Some thoughts for small businesses that are navigating the rough economy:
1. Consult your bank about your business' financial status. Lenders have experience in economic cycles and can advise you on issues specific to your business and industry. It’s also critical to ensure if you do have existing credit lines/loans that they will renew them, or not decrease them. Also, its very important if you do not have a line of credit to arrange a line of credit. You may not need it at this exact moment, but if a lag in cash flow occurs, you will be ready.
It’s important to remember that banks in this current economy decline over 93% of all small business loan/line of credit requests, so check and do not assume they will be there when you need them.
2. Investigate other sources of lines of credit, loans, or ways of getting needed cash. The unsecured business line of credit offered by Quickcash4biz may be one of the least known but best ways for small/medium businesses to get the critical working capital they need.
Having a source of funding lined up before an emergency or lag in cash flow is critical, so do not wait till the last moment to pursue all options.
3. Make sure you maintain good relations with your creditors. You may find it necessary to renegotiate terms, but overdue bills and inconsistent payment practices will not help your position.
4. Similarly, keep a close watch on your receivables. Follow up with whoever owes your company money and make sure they are meeting their terms. Be firm when dealing with problem accounts but also be willing to negotiate where appropriate.
5. Make sure expenditures can be justified and that they contribute to the financial health of your business. You may find it necessary to redirect money to areas that will enhance business performance. If you carry an inventory of products, check the accuracy of your records and procedures to prevent losses.
6. Review your operations and expenses on a regular basis. If you monitor your profitability on a monthly basis, it's a good idea to do it weekly or biweekly during slow economic times. Likewise, review your business plan more often.
7. Step up your marketing efforts. Many businesses mistakenly see marketing as a luxury when money is tight. The truth is that this is the time you need marketing most. Along with reassuring your current customers that you are still there to serve them, marketing can help you reach new markets that will sustain your business now and facilitate its growth in the future.
Sunday, April 27, 2008
Friday, April 18, 2008
Four of the Hardest Small Businesses to Run (and Four of the Most Successful)
In fact, more than 50 percent of small businesses fail with in the first year of business, and 95 percent fail within the first five years, reports the Small Business Administration (SBA).Several reasons contribute to the failure of a small business: lack of experience, mismanaging funds, poor location, or growing competition. But one of the biggest killers is starting a small business in a large industry without identifying if you have a necessary or essential product. We're not saying that you shouldn't open a small business, but you should be well aware of the risks if you do.
Conversely, there are some small businesses that are on the verge of booming due to an increase in demand: child care services; computer-related/Internet related services; and home health care services. Before you run off to start your own Internet-child-care hospice, take a look at four of the hardest small businesses to run (according to Forbes) as well as four of the most successful to date (according to Inc.com):
Four the Hard Way:
Transportation -- This big category includes taxis, limos, ambulances, hearses and other vehicles for hire. All operators pay high insurance premiums, suffer during oil spikes and have tons of competition, but each mode has its own risks, too. Take taxis: In New York City, where the number of taxis has been fixed since 1937, the price of a taxi license is upwards of $400,000 -- a stiff entry price to do battle, even in a $1.8 billion market. Then you have to find trustworthy drivers to pull in revenue -- unless you enjoy grueling 10-plus-hour shifts.
Retail stores -- It only takes one slow season to leave you swimming in inventory. And differentiating your shop among giants, such as Nordstrom, Gap or Urban Outfitters is not easy.
Restaurants -- Purchasing the furniture and equipment, a liquor license, and passing the health code can run in the hundreds of thousands of dollars. Once you open your doors, get ready for your staff to walk out through them at a moment's notice. Oh, yeah: Most food-service vendors like cash on delivery, so a slow week can make it hard to buy next week's ingredients or alcohol.
Travel Agencies and Tour Operators -- Travel is a do-it-yourself activity these days, with online travel search firms like Expedia and Priceline.com. To attract paying customers, agents and tour organizers now have to offer packages in more exotic locales, where Internet research is less effective. While it could be fun, that research takes a lot of time and money -- as will all the marketing to convince customers that you're a step up from their guidebooks, or that you can offer them better deals than they can find on their own.
Fantastic Four:
Internet Services -- Having your own web-related service can yield many results. Technology has become so essential in our daily lives that every home has at least one household computer and businesses are reliant on the Internet. Additionally, in the next three years the number of people who use the Internet is projected to grow to more than 2 billion, that is about one third of the world's population, reports Inc.com.
Computer related services -- As more people, world wide, begin to buy computers at a low cost, the need for computer-related services will grow too. If you have a background in information technology and can help people eliminate viruses, or fix a reoccurring computer problem, you could be the next "Geek on Call."
Child Care Services -- The child care/daycare industry has become one of the fastest growing businesses in the United States. What's more, this industry makes $11 billion annually -- and it's projected to keep growing. This may be the ideal small business for stay-at-home moms who want to be entrepreneurs as well.
