers develop skills critical to their success (such as researching their competition and examining their finances).

However, don’t become fixated on getting every aspect of your company strategy correct. You don’t even have to draught a 100-page business plan. Do your homework and write a one-page business plan instead.

Also read: 15 Business Planning Tools and Strategic Planning Models That Can Help You Incorporate Your Vision

Licenses and Certifications required to be a Property Manager

It is important to know which states require licensure for property managers before you start your business. This will help avoid confusion when you are trying to do business in that state, especially since housing regulations are changing rapidly these days. While certifications are not essential, some will help you grow your business:

  • Real Estate Broker’s License
  • Property Manager’s License 

Here are some associations that can help you network, give your business credibility and nurture their staff with continuing education in property management.

  • Institute of Real Estate Management (IREM)
  • National Apartment Association (NAA)
  • National Association of Residential Property Managers (NARPM)
  • National Association of Realtors (NAR)

In reality, each state has its own set of regulations that must be completed to provide these services, so it’s a good idea to look them up beforehand.

Filing Your Property Management Business

After that, you’ll need to file a tax return and choose a legal entity for your firm. This is necessary to keep your assets safe and separate from your company’s assets. Most property management companies are organized as LLCs (limited liability corporations), although S-Corps and C-Corps are viable options that provide additional legal protections.

You must decide whether you want to file as a pass-through entity, such as an LLC, where money flows directly to you, or as a C-corporation, where you will be paid as an employee.

Double taxation is a risk for C-corporations, but you shouldn’t have to worry about it if you have a qualified accountant who understands the regulations. There is no risk of double taxation because S-corporations pass their taxes on to their shareholders. Instead of business revenue, the earnings are taxed as personal income.

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Financing your Property Management Business

The next stage is determining a pricing system that provides a stable income while being competitive enough to attract customers. After researching how to start a property management company, the next big question is how do you finance it? What are your expected revenues and expenses? How much should you set aside for contingencies that may occur during this period? These questions are important in planning the financial future of your business.

Forecasting Expenses

Write down your monthly, quarterly, and annual expenses. Remember to write everything down – no matter how small the purchase. Writing down every penny, you spend will help you set realistic income goals, and protect you from possible financial difficulties.

Your most important expenses include payroll and vendor fees, overhead, other service fees, and membership dues.

Forecasting Revenue and Creating Targets

Most of the revenue comes from management fees, which are usually a percentage of the rent. The other option for owners is to charge a flat fee and provide additional services.

Other revenue sources include:

  • Late fees.
  • Fees for replacing keys or locks.
  • Referral fees for finding residents.

The list is long and includes maintenance bill surcharges and other smaller fees.

How to start a property management company?

Now that you’ve done the groundwork, it’s time to start gathering and piecing together people and tech.

Structuring your Property Management Team

It is possible to start your property management business in two ways. The first way would be As general manager, taking care of all tasks such as leasing, inspections, communication with residents, collecting fees and rents, and maintenance.

On the other hand, depending on the size of your company, you can also hire staff for more specific tasks. You can assign a person to handle rentals and other maintenance tasks, working with repair specialists or contractors.

When you are just starting, your staff will be minimal. However, with time your team will begin to grow.  Full-time or part-time employees you may hire might include:

  • Additional property managers
  • Admins or receptionists
  • Maintenance staff
  • Sales representatives
  • Payroll and accounts payable
  • Leasing agents
  • Showing coordinators
  • Move-out coordinators
  • Field managers
  • Maintenance managers
  • Office managers 
  • Service coordinators
  • Marketing specialists

To safeguard your firm if something goes wrong, request a copy of their license, insurance certificate, and bond certificate (if they have one) before you hire someone. Also, try to negotiate a lower cost for your tenants—they’ll appreciate your efforts to save them money.

Hiring the Right People

Once you have decided what positions are needed, it is time to find the people who can make it happen. There are several steps to this process:

  1. Write clear job descriptions and use ads.
  2. Place those ads so people can apply to you.
  3. Bring the shortlisted candidates into your office and assess whether they are the right fit for you and your company.

You do not just want to hire the right people; you want them to stay and commit to your company. They are one of the most powerful tools you have to attract new talent and represent your company on a community level. Once they feel comfortable in their work environment, it’s only logical to spread their goodwill through the public.

Building Relationships with Property Owners

Setting expectations before a customer becomes an owner starts with talking about what they want. It’s important to spell out exactly what your services include and provide, which increases the chances of winning the bid.

Keep communication channels open at all times, send owners monthly reports on the draw, and allow them the opportunity to ask questions. At the same time, provide your proactive feedback on what needs to be improved and identify opportunities for additional revenue streams.

You should provide the best customer service to owners and the best living environment to residents.

Property Management Technology and Software Required

You’ll need automation to save time if you’re starting as a one or two-person property management company. There are options for automating your daily activities, like switching to property management software or using alternative apps.

Because you may not have the financial means to invest in expensive property management software initially, you will benefit from using free online resources to get started. 

Listed below are a few:

  • DocuSign: For signing and tracking rental applications.
  • MailChimp: For marketing-related email automation.
  • Calendly: For scheduling showings
  • Quickbooks or SmartSheet: For managing profit and loss, bookkeeping, and reconciliations
  • Google Docs: For drafting required standard notices and papers.
  • SurveyMonkey: For gathering feedback from residents.

You’ll also need to register for a rental listing site to advertise your properties, in addition to these tools. Renter leads will begin inquiring about the properties you advertised once you find this out for your property management company.

Scheduling showings and pre-screening tenants while self-managing everything can become a major headache. Switching to smarter tools might help you effortlessly automate your lease process.

Marketing and Advertising your Company

The undisputed part of your business is branding and marketing.

A brand is essentially who you are when people see your business. It should be a direct representation of the culture and values your company holds. 

