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Category Archives: Business

Grow Business With a Bad Credit

Bad Credit Equipment Finance for Growing Business

Equipment Financing is short-term loans (about 3-5 years) extended to businesses specifically to purchase the equipment needed for its operations. Equipment financing is a collateral loan which means that the equipment you purchased could be repossessed in case payments go into default. Since the loan is released with a collateral, lending companies view it as low risk and may offer a lower rate of interest compared to a standard loan.

To qualify for an equipment loan, one must have a credit score of at least 600, been in business for at least 11 months, and generate around $100,000 in revenue. If you have a bad credit but meet the other two requirements, there is still a chance for you to avail of a finance. It really depends on the lender’s assessment of your financial situation.

Equipment financing is an alternative for start-up and small businesses for growth and development especially for those who don’t have enough capital to fund their purchase. And if you have a poor to bad credit score, being granted an equipment financing gives you the chance to improve your credit score.

How to improve your chances of approval for equipment financing despite bad credit

You can increase your chances of an approval for equipment finance. By making ways to improve your credit standing and strengthen your application to lenders, there is a fair chance that loan companies will consider your loan application. Below are ways to strengthen your application.

1. Apply with a cosigner with good credit standing. Lenders can consider your application if you are applying with someone who has a better credit standing. The cosigner can provide security for the loan considering that the consignor has equal obligations as the borrower.

2. Present other assets for collateral. If you have other assets such as other types of equipment or even real estate property, you can offer it as a collateral. It strengthens your application to secure the loan.

3. Bigger down payments. Do you have enough cash to put as down payment to significantly lower your total loan amount? If you are able to present bigger down payments, lenders may consider you a candidate for poor credit equipment finance.

4. Proof to show business is growing strong. Provide documents like bank statements showing a good revenue for the past months. Lenders like to see a growing steady business, therefore, it is essential to provide income statements and other documents to support your claim.

5. Seek professional help. With bad credit, lenders will give you a hard time acquiring a loan. They may even deny the loan immediately after checking your credit score. But with proper assistance from loan experts, you can increase your chance of getting the right lender who can look beyond your bad credit.

Start Up Business Plan Ideas

Business plans have a number of functions – as a funding business plan, a marketing plan template, maybe as a joint venture offer. I have made a list of important things to include.

Start Up Business Plan Points

What business will you be in? What will you do? List all of your major products or services

Your Mission Statement: It’s a good idea to create a brief mission statement, usually in 30 words or fewer, explaining your business mission and guiding principles.

Goals and Objectives: Goals are destinations-where you want your business to be. Objectives are progress markers along the way to goal achievement. For example, a goal might be to have a healthy, successful company that is a leader in customer service and that has a loyal customer following. Objectives might be annual sales targets and some specific measures of customer satisfaction.

Business Philosophy: What is important to you in business?

To whom will you market your products? Identify your targeted customers, their characteristics, and their geographic locations, otherwise known as their demographics

Funding and Finance: How much initial investment is required? Where are you sourcing the funds from?

The Edge: What factors will give you competitive advantages or disadvantages? Examples include level of quality or unique or proprietary features. What products and companies will compete with you?

Price Points: What are the pricing, fee, or leasing structures of your products or services?

Your industry: Is it a growth industry? What changes do you foresee in the industry, short term and long term? How will your business poised to take advantage of them?

Legal Environment: Are there Licensing and bonding requirements, do you need Permits? Will your business need to register Trademarks, copyrights, or patents?

Key Financial Data: This includes Your business start up costs, ongoing costs, marketing costs, staff, wages and projected sales. You should calculate your break even points and make projections against your sales of how and when you will achieve this. Plan how much you need before startup, for preliminary expenses, operating expenses, and reserves.

Cashflow Forecast: Create a cashflow forecast. You should keep updating it and using it afterward. It will enable you to foresee shortages in time to do something about them-perhaps cut expenses, or perhaps negotiate a loan. But foremost, you shouldn’t be taken by surprise. There is no great trick to preparing it: A cash flow forecast is just a forward look at your checking account.

Describe your most important company strengths and core competencies. What factors will make your business succeed? What do you think your major competitive strengths will be? What background experience, skills, and strengths do you personally bring to this new venture?

Legal form of ownership: Sole proprietor, Partnership, Corporation, Limited liability corporation (LLC)? Why have you selected this form?

I have worked with many different types of business start ups and find that the most successful (and those who are still around) tend to be the owners who plan in advance. Forward thinking and solid planning contribute to the success of many start up businesses.

Women in Business

1. Explore the reason why. There are a variety of reasons why many aspire to start a new business. For some it’s about creating a life of greater meaning and purpose. For others, it’s an opportunity to gain more financial security, or answer a “calling” of sorts, among other things.

