As the metaverse grows in popularity, more and more businesses and influencers are looking for ways to make money within this digital world.

If you have already established within the metaverse, there are a few powerful and advanced ways you can boost your income.

If you need ways to boost your income in the metaverse, here are seven powerful and advanced strategies you can use:

Offer Consulting Services

One way to boost your income in the metaverse is to offer consulting services. This could involve helping businesses with their presence in the Metaverse or coaching individuals on how to make money within the metaverse. If you have experience and success in a particular area, you can use this to your advantage by offering consulting services. In addition, consulting is practical to earn additional income, as you can charge for your services. 

Use Data and Analytics to Your Advantage

Data and analytics are your friends when boosting your income in the metaverse. Use data to track your progress and identify areas where you can improve. Analytics can also help you understand your audience and determine what content or products they’re most interested in.

Use Influencer Marketing

Influencer marketing is a beneficial way to reach a larger audience and generate more income. Find influencers already established in the metaverse and partner with them to promote your brand or product. This will give you access to their large following and help you reach new people.

Offer Exclusive Products and Services

People are always looking for exclusive products and services in the metaverse. If you can offer something that’s not available anywhere else, you’ll be able to charge a premium price and boost your income. A few examples of exclusive products and services include 3D-printed items, virtual reality experiences, and one-of-a-kind digital art.

Participate in Events and Collaborations

There are always events and collaborations happening in the metaverse. Participating in these can help you reach a new audience, make valuable connections, and generate more income. Look for events relevant to your brand or product and see if you can get involved.

Build a Strong Brand

A strong brand your audience recognizes in and out of the metaverse is essential for success. Take the time to create a unique and recognizable brand identity that sets you apart from the competition. When your branding is solid, it is easier for people to find and remember you, leading to more income. Using your avatar’s style to reinforce your brand identity can be helpful here.

Provide More Value

People want to get more value for their money. So if you can offer more value than your competitors, you’ll be able to charge a higher price and boost your income. A few ways to increase your value in the metaverse include offering exclusive content, providing personal attention, or delivering superior customer service.

The way to make money in the metaverse is through creating and selling content. Content can take many forms, including:

• Selling virtual land or buildings to other users
• Creating and selling digital goods, such as clothing or furniture for avatars
• Selling digital products, such as ebooks or software
• Offering services, such as design, coding and writing
• Creating and selling virtual real estate
• Offering in-world events or tours

The metaverse provides endless opportunities for businesses and individuals to increase their income if you’re looking for ways to boost your income in the metaverse, be sure to use these tips to get started.

Getting the right cost for your client is tricky and there are no right or wrong ways to work out what you should be charging.

However, thinking about what we discussed in Finance for the Non Financial Leader – we should ensure that we have sufficient income coming into the business to cover the expenses.

This simple calculator helps you to calculate what your ideal charge points are.

Your final guideline figure should then be bench marked against the type of coaching that you deliver. Other factors such as

• Coaching Experience
• The outcome required
• Commitment (Eg one off session or block)
• Time of day (evening/weekend could be a premium)
• Your comfort about working with the client

Typically, life coaching for newly qualified coaches can be £30 to £50 per hour, increasing to perhaps £50 to £100 per hour for more experienced (Source : Animas Coaching). At the other end of the scale, executive coaches can secure more specific coaching at £200 to £500 per hour. So, as you can see, there are a huge number of variants.

There is also a conversation about taxation. Some businesses decide to register for VAT (value added tax). This means that every month, or quarter they need to pay a balance to HMRC of what they have charged in VAT less what they have spent that includes VAT. There is a threshold above which there is not a choice as to whether the business should be VAT registered.

Typically business to business clients can reclaim VAT (but not always!), and the other type of customer, the private client, probably can’t reclaim this VAT. This may have an impact on your charging structures.

Eg for a private client you may charge £100 per hour – this would include a VAT element.

It is also important to consider other overheads.

