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What to Consider When Starting Your Own Business

Starting your own business can be hard work, and, while everyone has creative business ideas, not everyone puts them into action. What’s to say one idea is more of a money-maker than the next? While not everyone is cut out for the pressure of owning his own business, many people benefit from the satisfaction of being self-employed.

Depending upon the industry, setting up and starting your own business can be a risky venture. Many people try to choose something that will interest everyone, but you must realize that you can’t create a market that will appeal to all people. Select a market that suits your product best and then get started. Consider that starting your own business will be challenging in the beginning but rewarding in the long run. The big question that remains is, once you have some creative business ideas in mind, how do you get started?

Formulating Creative Business Ideas and Market Potential

You must first devise an idea that you believe has some sort of market potential. Remember that your market is what makes and keeps you in business. Cater to your customers, and they will reward you with an increase in business. If you’ve found great market potential, you can now move onto formulating these creative business ideas into words.

Construct a rudimentary plan that covers your creative business ideas loosely but concisely as well. In this initial draft outline, ensure your idea is something that interests you and that your product or service is easily acquirable and cost-effective. If you’re unsure, make a list of pros and cons to decide if the idea is worth pursuing.

Creating a Solid, Organized Business Plan

While you don’t necessarily have to be savvy in business matters, you do need to create a solid, comprehensive business plan that is well-organized and consistent throughout the document. Here, you will incorporate all of your creative business ideas into a plan that demonstrates how you will put your idea into action.

In your business plan, you need to outline and cover the general concept of how you will go about starting your own business as well as the specifics. You will need to discuss the start-up costs, the state of the industry, finances, and perhaps even include graphs and charts to highlight your research of the industry. Keep in mind that this business plan is what financiers or lenders base the viability of your idea on.

Financing Your Ideas and Starting Your Own Business

Once your creative business ideas have been turned into words and are approved, your financier will give you the thumbs-up to begin. Should you need a place for your business, scout out an appropriate location and begin the leasing process. Once you have a location locked in, you’ll need to begin spending money on the business space by purchasing items according to your needs. If you’re starting your own business from home, you will still need to acquire licenses and permits to operate your business legally. Proper insurance for your business and products is necessary so that you will be covered in the case of an accident or disaster.

Generally, small businesses have three financing options: asking friends and family for a loan, finding investors, or applying for limited equity bank loans. You must decide if you can relinquish some ownership of the business for the first two types of financing options or be willing to hand over a monthly loan payment and a sizable chunk of your profits to the bank.

The Grand Opening: Advertising and Marketing Tactics

After the financing is out of the way, you can concentrate on the particulars. Next, you must decide on a legal structure when starting your own business: sole proprietorship, a partnership, or a corporation. Choosing one of these set-ups will help in the long run; however, your financing will ultimately determine which structure you choose.

You’ll also need to spend money on advertising and marketing for your business. It is here that more of your creative business ideas come into play; consider using both local and regional newspapers, television, fliers, the Internet, and the radio. Using a wide variety of tactics will help you reach a larger audience than just a hyped-up grand opening. However, word-of-mouth will be your greatest help, and this generally stems from top-of-the-line customer service.

Ensuring the Success of Your Creative Business Ideas

There is a tremendous advantage for business growth and success in the United States. Researching your market, formulating a sound business plan, and acquiring appropriate financing are the avenues you must follow for starting your own business. This is the hard part, however, and this is where many people neglect to study their options.

Remember that starting your own business will not be easy, and yes, sometimes businesses do fail. If you keep persevering despite doors that slam in your face, you will eventually get your creative business ideas off the ground and find yourself self-employed and in charge of your own affairs!

Real Estate Investing Scams – 10 Tips To Safeguard Your Money In Partnerships

Real estate partnerships- have you ever been involved in one? They can be a good vehicle in certain situations but they can ruin you too if you fall for a real estate investing scam. Take these tips and use them and hold on to your money.

Successful real estate investors protect themselves from potential scams. Just because someone speaks in the language of real estate does not mean he or she has good intentions with your money. When I first started investing I had two men approach me about partnering in some real estate deals. They showed me comps with all of the sales data, estimated repairs etc. and because they painted such a great picture and seemed to be very knowledgeable about real estate I fell in the trap that cost me over $30,000 US Dollars. You don’t have to make the same mistakes. Now you can follow 10 simple steps that will limit your risks while you invest.

1. Take counsel from a professional investor group.

In the wild the animals that survive are the ones that stick together. We should apply that same principle. But make sure that the investor group is honest and willing to give counsel when ever you feel something seems questionable or too good to be true. You want to look for a network that does not just sell you deals, they should be investing in the deals with you. Now that is putting your money where your mouth is.

