Author: Complete Controller

In the past, economists and entrepreneurs discovered the need for modernization and technology. Every few years, industries and markets need modernization to drive the industry’s growth and grow the economy. Recently, some examples of technology and modernization are things we now take for granted and often use, such as GPS, artificial intelligence assistants, e-commerce sites.

In the past, those modernizations that were considered technology would be things like the airplane, electricity, and the automobile. They were considered radical at the time of their introduction or invention, and now they are widely used and considered the norm.

Technology and modernization are essential as they significantly alter how the economy operates, overtake old systems or outdated innovations or practices, and replaces them with something far better. Here are ways to use technology and modernization to launch and expand your business.

Find Your Market

While every industry or market has needed radical changes to fill a need or solve a problem, if you are looking to cash in on technology or modernization, you have to be the one that sees problems and needs where others may not see one.

Companies that are thriving now came up with modernization and technology that radically changed the face of their market and continued innovating to stay on top of those markets. Some examples would be Netflix finding a way to innovate the movie-watching industry by eliminating the need to leave your home to watch movies. Amazon was the online answer to giant box stores and malls.

These examples should give you an idea of what to strive for when looking at technology and modernization possibilities.

Look for Existing Technology

If you want to invest in modernization and technology, you want to look for start-ups or start your own company filling a gap or solving a problem. The companies that have the possibility of being the next Netflix or Amazon, or Apple are the ones you need to tap into or emulate.

Because they were not big when the founders of these companies began to fulfill needs or solve problems, you will need to see the potential before investing in the company.

Create a Business Model

Your revolutionary modernization and technology will need a working business model to show possible investors why they want to take a risk and invest. Remember that almost every industry giant looked destined for bankruptcy while building the business into the giant they are today.

As long as you understand you have to work through the suck and keep building capital to get you through the lower levels of implementation of your technology, your endurance will pay off and equal significant gains in the future. Most historical modernizations were thought of as radical and even impossible ideas in their time. Keep pushing forward for as long as you believe in your idea.

Know Your Market

Even if your modernization is successful, you will need to keep an eye on the market you are in once you invest and release your modernization or technology into the market. Keep in mind, if your modernization takes off, there will be not only knock-offs but those that will come in and bring their advancements and modernization to the table.

You have to keep up with and exceed what others in the industry are doing when it comes to staying ahead and relevant in the market your modernization is in, and to do that, you will need to keep moving forward.

You must stay on your toes and be ready to get out or dive more profound as the market conditions change. The deeper you understand the disrupted market, the better equipped you’ll take full advantage of the fundamental changes. You have to be ready to continue to innovate and change or risk selling or leaving the market if your modernization or technology becomes irrelevant.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Due to global circumstances, the virtual world has leaped forward in the past few years. It was moving forward before the events that made it a necessity. However, now it is a much more accepted business practice to meet, work, and study virtually.

Many companies are growing their staff worldwide, which makes it necessary to rethink the training process for your business. These changes in the way companies train are not only for companies with employees spread worldwide, but businesses with local employees may also find that virtual training can benefit. In fact, 42% of companies that use e-learning generate more income!
Here are some reasons you should consider virtual training and E-learning as an option for your business.

Focus

Some people are not good at multitasking. Virtual training and learning at the learner’s pace can make them more focused. Also, not being in an office environment will lessen the possibility of business-related interruptions. According to studies, virtual e-learners are one and a half times more focused than physical learners because of eliminating distractions. This is proven by e-learning increasing retention rates of students to roughly 25%-60%.

Cost-Effectiveness

Operations and training can be expensive for any company. Training will have a payoff with an employee knowing processes and products better. Training is considered unproductive time because it is not generating revenue. Therefore, the savings on overhead can offset some of the revenue lost while employees are in training.

While some virtual training classes may require a virtual instructor, e-learning is mostly self-paced and done via videos and software interaction. This type of learning will save on paying more employees to instruct the classes making them unproductive employees.

Ultimately, virtual training can be the most cost-effective option when it comes to training. There may be some additional costs upfront in obtaining software and producing high-quality training videos. However, those costs will be quickly overcome with the other savings virtual training will give a company.

Serves Different Learning Styles

Not everyone learns the same way. Some are visual learners, some have knowledge through hands-on experience, and others need to write notes to learn. There will always be those that will require physical training to thrive, but virtual learning gives way to the diversity of learning styles your employees will have.

One of the most significant advantages of virtual training is the use of a wide range of curriculum types. Virtual learning can be more enjoyable as it has videos, comments, infographics, games, and other interactive material forms that make learning fun.

Testing in the virtual environment can also be less stressful since it is not as demanding and high-pressure as it can be alongside other students. Generally, you can go at your own pace, thus removing time pressures in the classroom environment.

Convenience

Most people understand that one of the primary benefits of eLearning in the corporate training world is easy and flexible access to learning. Courses can be viewed from mobile devices, laptops, notebooks, or desktop computers at any time and at any place.

Employees can learn from home but can also continue training if they are traveling or on vacation. It also allows each employee to train at a time of day or night that works best for them. Some are early risers, while others may feel more comfortable training at night.

Virtual learning also allows employees to complete training tailored to their busy schedules or family time. This convenience of virtual training will benefit your company by retaining more employees because they can work it into their life.

Reduced Learning Time

Just as virtual training saves you money, it also saves you significant time. In an in-person classroom, the teacher or instructor is bound by deadlines, but they are also bound by the pace of the average students in the class.

