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https://www.providecover.com/

Nathaniel

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https://www.providecover.com/

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Nathaniel

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Savings

Undergraduate

Passive Income

$20,000 savings at the age of 20. Am I on track? Currently studying university, no income. Any ways to earn more money while staying at home?
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Nathaniel
Level 5. Genius
Answered 1d ago
1. Home Baking This might be a little more "out-there" depending on your level of culinary experience, but home baking can be a great way to earn extra cash. Some of the best home bakers can make several hundreds to a couple thousand dollars for each bake sale they hold. See this guide on how to start your own home bakery business in Singapore. 2. Freelance Writing Easy and low-stress way to earn extra income. You can work anywhere, anytime. If you write well, you can make good side income. Good content marketing agencies (basically content writing companies) will charge $400-600 for a 2,000 word article. See this comprehensive guide on making money with freelance writing for beginners . 3. Amazon Niche Site Another writing job but this time you're writing for yourself, not other companies/individuals. You write reviews on products sold on Amazon, and you earn a commission everytime someone buys a product after clicking your link. Niche sites usually take about 4-6 months before you begin generating income; it's not uncommon to make $500-$3,000/month with niche sites. See this guide on how to start an Amazon niche site. These 3 side-hustles are 100% flexible, so you can easily fit the above activities in between your personal requirements (e.g. studies).
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COVID-19

Investments

Passive Income

Undergraduate

Hi!! am just an undergraduate trying to find ways to earn more income while still having online classes :) any suggestions?
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Nathaniel
Level 5. Genius
Updated 1d ago
1. Freelance Writing Easy and low-stress way to earn extra income. You can work anywhere, anytime. If you write well, you can make good side income. Good content marketing agencies (basically content writing companies) will charge $400-600 for a 2,000 word article. See this comprehensive guide on making money with freelance writing for beginners . 2. Home Baking This might be a little more "out-there" depending on your level of culinary experience, but home baking can be a great way to earn extra cash. Some of the best home bakers can make several hundreds to a couple thousand dollars for each bake sale they hold. See this guide on how to start your own home bakery business in Singapore. 3. Amazon Niche Site Another writing job but this time you're writing for yourself, not other companies/individuals. You write reviews on products sold on Amazon, and you earn a commission everytime someone buys a product after clicking your link. Niche sites usually take about 4-6 months before you begin generating income; it's not uncommon to make $500-$3,000/month with niche sites. See this guide on how to start an Amazon niche site. These 3 side-hustles are 100% flexible, so you can easily fit the above activities in between your personal requirements (e.g. studies).
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Insurance

Entrepreneurship

Career

How do I minimise the risk of my staff taking money from the cash register?
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Nathaniel
Level 5. Genius
Updated 1d ago
Here are some security tips to prevent employee theft and fraud: 1. Install CCTVs directed at cash registers: If you staff know that CCTVs are capturing their handling of cash, they'll be much less likely to steal from you. There'll be direct, permanent evidence of any pilfering which will be a strong deterrent. 2. Man the cash register yourself (if possible): Because of the risk of employee theft, most owners of cash-heavy businesses (e.g. F&B outlets, retail stores) will man the cash registers themselves. You'll see this when you go out to eat or shop pretty commonly. However, if this isn't possible (e.g. you have other responsibilities that keep you away from the store, or manning the register), then the other tips here will come in handy. 3. Do daily reconciliations: It's best to do daily reconciliations between the amount of sales generated that day, and how much was paid via cash/card. If the two amounts don't match, then you'll know very quickly that there's likely missing cash involved. You can then proceed to check the CCTV recordings. You can also use these daily reconciliations to do stock-takes (if you run a retail store), to ensure that the proper amounts were charged for the corresponding products sold. 4. Get fidelity guarantee insurance (AKA employee theft insurance): Even though the above are good precautions to minimise the risk of theft, if you run a cash-heavy business you'll always want to have fidelity guarantee insurance. This will pay for cash that's stolen by employees, and also cover fraud that's committed by employees (e.g. cheating customers out of money). Get online fidelity guarantee insurance quotes . Save up to 25% on your insurance premiums when you use Provide's online platform.
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General