Whatever the motivation for starting your business, it must be something that resonates profoundly and becomes the fuel that keeps the flame from within ignited. Without a deep-rooted conviction for the reason why, you stand a real risk of throwing in the towel at the slightest hint of difficulty or challenge you will inevitably encounter with your business.

2. Bring “you” to the journey. Although you may be venturing into unfamiliar territory as a new business owner, it doesn’t mean you are starting from scratch. The reality is that you already come equipped with resources, skills and abilities to thrive as an entrepreneur.

There are many success traits all entrepreneurs possess: problem solving, communicating, collaborating, decision-making, and risk taking, just to name a few. Some of these traits have been honed and groomed from your career experiences, but they are also innate qualities you possess as a woman.

Trust and rely heavily on your unique life experiences and strengths as the greatest assets to accompany you at the start of your journey.

3. Take others along. You are a woman who juggles many life roles as professional, mom, wife and homemaker. Adding another responsibility to the mix as entrepreneur could tip the scale too heavy to one side, to say the least.

But this new role and responsibility doesn’t have to throw everything off balance. To avoid this, allow others to help you, get used to delegating more and give yourself permission not to be “super woman.”

Your family members in many instances will be your biggest fans, but be sure to get their buy-in from the start. Help them to see “what’s in it for them,” so that you experience less resistance and push back in the long run. Allow your family to be more self- sufficient. In so doing, you create a bit more “space” in your life for business development, without feeling guilty.

Also, consider your professional network. Are there any colleagues or contacts in your circle that can facilitate any aspect of business planning or development, more quickly and easily? If so, use this support system to jumpstart the process of building your business.

Business For Beginner Entrepreneurs

Write a business plan. If you are building a business from scratch, you definitely need one of these. Not only will it keep you focused and organized, but it will also help with funding. Banks and private investors want to see that their money is going to be well spent and that your plan is solid enough that they’re likely to get their money back.

Location, location, location. I know you’ve heard this one before. If your business is not home or internet based, you will need a physical commercial space. Do research and figure out what area would be best for the type of services or products you offer. You will have to balance that with things like commute, likelihood of disaster (I.e., robbery, flood, etc), and surrounding commercial buildings. Once you’ve got a general area in mind, it is time to shop around a bit and compare prices. Be prepared for steep prices for small space in comparison to residential property.

Get some funding. Once you have a business plan ready, you can present it to banks and try to get a loan. Alternatively, you can try and find an investor or two to give you some funding in exchange for a percentage of your profits. Either way, prepare for a lot of negotiating and a bit of a wait. Getting a loan approved, no matter the source, takes time.

Take care of the legalities. Before you can legally open, you will need to register your business, apply for a tax I.D. number, and make sure any and all permits and/or licenses needed are at hand and up to date. This sounds like a lot of work, and it is, but it is better than getting financially crippling fines, or even getting shut down. In addition, if you’re not a sole proprietor, you’ll need to learn the ins and out of hiring employees and related things like worker’s comp, unemployment, and things like that.

Promote. Once you have everything set up, get the word out about your business so you can start making a profit. Hopefully you covered methods for doing this in your business plan. Even so, there are always new ways to let people know about your business so it’s a good idea to continually revise your marketing plan.

Creating A Killer Business Plan

1.) Finding All the Painting Customers You Can Handle. If you know how to do this you got it made and you can make as much money as you want. Whether a small, 1 to 2-man painting operation or a painting company that has a large painting crew, you can make it happen when you know how to find customers.

2.) Knowing How To Estimate Paint Jobs – for maximum profits, this is the second power stroke that should be in a painters marketing plan. When you know how to get as close to the “threshold of pain” as you can get, (the maximum you can charge someone before price resistance kicks in) whether residential or commercial, you can MAX your profits.

3.) Customer Retention – just how much is a painting customer worth to you? When you know that, you will really do whatever it takes to hang on to them. Finding new customers is not always as easy as painting for the existing ones. If they run out of things to paint over time, how many “referrals” can they give you? Why wait 10 years for them to call you again when you can be painting for their family and friends right now?

HERE ARE 3 WAYS TO SQUEEZE MORE PAINTING BUSINESS OUT OF EACH EXISTING CUSTOMER:

4.) Go the Extra Mile – always do a great job and even do a little more to please your customers. This gets you more repeat business and gets them talking about your painting service. And “word-of-mouth” advertising also kicks in, which is the BEST form of advertising there is!

5.) Thank You Cards – sending out thank you cards after every job completed “shows professionalism” and creates more business for us house painters. Plus they see your contact info again and will put it on file for future use.