Because most e-learning is self-paced, in many cases, students will complete the training much faster than if they were among other students in a classroom. This speed will have your employees working sooner, thus cutting down on unproductive time while the employee is training.

Ultimately, any employee who is not productive to the revenue is costing you and the company money. Therefore, since virtual learning has proven to be a faster training method, reducing the time for training will also increase revenue.

Conclusion

Overall, virtual training is a plus to any business, but it is not helpful to all companies or corporations. Depending on the company, some things cannot be learned virtually. Therefore this type of training is not a one size fits all way of training employees.

Using the reasons above, you can assess whether your company is best served by training employees virtually. If you choose this type of training, the benefits are many, and the drawbacks are few which is why 2 out of 5 businesses listed in the Fortune 500 use e-learning applications in some form. 

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

By: Jennifer Brazer

Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.

Fact Checked By: Brittany McMillen

Best Practices for Starting Your Agriculture Business

Agriculture business ventures require strategic planning, market research, and careful execution to succeed in today’s competitive farming landscape. Whether you’re considering a small organic farm or large-scale commercial operation, understanding the fundamentals of agricultural entrepreneurship is essential for building a sustainable and profitable business.

I’ve spent over two decades guiding entrepreneurs through financial challenges as CEO of Complete Controller, and I’ve witnessed firsthand how proper planning transforms agricultural startups into thriving enterprises. With farm income projected to increase by 21.7% in 2025, there’s never been a better time to enter this growing industry. In this comprehensive guide, I’ll share battle-tested strategies for defining your agricultural niche, navigating regulatory requirements, and implementing technology that boosts your bottom line. By following these best practices, you’ll gain the confidence to launch your agriculture business with a solid foundation for long-term success.

What are the best practices for starting your agriculture business?

• Best practices include comprehensive planning, market research, establishing proper business structure, leveraging agricultural technology, creating scalability frameworks, and ensuring regulatory compliance
• Strategic planning requires balancing profit goals with environmental stewardship through the triple bottom line approach
• Market research helps identify profitable niches and customer segments in increasingly specialized agricultural markets
• Technology adoption, including precision farming tools, can reduce resource waste by up to 20% while boosting yields by 15%
• Proper compliance planning prevents costly regulatory issues while building consumer trust in your agricultural products

Strategic Planning for Long-Term Success

Successful agriculture businesses begin with thorough planning that addresses both immediate operational needs and long-term sustainability goals. This foundation creates a roadmap that guides decision-making and helps weather the inevitable challenges of agricultural entrepreneurship.

The USDA projects a 21.7% increase in net cash farm income to $193.7 billion in 2025, indicating strong growth potential for new agricultural ventures. However, capturing this opportunity requires intentional planning that aligns with market demands and your unique capabilities.

Define your agriculture business vision and goals

The most successful agriculture businesses operate with clear purpose. Before purchasing equipment or planting crops, take time to articulate what success looks like for your operation. This vision becomes your north star during difficult decisions and market fluctuations.

• Triple Bottom Line Approach: Balance financial prosperity with environmental stewardship and social responsibility. Set SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound) for each dimension.
• Niche Identification: Determine whether you’ll focus on commodity crops, specialty produce, livestock, or value-added products like artisanal cheeses or farm-to-table experiences.
• Competitive Differentiation: Identify what will make your farm stand out—whether it’s regenerative practices, rare heritage varieties, or innovative distribution methods.

Case study: Sustainable small farm expansion

A family-owned organic vegetable farm in Virginia transformed their business by implementing strategic planning principles. Initially struggling with slim margins on wholesale produce, they conducted market research that revealed strong demand for farm-to-table experiences.

The owners developed a three-year plan that gradually shifted 40% of their production to high-margin specialty crops while launching a CSA program and on-farm events. This diversification increased their profit margins by 30% while reducing vulnerability to weather events through crop diversification. Their focus on soil health also reduced input costs for fertilizers by 25%, creating a virtuous cycle of sustainability and profitability.

Market Research and Competitive Analysis

Understanding your potential customers and competitors provides critical insights that can prevent costly mistakes when starting your agriculture business. Thorough market research reveals opportunities, identifies threats, and helps calibrate your business model to match actual market conditions.

Agricultural markets are increasingly specialized, with consumers willing to pay premium prices for specific attributes like organic certification, locally grown produce, or sustainable production methods. Your research should uncover these potential value-added opportunities.

Assess demand and competition

Effective market research examines both demand patterns and competitive landscapes to identify viable opportunities for your agriculture business.

• Primary and Secondary Markets: Map potential customer segments including direct-to-consumer channels (farmers markets, CSAs, farm stands), wholesale buyers (restaurants, grocery stores), and institutional purchasers (schools, hospitals).
• Pricing Strategies: Research what consumers in your area are willing to pay for comparable products. Consider how certifications like organic, Animal Welfare Approved, or GAP might command premium pricing.
• Competitive Landscape: Identify existing farms in your region and analyze their offerings, pricing, marketing approaches, and apparent strengths and weaknesses.

Actionable steps: Conducting a SWOT analysis

A structured SWOT analysis helps translate market research into actionable insights for your agriculture business plan:

1. Strengths: Inventory your assets including land quality, water access, existing infrastructure, farming experience, and financial resources
2. Weaknesses: Honestly assess limitations such as capital constraints, knowledge gaps, or market access challenges
3. Opportunities: Identify underserved market segments, emerging consumer trends, or grants/subsidies available to new farmers
4. Threats: Recognize external factors like climate volatility, regulatory changes, or competitors that could impact your success

The Farmers Business Network (FBN) case study demonstrates the power of collaborative data analysis in agriculture. By aggregating information from over 6,000 farms, FBN members gained unprecedented insight into input costs and performance benchmarks, enabling them to negotiate 12-18% lower prices through collective purchasing power.