Home Health Care Services -- A small home health care business can reach many people. Each year more than 7.6 million people need home health care service reports the National Association for Home Care. The aging American population and advancements in medical technologies have spurred the necessity for qualified home health care professionals. This is a great opportunity to build a business that can help people for years to come.
The small businesses world is a tough arena. But your dedication and hard work -- coupled with the foresight to know what products people need -- can keep you in business for a long time to come.
Conversely, there are some small businesses that are on the verge of booming due to an increase in demand: child care services; computer-related/Internet related services; and home health care services. Before you run off to start your own Internet-child-care hospice, take a look at four of the hardest small businesses to run (according to Forbes) as well as four of the most successful to date (according to Inc.com):
Four the Hard Way:
Transportation -- This big category includes taxis, limos, ambulances, hearses and other vehicles for hire. All operators pay high insurance premiums, suffer during oil spikes and have tons of competition, but each mode has its own risks, too. Take taxis: In New York City, where the number of taxis has been fixed since 1937, the price of a taxi license is upwards of $400,000 -- a stiff entry price to do battle, even in a $1.8 billion market. Then you have to find trustworthy drivers to pull in revenue -- unless you enjoy grueling 10-plus-hour shifts.
Retail stores -- It only takes one slow season to leave you swimming in inventory. And differentiating your shop among giants, such as Nordstrom, Gap or Urban Outfitters is not easy.
Restaurants -- Purchasing the furniture and equipment, a liquor license, and passing the health code can run in the hundreds of thousands of dollars. Once you open your doors, get ready for your staff to walk out through them at a moment's notice. Oh, yeah: Most food-service vendors like cash on delivery, so a slow week can make it hard to buy next week's ingredients or alcohol.
Travel Agencies and Tour Operators -- Travel is a do-it-yourself activity these days, with online travel search firms like Expedia and Priceline.com. To attract paying customers, agents and tour organizers now have to offer packages in more exotic locales, where Internet research is less effective. While it could be fun, that research takes a lot of time and money -- as will all the marketing to convince customers that you're a step up from their guidebooks, or that you can offer them better deals than they can find on their own.
Fantastic Four:
Internet Services -- Having your own web-related service can yield many results. Technology has become so essential in our daily lives that every home has at least one household computer and businesses are reliant on the Internet. Additionally, in the next three years the number of people who use the Internet is projected to grow to more than 2 billion, that is about one third of the world's population, reports Inc.com.
Computer related services -- As more people, world wide, begin to buy computers at a low cost, the need for computer-related services will grow too. If you have a background in information technology and can help people eliminate viruses, or fix a reoccurring computer problem, you could be the next "Geek on Call."
Child Care Services -- The child care/daycare industry has become one of the fastest growing businesses in the United States. What's more, this industry makes $11 billion annually -- and it's projected to keep growing. This may be the ideal small business for stay-at-home moms who want to be entrepreneurs as well.
Home Health Care Services -- A small home health care business can reach many people. Each year more than 7.6 million people need home health care service reports the National Association for Home Care. The aging American population and advancements in medical technologies have spurred the necessity for qualified home health care professionals. This is a great opportunity to build a business that can help people for years to come.
The small businesses world is a tough arena. But your dedication and hard work -- coupled with the foresight to know what products people need -- can keep you in business for a long time to come.
Friday, April 11, 2008
Offering Your Own Gift Cards Can Increase Profit and Loyalty
Contrary to general belief, Gift Cards are not just for large national retailers anymore. Business of all sizes and consumers are realizing the benefit of offering their own gift cards. The concept of gift certificates has been around for some time. But, unlike gift certificates, a customer can recharge the gift card by putting additional amounts on the card over and over again.
Some benefits of a gift card include.
Some benefits of a gift card include.
- It is convenient. Consumers prefer to have a card rather than cash in their wallet or purses. Studies shows that consumers spend more money with plastic than with checks or cash
- Improved cash flow. You get the benefit of having the cash from a gift card purchase today, while the actual usage (expense to you) will not occur till sometime in the future
- And they return more frequently to those establishments that offer gift cards.
- Any opportunity for fraud is reduced because the card is not activated until it is sold to the customer. You can easily track who sold the card and the time of the transaction.
- Most importantly, a gift card can be easily accounted and there is not chargeback. You can easily track:
how many cards sold
number of cards in stock
who sold the card
card redemption and
outstanding cards in circulation - National retailers have realized that customers spend more with a prepaid gift card, than with cash. It increases impulse spending which increases sales and improves customer loyalty. Your customers can purchase your gift cards as presents to others- especially if they like your service and what you provide.
- A Gift and Loyalty card is an excellent tool to create and build your image, while separating yourself from your competition. Cost of implementing a gift card program is small compared to other promotions.