Just paying your salary will not alone keep your business afloat. There are additional costs to consider such as internet costs, travel, training, meeting costs, your supervision, insurance, membership fees, marketing costs, learning, hosting costs, or any tax contributions (such as VAT and corporation tax) that your company needs to make on your behalf.

When the final results come through, remember that this hourly rate ONLY pays you so other factors mentioned above need to be represented in what you charge your client.

Cryptocurrencies are a form of digital money. They use cryptography to secure transactions and to control the creation of new units. They can be used in many contexts, such as peer-to-peer payments and retail purchases. There are over 1,500 different cryptocurrencies available today. However, not all cryptocurrencies are the same; they vary based on how they were created or what they’re used for. Let’s take a closer look at each type:

Utility tokens

Utility tokens are blockchain based assets that have a use in their ecosystem.

These tokens don’t represent equity, debt or other financial instruments, but instead provide access to a company’s product or service as well as future benefits.

They can also be used to pay for goods and services inside the network owned by the specific token issuer.

Payment Tokens

Payment tokens are used for payments for goods and services. Payment tokens are not very liquid. This means that it’s difficult to buy and sell them. They also aren’t a good store of value, as their value can change quickly.

Payment tokens are not a good investment because they aren’t backed by anything, like gold or stock in a company. They don’t pay dividends, so you won’t get any money from them if you hold them for long periods of time.

Security tokens

Security tokens are blockchain based investment contracts that pay out dividends, share profits, pay interest or invest in other tokens or assets to generate profits for the token holders. They are a digital representation of a security (i.e., they represent real world assets).

Security tokens can be sold and traded on a secondary market like any other asset class — this means that their supply and demand dynamics are somewhat similar to stocks and bonds. Security tokens also allow companies to raise money from investors through Initial Coin Offerings (ICOs). When you sell an ICO, you actually issue shares in your company. If you want to invest in an ICO then make sure that the prospectus by law outlines all of the information about how much money is being raised, where it will be used etc

Since most people don’t understand how security tokens work, many organizations have started issuing them as securities instead of utility tokens because they are easier to understand. However, since there isn’t any regulatory framework in place yet for securities issued on distributed ledgers like ethereum blockchains so it may take some time before we see widespread adoption within this space

Stable coins

Stable coins are price-stable cryptocurrencies. Some stable coins are pegged to fiat currencies such as the US dollar, while others are backed by collateral such as gold or real estate. Stable coins offer a useful tool for investors and traders looking to hedge against cryptocurrency price volatility.

Stablecoins can be categorized into two groups: centrally issued and decentralized (or community-issued). Centralized stablecoins rely on one or more trusted parties that issue new tokens when necessary while ensuring they remain pegged to the currency they’re pegged to (for example, $1 USD). Decentralized stablecoins have no central authority and rely on consensus from members of a community who can mint new tokens if needed in exchange for holding their native assets in escrow or collateralizing them with assets such as gold bullion or real estate until needed for minting new coins.

With so many types of cryptocurrencies out there, it can be a bit overwhelming to know which one is best suited for your needs. But by understanding the different types available and their unique features, you can decide which cryptocurrency would be most suitable for your next project or investment.

We hope this article has helped clarify some of these complex issues around blockchain technology and its ever-changing landscape!

Digital currency, also known as cryptocurrency, is money created and managed electronically. They are traded on decentralized exchanges and are used to purchase goods and services within the metaverse and other platforms that accept it. Cryptocurrencies are gaining popularity as an investment vehicle as well as a means of payment. For many, digital currency represents the future of money.

When we first set up as a coach, we have many decisions to make. One of the first is how am I going to show up legally. Shall I trade as a sole trader, or shall I form a limited company?

This article is specifically aimed at a trader in United Kingdom as other countries such as the United States and European Countries have different rules as to how your legal status is defined.

The preferences are really down to you. As you would expect, there are advantages and disadvantages to both entities. This short article is written from a perspective of practicality and not as an accountant or auditor.