Building a Robust Business Structure

The legal and financial structure of your agriculture business impacts everything from daily operations to tax obligations and liability protection. Establishing the right framework from the beginning saves significant headaches and expenses down the road.

I’ve worked with countless agricultural entrepreneurs who initially overlooked business structure details, only to face challenging transitions later. Taking time to set up proper systems for accounting, legal protection, and operational efficiency creates a foundation for sustainable growth.

Legal and financial foundations

The structure you choose impacts taxation, liability, and management flexibility. Consider these key components:

• Entity Selection: Options include sole proprietorship (simplest but highest personal liability), LLC (limited liability with tax flexibility), S-Corporation (potential tax advantages for profitable operations), or cooperative (community-ownership model).
• Licensing and Compliance: Determine necessary permits including business licenses, food safety certifications, water rights permits, pesticide applicator licenses, and zoning approvals.
• Insurance Coverage: Protect your investment with appropriate policies for property, liability, crop insurance, and workers’ compensation if you have employees.

Financial management systems

Proper financial management distinguishes profitable agriculture businesses from those that struggle. Set up systems that provide visibility into your operation’s financial health.

1. Bookkeeping Infrastructure: Implement agriculture-specific accounting solutions that track expenses by enterprise (crop type or livestock category)
2. Cash Flow Planning: Create 12-month cash flow projections that account for seasonal income fluctuations and timing of major expenses
3. Financing Strategy: Explore financing options for agriculture businesses including USDA Farm Service Agency loans, state agricultural development programs, and farm credit institutions

At Complete Controller, we’ve helped farmers implement digital bookkeeping systems that provide real-time insights into enterprise profitability. One cattle operation discovered their hay enterprise was actually more profitable than their beef production—a revelation that prompted a strategic pivot that increased overall farm profitability by 35%.

Leveraging Agricultural Technology

Modern agricultural technology has transformed farming from an art based primarily on experience and intuition to a data-driven science. Strategic technology adoption can dramatically improve efficiency, reduce environmental impact, and increase profitability.

Large-scale U.S. farmers using precision agriculture technologies have reduced water usage by 20% while increasing yields by 15% on average. These impressive returns demonstrate why technology implementation should be a central consideration when planning your agriculture business.

Modern tools for efficiency

The right technology investments can provide significant returns by optimizing resource utilization and reducing waste:

• Precision Farming: GPS-guided equipment, variable rate applicators, and field mapping software enable precise application of inputs exactly where needed
• Monitoring Systems: Soil moisture sensors, weather stations, and livestock monitoring technology provide real-time data for informed decision-making
• Management Software: Farm management platforms streamline record keeping, compliance documentation, and operational planning

Monarch Tractor’s autonomous electric tractors showcase the transformative potential of agricultural technology advancements. A California vineyard implementing these tractors reduced labor costs by 40% while eliminating diesel emissions—demonstrating both economic and environmental benefits from strategic technology adoption.

Technology implementation strategy

Rather than attempting wholesale technological transformation, successful agriculture businesses typically follow a phased approach:

1. Assessment: Identify operational bottlenecks or inefficiencies where technology could provide immediate returns
2. Prioritization: Rank potential investments based on return on investment and implementation complexity
3. Pilot Testing: Start with small-scale trials before full implementation to validate benefits and identify integration challenges
4. Continuous Improvement: Use data gathered from technology systems to refine practices and identify additional optimization opportunities

Remember that technology serves your business goals rather than defining them. Choose solutions that address specific challenges in your operation rather than adopting technology simply because it’s innovative or widely used by others.

Scaling Your Operation Safely

Sustainable growth requires balancing ambition with pragmatism. The most successful agriculture businesses expand methodically, managing risks while capitalizing on proven opportunities.

U.S. corn yields have grown at an average rate of 1.92 bushels per acre annually from 1980-2023, but this growth has slowed to just 1 bushel per acre since 2013 due to climate pressures. This trend highlights the importance of building resilience into your scaling plans to account for increasingly volatile growing conditions.

Risk management and expansion strategies

Thoughtful expansion preserves what’s working while carefully testing new enterprises or markets:

• Phase-Based Growth: Start with a manageable operation focused on mastering core production systems before expanding acreage or adding enterprises
• Diversified Revenue Streams: Reduce vulnerability by developing multiple income sources such as direct marketing, agritourism, value-added products, or complementary crop/livestock systems
• Infrastructure Planning: Design facilities and purchase equipment with future growth in mind, avoiding reinvestment or retrofitting costs

Successful scaling often involves vertical integration rather than simply increasing production volume. For example, a vegetable farm might add processing capacity to create shelf-stable products that extend their selling season and capture additional margin.

Utilizing USDA resources

Federal programs provide valuable support for agriculture businesses at various growth stages:

• Beginning Farmer and Rancher Development Program: Offers education, training, outreach, and mentoring programs specifically designed for new entrants
• Environmental Quality Incentives Program (EQIP): Provides financial assistance for implementing conservation practices that can improve long-term sustainability
• Value-Added Producer Grants: Supports business planning and working capital for processing and marketing value-added agricultural products

These programs can significantly reduce financial barriers to growth while encouraging sustainable practices that benefit both your business and the broader agricultural ecosystem.