- With all those benefits, the biggest is a term called, slippage which refers to the amount of money that a merchant retains when a gift card is not fully redeemed. This could be as much 4 - 8% of gift card sales to your bottom line. This is pure profit to the merchant as it is money that is never spent. Even if the customer recharges the card, there comes a time where some money is left on the gift card and it goes to you.
- And, you can use gift cards as part of a program to incentivize your loyal customers to purchase more- like a rewards program similar to what airlines and other big businesses offer.
Why let the major merchants enjoy all the benefits of gift cards. Quickcash4biz has a wide range of gift/loyalty cards, and marketing experts to help you design a program that will increase both your profits and the loyalty of your customers- and attract new ones.
Thursday, April 10, 2008
Cash Flow Problems Can Kill Your Business- How to Avoid That
In a recent study by a major U.S. Bank, it found that over 82 percent of small business failures are due to lack of access to working capital or in some cases poor cash management. To prevent this from happening to your business, here are some things to remember.
Profits are accounting, not cash. And accounting is a lot more creative than you think. You can't pay bills with profits. You can make profits without making any money.
Growth uses cash. Sometimes the best of times can be hiding the worst of times. Yes, of course you want to grow; we all want to grow our businesses. But be careful because growth costs cash. It's a matter of working capital. The faster you grow, the more financing you need.
Slow times devour cash. In this economy, not all that many small business owners and retailers are on high growth curves- rather, business is either holding steady or down, and for many retailers slow or off seasons are approaching. While there are some costs you can trim, there are many fixed costs that you incur regardless of the number of customers you have. In the past many retailers have used profits in busy times to carry them through the leaner times- knowing that things will pick up shortly or there friendly banker will help them out when needed.
In today’s economy, over 90% of small businesses that apply for a bank loan are rejected.
Working capital is your best survival skill. It's either money in the bank or access to credit or loans that make up your working capital. If you have enough money in the bank, or access to lines of credit already in place, congratulations- but make sure they are still viable.
Make sure the working capital you think you have lined up is still lined up. Many small business owners have used home equity lines of credit or their personal credit cards as a source of working capital. Recently, banks have begun arbitrarily reducing the credit limit on lines of credit, and credit card companies have been doing the same with credit limits on entire segments of credit card holders. And, doing this with NO prior notice.
If my bank says no, what options do I have to get working capital. There are options available, but remember that banks are becoming much more difficult as a source of working capital for small businesses. We have a free e-book “10 ways that small businesses can get working capital in today’s economy” that you can get by emailing dave@quickcash4biz.com.
A great alternative source of working capital- unsecured at that! It’s ironic in this day of tight credit, especially for small business owners, that one of the least-known, secret ways to receive financing for small businesses is probably their single best way to obtain needed working capital. But, the secret is out- the financing method is called a credit card advance, and the solution is RapidCash from http://www.quickcash4biz.com/.
Any small business that accepts Visa/MasterCard as methods of payment can actually receive working capital/cash today in exchange for a portion of their future credit card billings on a discounted basis. This allows the small business owner to receive a lump sum of cash today, without incurring the debt that a bank loan, a credit card, or other types of credit demands. Credit card advance allows a small business owner to "sell a future asset at a discount", their future credit card sales. Quickcash4biz provides working capital for small business owners that in today’s tight credit market have not had success applying for additional working capital with traditional lenders like banks.
Quickcash4biz is almost the anti-bank. With our RapidCash cash advance program, we can get approval usually within 48 hours and cash in the small business owner’s account typically within 7-10 days and with a minimum of paperwork and hassle.
§ You can be eligible for $3,000 to $300,000 per location
§ No signing personally or putting up collateral
§ No fee to apply or closing fees
§ No restrictions on use of cash
§ High approval rate
The cash advance is recovered automatically by taking a small % of each Visa and MasterCard transaction until the cash advance is repaid.
In today’s economy, its wise to make sure you have a source of working capital- even multiple sources---before you need it. Emergencies occur quickly, so always have a plan in place for acquiring working capital.
Profits are accounting, not cash. And accounting is a lot more creative than you think. You can't pay bills with profits. You can make profits without making any money.
Growth uses cash. Sometimes the best of times can be hiding the worst of times. Yes, of course you want to grow; we all want to grow our businesses. But be careful because growth costs cash. It's a matter of working capital. The faster you grow, the more financing you need.
Slow times devour cash. In this economy, not all that many small business owners and retailers are on high growth curves- rather, business is either holding steady or down, and for many retailers slow or off seasons are approaching. While there are some costs you can trim, there are many fixed costs that you incur regardless of the number of customers you have. In the past many retailers have used profits in busy times to carry them through the leaner times- knowing that things will pick up shortly or there friendly banker will help them out when needed.
In today’s economy, over 90% of small businesses that apply for a bank loan are rejected.
Working capital is your best survival skill. It's either money in the bank or access to credit or loans that make up your working capital. If you have enough money in the bank, or access to lines of credit already in place, congratulations- but make sure they are still viable.