The more niche the industry or service you offer your customers, the more likely that will have an impact on how consumers respond to your branding. It’s a trait that comes across clearly in your marketing materials because these details directly contribute to who you are as a company. Always remember word of mouth is the best method of advertising your brand.

Also read: 70 Most Important Marketing Tools for Small Business

Setting a Pricing Structure

If you want to become a property manager, you need to have a proper pricing structure.

  • Do your research- Find out what other property managers charge for similar services at comparable properties and consider the type of properties you will manage.
  • Staying competitive- Being the competition can come down to pricing and what is included in your ongoing management fee. In most cases, this means taking care of residents, accepting rents, keeping track of maintenance and performing inspections. However, you need to be careful if you choose a one-size-fits-all solution, as this could make it impossible to make a profit.
  • Individual property manager fees- If you already have a large portfolio, it is important that you know how much you will pay each property manager. If hired as an independent contractor, will you pay them based on the number of units or gross rents? These questions can only be answered if you know the market and your staff.

The three common ways property managers set their ongoing management fees are Percentage-Based Fees, Flat Fees, Per-Project Fees, À la carte fees to consider are setup fees, leasing fees, late payment fees, vacant unit fees, and eviction fees.

Creating Solid Management Contracts

A solid contract that specifies the duties and responsibilities of a property manager is the guarantor of stable business relationships. Solid contracts create more stability in your daily life.

An ideal contract should include:

  • Management fees
  • Off-duty coverage
  • Work hours and vacation time
  • Workman’s comp, liability insurance, and indemnification from loss and damages
  • Whether you or your property managers will live on-site
  • Maintenance and repair budgets
  • Emergency funds
  • A detailed description of the services promised
  • A timetable for invoicing and any penalties for non-payment

It is recommended that a lawyer looks over your contracts to make sure everything is locked down and put together a template for contract negotiations.

Creating Better Residential Experience

  • You and your team will interact with residents every day. Creating an exceptional experience for tenants will keep properties running smoothly, help attract new residents through word of mouth, and strengthen your reputation with owners.
  • Residents have different preferences, so the type of experience and service you provide will depend on the type of residents your property attracts. Residents are looking for more than just 4 walls and a roof – they want amenities that fit their lifestyle.
  • Every complaint, request, and dispute should be taken seriously when brought forward. If it’s something you can fix or resolve as quickly as possible, give your residents a timeline for resolution. If it is something you cannot fix, explain why.
  • A property manager needs contingency plans for all types of emergencies. Your plan should be clear, detailed, and tailored to the common types of disasters in your area.

Managing your Properties

It’s time to start thinking about the requirements you’ll need to meet to manage the properties you’ve decided to target (single-family, multi-family, condominiums, etc.) or the market has chosen for you.

Choosing Properties

You must choose the type of property you intend to buy. Single-family homes, multi-family homes, and condominiums are all real estate options. Once you have decided which one best suits your needs, it is time to think about what requirements you need to meet to manage it properly.

Maintenance and Repair

Maintaining your property is time-consuming and expensive. Therefore, offering maintenance services would be a great way to keep potential customers happy. You can mark up the cost of repairs while relieving them of worry because after all, you are there for them.

Leasing Process

This means that you should set up a process that can help tenants quickly and efficiently when they are in trouble. Technology is the best way to achieve this goal. 

Staying Compliant

Compliance is an important part of your job and should not be overlooked. You must follow all rules and regulations like elevators, plumbing, and building permits. You’ll also need to pass regular inspections by the fire department, which means making sure smoke detectors, fire extinguishers, and emergency exit signage are properly in place.

Conclusion

The property management is massive and will grow with each passing year. And the younger population also wants to get into this field but has a big question: how to start a property management company? 

The best way is to work with an experienced professional because practical knowledge is more important than theory. This post is designed to help you understand the business and answer the question “how to start a property management company?”. And we hope it was informative.

Elena Hudgens is an entrepreneur with 10+ years of experience. She started her journey by building her own e-commerce website on Shopify and turned her $1000 savings to millions in just 2 years. Soon she started different ventures in which she failed and succeeded. And now, she's on a mission to help other entrepreneurs with her life and business lessons.

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Business

How To Build Business Credit: A Guide For Success In 2022

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How To Build Business Credit

If you have excellent business credit, you’ll have no trouble obtaining small business loans and funding to get your business up and running. The good news is that you can take steps regardless of your credit score to improve your small business credit and make it easier to get the funding your business needs. The key is to understand the different types of small business credit and take steps to improve your business credit score.

This article covers everything you need to know about how to build business credit for your small business.

What is Business Credit? 

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Credit is the ability to obtain funds quickly. In small business credit, the credit score is used to determine whether a business will be able to borrow money. The higher the credit score, the lower the interest rate. A bad credit score makes it difficult for a small business to get funding.

Many banks won’t loan money to unestablished businesses with a small credit score. That’s why it’s crucial to improve your small business credit score.

How to Build Business Credit 

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You can take several steps to improve your business credit score, but they depend on your unique situation. The following are some of the most effective ways how to build business credit.

Have a Good Accountant – Having an accountant will show that you have the necessary documentation to support your financial statements. This is important for improving your business credit score because it will show the credit agencies that you can manage your finances responsibly.

Close Unpaid Debts – One of the best things to improve your business credit score is to pay your past-due debts. Having bad credit will likely hurt your small business credit score because it will indicate that you will probably miss payments in the future. Make every effort to pay your past due bills before attempting to increase your credit score.

Keep Your Accounts Up to Date – Make sure all your business accounts are up to date. This includes keeping your driver’s license and vehicle registration up to date and providing your cellphone number and address. An updated address will show that you are operating a legitimate business, not a shell company.

Establish and Maintain a Good Credit History 

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One of the best ways to improve your small business credit score is to build a good credit history. A good credit history shows that you can pay your bills on time and in full. This will help your small business credit score and your overall credit score.