Compliance and Risk Mitigation

Navigating regulatory requirements presents one of the most challenging aspects of agricultural entrepreneurship. A proactive approach to compliance not only prevents costly penalties but also builds consumer confidence in your products.

The regulatory landscape for agriculture businesses encompasses food safety, environmental protection, labor practices, and animal welfare. Understanding and adhering to these requirements is essential for long-term viability.

Navigating regulations and liability

Developing systematic approaches to compliance makes regulatory requirements manageable:

• Food Safety Modernization Act (FSMA): Implement food safety plans and preventive controls appropriate for your operation’s size and products
• Labor Regulations: Understand agricultural labor exemptions while ensuring compliance with applicable wage, safety, and housing requirements
• Environmental compliance in sustainable agriculture: Develop water management plans, nutrient management strategies, and appropriate pest control protocols that meet regulatory requirements

Many agriculture businesses find that joining industry associations provides valuable guidance on regulatory compliance through training programs, template documents, and regulatory updates tailored to their specific sector.

Insurance and contingency planning

Comprehensive risk management extends beyond regulatory compliance to include insurance coverage and contingency planning:

1. Property and Casualty Insurance: Protect buildings, equipment, and inventory against damage from fire, storms, and other hazards
2. Liability Coverage: Secure appropriate protection against claims arising from farm visitors, product contamination, or environmental incidents
3. Business Interruption Planning: Develop strategies for maintaining operations during disruptions from weather events, supply chain issues, or market volatility

One often overlooked aspect of risk management is succession planning. Establishing clear protocols for leadership transition ensures your agriculture business can thrive beyond the founding generation—whether that transition involves family members or outside parties.

Final Thoughts: Building Your Agricultural Legacy

Starting an agriculture business represents not just an economic opportunity but a chance to create positive impact on landscapes, communities, and food systems. The best practices for farm management outlined in this article provide a framework for building an operation that balances profitability with purpose.

Throughout my career working with agricultural entrepreneurs at Complete Controller, I’ve observed that the most successful operations maintain a learning mindset. They combine time-tested farming wisdom with innovative approaches, constantly evaluating results and adapting strategies based on real-world outcomes.

As you embark on your agricultural journey, remember that success rarely follows a linear path. Setbacks provide valuable learning opportunities, and persistence often makes the difference between ventures that thrive and those that struggle. By applying these best practices while remaining flexible enough to evolve with changing conditions, you’ll build an agriculture business capable of weathering challenges and capitalizing on opportunities.

For personalized guidance on financial systems that support agricultural success, reach out to our team at Complete Controller. We’re passionate about helping agricultural entrepreneurs build businesses that support their vision for the future of farming.

FAQ

What funding options are available for starting an agriculture business?

New agriculture businesses can access several funding sources including USDA Farm Service Agency loans (offering favorable terms for beginning farmers), Farm Credit System loans, state agricultural development programs, and private lenders specializing in agricultural finance. Additionally, grants for specific initiatives like sustainable practices or value-added processing are available through USDA Rural Development and various nonprofit organizations.

How much land do I need to start a profitable agriculture business?

Land requirements vary dramatically depending on your agricultural enterprise. High-value specialty crops on intensively managed land can generate $20,000-$80,000 per acre annually, while conventional commodity crops might require hundreds of acres to support a full-time income. Many successful small farms start with 5-20 acres, focusing on direct marketing and high-value products before scaling up as systems and markets develop.

What legal structure is best for an agriculture business?

Most small to mid-sized agriculture businesses operate as either sole proprietorships or Limited Liability Companies (LLCs). LLCs offer personal liability protection while maintaining tax flexibility and relatively simple administration. S-Corporations may benefit operations with significant profitability, while cooperatives provide options for community-based agricultural ventures. Consult with an agricultural accountant to determine the optimal structure for your specific situation.

How do I develop a marketing plan for my agriculture products?

Effective agricultural marketing plans identify specific customer segments, appropriate distribution channels, and compelling value propositions. Start by researching local market opportunities including farmers markets, CSA programs, restaurant sales, and wholesale distribution. Develop your brand identity around your farm’s unique story and production practices. Build direct relationships with customers through social media, farm events, and consistent quality that drives word-of-mouth referrals.

What are the most common mistakes new agriculture business owners make?

Common pitfalls include underestimating startup costs and working capital needs, inadequate market research leading to production that lacks sufficient demand, attempting too many enterprises simultaneously instead of mastering one area first, and failing to implement proper financial management systems. Many new farmers also struggle with appropriate equipment sizing—either overspending on unnecessary machinery or lacking essential tools for efficient production.

