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How To Start A Business In Your Garage

Published

2 years ago

February 1, 2020

When you start a business, a great location is a vital factor. For many startup entrepreneurs, their garage is an easy solution. They have an extra space without needing to pay for an office space or other overheads.

There are many advantages to starting a business in your garage, starting with the savings. Business owners can build and mix, analyze, and develop their products, services, and/or concepts without raising their bills by working in a garage.

The absence of the need to commute and the possibility to choose your own hours are further plus points. However, if you want to use this practical space with its advantages for a successful business, you probably need to take a few steps to complete your garage. This place is also suitable for those students who are looking for ways like to do my computer science homework.

By working in a garage, entrepreneurs and students can create and mix, revise, and improve their products, services, and/or ideas without increasing their bills.

Choose a store that fits in your garage

Not all companies will successfully run out of a garage. For example, a business lawyer would lose credibility if he had client meetings in his carport, but a car or bicycle repair shop would fit nicely in this space.

Most handicraft jobs are great for a workshop, but they’re not the only options. Many other stores can be set up in your garage to get started. Perhaps with a little makeover or upgrade by a professional garage service company, you should be ready for business from home.

Virtual assistant or social media management services, web/graphic design, online retail, computer or phone repair, online tutoring etc are also all great options.

Clean it up

The conversion of a spare room or a garage is all too often half the effort, since the office space serves as a workplace and storage room.

But it becomes too easy to further increase the mess, so commit to your conversion and be ruthless when you fix it. Enjoy the process of letting go.

Open it

Garages are known to be terribly ventilated. Therefore, your first action plan must focus on improving this. Remember: the more natural light you can let into your new office space, the better it is for your health and the lower your electricity costs.

Installing large windows and replacing the rolling gate with a sliding gate are two good options. You may also want to install air conditioning for the hot summer months: if your budget doesn’t allow it right away, plan it anyway.

Paint and renovate

Once all of the structural changes to your new office have been made, it’s time to get inspired and personalize this professional area. Choose soothing colours for the walls and design your office space so that it reflects your work and personality.

Choose the right equipment

Your home office should be equipped with comfortable and functional equipment that supports your work. That means it’s time to shop!

If you can, try to make more desk space than you think necessary and install a lot of shelves. We’ll save you time to think: you can never have enough shelves or desk space!

Finally, be ready to move on if necessary.

If your workshop business becomes a success, you will likely grow out of the room. Be ready and willing to continue when the time comes. After all, you need more space for more employees. The operating costs will be higher, but your earning potential will be higher.

Starting a business from your garage can be a great start. If you have the tools to clean up the space and apply the skills you’ve learned from starting a business, you should have no problem with being successful.

Blog

How Conventional Scores Are Stopping Most Millennials From Accessing Credit and How One Company Is Changing That

Published

5 months ago

December 29, 2021

Rosario Farell

Credit scores are a barrier to entry for just about everything for millennials. Trust Science® is taking new metrics into account to expand access to credit with Credit Bureau 2.0®

What’s Keeping Millennials From Accessing Credit?

The concept behind a credit score seems simple enough. It tracks your credit history to see if you’re someone that a bank or lender can trust to pay back a loan. However, conventional credit scores just don’t account for the way that millennials and Gen Z handle their finances.

Even where a person would be fully capable and reliable in paying back a loan, the lack of an established credit score can prevent them from accessing credit, or at least from getting as much as they should be able to. That leaves millennials without an on-ramp into the modern economy and it can also jeopardize access to other “credit gated” necessities like housing.

The way that conventional credit scores are calculated is complex but boils down to 5 essential metrics:

Payment history
Amount owed
Length of credit history
Credit mix
Hard credit inquiries

You can start to see the issue for millennials when you look at what data goes into their credit scores. For one thing, younger people don’t have a long credit history. Even without other factors, simply being young and only having had so much time to build credit puts them at a disadvantage. However, millennials have also been tending to establish credit later in life compared with previous generations, putting them at a further disadvantage.

The most significant issue here is the credit mix. Different types of credit affect credit scores differently, and millennials generally don’t have a favorable mix. While they might have a credit card or two, they generally don’t have mortgages. These are the most beneficial type of credit to have on your credit report, and millennials really have that going against them.

The student loan crisis also plays a big role. Young people today have much higher student loan debts than previous generations, meaning they have a great amount of credit owed. Not only that, but many can begin to fall behind on payments and see that amount grow. This can quickly send a credit score spiraling out of control.

Student loans aren’t the only threat. When young, some people make poor decisions. They could find themselves making credit mistakes very early on and suffering the fact that those mistakes can haunt their score for seven years in general. That means someone at 25 is still paying for a mistake made at the age of 18, even if they’ve been on the up and up ever since.

It’s clear that conventional credit scores weren’t designed with the current landscape in mind and that young people are being negatively affected. But what exactly can be done about this? One company is changing the way that lenders look at creditworthiness to make it possible for millennials to mitigate these issues.

How Credit Bureau 2.0 Fixes Those Problems

Trust Science is an innovative fintech company that has developed Credit Bureau 2.0, a scoring service that acts as an antidote for lenders, offsetting the problems posed by conventional credit scores. Instead of seeing a lack of credit history, a few negative issues from years ago, or a poor credit mix and ending any credit application, Credit Bureau 2.0 considers a wealth of additional data to generate a more accurate credit score.

Credit Bureau 2.0 expands the data used to calculate credit scores, getting the borrower’s consented, permissioned data and/or acquiring Alternative Data in order to reach a more accurate credit score. For example, those applying for credit can use Trust Science’s Smart Consent™ app to divulge their information safely and confidently to Trust Science, which is working on behalf of the lender that is trying to reach a decision about the borrower. By doing so, young people or other people without a credit history in-country can let prudent financial decisions in other areas of their lives demonstrate that they’re trustworthy for greater credit.

The service is available to a wide variety of lenders, including auto lenders, installment lenders, and single-repayment lenders. It’s in their best interest to find more reliable, deserving borrowers to give loans to, so Credit Bureau 2.0 benefits both sides of the transaction.

Trust Science CEO Evan Chrapko says that “Credit Bureau 2.0 isn’t just about giving borrowers access to more credit than they would have had otherwise. It’s about recontextualizing financial data to give both sides–lenders and borrowers–a more accurate and reliable way to enter into loans in the modern economy.”