There are several ways you can build a good credit history. One of the best ways is to make on-time payments on all of your bills. If you have a price that is 30 days late, make every effort to pay it ahead of time. This can include making the payment in full, paying extra, or paying a one-time payment.

Keep a Low Credit Utilization (or Limit) – Keeping a low credit utilization will help your business credit score by showing that you can repay your debts. Ideally, you want to keep your debt to income (DTI) ratio below 45%. You shouldn’t spend more than 30% of your available income on debt repayments.

Keep Your Credit Utilization below 30% – The below 30% guideline will help your credit score even if you make payments on time and in full. It’s best to keep your credit utilization below 30%, as this will reduce the amount of impact a single payment will have on your credit score.

Have Excellent Credit Scores 

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You will have no trouble knowing how to build business credit if you have excellent credit scores. Many small business loans will only require that you have excellent credit.

To have excellent credit, you will need to show that you have the means to repay a loan and the ability to build a strong credit history.

There are several ways to show that you have the means to repay a loan. You can have a bank account with a large balance, stocks worth a significant amount, or a house paid off.

You can also show that you can repay a loan if you have a lot of credit card debt that you can pay off. An excellent way to do this is to make every effort to pay your credit card bills on time and in full.

Understand the Different Types of Small Business Credit 

Several different types of small business credit are available. Understanding how to build business credit so the different types of business credit can help you decide which type is best for your unique situation. Business credit can come in several forms, but trade credit, term credit, and cash advance credit are common.

Trade Credit is when a business gets credit from a wholesaler or distributor. This kind of credit is usually given on a purchase order (or invoicing) basis.

Term Credit is when a business gets credit from a bank that is not based on the business’s creditworthiness. This is why it’s essential to keep your accounts current.

Cash Advance Credit is the riskiest form of small business credit. This is when a business borrows money from a lender, and the lender agrees to give the money back (plus interest) in a short amount of time. This type of credit is very uncommon and should be used very selectively.

Bottom line

Getting business credit is complicated. A few tips and steps will help you to understand how to build business credit and make it easier to get funding for your small business needs. Apply these tips. Our team can ensure that these will help you get the financing you need.

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Entrepreneurship

How To Make Money Online For Beginners: 40+ Best Ways

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how to make money online for beginners

The internet is a land of opportunities for those looking to make an extra buck or many more like thousands. Unlike positions requiring you to be somewhere at a specific time like weekend retail shift and babysitting, you can do your neighbor’s kids- any digital side gigs from your own home. This article answers the most pressing question: “How to make money online for beginners?” 

All you need is decent connection speed and either a computer or tablet. Our handy list will get you started making money online as beginners with exciting jobs, including blogging, social media advertising, and more! 

40+ Easy Ways To Make Money Online For Beginners

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Knowing how to make money online for beginners is easier than you might think. There are many options available out there – something for everyone! Like anything else, it will take a little time before you see the results of your hard work- but that’s always worth it.

1. Freelancing

You can make money on the internet, but one of the best is through freelance writing. You can earn anywhere between $5-$500 per article (or even more if written by top blogs). Becoming a freelancer is a good option because there will always be work available for content, and it allows you to work from home. 

Freelancing is not difficult if you create your freelancer account on Freelancing sites like Upwork, Fiverr, and Freelancer. However, it can be challenging because there are a lot of competitors out there, and if you want to succeed, you need to offer something unique or specialize in one field.

Still, even with the significant competition in some fields or categories of work, this doesn’t mean that success will never come by simply taking those areas with less competition.

2. Online Surveys

How to make money online for beginners? Earn some money for answering questions? Where do we sign up?! Sign up with online survey sites such as MyPoints, Survey Junkie, etc., and start answering questions within minutes. 

Each survey requires only a few minutes, and the amount you receive is directly related to how many surveys you take. Some sites need that your earnings reach a certain threshold before they send out payment; others will offer gift cards as compensation (although these are not very rewarding). 

The work can sometimes be tiresome, but it could be worth it if you have spare time. Taking surveys has the potential to pay healthily- especially if English is not your native language. You may make $250 just by providing feedback which isn’t too bad.

3. Blogging

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Blogging is a great way to make money by writing. You can create your blog through WordPress and write articles or blog posts. Once you have created high-quality content, it’s time to activate Google Adsense on your site so that ads start appearing in the spaces where they are not already showing up. 

When people see these ads and click them, they will be paid. It sounds too easy. You can also sign up with other companies like social media sites or eCommerce websites that want bloggers like yourself. 

Signing up for these analytic services should put extra money in your pocket every month if you have at least 30-40 blogs and good traffic.  

4. Sell Old Items

How to make money online for beginners? Another way you can make money is by selling second-hand items online. You can sell them via different Facebook groups with unique marketplace listings or websites like craigslist.org

Selling old textbooks is one of the best ways to earn extra cash; you should start with any study materials gathering dust in your bedroom closet and listing them on Amazon or at bookstores.  

What may look like a worthless ceramic dish to you could be priceless antique dishware for someone else. Even millionaire Gary Vaynerchuk makes some extra spare change from garage sales.

5. Dropshipping

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Dropshipping is a business model where you don’t have to keep the products you sell in stock. Instead, when someone buys something from your store, a third-party fulfills it and ships it for free. But how to make money online for beginners with dropshipping?

It’s an increasingly popular way to make money online for beginners and pros alike; since startup costs are low, it usually takes less than a $1k investment before launching. Drop shippers often chase after trendy products, but this isn’t always the best strategy because plenty of steady product categories offer similar opportunities to do well (basic website setup starts at about $14/month). 

All in all, there are only two things we need to invest in to begin dropshipping: 

1) Buying a domain name ($12-$15), which is like our website address 

2) Setting up a Shopify account – also known as drop shipping software ($29 per month).