Sources

• Farmers.gov. (2023). “How to Start a Farm.” U.S. Department of Agriculture. https://www.farmers.gov/your-business/beginning-farmers
• Penn State Extension. (2022, December 22). “Starting a New Agricultural Business.” https://extension.psu.edu/starting-a-new-agricultural-business
• Synnefa. (2025). “How to Start a Successful Farming Journey.” https://www.synnefa.com/blog/start-farming
• Wix. (2025, May 13). “How to Start a Farming Business In 8 Steps.” https://www.wix.com/blog/farming-business
• Iowa Farm Bureau. (2025, February 25). “USDA Forecasts an Increase in Farm Income in 2025.” https://www.iowafarmbureau.com/Article/USDA-Forecasts-an-increase-in-Farm-Income-in-2025
• GlobeNewswire. (2024, April 3). “Global Precision Agriculture Market Analysis 2023-2033.” https://www.globenewswire.com/news-release/2024/04/03/2856713/28124/en/Global-Precision-Agriculture-Market-Analysis
• Irwin, Scott. (2024, May 6). “Is the Trend Rate of Growth in the U.S. Average Corn Yield Slowing?” farmdoc daily. https://www.wylr.net/2025/03/21/usda-offers-positive-outlook-for-2025-farm-income-forecast
• McGrath, Maggie. (2025, January 29). “This Next Billion-Dollar Startup Is Boosting Farmers’ Profits Via Autonomous Farming.” Forbes. https://www.youtube.com/watch?v=feb20YC_L9U
• Harvard Business School. (2018, March 21). “Farmers Business Network: Disrupting One Farm At A Time.” Digital Initiative. http://stikespanritahusada.ac.id/wp-content/uploads/2017/04/MargueriteG.LodicoDeanT.SpauldingKatherinBookFi.pdf
• U.S. Department of Agriculture. “Topics in Farming.” https://www.usda.gov/topics/farming
• Environmental Protection Agency. “Agriculture Compliance.” https://www.epa.gov/agriculture
• Complete Controller Blog. “Money Management Tips.” https://www.completecontroller.com/5-money-management-tips-to-help-avoid-a-deficit
• Complete Controller Blog. “IoT Trends in Manufacturing.” https://www.completecontroller.com/iot-trends-that-could-shape-manufacturing-in-2021

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Wikipedia is a famous crowdsourced information platform and is the most visited website worldwide. Wikipedia is generally the first information page to come up on Google’s result page when looking for information and often provides relevant information on a wide variety of subjects.

Wikipedia is not a monetized site, so a user cannot earn money from the platform. However, it is an excellent marketing tool due to its thorough information provision on the subject at hand. It has been used to promote products, movies, actors, and businesses because if a page exists, it is the first result in most search engines.

Because of this result, a business or individual could create a Wikipedia page and provide detailed information and within the page provide links to the product, website, or service. Because users provide all information on Wikipedia, it is not accepted as a cited source for college papers. However, as a marketing tool or general source of information, it is widely and often used.

Marketing

Today Wikipedia is well known for showcasing businesses, products, and services. If you have a company, product, or service, you can use Wikipedia to provide detailed information about it and drive customers to seek out your business. It is free to be a member and provide pages or contribute to articles. Therefore, it is an excellent and low-cost marketing option.

Research

To have a useful Wikipedia article, the subject must be researched to be as accurate and effective as possible. If you are a great researcher or writer, you can make a living writing and researching Wikipedia articles for clients highlighting their business, product(s), and services. There is also the possibility to create multiple pages that are for one company.

Researchers create an archive of information and facts that support the business, product, or service and gives that information to the author. Pay can be reasonably high for a good researcher due to the possibility of research resulting in multiple pages for the client.

Creator

Because Wikipedia is used as a marketing platform today, writers are often hired to write for and create Wikipedia pages for clients. A page creator who provides a service to do so can use research from another person or research and create the page.

This ability to do multiple tasks allows a person to earn money as a creator and a researcher doubling the income from one page. An author has to follow the guidelines of Wikipedia. However, creating it is free and straightforward.

Conclusion

Content is an excellent way of marketing, and writing relevant content related to the topic is the biggest challenge. Many startups and businesses hire a Wikipedia page expert who can elaborate on their brand and their services. When a small business is started, no one knows about the products and services they offer. Since Wikipedia is a free encyclopedia and anyone that agrees to the terms of service can contribute. Because of this, Wikipedia experts are hired to research or create a page for a business, service, or product.

Most marketers use digital marketing strategies such as social media, video platforms, and business websites. Wikipedia is a unique information platform that is another free and effective marketing tool. More companies are using their marketing dollars to hire experts on digital marketing. As a digital marketer, you can have a lucrative business researching and creating Wikipedia pages for clients.

If you are a business owner, Wikipedia can increase your company’s brand recognition and revenue. Though you cannot earn income directly from the site, Wikipedia has a lot of potential for income using it as a tool.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Private mortgage insurance (PMI) is a specific type of insurance policy provided by private insurers to protect a lender against losses if the borrower defaults. Most loan lenders require PMI when a buyer makes an advance of less than 20% of their purchase price of the home or, in terms of the mortgage.

The loan/ value ratio of the mortgage exceeds 80% (the greater the LTV ratio), the higher the risk of the mortgage). Private mortgage loans allow borrowers to obtain financing if they can only pay (or prefer) to pay only 5 to 19.99 percent of the cost of the residence but have extra monthly costs.

Private mortgage loan costs can range between 0.25% and 2% (but usually between 0.5% and 1%) of the loan balance each year. This depends on the size of the mortgage and the down payment—the term of the loan and your credit score.

The higher the risk factors, the greater the rate you pay. Also, since the Private mortgage loan is only a percentage of the loan amount, the more borrowed, the more PMI will pay. There are six essential PMI companies in the US. These companies charge similar rates, which are adjusted annually.

Once the LTV of the mortgage falls to 78%, your initial payment plus the capital of the loan paid is equal to 22% of the house’s purchase price. The lender must cancel PMI automatically as required by Law federal homeowner’s protection, even if the market value of your home has decreased (as long as you are up to date on your mortgage).