Career

Investments

How much and what do I need to operate an online bakery from home? Can I work within my HDB flat? Do I need any license and do I need to register with Acra as a small home based family business? And how about insurance?
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Nathaniel
Level 5. Genius
Updated 1d ago
You can read the ultimate guide on starting a home bakery in Singapore. Summary of guide: Equipment 1. Oven: Starts from $500 Get a good but affordable oven if you're just starting out. You don't need to spend a lot. This one from Electrolux is a good starting point: https://www.lazada.sg/products/electrolux-eob2200box-built-in-oven-i242640457-s1231978038.html? You can begin considering purchasing a commercial-grade oven when your business grows and you need to scale up operations. 2. Misc. Baking Equipment: $200-$300 Useful list of baking equipment: https://shopee.sg/blog/useful-baking-equipment-tools-singapore/ You'll need whisks, baking trays, silicone baking sheets, mixers, etc. Legal Compliance Home bakeries are allowed under the Home-Based Business Scheme. You can certainly work within your HDB flat. Home bakers should carefully read the rules of the Scheme. See this helpful legal guide: https://singaporelegaladvice.com/law-articles/home-baked-goods-licence-singapore Summary of guide from Singapore Legal Advice: 1. You can't sell your baked goods at food stalls/stations/fairs, and you can't sell them at food establishments. 2. You can't register your HDB flat as your business address. 3. You can't load or unload your baked goods onto trucks, which means you can't produce baked goods in bulk. 4. You can't buy paid ads for your baked goods (so no Google or Youtube paid ads, for instance). You can, however, share your baked goods on social media posts. 5. You can't recruit staff that are not household members. Licensing: You don't need a license to operate a home bakery business under the Home-Based Small Business Scheme. You also don't need approval from HDB. See: https://www.hdb.gov.sg/cs/infoweb/residential/living-in-an-hdb-flat/home-business/home-based-small-scale-business-scheme The Singapore Food Agency has guidelines for home bakeries: https://www.sfa.gov.sg/docs/default-source/food-retailing/sfa-good-food-hygiene-tips-for-residents-preparing-food-under-hdb-ura-guidelines.pdf Insurance: You'll need a liability policy in case your customers get sick after eating your baked goods. You can get home bakers insurance quotes here. You can get online liability insurance quotes at Provide.
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COVID-19

Insurance

Entrepreneurship

Career

My friend and I are launching a new clothing store in town. Do we need anything beyond fire insurance?
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Nathaniel
Level 5. Genius
Updated 2d ago
Congratulations on your new store! Running a new business is exciting. You've also probably put a lot of money in starting your clothing store, so make sure you protect it with the proper coverage. Here's a list of the essential covers you'll need for your clothing store: 1. Commercial property insurance : Protects your shop against fire, water damage, burglary, and more. 2. Public liability insurance : Protects you against liability for injuries or property damage to third-parties. For instance, you can be held liable if a customer slips and falls in your store. While performing renovations, you can also be held liable for property damage you cause to neighbouring stores. 3. WICA insurance (work injury compensation insurance): Protects your employees from work-related injuries and sickness, including Covid-19 infections. 4. Fidelity guarantee insurance : Protects your business against employee theft. For instance, if your employees steal money from the cash register, or steal inventory, you'll be covered. Here's a comprehensive guide on retail shop insurance .
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COVID-19

Entrepreneurship

Insurance

Career

Passive Income

Anyone have tips on starting your own home bakery? Looking to earn extra income during this period. Any advice?
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Nathaniel
Level 5. Genius
Updated 3d ago
Lots of people have been starting home bakeries. There's 6 simple steps to starting your own home bakery: 1. Perfect your product 2. Purchase a comprehensive set of high-quality equipment 3. Do market research on competing home bakers 4. Ensure food hygiene compliance with SFA guidelines, and the Home-Based Business Scheme 5. Market your goods on social media 6. Protect your business against food poisoning liability Here's a comprehensive guide on starting your own bakery from home .
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Property

Career

Entrepreneurship

PropertyGuru vs 99.co: Which is a better platform to rent and sell properties?
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Nathaniel
Level 5. Genius
Updated 1w ago
Traffic and listings comparison (data from SEMRush): PropertyGuru: a. 1,100,000 organic searches / month b. 6 pages per average visit c. 13:34 average visit duration d. Larger listing range than 99.co 99.co: a. 207,000 organic searches / month b. 1.8 pages per average visit c. 7:01 average visit duration d. Smaller listings range than PropertyGuru PropertyGuru is clearly the better site. It's got a larger listing base, 4x more monthly traffic (it's Singapore's 36th most trafficked site!), and much stronger user engagement. However, you should list your client's homes on both sites for maximum traffic (unless the sites have rules about exclusive listings, in which case just use PropertyGuru). If you're a real estate agent, you can be exposed to expensive legal liability claims if you provide wrongful or negligent advice to your clients. Make sure you have a good Professional Liability policy to protect you from real estate liability lawsuits. Save up to 25% on Professional Liability insurance with Provide.
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Career