Concept of Strategic Management

Reforms and changes undertaken by the World Bank supported Sectoral Adjustment Programs have raised serious questions about the way the public services are run and how users are treated. Managers and politicians at the central level have had to rethink about the management of public sector institutions in Bangladesh. Most of the reforms and changes have been based on two main ideas: firstly reduction of public spending and secondly, the market mechanism is a good thing, if a market style of relationship is suitable, it should be introduced. In many respects the public sector is different from private sector. In public sector the activities of the Government are rarely based on the need to attract customers. Prices are not normally set to maximize profits or market shares. Investment decisions are not generally based on prospective profit. Motivation may even be different; earnings do not wholly motivate managers and workers. ” What all this means is that the values require to run the public services are different from those required to run a successful business. For example, it is rarely appropriate to withdraw from parts of the ‘market’ because they are no longer profitable. ‘Customers’ who cannot afford to pay still have entitlements, which they would not have if they were receiving service from the business. Those entitlements derive from citizenship and social policy rather than from cash.

It has been further argued by the management specialists that values of equity and justice have to play a vital role in the administration in a way that would be irrelevant to most business. 16{51bef0338c1434d1c0a7d9be046c2e0668f22ecf97bdaa13e416355c8dd940dc} of total GDP is controlled by the public sector in Bangladesh. Any reduction in the size of the public sector would be a painful job for the politicians. In response to the growing demand for public accountability and improved performance, public management scholars and practitioners have been coalescing for quite some time around the theme of which have been identified by Hood as being, ‘New Public Management is the idea of a shift in emphasis from policy making to management skills, from a stress on process to a stress on output, from orderly hierarchies to an extendedly more competitive basis for providing public services, from fixed to variable pay and from a uniform and inclusive public service to variant structure with more emphasis on contract provision’ Hood.

It is argued by strategists like Joyce, Quinn and others that in the organizations of any size and complexity, it is possible to manage for result in the long or short run without a well-developed capacity for strategic management process to provide a coherent approach to establishing, attaining, monitoring and updating an agency’s agenda.

Joyce claims that strategic management can help new public services emerge. It can do this by helping to decide what should be done and how it should be done and by creating the dialogue and consensus need to make the changes. He further argues that in the absence of effective strategic management, the new public management services will still emerge, but in more haphazard way. Strategic management, when practiced well, can help to call for transformation to occur more efficiently and creatively. He further states that this is not to say that strategic management is a magic word, or that it can be continued on to work perfectly every time. It is certainly not a simple method of bringing about fundamental changes. One of the key challenges for public services management in the years ahead is to find out ways in which strategic management may be developed and applied to ensure that both performance and innovation are achieved in the interest of better public services.

Start-Up Business Financing

Start-ups have always struggled at getting capital before launching their businesses. They have no revenue, no real prospects, no assets and no brand name. In fact all they really have is a hope and a prayer.

Thus, no lender or investor in their right mind would touch a start-up business – and they usually don’t.

But, year in and year out, some 600,000 + new businesses are started each year; according to the Small Business Administration.

These businesses have to get funding somewhere. The question becomes, where?

Each business is different and as such each may find a different or unique way to scrape together the capital needed to launch their company. Some new businesses have to either cash out all their personal resources like home equity, stocks and bonds, deplete savings accounts while some may find investors in their local area or tap their friends and family.

Whatever they do, the bottom line remains the same; small, new start-up businesses can’t get outside capital from traditional business loan resources like banks or other financial institutions.

But, over the last decade or so, there have been some really ingenious and innovative entrepreneurs stepping up to fill this lending gap.

By now you might have heard of peer-to-peer lending where members of a network borrow and lend to each other – cutting out the banks or professional investors.

And, recently there has been a renewed push for a similar form of start-up business financing, termed Crowd Funding.

With the huge popularity of social networking and the reach that this direct interaction can bring to one person’s idea, crowd funding is getting a new foothold in the business world – really picking up since 2008.

Now, crowd funding is not going to provide your new business with millions of dollars in capital like a venture capital deal would or will it provide you with hundreds of thousands of dollars like a bank loan would. But, it could (should if used right) provide your start-up business with enough initial capital to get launched and begin to generate customers and revenue – because, once your new business does start to show some promise or begins to generate actual business, other financing options will open up to it.

Think about the typical start-up business – a business that is only an idea at this point. What expenses will it really face before opening its doors?

Most new businesses have the following start-up costs:

Legal – For incorporating your business or filing for your business registration – usually around $300,

Rent / Lease – $500,

Leasehold Improvements – $600,

Office supplies and office equipment – $1,000,

Web design and marketing materials to include logo design and brochures – $550,

Utilities / Insurance – $250,

Inventory – $300.

That totals about $3,500. Moreover, for those businesses that don’t need inventory or a building to operate out of in the beginning (online businesses), their start-up costs are much lower.

Now, many new business owners end up putting this amount on their credit cards then open their doors and start to build their company. But, given our recent recession and slow recovery, you just might not have the available balance on your credit cards to do this.