Make sure the working capital you think you have lined up is still lined up. Many small business owners have used home equity lines of credit or their personal credit cards as a source of working capital. Recently, banks have begun arbitrarily reducing the credit limit on lines of credit, and credit card companies have been doing the same with credit limits on entire segments of credit card holders. And, doing this with NO prior notice.
If my bank says no, what options do I have to get working capital. There are options available, but remember that banks are becoming much more difficult as a source of working capital for small businesses. We have a free e-book “10 ways that small businesses can get working capital in today’s economy” that you can get by emailing dave@quickcash4biz.com.
A great alternative source of working capital- unsecured at that! It’s ironic in this day of tight credit, especially for small business owners, that one of the least-known, secret ways to receive financing for small businesses is probably their single best way to obtain needed working capital. But, the secret is out- the financing method is called a credit card advance, and the solution is RapidCash from http://www.quickcash4biz.com/.
Any small business that accepts Visa/MasterCard as methods of payment can actually receive working capital/cash today in exchange for a portion of their future credit card billings on a discounted basis. This allows the small business owner to receive a lump sum of cash today, without incurring the debt that a bank loan, a credit card, or other types of credit demands. Credit card advance allows a small business owner to "sell a future asset at a discount", their future credit card sales. Quickcash4biz provides working capital for small business owners that in today’s tight credit market have not had success applying for additional working capital with traditional lenders like banks.
Quickcash4biz is almost the anti-bank. With our RapidCash cash advance program, we can get approval usually within 48 hours and cash in the small business owner’s account typically within 7-10 days and with a minimum of paperwork and hassle.
§ You can be eligible for $3,000 to $300,000 per location
§ No signing personally or putting up collateral
§ No fee to apply or closing fees
§ No restrictions on use of cash
§ High approval rate
The cash advance is recovered automatically by taking a small % of each Visa and MasterCard transaction until the cash advance is repaid.
In today’s economy, its wise to make sure you have a source of working capital- even multiple sources---before you need it. Emergencies occur quickly, so always have a plan in place for acquiring working capital.
Goal Setting Steps For Home Business SUCCESS
And Why They MUST be Reachable!!!!
It’s been said that everyone has goals, whether we know it or not. We have goals to keep our current job, or to get a different one. We have goals to save for the future, or to travel, take a vacation, or purchase the things we need and want to make our lives more enjoyable. An important distinction, however, is that top achievers are very intentional and focused on their goals, while many of the rest of us are not.
Top achievers know that the wording, structure, timing and format of a goal can make its achievement much easier – or far more difficult. Top achievers understand the basic skills for setting and reaching their goals, every time! They know how to design goals that create success.
Here are some simple yet effective and proven set of steps that if you follow I believe you will be amazed at how easy it is to set and achieve your goals:
1. Reachable goals are SPECIFIC. Top achievers know that to reach their goals, the brain must know exactly, precisely, what they are trying to accomplish. Never word a goal with vague terms like “some” or “a little bit”, or “more”. Be specific! If you want to lose 8 pounds and reach a weight of 175, specify those exact numbers. If you want to save $200 this month, be exact. Your brain can help you accomplish almost anything if it knows precisely what you are aiming for.
2. Reachable goals are SIMPLE. Many people describe their goals in complex terms of retiring on the beach in Hawaii, with nice cars and lots of money, and…. their list goes on and on. Any ONE of those things is a great goal, but the combination becomes over whelming and the brain gets confused. If you want to retire in Hawaii, just say so! If you want to increase your sales by 10% this month, say so! Keep your goals simple, clear, and focused.
3. Reachable goals are SIGNIFICANT. No one can muster the enthusiasm, hard work and courage to reach a goal they don’t really care about. A reachable goal is one you really, really, REALLY want! It’s something that will change your life, enhance your health or wealth, and make you proud. It gets your juices flowing, gets you up in the morning, and keeps you going all day long, because it is important! Set goals that are worth achieving!
4. Reachable goals are STRATEGIC. High achievers know that the best goals accomplish many great outcomes, all at one time. Running a 10K race will almost certainly: 1) feel great! 2) help you lose weight 3) lower your cholesterol level 4) strengthen your heart 5) lower you risk of heart disease 6) increase your energy and stamina, and 7) improve your outlook. Design your goals to strategically impact as many areas of your life as possible. You’ll have more reasons to reach your goal and more excitement when you do!
5. Reachable goals are MEASURABLE. A goal without a measurable outcome is just a pipe-dream. You can’t achieve a pound of “happiness” or 6 inches of “self-esteem”, but you CAN get a new job. You CAN run a mile in under 7 minutes, or do 100 sit-ups. Someone has wisely observed that, “What gets measured, gets done.” Define your goals in terms of height, weight, dollars, inches, or hours. Then measure your progress until you achieve your desired outcome.