Types of PMI

There are three basic types of private mortgage insurance mentioned below:

• PMI Paid by the Borrower (BPMI): You pay a premium each month until your PMI is terminated (when your LTV balance is scheduled to reach 78% of the original value of your home) or when it is canceled at your request. When a borrower has achieved 20% equity in the home, he can notify the lender in writing that it is time to discontinue PMI premiums.

The lenders must present the buyer with a written statement at the close notifying how many years and months it will take them to pay 20% of the capital of the mortgage. Still, it could happen earlier, due to the appreciation of the price of the home (verified by an appraisal) or because you have made additional payments on the principal.

The lender has to comply as long as the value of your house has not decreased, you have a history of timely payments, and you certify that you do not have a second mortgage or subordinate lien on the property. You can also request cancellation or when you reach the midpoint of the repayment period (a 30-year loan, for example, would reach the midpoint after 15 years).

• Premium Single PMI: You pay mortgage insurance in advance in one lump sum, eliminating the need for a monthly PMI payment. The single premium can be paid in full at closing or financed on the mortgage. While it requires more than one initial outlay, this option can save money for long-term owners.
• PMI paid by the lender (LPMI): the lender pays the private mortgage insurance on behalf of the borrower. This may result in a lower monthly payment of the mortgage but may end up paying more in interest over the life of the loan, especially since the rates are generally higher for this type of PMI. Mortgage for the life of the loan). Unlike BPMI, you cannot cancel LPMI because it is a permanent part of the loan.

Cancellation of PMI

With BPMI, it is essential to track your mortgage payments and your capital accumulation. That 78% threshold for automatic termination is based on the date that the LTV is programmed to reach 78%, according to its amortization schedule, not on its actual payments.

That means that if you made additional payments and reached the 78% threshold earlier than expected, your lender does not have to complete the PMI until the initially scheduled date, which could leave months, or even years, of unnecessary PMI payments.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Every financially responsible adult should consider savings when they are planning their financial future. Surprisingly, most have a small savings or have not saved at all. When contemplating having savings, you will first need to know what you are saving towards.

Some will save for emergencies or job loss coverage, while others will save for college or large purchases, and still others for their retirement. No matter the reason you are saving, you have to plan to save enough money successfully.

Sadly, even though most know they should have at least one savings account, most have none because they believe they don’t have enough money to save. However, with financial planning and the help of having your savings automated, your savings can build even with a bit of money. Here is everything you need to know about automated savings.

Automated Savings Defined

As its name suggests, automated savings is a fixed savings that are deposited into a person’s savings account automatically, at fixed or specified intervals of time.

An automated savings plan automatically transfers from a bank account to a savings or an investment account after a fixed period. It can also be a fixed amount put directly into a savings account deposited from your payroll check.

How Does Automated Savings Work?

An automated savings plan is simple. An individual sets a fixed amount based on the total income to be deposited into a savings account. The fixed amount is then transferred from the salary account to the linked savings account of that individual. If the fixed savings is coming from your payroll check, you do not have to set regular intervals for the money to be deposited.

It will automatically deposit the set amount every paycheck. However, if your fixed savings is coming from another account, a fixed time interval must be set so that the fixed amount can be transferred at regular intervals. The time intervals can be daily, weekly, monthly, or specific dates.

Advantages of Automated Savings:

Set it, And Forget It

The first and the foremost advantage of automated savings is that once set, the individual can forget about it. It eliminates the need for people to worry about expenses as the amount is automatically transferred to the other account. Soon an individual may get used to the reduced amount and adjust the expenses in that specific amount forgetting about the automated savings.

Prevention of Unnecessary Expenditures

When a fixed amount from the income is cut off at regular intervals, it will help people avoid spending the money on unnecessary stuff. And as a person gets used to it, they will develop a habit of spending the money left on the things they need and not on things that are not required.

Emergency Funds

Life is unpredictable, and an emergency can arise at any time. Having emergency funds can make an emergency less stressful. With these automated savings, people will always have an emergency or backup fund, saving them from the worries of asking for help!

Using the Automated Savings to the Fullest

Automated saving is an intelligent step towards a prosperous and comfortable future. Therefore, an individual opting for this savings technique must plan to use it to its fullest potential. Here are some tips that can help people utilize this technique in the best way possible.

• Reviewing the plan at regular intervals to see if the fixed amount can be increased
• Having clarity by setting up clear short-term and long-term goals for automatic savings
• Opting for a savings account that features a high yield ensures earning of the best APY on the money being saved
• Avoiding the use of these savings until it’s the only option left

For people who wish to save but cannot draw a proper financial plan, these automated savings are the perfect way to go for it. Individuals must make sure that they are doing enough to secure their future, as life is unpredictable, and one must always be prepared for the worst! Therefore, think wisely and opt for automated savings.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

While money and wealth are essential, they can lead to our destruction if it becomes an obsession or leads us down an unhealthy path. People must understand the psychology of making money to combat the challenges earning money can bring to your life.

Money is positive reinforcement for many people in the short term. That reinforcement fuels obsessive thoughts about accumulating more and more. That obsessiveness can be fueled by greed or pressures to keep up with those around us.

Having more money is intimately related to success and success in our society, to be more or less valuable as a person. The need for approval is so great that these people must make great efforts to show wealth and success worthy of admiration. This obsession can lead to crime or excessive borrowing to keep up appearances of success.

Money Leads to Higher Social Status

Psychologically and in reality, having more money, wealth, and possessions puts a higher social status. This rise to the top of the social food chain can be dangerous to the psyche of a person obsessed with money, wealth, and status.