6. Affiliate Marketing

Affiliate marketing is earning commissions by promoting someone else’s product. It works through a blog post, social media, or email. Affiliate marketing doesn’t have to be complicated. If you play your cards right, you can get started with a low-traffic website and offer your friends or family products on Facebook through your affiliate links. 

You don’t want to spam anyone or beg them for their link before buying something, but suppose you show your audience what they’re missing. So long as the product is genuinely used and if you are happy with it, then recommending it will come across as more natural than pushy.  

You can also sign up to any of these networks-Amazon Associates, Commission Junction, and ShareASale.

7. Online Selling

Any product or service we sell in exchange for money is known as Online Selling. There are many ways to sell products, and the most common one is on an eCommerce Marketplace. 

When you use this type of marketplace, you’re selling your products or services on any online shopping website like Amazon, where third-party sellers can post their items. You might not know that customers can buy your product from anywhere in the world with ease if they want to. 

8. Coaching

If you have knowledge in a specific field, like business training or executive mentorship, you can use the internet to build up your coaching business. How to make money online for beginners depends on your niche service. 

According to Payscale, an average corporate trainer charges $20.48 per hour (on average). Personal trainers charge around $19.61 per hour. 

Conversely, so-called “life coaches” can charge roughly 31.46 dollars per hour unless they’re Tony Robbins, and they only cost 1 million dollars for one session.

9. Instagram Influencer

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Instagram is one of the most recognized social media platforms with over 1 billion users. One reason it’s become so popular is that, unlike other sites like Facebook, Instagram is completely free to use. It’s even possible to make money from Instagram; you’ll need a significant enough following! 

Companies are keen to pay for posts or shares on their products- payment ranges from hundreds of dollars to thousands depending on how engaged your followers are and how many there are.

10. Video Editing

How to make money online for beginners? Video editing is one way to make money online. It can be done completely anonymously and by working from home. 

People are constantly filming and uploading videos to platforms like YouTube that they want to be edited or changed somehow. If you have experience as a video editor, it may be easy for you to do this side gig for extra cash. 

As a video editor, your responsibilities will range from organizing footage the filmmaker wants to editing audio on podcasts or radio spots by removing unwanted sounds and fixing volume levels. If you have experience with After Effects, this is another option, so consider making money from home.

11. Create a Youtube Channel

YouTube is the largest significant search engine globally and a way to make money online. The first step towards earning some severe cash from YouTube is getting an audience for your channel – the bigger, the better! 

Once you have a large following and can monetize it, there are several ways you can do so. Become a partner and earn cash from placing ads on your content; sell merchandise or products through your website; crowdfund by appealing to supporters who wish to support what you’re doing.

There are two types of Youtube channels that achieve the most significant followings: educational content, which averages 2 million views per video. In contrast, most entertainment offerings average around 10K per video view.

12. Write a Book

If you have exceptional knowledge of the English language and can articulate your thoughts coherently, you are already in the top 20% of writers worldwide. If that isn’t enough to sell yourself on this opportunity, keep reading: publishing your eBook could be what you need. 

You don’t need connections to publish a book because self-publishing exists as an option that absolutely anyone can take advantage of. To escape from all the competition, start by writing the best possible eBook and then ensure readers get what they expect when buying your content!

13. Online Tutoring

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Online tutoring is an excellent option if you adore kids and want to help them, as most of your clients will be young. It can also work well in today’s reality, where people are reluctant to go social, and many children require extra private tutoring so that they don’t suffer an educational fiasco. 

You will have flexible working hours so that you won’t need a fixed schedule. And since it’s online, the best price for basic tutoring should start at $20 per hour but could cost more depending on your expertise level.

14. Become a Virtual Assistant

If you like a busy schedule and are looking for some side hustles, becoming a Virtual Assistant could be just the thing for you. You will take care of someone else’s plan by handling their call requests or answering emails from clients. 

If your skillset is high-end, this can net pay upwards of $100 per hour, but if not, it may only offer about $10 an hour, which still isn’t bad considering other options available to people who don’t have a job.

15. Design and Sell T-shirts

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How to make money online for beginners? Designing and selling t-shirts online is another excellent way to make money if you’re creative. Sites like Teespring, Bonfire, or Printify allow you to do this without paying anything upfront or holding inventory. 

You’ll need an online following of customers, though, for this idea to work out – so it’s best if customers can find your site on Instagram, YouTube, Facebook, etc.

16. Become a Life Coach

Becoming a life coach can be the first step in taking control of your life by helping others take control. Here are two steps you’ll need to bring:

1) If you want to become certified as a life coach, an Institute for Life Coach Training offers courses online and offline. It may cost $1500-$15000+, so make sure beforehand how you will earn money with your certification. 

2) Creating your website and social media accounts allow potential clients to find their way to reach out easily about services offered – like monthly membership and 1-on-1 or group coaching sessions, video calls, resources, etc., which help them improve their lives. 

17. Market Research

You can get cash to participate in market research studies, typically done online. Surveys ask you about your demographics, buying habits (past purchases), and what products you’d recommend for others. These generally are done online and will take as little as 15 minutes or up to an hour.  

The list of websites where you can sign up for these studies includes: 

User Interviews, Respondent, Survey Junkie, Focus Group, Alibaba, Apex Focus Groups, Pay varies greatly. It’s not a massive moneymaker, but people have said they make around $100 per month with minimal effort on their part through surveys.

18. Become an SEO Consultant

Search Engine Optimization is getting higher quality and higher quantity traffic to your website from search engines like Google. As an SEO Consultant, you can help companies optimize their website to rank more highly on search engine results pages.

How to make money online for beginners? Become an SEO Consultant.

It is a lucrative way to make money online because the demand for high-quality consultants continues to grow every year. Most businesses also need an expert consultant they can count on for SEO. 

Rates vary significantly among SEO consultants with no industry standard rates; some charge $50 per hour while others will charge $500 or more. 