6. Reachable goals are RATIONAL. To reach your goal, you will need a plan, a path, and a vehicle for getting there. Your goals must make sense! When you explain them to friends and family, your goals should create excitement, draw support, and promote encouragement. Your goals should be just out of reach, but not out of sight! You want to stretch to be your best, not strain after impossible dreams. Set goals you CAN and WILL achieve!
7. Reachable goals are TANGIBLE. Choose goals that you can see, hear, smell or touch. Go for things you will enjoy and that you can clearly visualize. The brain has hard time going for “financial security”, but it can visualize a bank statement with nice, large numbers on it! Define your goals in terms that excite the senses, and then go for it with all your heart!
8. Reachable goals are WRITTEN. High achievers always know precisely what they want, because they’ve written it down. Often, they write a short description of their goals every single morning, as a personal reminder of their priorities and their objectives. The act of writing your goals down vastly increases your chance of success. Write it down! Then, keep your notes where you can see and read them every day.
9. Reachable goals are SHARED. We are far more likely to stick to our plan and reach our goals if we know our friends and family support us. Being part of a team increases our determination, our stamina, and our courage. Caution: Never share your goals with anyone who may ridicule, tease or discourage you! The world is full of doubters and you have no time for them. Instead, find a support team, a group of cheerleaders, and a coach who will encourage you every step of the way. High achievers count on and work with other winners!
10. Reachable goals are CONSISTENT WITH YOUR VALUES. One of the biggest reasons people fail to achieve their goals is that they have conflict between their behavior and their values. However, when your values and your goals are in agreement, there is no stopping you! Clarify your values first, and then set simple, specific, measurable, tangible, written goals that are consistent with those values. You will achieve them, every single time!
Success is a Choice!!!
It’s been said that everyone has goals, whether we know it or not. We have goals to keep our current job, or to get a different one. We have goals to save for the future, or to travel, take a vacation, or purchase the things we need and want to make our lives more enjoyable. An important distinction, however, is that top achievers are very intentional and focused on their goals, while many of the rest of us are not.
Top achievers know that the wording, structure, timing and format of a goal can make its achievement much easier – or far more difficult. Top achievers understand the basic skills for setting and reaching their goals, every time! They know how to design goals that create success.
Here are some simple yet effective and proven set of steps that if you follow I believe you will be amazed at how easy it is to set and achieve your goals:
1. Reachable goals are SPECIFIC. Top achievers know that to reach their goals, the brain must know exactly, precisely, what they are trying to accomplish. Never word a goal with vague terms like “some” or “a little bit”, or “more”. Be specific! If you want to lose 8 pounds and reach a weight of 175, specify those exact numbers. If you want to save $200 this month, be exact. Your brain can help you accomplish almost anything if it knows precisely what you are aiming for.
2. Reachable goals are SIMPLE. Many people describe their goals in complex terms of retiring on the beach in Hawaii, with nice cars and lots of money, and…. their list goes on and on. Any ONE of those things is a great goal, but the combination becomes over whelming and the brain gets confused. If you want to retire in Hawaii, just say so! If you want to increase your sales by 10% this month, say so! Keep your goals simple, clear, and focused.
3. Reachable goals are SIGNIFICANT. No one can muster the enthusiasm, hard work and courage to reach a goal they don’t really care about. A reachable goal is one you really, really, REALLY want! It’s something that will change your life, enhance your health or wealth, and make you proud. It gets your juices flowing, gets you up in the morning, and keeps you going all day long, because it is important! Set goals that are worth achieving!
4. Reachable goals are STRATEGIC. High achievers know that the best goals accomplish many great outcomes, all at one time. Running a 10K race will almost certainly: 1) feel great! 2) help you lose weight 3) lower your cholesterol level 4) strengthen your heart 5) lower you risk of heart disease 6) increase your energy and stamina, and 7) improve your outlook. Design your goals to strategically impact as many areas of your life as possible. You’ll have more reasons to reach your goal and more excitement when you do!
5. Reachable goals are MEASURABLE. A goal without a measurable outcome is just a pipe-dream. You can’t achieve a pound of “happiness” or 6 inches of “self-esteem”, but you CAN get a new job. You CAN run a mile in under 7 minutes, or do 100 sit-ups. Someone has wisely observed that, “What gets measured, gets done.” Define your goals in terms of height, weight, dollars, inches, or hours. Then measure your progress until you achieve your desired outcome.
6. Reachable goals are RATIONAL. To reach your goal, you will need a plan, a path, and a vehicle for getting there. Your goals must make sense! When you explain them to friends and family, your goals should create excitement, draw support, and promote encouragement. Your goals should be just out of reach, but not out of sight! You want to stretch to be your best, not strain after impossible dreams. Set goals you CAN and WILL achieve!
7. Reachable goals are TANGIBLE. Choose goals that you can see, hear, smell or touch. Go for things you will enjoy and that you can clearly visualize. The brain has hard time going for “financial security”, but it can visualize a bank statement with nice, large numbers on it! Define your goals in terms that excite the senses, and then go for it with all your heart!