2. Know your partners.

Never partner without knowing your partner. If you are considering partnering with a person that appears to be a pro make sure to have your attorney look him up to make sure he is clean. Your success will always be influenced by the people you surround your self with. If the people you partner with are successful and trustworthy you will grow. If your partners are scam artists you will be perceived to be just like one of them.

3. Have an attorney on you power team.

Make sure your own attorney represents you in every partnership and property investment. Having legal paperwork done right will keep you out of trouble and protect your interests if you need to go to court. Trust me when I say that the cost of working with an attorney is far cheaper than an ugly lawsuit because you did not do things according to the law.

4. Secure your money.

Keep any deposits for an investment in an escrow agent account until you move forward with the project because you will be able to retrieve your money if things go south.

5. Do your own due diligence

Obtain comparable sales and market research from your own sources when you are not sure the areas value. Drive by if necessary. This would also be a good time to speak with your mentors regarding the project you are considering. If your numbers work then take action.

6. Be insured at all times.

When investing in real estate title insurance is meant to protect you from any surprises. When purchasing apartments or any commercial property also ensure that you have umbrella coverage. Trust me when I say that you only need one deal to go south to pay for two lifetimes of insurance policies.

7. Use the right contingencies.

When investing, you should incorporate contingencies to protect yourself. This is when that attorney can work wonders. Give yourself plenty of room to walk from the deal if something goes wrong. The last thing you want is to get stuck with a deal that will ruin you and you can’t get out of that agreement. Addendums are your friend!

8. Use money sources you can trust.

You can build these relationships before you start investing. The key is making sure that they have a strong reputation by others. Ask for referrals and when you find the one that you can trust use them regularly. You can also ask your mentors and they can referee you to the people they do business with.

9. Stay in control of your investments.

Successful investors are not afraid to stand up for their interest when things seem to shift. A balanced portfolio strategy will make it easier for you to spot when something does not fit your plan. Your contract addendums will help tremendously. No one, even a “partner” should control YOUR investments.

10. Keep relationships alive.

When you pull off an investment with someone that was trustworthy continue doing business with them. Make sure to preserve those productive relationships. You don’t know how important it is to have a strong team in the market place until you are standing all alone when you fall in a trap.

I hope these tips will empower you to invest smart. Don’t allow the dangers of life to keep you from pursuing your vision. So minimize your risks and move forward. And like my mentor says “May God hold you in the palm of His hands.”

New Business Credit Cards to Help Your Business Grow

It is significant for every business owner to keep their credit in good status. There is much to be enjoyed when there is adequate credit line that gives more agility in getting the essential funds it requires. A bigger credit line is deemed necessary as your business eventually continues to grow. It helps a company regulate its cash flow and keep up with the demands of the business.

For ways to fund your business, one has to qualify for an unsecured line of credit. For the future growth of your business, this is a valuable preparation. One can be confident that getting a loan or obtaining additional funds for you business plans will not be difficult, if one has a strong business credit to back you up.

Some of the better known business credit cards that help boost your business is the Advanta Platinum Business Card. Because of its soaring credit limit which is up to $50,000, you can be sure that you will get the best deal the business credit card has to offer. It has $0 fraud liability and once you are a card holder of this business credit card, you can have a personalized card with the name of the company and logo on the card.

Chase Visa Platinum Business Card. This is a highly valuable option for any business man who wants to take advantage of the introductory offer, the multitude of benefits, and to travel with business-related discounts that this card offers. Plus a 0% APR on purchases and balance transfers for up to 12 months. And if you purchase an item, there is a long term extension warranty for the purchases you made. Aside from its travel accident insurance, lost luggage insurance and auto rental insurance, Chase Visa Platinum Business Card also offers business related discounts on computer equipment, car rentals, hotel rooms and more. Therefore, if you love to travel more, business credit card is the right card for you.

Discover Business Card. This card is designed for any business man who holds with exceptional credit scores and is aiming for a cash reward credit. For a growing business, you don’t have to pay the annual fee, and you can be sure that you will be protected against fraud and online bill payment. For every purchase of office supplies and gas you will receive cash back bonus which will help you save on expenditures. Plus, you get to customize the employee cards by limiting their credit limits and you can monitor their spending. It has no yearly limit on the amount of rebates earned and the rebates do not reach expiration as long as the account is active.

Have you decided yet on the business credit card that you’ll own? From the moment you launch your business, make it you goal to establish your business credit and make it a point to keep it in good standing. The right choice of business credit card will determine your success. I hope you find the perfect business credit card to suit your business needs.