As in any case in which short-term hedonism gains prominence, these people end up losing their values ​​and their more internal commitments. Nothing has value for them, but in turn, no amount, possession, or achievement is enough. In addition, they lose their friendships in the long run, they can destroy their family, and they end up alone.

That obsessive need to be accepted and approved by others, since they cannot do it for themselves, leads directly to the situation they fear most. Thanks to their self-fulfilling prophecy, they remain alone and without the approval for which they have sacrificed everything.

The mental need they harbor is never completely satisfied. Therefore, the solution to their emptiness is not something as superficial as having more or less money, property, or assets. The solution is to review their values ​​and realize that everything they need is not related to money but something more profound.

The truth is that there are people so empty inside that they need something external to cover those shortcomings. What can lead these people to demand more than they already have? What kind of life do they want to make?

These questions lead us to consider that more than money to get interested in the image they think money projects. In them, there is a need for recognition, to be valuable and mighty in front of others, in addition to the excitement that can involve carrying out clandestine or prohibited actions.

The Need for Approval

The need for approval has motivated a large number of behaviors throughout history. In prehistoric times, the group did not accept staying out of the cave, with all the dangers that this entailed. The death was much closer if our community did not accept us. Everything comes from here. It seems that this need continues to haunt us somehow, although we are aware that we will survive regardless of the acceptance of others.

A Healthy Relationship with Money

To combat the effects of an obsession with money and wealth is to have a healthy relationship with it. We have to decline the concept that money equals value. We cannot tie our self-worth in with money and possessions, or we will never be satisfied.

Having an unhealthy relationship with money breeds greed, and greed can lead to extreme actions such as committing crimes. Before the obsession with money takes you down a moral path, you may live to regret it. You must find a way to let go of the obsession with making money.

You also have to maintain a balance because you have to have the drive and some level of ambition to succeed in business and earn money. The point is, it is not suggested you give up the pursuit of wealth but rather pursue it healthily.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Finding new sources of income is essential for anyone who wants to have financial freedom. Currently, there are many ways to generate new sources of income. However, the simplest is to acquire assets, which generate passive income, as it is a way to generate income with little effort.

A financial asset is a resource that allows its owner to obtain future income and is usually issued by economic entities, whether companies, government, or others. Financial assets can be obtained through investments or businesses.

Basic Principles of a Financial Asset

The assets have several standard features related to each other; these characteristics are profitability, liquidity, and risk.

Cost-effectiveness

Cost-effectiveness represents the acceptance and interest that investors have in the asset. This will be affected by the benefits that can be obtained from the investment. This concept is the most relevant of a business because it will be possible to know the success that will be obtained from it.

Risk

Risk refers to the guarantee offered by the asset. This principle affects the return of the asset. Generally, the assets with a high level of risk do not insure the investment or capital of the individual. This higher risk is because the value of the said asset is volatile and can generate future losses.

Liquidity

Liquidity is the asset’s ability to transform into money without causing losses, while an asset that is more liquid will obtain greater profitability, thus becoming a risk-free asset. In this way, the relationship between the principles of assets is fulfilled.

What is Passive Income?

Passive income is the earnings generated without excessive work; if an investment generates income, indifferently from the amount of time its owner invests. Each amount generated as profit is known as passive income.

There are many ways to generate passive income. However, the fastest way is acquiring financial assets that generate passive income over time. However, these assets have a risk because there is the possibility of losing the investment made. It is fundamental to learn about the state of the asset that you intend to acquire since it is not something that should be taken lightly.

What are the most profitable assets to generate passive income?

Thanks to technological advances, it is increasingly easy for anyone with considerable capital to invest in assets that generate passive income. However, it is necessary to know the means of income that will be used. Currently, the most popular are the following:

Investment in Cryptocurrencies

Undoubtedly, cryptocurrencies are one of the most popular assets of today. This popularity is due to the exponential increase in profitability demonstrated by multiple cryptocurrencies in recent years. However, most cryptocurrencies have a relatively unstable value, leading an investor to earn a lot of money or vice versa; It can lead to losing everything.

The key to cryptocurrencies is to know when to buy them and wait for the right time to sell them. In addition, it must be borne in mind that it may be difficult to predict the value of the asset in this market due to the aforementioned instability.

Investment in Stock Shares

The shares are the first known financial assets. They represent a fraction of the capital stock, where the asset gives the holders or investors participation rights and income, depending on the state of the organization, the relation to the profits and losses.

To begin generating this asset, the company must study the total value of its organization. The value obtained is divided into equal units, and the result of that division is known as the shares, securities, or securities.

According to the fluctuation of the company’s value, investors and owners will obtain profits or losses, generally to generate significant passive income, concerning the shares of a company; it is necessary to study it since, after a specific time, the state of the company is maintained. That is why the best strategy will be to invest capital in shares of a company with potential and is relatively new in the market.

Aspects to Consider When investing in Financial Assets

The level of risk will be affected by the profitability of the assets, which is why it is necessary to study the asset in which it is expected to invest. Since there is an excellent variety of these, cryptocurrencies have greater acceptance because they are decentralized, net, and proportional to their investment.

On the other hand, the world of actions is broader than the crypto world. This broadness is due to the number of intermediaries that exist. To ensure the success of an investment in shares, it is necessary to seek advice, so business will be done with greater security, which generates additional costs apart from the investment.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Before 1911, the working conditions of employees in the United States of America were not very impressive. Things were worse for workers employed under powerful employers. During this era, employers did not offer any compensations for injuries incurred by an employee within the scope of performing a job.