With this in mind, it pays to do research before coming up with your rates by using tools such as SEMrush and RankIQ to propel your business even further.

19. Create and Sell Stock Photos

If you adore photography and know your way around a photo editor, you can make money with stock photos. You can sell stock photos on websites like iStockPhoto, Shutterstock, or Fotolia

You will make money each time someone downloads one of your photographs so take care when uploading many different ones. If you want to be successful at this type of business, it’s essential to research what types of photographs are in demand: the more high-quality images you have – the better. 

20. Data Entry Jobs

How to make money online for beginners with data entry jobs?

Data entry jobs are an excellent way to make money without much risk. To find data entry gigs, try sites like Upwork or Indeed. You can also find data entry opportunities on FlexJobs!

Data Entry is easy and doesn’t require training, but it isn’t very challenging either since you will be typing in fields and spreadsheets with little-to-no work experience needed. You’ll see success when you know how to use MS Office programs like Excel.

21. Get Paid to Test Websites

Website testing is a valuable resource for website developers. They might have invested in their company’s design, and experienced people are needed to test the site as it launches. 

The average cost of establishing and designing a website could range from $12,000 to $150,000 on top of your current income (which may not be enough). 

If you want to test your hand at this job, sign up with one of these platforms: UserTesting IntelliZoomPanel, Userlytics, Enroll, TryMyUI. They’ll alert you when opportunities arise either by email or online via the platform itself. Once chosen, you can compete against other users vying for opportunities. 

22. Get paid listen to music with Slice the Pie

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The process of making money with Slice the Pie has its perks. This website will pay you for every review you leave, making it a perfect place for music lovers who want to make their passion into a career! 

How to make money online for beginners with Slice the Pie?

You can also earn extra cash by reviewing items in fashion, mobile, and homeware categories. The higher quality your reviews are, the bigger the bonus payment at stake-Slice the Pie encourages people to write detailed reviews and rewards those who take time out of their day to do so. 

Once you reach $10 (minimum) through PayPal withdrawals, they will send your earnings as soon as possible.

23. Print on Demand

A print-on-demand business is a type of company that prints the design onto clothes, bags, and non-clothing products.

When running a POD business, you’ll design your products with websites like Canva. You will also set up your storefront and listing to sell them on Etsy or eBay; Printify does all the order fulfillment for you by uploading designs to their website and then choosing suppliers when orders come in. 

Once they receive the product from the supplier, they charge an additional transaction fee plus shipping cost before sending it off to customers who purchase what was ordered through this storefront/listing system using whatever your selected pricing scheme is during setup. 

24. Sell on Etsy

From Etsy to Amazon, every online marketplace offers its own set of advantages and disadvantages. The upside is that you can get access to their network of shoppers- people regularly browse these sites when they need to buy something – so setting up shop lets you meet them there.

Since these channels sometimes work in harmony with your website, new makers should use Etsy first to grow brand awareness at first before switching over once making sales on it, for example. 

If you have an Etsy store but don’t want to leave just yet, you can always run both stores simultaneously by installing the free Shopify app called “Etsy Integration: Sync and Sell.” You can manage orders using both Shopify and Etsy while still running two different shops around the same time

25. Video Game Streaming

Have you constantly desired to turn your hobby into a money-making business? One place you might want to try is a platform where people stream themselves playing games and watching others do the same. 

Unlike other social media platforms, beginners can make money online using streaming platforms because users like supporting their own and often donate directly with the streamer’s PayPal account or through third-party apps. The brand partnerships can come later once they’ve grown their audience.

26. Digital Products

Digital products hold some of the best margins for any product you can sell. While making a digital product upfront may be expensive, there are no variable costs associated with them once they’re ready for sale. 

That makes digital products a great source of passive income. Top influencers will release templates or tutorials in PDF form that can generate continued revenue streams with minimal effort.

Many creators do it as an alternate revenue stream for their businesses, whether consulting, education or memberships. You could build up your presence on Twitter and LinkedIn to promote your products and make sales- the barrier is so low that you don’t need much upfront investment or risk to get started. 

The best-case scenario would be selling 10,000 templates, while the worst would involve a few people buying them, with you losing a couple of hours along the way.

27. Online Courses and Workshops

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Creating an online course is tough, but the benefits are significant. Once you make an online course, it will accrue all of the benefits of any digital product and be easy to distribute: not having to worry about inventory or maintaining your physical products- delivering your goods to more customers at zero cost! 

You’ll also find a greater appetite for digital courses than ever before. Your biggest hurdle with creating an online system is competition from other websites offering free content. 

Many creators have successfully turned their mostly free videos or blog posts into a paid course. The reason people pay isn’t just for the information, but how you organize and present it. 

Part of the value is in the time saved by not having to filter through dozens of YouTube videos and random websites instead of getting one cohesive course from an engaging instructor.

28. Sell on Amazon

Amazon invites entrepreneurs to sell their products on its marketplace. A few minutes of work is involved in creating an account and listing the product, but it’s worth it. The platform has a massive audience that is global and known for finding new opportunities. 

You can use listing optimization or Amazon promotions to get your brand noticed by targeted audiences, so you don’t have to worry about long-term sustainability when using Amazon as your marketplace. 

However, resellers may be able to take away some of the traffic from sellers and make them not want this kind of business opportunity at all. Instead of competing with others selling similar items, they would do something else. 

29. Buy and Sell Domain Names

Buying and selling domain names is a lucrative business. You find the domains that are up for sale, buy them, then post them on websites so people will want to purchase them from you for a profit. Depending on how much work you’re willing to put in, you can make thousands of dollars. 

Plenty of tools is available, like Just Dropped or Flippa, which helps you buy and relist the domain names.

Buying and selling domain names involves predicting what will be popular several months or years down the line, which isn’t easy at all. 