8. Reachable goals are WRITTEN. High achievers always know precisely what they want, because they’ve written it down. Often, they write a short description of their goals every single morning, as a personal reminder of their priorities and their objectives. The act of writing your goals down vastly increases your chance of success. Write it down! Then, keep your notes where you can see and read them every day.
9. Reachable goals are SHARED. We are far more likely to stick to our plan and reach our goals if we know our friends and family support us. Being part of a team increases our determination, our stamina, and our courage. Caution: Never share your goals with anyone who may ridicule, tease or discourage you! The world is full of doubters and you have no time for them. Instead, find a support team, a group of cheerleaders, and a coach who will encourage you every step of the way. High achievers count on and work with other winners!
10. Reachable goals are CONSISTENT WITH YOUR VALUES. One of the biggest reasons people fail to achieve their goals is that they have conflict between their behavior and their values. However, when your values and your goals are in agreement, there is no stopping you! Clarify your values first, and then set simple, specific, measurable, tangible, written goals that are consistent with those values. You will achieve them, every single time!
Success is a Choice!!!
Wednesday, April 9, 2008
Potential Tax Advantages for Home Businesses:
First, I’m not a tax professional, and you always need to check with your tax professional. This is merely for information and in no way constitutes advice, but merely suggesting some areas where you could contact your tax professional to see if you qualify for deductions from your home business.
Among the many advantages of having your home based Internet business can be included tax advantages. I know you are looking to get started in the exciting world of the Internet for your home business future for a variety of reasons, staying at home, making extra money, quitting your job, spending more time with family and so on………………. But very aware people also could minimize the tax they pay legally by taking advantage of the tax benefits afforded small business.
Being self-employed could save you thousands of dollars! Here's just a few of the things that may be fully or partially deductible:
o DSL or internet connectivity fees
o Software associated with your business (i.e. intuit)-
o Your cell phone or land line charges
o Your home office
o Business start up costs
o Mileage and travel expenses
o Mailing and other related expenses
o A portion of your utilities
o Office supplies
o Business lunches or dinners
o That new computer you need to run your business
o That nifty Apple iPhone you require for on-the-go calling
o Software
o Postage
o Bank Fees
And the list goes on and one. Many of these things you're paying for right now. Wouldn't it be great if you could right them off? Of course you'll want to consult your accountant or tax professional as laws vary from state to state, country to country and year to year, but we can promise you this: having a home-based business should help keep more of your hard earned money in your pocket instead of The Tax Man's!
Among the many advantages of having your home based Internet business can be included tax advantages. I know you are looking to get started in the exciting world of the Internet for your home business future for a variety of reasons, staying at home, making extra money, quitting your job, spending more time with family and so on………………. But very aware people also could minimize the tax they pay legally by taking advantage of the tax benefits afforded small business.
Being self-employed could save you thousands of dollars! Here's just a few of the things that may be fully or partially deductible:
o DSL or internet connectivity fees
o Software associated with your business (i.e. intuit)-
o Your cell phone or land line charges
o Your home office
o Business start up costs
o Mileage and travel expenses
o Mailing and other related expenses
o A portion of your utilities
o Office supplies
o Business lunches or dinners
o That new computer you need to run your business
o That nifty Apple iPhone you require for on-the-go calling
o Software
o Postage
o Bank Fees
And the list goes on and one. Many of these things you're paying for right now. Wouldn't it be great if you could right them off? Of course you'll want to consult your accountant or tax professional as laws vary from state to state, country to country and year to year, but we can promise you this: having a home-based business should help keep more of your hard earned money in your pocket instead of The Tax Man's!
10 Steps in Considering A Work at Home Internet Affiliate Business
It seems like all one hears this year is about the many, many companies offering “can’t miss” ways to make money on the internet- doing rebates, being an affiliate, being sold programs where people “teach you” what to do for 5 figures so that you can be successful promoting their products, cross promoting and on and on. Well, we all want to make money and the ads and claims are certainly pretty convincing- but in the end, how many people are really successful. And more importantly, what should you think about when considering your first foray into the world of the internet home business arena so you can maximize the return on the time and money you will have to invest.
When you look at most of the Internet Home Business programs being offered today, it seems the main selling points for all of these various programs boil down to-
§ It’s easy
§ Not much effort on your part and you can get big $$$$$$$
§ You need to know new things, and we can teach you so don’t worry about what you do not know
§ We will make you successful
I realize that those offering you the opportunity will be very persuasive and confident of your success and while that may be true; I have a more cautious perspective. This perspective is based upon years and years of marketing experience, starting numerous businesses as an entrepreneur and living through plenty of ups and downs- and I can sincerely offer what I feel is very sound advice for your consideration.
If you want to be successful, and I define success as being the receipt of a reasonable amount of cash for the time you invest, you need to be in an Internet business where if all else fails, you can still generate income commensurate with you time investment.