The employees had to legally file a lawsuit against their employers, which was a rare case. A very few employees could file a lawsuit because of the expense. The chances of them winning the case were not that strong. The employers used strong defenses such as Contributory negligence, assumption of risks, or fellow employee negligence, which were very difficult to overcome.

Workers’ Compensation Insurance

Workers’ Compensation laws, referred to as the Grand Bargain, were introduced in 1911. It was after these laws the workers began to receive their due rights. The workers’ compensation insurance is a bargain between the employers and the employees. An employer provides the workers the benefits if they get injured, fall ill or die while on the job, and in return, the employers are safe from a legal lawsuit.

Types of Workers’ Compensation Insurance

There are different types of workers’ compensation insurance, including;

Medical Treatment

For injuries that need medical treatment, an employer is expected to pay for all the medical treatments required. If the recovery time exceeds the waiting period, an employer must also pay cash benefits for the time an employee misses the work. It is to cover up the lost income while an employee is unable to work. An employee who recovers within the waiting time gets medical treatment benefits only.

Rehabilitation

There are injuries when simply treating them with medical treatments is not enough. Sometimes for recovery, along with medical treatment, some rehabilitative services are required. In this case, an employee will have to cover the cost of all the rehabilitative therapies. Also, suppose the injury has caused an individual to be unable to return to the pre-injury job. In that case, workers’ compensation will provide benefits so that the individual can train for another position.

Disability

Four types of disabilities lie under workers’ compensation insurance. These four types include; temporary partial disability, temporary total disability, permanent partial disability, and permanent total disability, and based on these, the employer provides the benefits.

Temporary partial disability is when an employee cannot perform some tasks of the job for a specified period, temporary total disability is when the injury restricts a worker from doing the total job for a limited time. The permanent partial disability restricts a worker from doing some job tasks forever. In contrast, the permanent total disability means that an employee is no more capable of the pre-injury job.

The benefits paid to depend upon the income that the employee received before the injury. Generally, the amount is equal to two-thirds of the wage. An employee is not expected to pay tax over this income.

Death

If an employee dies during work in an unfortunate situation, a company is expected to pay death benefits to the deceased employee’s family. Spouse, children, parents, or siblings are the expected beneficiaries of these benefits. Some states also cover the funeral and burial costs. The total cost of these benefits depends upon how much a deceased employee contributed to the lives of their dependents.

These are the four basic types of insurance. The provisions of each of these types differ in every state. As the state is the body that sets the laws, all the states have different policies. Even though injuries are unexpected, an employer reserves the right to terminate an individual if they do not return to work for a long time.

In Georgia, it is a legal step to fire an injured employee. Therefore, both the entities, the employer, and the employees must know about their rights and responsibilities when it comes to workers’ compensation.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Before you can save money in your company, you have to understand why you are in business and your objectives. Most people start a business out of necessity or a desire to run their own business in the industry of choice. However, the main objective of any business is to earn money.

Part of your money-saving plan for your company will have to include the evaluation of expenses. Many businesses that get in trouble are due to the owner having difficulty handling expenses properly.  And this is a problem since it is critical to earn and save money.  

To save money for your company, you need to understand all of your expenses and handle them. Ultimately, saving money in your company is more about money management and controlling costs than it has to do with how much your company generates in income.

While you want to continuously bring revenue into the company, you should be equally focused on saving money and controlling expenses. Many companies have a department dedicated to expenses within the company and recommend ways to save money.

There are different types of expenses within a company. Those costs that are the same month after month, such as a lease, are considered fixed costs because they will be constant and often the same. Fixed costs can include electricity, water, internet, rent, and payroll.

What can you do to save money here in fixed costs? The answer is almost nothing because most of the fixed costs are or commodities that have a low cost and resources on which your business depends and that if they are not well maintained, can affect your operation.

Therefore, you will need to find other ways to save money within these costs.

1. You can save some money on services, such as water and electricity, if it does not take a long time or affect your service quality and operations. Either way, this will bring small savings for you.
2. Try to reduce rental income only if your business does not depend on the location, as in restaurants, stores, or personal assistance services.
3. Try to reduce the total cost of fixed employees. Here, the key is that you learn to differentiate which roles of your company are fundamental for your organization and which can become a variable cost, which you can hire through services to freelancers.

Other operations costs can also be looked at to save the company money. These are the necessary expenses directly associated with the product or service, and that can go up and down according to the production demand, your sales, or projects.

You can save by doing the following.

1. Get discounts or suppliers that allow you a percentage of savings in raw material.
2. Change one expensive material for another, as long as it does not affect the quality of the product.
3. Have better inventory management, decreasing the number of products that can be cold in your stock.
4. Outsource services such as customer service or for specific activities that are demanded according to sales.

Saving money in your company and how you do it is not the same for every type of company. Some companies will find it more difficult. However, all companies can look at ways to save, such as through opportunity costs.

The opportunity cost is a way of measuring if we are doing what interests us. Measure what we could be doing instead of what we do (opportunities).

For example: if I have a women’s clothing store brand A, I lose the opportunity to sell brand B clothes. If I have my employees in a project, I lose the opportunity to work in another. 

This can confuse the cost of execution, but the opportunity cost tells you that you are doing your best with your resources.

In this case, there are no specific tips. The director of the company has some practices to help him make decisions:

1. Purchasing policy based on turnover based on sales
2. Make decisions based on market share and product or service potential 
3. Management of human resources, considering the specialization and alternatives of outsourcing

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.