Money Management

For small businesses, the Fed’s interest rate cut creates both opportunities and challenges. Learn about how falling interest rates might impact your business. [[{“value”:”

The Federal Reserve recently dropped its benchmark interest rate by 0.50%, and many experts expect more cuts to come. As rates begin to fall, small businesses need to be prepared for both the challenges and opportunities to come, such as lower-cost small business loans.

Here are a few ways your business might be impacted and what to do to prepare.

Lower-cost loans

When the Fed cuts interest rates, banks do, too. That means if you’re looking to take out a loan for your small business, you’ll likely have access to lower interest rates. The reduced cost of borrowing money can improve cash flow by lowering monthly payments. If you’ve been considering taking out a business loan or investing in expensive equipment, now might be a good time to take the plunge.

Increased access to financing

As borrowing becomes cheaper, lenders may be more willing to extend credit to small businesses. Lower rates encourage banks to relax their requirements for lending a bit, which can open the door if you’ve had trouble getting access to funding in the past.

Business credit cards and business loans can be used to expand your business, invest in new equipment, or get money to try new products or services you’ve been considering.

A chance to refinance your existing debt

Lower interest rates also may provide small businesses with a chance to refinance higher interest rate loans. If your company has outstanding debt, keep an eye on falling interest rates and consider refinancing. A lower interest rate can mean lower monthly payments, which can free up cash flow for other uses.

Boost in consumer and business spending

The goal of cutting interest rates is to boost the economy, which means more spending. When interest rates fall, both consumers and businesses are more likely to make purchases. This uptick in economic activity can create a favorable environment for small businesses, leading to higher sales, lower customer acquisition costs, and increased revenue.

Make sure your business is prepared for a possible increase in revenue by investing in new software, updating your website and hosting, and expanding your marketing efforts to reach a broader audience. Consider whether it makes sense to increase your staff, too.

Increased competition

While falling interest rates can present growth opportunities, they can also increase competition. As loans become more accessible, your competitors may also take advantage of cheaper financing to expand, innovate, or improve their operations. To stay ahead, your business needs to figure out how to leverage the low-rate environment, possibly through new investments, marketing strategies, or efficiency improvements.

Rising real estate costs

As interest rates fall, it can increase the demand for commercial real estate as new businesses are created and other businesses look to expand. If you are considering renting or purchasing a property, you may end up paying a bit more. Weigh the benefits of lower interest rates with potentially higher real estate costs.

Interest rates are just beginning to fall, which means now is the time to consider how this might impact both your small business and the market for it.

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If you regularly use your Costco membership, the last thing you want to do is lose it. Here’s how to avoid having your membership revoked. [[{“value”:”

Sometimes, when our behavior causes something bad or uncomfortable to happen, there’s also regret to work through. Imagine the regret of having to say, “I’d love to pick that up at Costco for you, but I’m not allowed to shop there anymore.”

While it’s possible that no one you know has ever had their membership canceled by the retail giant, it can happen. In fact, Costco’s Member Privileges and Conditions page explicitly states that the retailer may cancel a membership at any time.

Here are a few ways you could lose access to Costco — and all the ways to maximize your membership there.

1. Make an employee feel unsafe

It should go without saying, but touching a Costco employee in anger or frustration will lead to immediate termination of your membership. However, you can also expect repercussions for verbally assaulting an employee. No one should go to work each day expecting a stranger to yell at them for issues outside their control.

For example, if you haven’t heard, Costco is in the middle of cracking down on membership sharing. Stores are now (or soon will be) checking that your ID matches the name on the membership card you scan when you enter the store. You can also expect a cashier to ask for your card as you check out.

If that feels very “Big Brother” to you, you may want to keep those thoughts to yourself. Employees do not come up with the rules, but are responsible for enforcing them.

If you can’t imagine giving up the items you typically buy at Costco or losing the perks associated with your favorite method of payment, basic politeness can help protect your privileges. Check our list of the best credit cards to use at Costco to ensure you continue maximizing your credit card rewards on Costco spending.

2. Trying to get around membership rules

Now that Costco has made it clear that it doesn’t want us sharing our membership cards, it’s important to make other arrangements — especially if you’ve been using someone else’s card to shop or loaning your membership card to friends and family.

Some don’t want to wait in a short line to show their ID upon entering the store or their receipt when leaving. This is a mistake. If you’re going to shop at Costco, your best bet is to build in a few extra minutes to wait for verification.