Here are my steps for achieving this, or at least minimizing your financial and time risk:
1. Select an opportunity where you are not dependent on being the number 1 site on Google or where ever. I call this Plan A. Sounds swell, but there can only be a handful of sites within various categories that have high rankings. In general, most internet business opportunities promote that fact that prospects will be driven to your landing page or site- well think about it, if they have thousands of clients like you, who will end being number 1.
3. Select an opportunity where instead of trusting the person trying to sell you the opportunity, you can do research yourself to determine if the end purchaser (someone always has to be the end purchaser) of what you are offering has a strong reason to purchase the product or service your internet business will be promoting.
4. The acid test- If you put yourself in the shoes of the ultimate purchaser, would you purchase what you are offering.
5. Also, if your internet business has some unique selling points, or deals in an area that is not saturated with competitors, that is also a good thing. Being a small fish in a big pool is not necessarily a good thing, especially if you are late into the pool.
6. Write a short business plan, where you can see that the steps you need to take to be successful, and think about what will occur if the promises made do not materialize or fall short of expectations. How would you compensate for those shortcomings- would it still be a viable business opportunity?
Then, make certain that the program you select has enough support material, and a solid plan for success so you can visualize and measure how you will be successful. Match this plan against your own short internal business plan to make sure you have thought things through thoroughly!
7. How soon do you expect financial compensation and does your amount and timeframe match those that the company promotes.
8. Investigate internet educational sources and take a class or two to provide you at least basic education on the aspects of the internet that your business will be dependent on. This will at least provide you with knowledge and an understanding of various internet concepts and technologies so that you can more effectively communicate with the promoters of your business opportunity should things not go as planned.
9. I’d strongly suggest that your first internet business would be a small initial investment but with good upside and give you an opportunity to learn. Think very hard if you are approached about a program where people are offering to teach and coach you into your own internet business for $5,000, $10,000 or more that realistically has a very small chance of ever coming close to recouping the initial investment much less the time spent.
10. Get started, put passion and energy into your internet home business, and live out your visualization of success.
Tuesday, April 1, 2008
How to Get Working Capital for Your Franchise
Being alarmed by the dramatic changes in the lending environment in recent months, many franchise owners have arrived at the realization that it's time to consider diversifying financing sources to find new ways to protect themselves from ever-changing and tightening credit policies.
Banks and other traditional funding sources that used to be “reliable” suddenly are anything but. Going back to your old friendly banker at the last minute may find the banker not that friendly anymore, and the franchise owner in a major cash crunch.
Why is financing in today’s economic times such an obstacle in the franchise development and expansion business? Because traditional lenders (banks and savings and loans) have historically based credit decisions on the strength of your collateral ("hard" assets), and many non-traditional lenders (non-bank lenders, insurance companies, leasing companies) who are often considered "cash flow lenders," have had their policies and access to capital to lend dramatically altered.
What's the best way to ensure your success in establishing and maintaining funding relationships that won't derail your development goals? By carefully selecting a lending source that has recently approved and closed working capital “loans” similar to what you are seeking.
Did you know that there is a new innovative proven way for franchise owners to get the working capital they need, not by pledging hard assets, but by pledging a portion of their future credit card sales in exchange for a lump sum cash advance today.
It’s called an Unsecured Business Line of Credit, of Credit Card Cash Advance. Hundreds of franchise owners from dozens of franchises have already taken advantage of this little known but highly effective way of getting working capital on a timely basis.
It works this way. We “purchase” a portion of your future credit card sales at a discount and give you a lump sum of cash today. The advance is repaid by taking a small % of each credit card sale until it’s repaid. Couldn’t be simpler.
There is no fee for application, no signing personally, no collateral required, no usage of funds specified and it doesn’t impact either your personal or business credit. Why, it’s not a loan, it’s a cash advance against future credit card billings.
In today’s economy, trying to get a traditional small business loan for your franchise can be overwhelming, frustrating and time consuming, often ending in failure- which is why alternative innovative sources of working capital should be considered. To insure that you get working capital when you need it without assuming that the old sources will always be available, you should consider all available sources like a credit card cash advance long before your need to cash becomes critical.
Banks and other traditional funding sources that used to be “reliable” suddenly are anything but. Going back to your old friendly banker at the last minute may find the banker not that friendly anymore, and the franchise owner in a major cash crunch.
Why is financing in today’s economic times such an obstacle in the franchise development and expansion business? Because traditional lenders (banks and savings and loans) have historically based credit decisions on the strength of your collateral ("hard" assets), and many non-traditional lenders (non-bank lenders, insurance companies, leasing companies) who are often considered "cash flow lenders," have had their policies and access to capital to lend dramatically altered.
What's the best way to ensure your success in establishing and maintaining funding relationships that won't derail your development goals? By carefully selecting a lending source that has recently approved and closed working capital “loans” similar to what you are seeking.