So another option is purchasing high-profile domains with definite potential and then hanging onto them for many years, hoping their value will increase eventually (then sell when it does).

30. Online Consultant

Virtual consulting has a corporate connotation, but anyone with deep knowledge in a particular subject area could be an expert and make money as one. Unlike freelancers, the work of consultants is less hands-on than what freelance workers do. 

Rather than doing the work yourself, you help clients take informed action by providing them with expertise that helps them succeed. If you are an expert on search engine optimization, for example, then your client may consult you to create their SEO strategy and teach themselves how to implement changes based on your advice. 

31. Narrate Audiobooks

People interested in the audiobook industry and who have a clear, good speaking voice should consider becoming an audiobook narrators. The popularity of this profession doesn’t seem to be slowing down at all. It is projected to expand by 24% over the next few years as more people want access to this medium. 

There are no special qualifications for being in an online narrating role. You will need just a great speaking voice and some background reading skills. If you want to get started with your career in audio narration, there is one easy way: sign up with platforms connecting authors with audiobook narrators. 

You might also like sound recording software and a microphone, which are highly recommended by professionals so that potential clients can hear your voice.

32. Make Money Playing Games

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How to make money online for beginners by playing online games?

The 21st century has brought about the advent of many apps that reward you for playing games. 

However, there are a few sketchy sites, and you should avoid them. Here is a list of top game apps with real money rewards: 

  1. Coinpop: Collect points when trying out different games and getting ahead in your levels.
  2. Mistplay: Earn credits by playing selected games.
  3. Fit Play: Once you download their app, they will give you a list of accessible challenges to play for points. 
  4. Qmee: Primarily focused on surveys but offered an opportunity to earn money by participating in various contests.

33. Make Money with Google Adsense

How to make money online for beginners with Google Adsense?

Google AdSense is an easy-to-use program that allows you to use Google advertising on your website or YouTube videos. You earn money when someone clicks on your ad and only need a few minutes of set-up time. There’s no limit as to how many websites you can have ads displayed on, and there are options for RSS feeds and mobile devices! 

If you want to meet Google criteria for using Adsense, your website must contain at least 30 unique pages with an audience generating at least three months’ worth of traffic (except sites that create less than 10 cents per day). 

Payments made by Google are direct deposits every month-not limited solely based on one property but also RSS feeds and mobile devices.

34. Launch and Grow a Startup

Thanks to the internet, we’re living in an age where tons of options are available if you think you have what it takes to start a startup business. You don’t need any technical skills or money to start this adventure. 

All that’s left for you is hard work and dedication; learning about all that needs to be done for launching, running, and growing your online enterprise. 

With so many resources now, anyone can do this type of thing successfully with no worries. It all depends on how fast or successful they want their website/business venture/e-commerce store (etc.). How to make money online for beginners? 

Here are a few ideas to get you started:

  • Custom furniture production 
  • Homemade beauty products 
  • Activity holidays 
  • E-commerce retailer 
  • Cleaning services 
  • Hand-made craft seller 
  • Tutoring or digital courses 
  • Start your clothing line 
  • Publish a book

35. Build and Sell Software

Building software and then selling it has many benefits. Upfront costs, including the software development, can be pretty high. However, customer acquisition is relatively inexpensive when you’ve made your product and are ready to offer it for sale. 

You also have one requirement: having a good grasp on programming- whether through friends or relatives who know what they’re doing as long as they don’t demand too much in return or by yourself with help from books that teach programming basics like C++ coding tools.

It’s also crucial that you create software people want to buy- or something uniquely better than currently available; if not best, at least cheaper. 

36. Teach English as a Virtual Tutor

You can teach children English online without any experience. You only need to be fluent in the language, which is not a lot to ask for if you love teaching. New schools or platforms will open up every year that require different levels of education as your experience goes higher within the industry- some require a bachelor’s degree. 

In contrast, others don’t even have requirements at all. VIPKid hires native speakers who want to teach kids via Skype lessons – your pay is based on how well your demo interview went and how many hours per week or month (if appropriate) you work with them each day/weekend. 

TEFL (Teaching Excellence Framework) or ESL certification is essential if you want VIPKid jobs.

37. Sell Your Unused Gift Cards

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Raise is a marketplace where you can trade your unused gift cards. It will give you a suggested selling rate when entering your card and the option to change it if you feel that the price may be too high or low. 

The site takes 15% of each sale, but this amount varies depending on the card’s percentage of credit or cash value. For example, listing a $50 balance for purchase at $45 would result in Raise keeping $6.75 while paying out 85% ($38).

38. Invest in High Yield Dividend Stocks and Funds

You might think that investing in high-yield dividend stocks and funds is a way to make more money from the money you already have. If you’re looking for long-term growth with your investments, dividend-paying stocks are worth considering. 

A company pays some of its profits back to its shareholders when it issues dividends. Dividends can be lucrative if they’re reinvested into an account because the amount increases as time go on and compound interest kicks in.

39. Invest Money in Cryptocurrency

How to make money online for beginners with cryptocurrency?

If you’re familiar with trading, cryptocurrency is a way to make money online. Bitcoin and other cryptocurrencies have grown in popularity over the past few years. People are finding out about how they work without having any central bank or government control. 

Cryptocurrency isn’t stable, though, which means that there’s potential for significant gains and losses; investors seem split on whether or not crypto-investing is a good idea because of this instability. 

As an even riskier way to make money online, you must limit the amount of money you use until it can accommodate any possible loss incurred from your investments in cryptocurrency trading exchanges like Coinbase. One can trade in bitcoin against fiat currencies like US dollars and euros.

40. Start a Paid Membership Community

You can make money online with paid membership communities. These may include forums, message boards, or online clubs. Members pay a monthly fee to join and access the content you provide for them (e.g., articles). 

You can also take this one step further by charging fees for additional features like premium memberships which come with more benefits than basic membership levels.