Shortly after Costco announced the crackdown on membership sharing, I wondered what people were saying about the change. While I don’t spend much time on Reddit, I frequently find the most amusing answers there. My favorite was from someone calling themselves Aggressive-Scheme986.

The poster wrote that she typically uses her father-in-law’s membership card. “It has a photo of an old man. I am a young woman. I once showed them the card, and they said, ‘That’s not you,’ and I panicked and said, ‘That’s my husband.'” According to Aggressive-Scheme986, the Costco employee stared at her for two seconds before indelicately commenting on her “husband’s” age.

3. Committing theft by playing fast and loose with price tags

It’s natural to assume that you could lose your membership due to theft if you slip a package of batteries into your coat pocket or try to sneak out of the store with an extra bag of dog food. However, a form of theft that’s less well-known is price switching. Here’s how it works:

Someone sees something they want, like a quality cut of meat.Rather than try to sneak the meat out, they take the price tag off an inexpensive cut of meat and quickly slap it on the high-quality cut.Like every other retailer, Costco considers price tag switching a form of theft and will cancel your membership if you’re caught.

Personal finances can be tricky, and stretching your household budget may be challenging. However, if your Costco membership is valuable to you, you’ll want to do everything you can to hold onto it.

One idea is to consider cash back credit cards. Some pay you enough back to cover the cost of membership and perhaps help pay for extras, too.

In the meantime, be kind to yourself and to Costco employees. That way, everyone benefits.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Dana George has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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Want to make some extra cash quickly? Then check out these five cheap and easy side hustles. You can start any of them today — here’s how. [[{“value”:”

If you are looking to make some extra cash with minimal start-up costs, starting a side hustle might be just what you (and your bank account) need. But what if you needed that money right now? Could you actually start a side hustle today?

You bet.

It need not cost much upfront, and with just a few resources, you can begin earning money quickly — like, right now.

Here are five cheap and easy side hustles you could start before the day comes to a close.

1. Hauling and short moves

If you have access to a truck, van, or even a large SUV, you can start a hauling or small moving service today. Right now, there are people out there who need help with furniture deliveries, small moves, or junk removal, and they are willing to pay for that help. Hauling and moving gigs require minimal upfront investment beyond gas and a little muscle, and you can start taking jobs immediately.

And you can advertise your hauling service for free on Craigslist (a site that gets 250 million visitors per month). It’s where tons of people turn to when looking for just this sort of help.

2. Online tutoring

One of my daughters spent the year after college making bank tutoring kids in China how to speak better English. There are lots of these sorts of side-hustle opportunities available, and especially if you are skilled in a particular subject, online tutoring can be a lucrative side hustle.

Again, placing a Craigslist ad under “Services” could lead to customers right away, and also, check out sites like Wyzant and Tutor.com. Whether you are helping someone with math, science, or languages, this side gig only requires a stable internet connection and your expertise. The pay can be quite good, especially if you specialize in high-demand subjects.

3. Delivery services

With services like DoorDash, Uber Eats, and Instacart, you can start delivering food or groceries to local customers quickly. This side hustle allows you to work on your own schedule, and with minimal investment (your car or bike, and a smartphone and insurance), you can begin accepting delivery orders immediately. This is a super flexible way to make money quickly, and the more deliveries you take, the more you can earn.

4. Pet sitting or dog walking

Americans love their pets, especially their dogs (and no, I am not biased, even if I own the best dog in the world, our sweet Hazel). But if you are good with animals, pet sitting or dog walking can be a great side hustle.

Simply sign up with a service like Rover or Wag, and you can be connecting with pet owners pronto. Truly, you can sign up in the morning and start earning money by the afternoon, especially if you live in a pet-friendly area. There are no upfront costs, you can manage your own schedule, and you make money simply by spending quality time with pets.

5. Rent out your stuff

As with so many things, here is a fairly new side hustle option, courtesy of your friend the internet. If you have tools, equipment, or even extra space, renting them out can provide a steady stream of extra income.

Check out a site like Fat Llama that allows you to rent out just about anything — from cameras and power tools to storage space and more. This side hustle is easy because you are monetizing items you already own, and you can start earning money today by listing your things for rent.

They don’t say that we are living in the “gig economy” for no reason. So what are you waiting for? Take advantage of it. There has never been an easier time to start a side hustle, even in one day.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has positions in and recommends Uber Technologies. The Motley Fool has a disclosure policy.

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