Did you know that there is a new innovative proven way for franchise owners to get the working capital they need, not by pledging hard assets, but by pledging a portion of their future credit card sales in exchange for a lump sum cash advance today.
It’s called an Unsecured Business Line of Credit, of Credit Card Cash Advance. Hundreds of franchise owners from dozens of franchises have already taken advantage of this little known but highly effective way of getting working capital on a timely basis.
It works this way. We “purchase” a portion of your future credit card sales at a discount and give you a lump sum of cash today. The advance is repaid by taking a small % of each credit card sale until it’s repaid. Couldn’t be simpler.
There is no fee for application, no signing personally, no collateral required, no usage of funds specified and it doesn’t impact either your personal or business credit. Why, it’s not a loan, it’s a cash advance against future credit card billings.
In today’s economy, trying to get a traditional small business loan for your franchise can be overwhelming, frustrating and time consuming, often ending in failure- which is why alternative innovative sources of working capital should be considered. To insure that you get working capital when you need it without assuming that the old sources will always be available, you should consider all available sources like a credit card cash advance long before your need to cash becomes critical.
How to Get Money for Your Small Business
From Our Series on Financing Solutions for Small Businesses
In any economic period, getting a loan or credit line from a bank or traditional lender to build, sustain and/or promote your small business is difficult. In today’s economy, it’s almost impossible to get a traditional small business loan or line of credit unless you are large, very profitable, have exceptional personal and business credit scores and have a long track record in business- in other words probably do not need the money.
I’ve written an informative e-book called “10 ways for small business to get working capital in today’s economy” which is free. From this-book, I’d like to focus on just one of the way’s small business can receive the working capital they need; the one that I feel makes the most sense for the majority of small business owners that accept credit cards as a method of payment for their products and/or services.
And one that I can recommend to those struggling entrepreneurs who have sacrificed and put everything into their business who ask me the question- “I now have poor personal credit and can’t get a loan and don’t know what to do. Do you have options?”
Well, the option I’m going to recommend is one that works regardless of your personal credit score, is not a loan, requires no collateral, no signing personally, no restrictions on use of funds, no fixed repayment and best of all can get you the lump sum of cash you can use for working capital within 5-10 days. It’s called an Unsecured Business Line of Credit, or Credit Card Cash Advance.
It works like this. A lender will purchase a portion of your future credit card charges at a discount, and provide you a lump sum of cash today. The cash advance is repaid over time by taking a small % of your Visa/MasterCard charges until it’s repaid. When you have a big charge month, more is repaid, when you have a slow month, less is repaid- the ultimate in flexibility. And, you get to keep 100% of all cash, checks, Discover, AMEX; the repayment is only based upon Visa and MasterCard billings.
You can renew the advance when you have repaid 70% or more of the original advance.
Application is free to find out how much you qualify for and what the discount amount is, and compared to a traditional loan extremely simple to apply.
I always recommend that small businesses plan ahead when it comes to potential small business financing needs- and never- never wait till you absolutely need the cash. Then it’s often too late to acquire it in the time period you need it in.
In any economic period, getting a loan or credit line from a bank or traditional lender to build, sustain and/or promote your small business is difficult. In today’s economy, it’s almost impossible to get a traditional small business loan or line of credit unless you are large, very profitable, have exceptional personal and business credit scores and have a long track record in business- in other words probably do not need the money.
I’ve written an informative e-book called “10 ways for small business to get working capital in today’s economy” which is free. From this-book, I’d like to focus on just one of the way’s small business can receive the working capital they need; the one that I feel makes the most sense for the majority of small business owners that accept credit cards as a method of payment for their products and/or services.
And one that I can recommend to those struggling entrepreneurs who have sacrificed and put everything into their business who ask me the question- “I now have poor personal credit and can’t get a loan and don’t know what to do. Do you have options?”
Well, the option I’m going to recommend is one that works regardless of your personal credit score, is not a loan, requires no collateral, no signing personally, no restrictions on use of funds, no fixed repayment and best of all can get you the lump sum of cash you can use for working capital within 5-10 days. It’s called an Unsecured Business Line of Credit, or Credit Card Cash Advance.
It works like this. A lender will purchase a portion of your future credit card charges at a discount, and provide you a lump sum of cash today. The cash advance is repaid over time by taking a small % of your Visa/MasterCard charges until it’s repaid. When you have a big charge month, more is repaid, when you have a slow month, less is repaid- the ultimate in flexibility. And, you get to keep 100% of all cash, checks, Discover, AMEX; the repayment is only based upon Visa and MasterCard billings.
You can renew the advance when you have repaid 70% or more of the original advance.
Application is free to find out how much you qualify for and what the discount amount is, and compared to a traditional loan extremely simple to apply.
I always recommend that small businesses plan ahead when it comes to potential small business financing needs- and never- never wait till you absolutely need the cash. Then it’s often too late to acquire it in the time period you need it in.
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