41. Create and Sell 3D Models

To make money with 3D models, you can use a free tool like Blender to create and edit them. You’ll need some programming skills and those of designing in a CAD program such as Maya or Solidworks if you want more options for export formats. 

Once you create the model, many sites allow you to sell them online – including TurboSquid, which has been set up expressly. Alternatively, if using Blender, then BlendSwap marketplace has over 16K members who actively trade their work here on this site alone. 

42. Rent your Car

Have a car you don’t use often, and renting it out on sites like Turo can be lucrative. They include insurance if someone damages your car during one of your rentals on their site.

The most popular vehicles to rent on Turo are SUVs, luxury cars, convertibles, vans/minivans, and pickup trucks (these will all go for high rates). If you have a more suburban area with not many tourists coming through, renting cars is probably not worth your time or effort. 

Conclusion

This article discusses 40+ ways how to make money online for beginners. These are some of the best methods to use if you’re looking to make $100 per day or more through one or multiple skills combined. 

You can learn many of these money-making skills on YouTube and online courses and books available on the internet at sites like Udemy, Skillshare, and Lynda

If providing an additional income stream is your goal or even replacing a full-time job entirely with a home-based business might appeal to you, consider taking advantage of one (or many!) techniques outlined in this article for earning extra cash. 

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Entrepreneurship

11 Best Business Podcasts You Should Listen To

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Best Business Podcasts

Everyone that wishes to spread their message to the globe may now do so through well-known superstars or hugely popular influencers. It shouldn’t come as a shock, though. 

The reality is that podcasts are still gaining much traction and show no indications of slowing down (much alone dropping) in their popularity. But why is that? That’s all there is to it. Podcasts are a terrific, simple way to get your message out there and heard by the masses. They’re easy to use and need minimal Money, making them a very effective marketing tactic with a high return on investment.

Business podcasts are an excellent way to remain updated (and inspired) on current events.

To listen to everything from one-on-one interviews with today’s top leaders to recaps of the day’s most important business news, all you need is your smartphone and a pair of headphones.

Based on this truth, people in business are going to podcasting in droves as the next logical step in marketing their brand or putting their message out in front of others.

However, it isn’t easy to know where to begin with an ever-increasing number of options. We recognize the difficulty. Don’t worry about it. Here’s a list of the best business podcasts to listen to.

Indeed, the business category in the biggest podcast directories is brimming with new podcasts geared at attracting business and entrepreneurial-minded listeners. A quick look at the top charts will reveal a staggering amount of business podcasts to pick from. 

1. The Tony Robbins Show is a podcast hosted by Tony Robbins

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It’s challenging to find someone who hasn’t heard of Tony Robbins, best business podcasts, much alone been exposed to his development counseling in some way, shape, or form. It’s no wonder, then, that the #1 Life and Business Strategist, who has aided over 50 million individuals, would consider podcasting as a new channel for his work. 

This podcast was intended for people who want to better their business, relationships, health, and finances. Each episode is designed to bring a “mastermind” from the industry to your ears for a significant impact in helping you become a better you. 

Deep topics are covered, such as Do you ever feel like a fraud? And practical issues such as how crowdsourcing can ignite your business, as well as discussions with successful and influential leaders from top brands such as Venmo, Skype, Hypergiant, and Bulletproof. You’ll be forced to do some deep personal evaluation to gain a greater sense of self-discovery.

2. Dave Ramsey podcast

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This podcast is one of the best business podcasts. Dave Ramsey is a well-known figure in the business and financial realms. Some perceive his counter-cultural thought as aggressive, while others see it as life-giving. 

“He provides callers and readers life-changing advice on how to conquer debt, build money, and improve their finances forever” through his podcasting platform. The Dave Ramsey Show will be a welcome change of pace if you’re seeking a new view on debt reduction, wealth creation, and developing a healthy mentality about your personal or corporate finances. 

Dave’s podcast covers a wide range of topics, including How to Jump-Start Your Financial Goals at Any Age, How to Stop Worrying About Money for Good, Challenging Items on Your Credit Bureau Report, and Don’t Settle for Doing Just “Okay” With Money.

3. The Goal Digger Podcast, hosted by Jenna Kutcher

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Another popular business podcast with a female host. This podcast is designed to assist entrepreneurs in obtaining answers to some of their most challenging problems and accurate, valued solutions that they can put into action right away to achieve quick success. 

“Productivity ideas, social media techniques, business hacks, and inspirational stories that can help YOU construct your dream career,” according to the podcast’s description. Isn’t this where the entrepreneurial conversation should be taking place? It’s challenging to know what’s worth listening to, with many voices offering hot advice and insights into the entrepreneurial, business, and influencer world. 

Jenna has achieved her success by following the steps she outlines. She leads lively talks on topics such as How I Made $218,000 on Shopify in ONE YEAR, How to Pay Yourself as an Entrepreneur, From Desperation to Dream Job, and many others to help you rekindle your entrepreneurial spirit as you work toward your personal, professional, and company objectives.

4. The GaryVee Audio Experience and Success in Business and Life

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This podcast, one of the best business podcasts, hosted by Gary Vaynerchuk, entrepreneur, CEO, investor, vlogger, and public speaker, is a go-to for many in the entrepreneurial world, thanks to Gary’s engaging personality. 

The podcast’s primary goal is to provide listeners with a unique mix of interviews and speeches on business and marketing ideas from some of today’s most well-known thinkers and celebrities. 

Gary continues to deliver episodes that will have you taking out a notepad and going back to the drawing board to reconsider everything you thought you knew about the path to success, with celebrity guests including actress Jessica Alba and NASCAR driver Kyle Busch, and themes like 6 Tips For Crushing the Sales Game and Drop One Loser Friend.

4. Frugalpreneur

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Many people dream of beginning their own business. However, the most typical stumbling barrier is obtaining the necessary funds to get it off the ground. This is where the Frugalpreneur enters the picture.