When faced with this decision when I set up my business, I opted for a limited company status. The process was quite simple and involved filling in a few online forms at the Companies House website, as well as a small financial transaction. The main reasons that I formed a limited company were

• my target market was mainly corporates. The limited company status appeared at that time to have more status. Interestingly, I also set up as VAT registered at the same time although that is beyond the scope of this discussion. I felt that this helped improved reputation.
• I wanted to separate out the liabilities of my business operation from my personal financial situation. I felt that this was just a cleaner option than having to run accounts as I would if I was a sole trader.

Details about a limited company

A limited liability company is a separate entity and a separate legal structure. When setting up a limited liability company, a number of shares are declared with a financial value (called Share Capital). This financial value is, with a few exceptions (such as negligence), the liability that a company can have. This means that the company offers protection in terms of its assets.

Some people do get confused when asked if they work for themselves. Legally we do not. We have a contract of employment to fulfil a role within the company, as a company director.

For this role, the company directors get remunerated with a salary on which national insurance and income tax is paid at the prevailing rate. The company also pays National Insurance contributions. As a limited company director, we have legal obligations that we need to perform. The assets of the business can never be considered as personal assets.

In all cases, there needs to be an annual declaration of the annual accounts to companies house and the Tax Office. In addition, there needs to be a confirmation statement (or annual return) filed of who the directors are as well as any person that has significant control (usually greater than 50% of share ownership). I would think of the person with significant control as the ultimate business owner as they hold the majority of shares.

If you also happen to own the shares of the company – then you can also benefit from a dividend of the profit. This profit is typically the business revenue less business expenses to run the business. Some feel that this is the most tax-efficient way of trading although this benefit has eroded over the past years.

The amount that is paid as a dividend has two tax implications

1. the company has to pay corporation tax on the dividend declared in an annual corporation tax return.
2. company directors have a tax liability if the dividend amount received is above the tax level. This is known as a dividend tax.

If your company does pay dividends to its shareholders (including yourself), you need to

1. record in the minutes of a filed shareholder meeting that the board of directors have agreed to pay the dividend on the certain date in relation to the number of shares held
2. issue a tax voucher to each shareholder as a record of the dividend payment.

Whilst neither of these are arduous, a failure to comply with these simple steps could result in penalties being issued by the tax office.

Details about a sole trader

The legal structure is different for a sole trader. As the name suggests, the sole trader is trading under their own name and therefore does not have a separate legal entity to consider. As an individual, the accountability resides with them, as does the relationship with the tax office for National Insurance and Income Tax payments. There is no corporation tax as a sole trader, as there is no corporation. Your personal finances are intertwined with the trading entity. Your tax situation for your trading is intertwined with your personal tax position and any tax-deductible expenses.

In both cases, careful financial records need to be kept and annual self-assessment tax returns need to be completed. I would also advise on Personal Liability and Public Liability Insurance from a reputable broker.

Although this is a short overview of sole trader vs limited company, you should always seek professional advice that can dig deeper into your personal situation and advise you on the detailed tax implications associated with your chosen business structure.

A financial understanding of your business is critical in ensuring that you remain profitable. This series is built on the concept of Finance For The Non Financial Leader. Why then do so many people falter when asked what is your gross profit? Or what should you be allowing for costs against a gross profit? What is cash flow forecasting?

Finance is not just for the financial manager. Achieving and maintaining financial stability is an important part of any company’s success, and it’s not something that you, as a business owner, founder or leader can leave to someone else.

In this sequence of posts – Finance For The Non Financial Leader, we’ll cover the basic terms you need to understand in order to keep your business on a solid financial footing.

We’ll also discuss how you can use these terms to make sure that your records are accurate and up-to-date, and how your directors’ responsibility in keeping accurate records can help ensure that your company stays in the black.

Finally, we’ll go over what happens when there isn’t enough money coming in or going out of a company—how do you deal with cash flow problems? And what happens when there’s too much money coming in? Is it always a good thing?