Insurance

Do architects often get sued? Thinking of setting up an architectural firm and was warned by colleagues of certain legal risks. Any advice?
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Nathaniel
Level 5. Genius
Updated 2w ago
When there are defective works in buildings, it's very common for all the relevant parties to get sued together. The construction company, engineers, architects and other related parties will often be named by the plaintiffs in their lawsuit. Case in point: In 2016, residents of The Seaview Condominium (it's in Amber Road - East Coast Area) sued 4 parties for $32 million, due to defective works in their condominium. They sued the real estate developer, the architects, the engineers, and the main labour contractor. As an architect, you could well be innocent, but mistakes made by other parties like the construction company could leave you seriously exposed to legal liability. It's therefore a standard industry practice for architects to get professional indemnity insurance to protect them from lawsuits. There's a guide on architects professional indemnity insurance here. Professional indemnity insurance will pay for lawyer's fees and legal damages awarded. Provide helps business owners get online quotes for commercial insurance, while saving up to 25% on your premiums. Get architects insurance quotes here.
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National Service (NS)

Lifestyle

Career

What are some jobs that I can work from home to earn some income aside from part time for pre-enlistee / NS men?
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Nathaniel
Level 5. Genius
Answered 3w ago
Here are some good part-time jobs for you to earn extra income for yourself: 1. Freelance Writing Easy and low-stress way to earn extra income. You can work anywhere, anytime. If you write well, you can make good side income. Good content marketing agencies (basically content writing companies) will charge $400-600 for a 2,000 word article. See this comprehensive guide on making money with freelance writing for beginners . 2. Amazon Niche Site Another writing job but this time you're writing for yourself, not other companies/individuals. You write reviews on products sold on Amazon, and you earn a commission everytime someone buys a product after clicking your link. Niche sites usually take about 4-6 months before you begin generating income; it's not uncommon to make $500-$3,000/month with niche sites. See this guide on how to start an Amazon niche site. 3. Web Developer You can create websites for companies. You don't necessarily need to know coding. You just need to be good at using Wordpress (which isn't hard to learn), so you can structure the site with plugins or functions to meet client demands. Average freelance web developers will charge $3,000 to $5,000 for a site; more complex jobs will usually start from $7,000 to $8,000. Do note that there's a fair amount of customer servicing you'll need to do after you handover the completed site, so factor that into your income/effort calculation. See this guide on being a web developer.
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COVID-19

Entrepreneurship

Career

Any tips for boosting business to my cafe?
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Nathaniel
Level 5. Genius
Answered 4w ago
1. Leverage social media Unlike other B2C businesses, you don't really have to buy paid ads to market your cafe. The power of marketing for cafes lies in social media. Ensure you have a regularly update social media presence. Invest time into connecting with your customers over your social media channels - responding to queries, providing regular updates, etc. 2. Make sure your food is instagram-worthy Because so much of your marketing will come from visual social media channels (e.g. instagram), ensuring that your food is presented beautifully will make a siginificant difference to your marketing reach. 3. Consider renovating your cafe This is an option to consider if you have spare funds that you're willing to invest. Just like with food presentation, aesthetically pleasing cafes go a long way to attracting clients - think of establishments like P.S. Cafe and their instagram-worthy interiors. 4. Offer delivery Dine-in customers, as you would know by now, have significantly dropped. Offering your food via delivery will be an important stream of revenue for lots of F&B businesses. 5. Implement a loyalty program Reward your customers for dining with you, or ordering food from you via delivery services. The F&B sector is hugely competitive, so every dollar saved helps bring you repeat business. Returning customers will be the lifeblood of your business. Protect your investment with F&B insurance / cafe insurance You've invested a large amount of money into your cafe. Make sure you protect your investment with cafe insurance . Provide's online platform helps you save up to 25% on your premiums .
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