This podcast, hosted by Sarah St John, focuses on assisting people in creating something from nothing. The podcast presently includes 121 episodes dedicated to teaching business owners – or aspiring business owners – how to get their excellent idea off the ground on a shoestring budget.

The length of Frugalpreneur episodes varies, but they usually last between 25 and 50 minutes. Sarah delves into various issues, ranging from how to market an online course to negotiating Airbnb pricing. She’s also talked about acquiring more paid bookings (10to8 might have been mentioned!).

This podcast is for you to save money, make a good investment, pay off debt, or generate several revenue streams.

5. The Sales Hacker Podcast is a podcast about sales

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The next one of the best business podcasts is sales hacker. Even if you’re not particularly fond of sales, you could appreciate the Sales Hacker Podcast. Sam Jacobs, the host of this episode and the creator of Revenue Collective, does a fantastic job dispelling preconceptions about sales while also educating listeners on related issues.

Many programs include sales thought-leaders who provide ideas for accelerating growth and streamlining sales.

There are two types of episodes on this show: extended 45-minute interviews with thought leaders on a given issue and 5-minute short and actionable suggestions. The latter is titled ‘Friday Fundamentals,’ It is released every Friday.

The Sales Hacker Podcast is an outgrowth of the foremost sales community, so if you’d want to engage in the debate, the show is a beautiful starting point.

6. Donald Miller’s podcast

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He holds workshops where entrepreneurs can clarify their message, communicate with customers, and expand their brand.

Donald Miller’s podcast is considered as best business podcasts, he decided to expand these workshops due to their success and launch a podcast where business owners can listen for free and e-meet other business owners dealing with similar problems and seeking solutions.

This podcast, which has passed 150 episodes, is a favorite among small business owners who feel isolated and alone in their daily difficulties.

This program can assist you in determining your brand’s message and creating a story around it.

As the name implies, this presentation can assist you in determining your brand’s message and creating a story around it. The episodes present a story about a business owner who has grown their firm by identifying and incorporating their distinctive message into a consistent account.

Aside from an introduction to brand storytelling, Donald and his guests discuss central themes like how to become a strong leader, how to cope with financial challenges, how to manage your emotions and mental health, and how to grow your firm to its full potential.

7. Founder Coffee 

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Every week, Founder Coffee hosts a different company founder, allowing you to meet the people behind the companies you work for. Jeroen, the Co-Founder of Salesflare, has sponsored Founder Coffee, which has included several guest speakers and entrepreneurs, featuring Intercom’s Co-Founder and Planable’s Co-Founder.

Jeroen takes us on a 52-episode trip into the life of a business entrepreneur (and counting). In the meantime, the podcast’s focus is on business lessons and advice for aspiring entrepreneurs; Jeroen also gives insight into the individuals behind what may appear to be a faceless corporation.

Guests discuss their own business experiences, what they’ve learned along the way, and their best advice. They will, however, have a broad conversation about life.

You can expect to cover a wide range of topics with Founder Coffee. The podcast is both motivating and approachable and ideal for anyone who has ever considered starting their own business or wants to learn more about their favorite companies. You might learn about a product, customer service, or even some of the most challenging difficulties business owners encounter daily. And it’s Founder Coffee’s ability to convey the other side that makes it so unique.

8. The Changing Agents

The Agents Of Change podcast, hosted by Rich Brooks, provides everything a small business owner needs to know about SEO, social media, and mobile marketing to drive qualified visitors to their website and convert leads into sales. It is one of the best business podcasts for small businesses. 

The Agents Of Change is a podcast that airs once a week. A digital marketing resource and a conference all rolled into one that helps small company owners find their voice and turn their passion into a profitable business.

The title is pretty cheesy, and the entrance is much more cheesy, but the episodes’ entire content is excellent business advice and actionable recommendations. An industry expert frequently joins Rich to delve into the depths of a specific topic.

Rich understands that a busy lone trader doesn’t have hours to listen to chit-chat while filtering out the crucial details. This is where you can get quick, detailed answers to all of your digital marketing-related questions in 30-minute episodes.

9. Radical Candor 

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How to excel at work without sacrificing your humanity and pleasure is the subject of Radical Candor. Amy Sandler moderates discussions about why it’s critical to have honest communication at work (with yourself, your boss, and your coworkers) and how honesty can help you develop relationships that will help you succeed.

The topics covered in the episode are how to have open conversations at work, how managers and company leaders can establish a culture of advice and feedback, and how to stand up for yourself in the workplace.

10. Martech podcast

It is one of the best business podcasts for Marketing Technology Podcast, Benjamin Shapiro hosts the MarTech Podcast, which tells the tales of marketers and the various ways they use technology to create growth and economic success. 

Each episode features a different company leader and marketing expert, making it appropriate for listeners from multiple industries. All of the presenters offer real-life examples of MarTech best practices, as well as tools and ideas for success.

11. Brown Ambition

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The next very famous and one of the best business podcasts is Brown Ambition Podcast , featuring financial advice from two professional finance reporters, Mandi Woodruff-Santos and Tiffany Aliche. 

Listeners can leverage the host’s experience and learn how to make intelligent career choices that contribute to financial success personally and in business.

The hosts also tackle issues commonly faced by communities of color, acting as a resource for groups often left out of financial wellness conversations. They also have entire Q&A episodes dedicated to answering listener questions, helpful for those with a unique situation they want advice about.

Conclusion

That’s pretty much all! We recommend starting with the basics if you’re new to the games. Suppose you’re seeking some of the best business podcasts with fascinating and robust material.

There are undoubtedly many more good listens not included on this list, but the intention is that it will provide you with a starting point for whatever it is you’re looking for. The conclusion is that while podcasting is a rapidly expanding platform with new podcasts being released every day, there is plenty to gain from what is already available.

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