A financial understanding of your business is critical in ensuring that you remain profitable. The more you know about your company’s finances, the better able you’ll be able to make informed decisions about how to maintain a healthy balance between income and expenditure.

We will discuss the importance of understanding your business’s financial situation so that you can identify potential problems before they become too serious.

It’s also important to understand the mechanics of how money flows into and out of your company. This will help you make sure that your finances are in order so that you can get paid for the work you do. Here, we’ll discuss some basic accounting terms and principles, as well as how to keep track of where all your money comes from and goes.

Cash is King

The first rule to remember is that cash is king.

Cash is money that you can free up immediately in your business and often is held in a bank or savings account.

Cash flow is the amount of money that flows into and out of your business. You need to ensure that you have enough cash coming in so that all of your expenses are covered.

If you run out of the cash needed to run your business and cannot satisfy the people that you owe money to, you are insolvent. This happens when a company can’t pay its bills or take care of other financial obligations. If there is not enough money coming in, then it’s time to re-evaluate how much money you spend on things like salaries and rent.

You can therefore understand why Cash is King

How does cash come in and leave the business? An essential for the non financial leader.

Cash comes in usually in the terms of income (sales) and Cash leaves the business as an Expense. The following equation is often referred to

Income – Expense = Profit (Loss)

This calculation can give you an immediate picture as to the profit or loss that is being generated by the business.

If Income is greater than the expense, then you are in a profit situation.

• If Income is less than the expense, then you are in a loss situation.

Whichever situation you are in, the figures tend to roll from month to month. From this, you can predict what the future cash flow forecast is. The cashflow forecast is how much money you are predicting to be n the business when you have taken into account all the Income less Expenses of a period of time.

Lets work this through with an example.

You have just sold Widget X to a new client for $100. It costs you $34 to make the Widget and $6 to ship the product to the client.

Your profit is therefore $100 – ($34+$6) = $60. This is termed your GROSS profit. In this example, the gross profit is 60% of sales.

The GROSS profit is the cash that you make when you take into account any costs incurred when you make and sell this product.

It is likely that you are paying yourself a salary, perhaps rent a building and have a loan to repay when you purchased the equipment. These are all fixed costs and ultimately still need to be deducted from the Cash or profit that you have generated.

When we take a proportion of this at the product level (say $35 per widget) – your net profit is $60 less $35 which is $25 or 25%.

It is really important to keep your net profit positive else you will be losing money and will eat into any cash that you have in your bank.

Importance of keeping records – an imperative for the non financial leader

Importance of keeping records

an imperative for the non financial leader

Can you imagine the chaos that would ensue if you didn’t have a record of all the costs associated with producing and selling your widget?

You wouldn’t be able to know how much profit was made, where it was made or what product lines were profitable or not. This is why it is so important for non financial leaders to have access to their own finance functions in order to ensure that they are getting the information they need when they need it.

When you are a new business, it is important to keep records of all your transactions. It allows you to track the financial health of your business over time. This information can also be used by external parties such as investors, banks and accountants. They will want to see that you have been able to generate positive cash flow which means that they know that they will get their money back when they invest in your company.

Aside from the chaos that could be caused by not keeping accurate records, there is an obligation to do so from the tax office and companies house. If you cannot demonstrate this, you could be struck off as a director and receive fines.

Solution : Software packages offer a helping strategy for non financial leaders.

Luckily, a lot of the financial data that you need to track can be found in several online accounting packages.

I have been using Xero for many years as this not only ‘forces’ you to keep accurate records but also aids in the submission of tax records. This is a very easy to use accounting software that allows you to easily create invoices and manage your cash flow. It also gives you access to reports that show how much money is coming in and going out of your business.

As a non financial leader myself, I rely on Xero and processes to ensure that I understand the state of my business(s) at any moment in time, keep accurate records and submit what I need to to tax and other government organisations.