In steps crowd funding: Use your social network – those people you know and those you don’t but are friends, followers or fans with – to raise that needed start-up cash.

According to VC Deal Lawyer, based on several reputable publications like the Wall Street Journal and the Economist, crowd funders can typically raise between $2,000 and $10,000.

While this amount will not let your business push a national marketing campaign with a Super Bowl ad this coming February, it should be enough to cover those initial start-up costs – allowing your new business to open its doors and begin to get after paying customers.

Further, and as another solid benefit, most crowd funders are not giving away large portions of their company like they might do with local or angel investors or even with strategic partners like CPAs and attorneys.

In fact, very few crowd funding businesses are giving away equity. Why, because it runs up against the Securities and Exchange Commission’s rules regarding equity investment in private companies (think Reg D).

Instead, these companies are providing their donors or contributors some type of perk or reward – something tied to the business after it gets up and running – like a coupon or sample or even a personal phone call from the owner.

Just image that you get a personal call from the next Mark Cuban before he becomes a household name – pretty neat!

Mid-Year Business Strategy

Principle 1: Sustained profitability

The conditions for generating profits are created when clients value your products or services enough to pay more than what it costs the business (you) to produce and provide them. Strategic planning is your opportunity to define business goals and objectives and devise strategies and action plans with thoughts of short and long-term ROI in mind. Assuming that profits will be inevitable if sales volume and market share are the only measurements of success could be misleading.

Principle 2: Value proposition

Be certain that what company leaders consider to be the value proposition—that is, the most desirable benefits—matches what target customers consider to be the value proposition. Do not attempt to produce and offer products and services that you expect will be all things to all prospects. A business needs strategies that allow the venture to compete in a way that allows it to effectively and efficiently deliver what its most loyal customers feel has value.

Principle 3: Competitive advantage

Those highly desirable benefits that sustain the value proposition must be reflected in and supported by strategies that shape them into sustainable competitive advantages. The successful enterprise will differentiate itself from competitors through not only the products or services offered, but also how those are packaged and/or delivered, customer service practices, pricing, branding and so on. Those unique features and practices will matter to current and prospective customers. Nevertheless, the company’s business model may resemble that of its rivals.

Start a Business Without Money

The best business to start in the work at home industry can bring you very significant amounts of revenue month after month. But in order for you to make a lot of money, you need to put in some money as well. You would need to pay in order to join the business. You would also need to pay for things such as merchandise and various supplies that will keep your business running and profits flowing to your bank account. Anyone promoting a business which they claim can be started without any cash outlay from you is either hiding the fact that there are many hidden costs along the road or that the business is unlikely to bring you any respectable amount of profit.

Is there any way at all on how to start a business without money? The only thing that comes close is to begin a business using OPM – other people’s money. You can, for example borrow some money from friends, family and other private investors. You can borrow from a bank. You can also see if the government would be willing to offer you some types of grants or funding for your new enterprise. Money will still be used to get the business up and running. It just won’t be your own.

If you are serious about becoming a home based business entrepreneur and aren’t afraid to make an investment in a business that can change your future for the better, there is a lot of information to be found online. You can find details about a profitable home based business that can help you reach your financial goals everywhere, but what really works and how long does it take?

Proceed Home Business

• Keep every record: As a business owner, you should keep every single record and receipt. You will get a complete list of deductible business expenditure from Internal Revenue Services’ Publication 535.
• Appoint the right accountant: Make sure that you hire the right accountant who is familiar with small business tax law and preparation.
• Create FedEx account: You should create a FedEx account. It is free and the supplies are also free.
• Effective communication tool: Arrange for a dedicated phone line and a reliable answering machine.
• Health insurance: Get a hold of health insurance. You can make contact with professional organizations. For individual coverage, you might go for a no frills policy.
• Keep back-up of your system: Your computer is the lifeline of your home based business. Try to save your machine from a serious crash. Before starting home business, make sure how you would recover your business material. You can join an external hard drive to your machine through a USB. It will help you to keep a back-up.
• Care for your system: Before starting home business, ensure that your machine is equipped with latest anti-virus software. You can browse through macafee.com, avg.com or symantec.com.

How would you start?

For starting home business, you require a computer machine along with a high-speed internet connection. Have you any idea how much amount a man can earn from his blog? If you are looking for an independent way to earn money, you can choose work form home business. You will get a wide array of options to choose from.

There are a number of factors which you should keep in mind before starting home based business. First of all you should know about the authenticity of the company. There are a number of websites which offer ratings for online companies. They can help and provide you with the essential information. Once you are sure about the legitimacy of the company, you can go ahead.

Most of the internet based home businesses are data entry jobs and article marketing. So you have to begin with a lower bid to get projects. If you can establish yourself in the market and catch a steady client base, you can charge according to your will.