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Archive for the ‘Entrepreneurs’ Category

No matter who you are, what type of business you’re in, or how long you’ve been around – we all at one time or another have visited the “land of credit”.  It is vital to the reputation of your business that we learn some tips about credit and how to not let it ruin us.  It’s a smart move, especially in today’s political and business climate, when credit laws are changing at what seems like minutes and not months.

“Old-school” business mentors have fostered the idea that a man’s word was his bond, but in today’s business world the majority of people are always assuming – and assuming the worst.  Creditors, debtors or anyone that base their theories on assumptions are headed for failure, and yet it’s done everyday.  When people fail to pay their bills on time, many creditors assume the debtor doesn’t have the means to pay the debt.  These creditors will often set up an arrangement or lower the amount so that you can repay the debt.  This is a step to credit repair, however it takes you to contact the creditor and apprise him or her of your situation.

Staying in contact with your payments each month can help you avoid bad credit and getting into such a situation.  If you have several bills on hand and all the bills are pressing, it makes sense to pay off the debt that benefits you the most.  After this is paid then you can set aside an amount toward the next debt.  Once you follow this strategy it allows you to work your bills down gradually thus repairing your credit standing.

If you don’t have the funds to pay the entire bill, at least pay the minimum amount due so that you can continue using the service.  Many debtors assume they are in debt and there’s nothing that they can do to resolve their problems, and this is the process of giving up on life.  When we give up, it leads to stress and the answer is often right in front of our nose.  Creditors are business people too, and if approached properly will usually try to work with you.

Of course making the wise decision ahead of the game is the ultimate solution to maintaining good credit.  If you research the marketplace before coming to a purchasing decision, you’re well on your way to avoiding bad credit and credit repair hassles. Many people when taking out a home mortgage loan are not aware of the options available to them.  They’ll walk in the bank door, fill out the application, and accept the terms & conditions when offered to them.  There are many families and individuals who filed bankruptcy because they couldn’t afford their homes anymore, and primarily because they didn’t take the time to check the marketplace first and search the options available to them.

Being informed and educated are two of the best tools offered to us.  There are mortgage loans that offer overpayments and underpayments, and these loans include vacation packages and lump sum payments to the borrowers.  There are also other loans available that offer low mortgage monthly installments and low interest rates with insurance policies attached that will pay your mortgage if you are sick, unemployed, or in an accident.

On the other hand, there are mortgage loans that have high interest rates, high mortgages and balloon payments attached.  When balloon payments are attached to home mortgages it is almost guaranteed that in a few years you’ll be searching for a solution to repair your credit.  There are many home lenders who will not tell you the truth about the variety of home loans available because they are making money and you’re a source of income.  It’s important to scope the terms & agreements carefully, as well as reading all fine print on any loan contract before you sign.  If you’re applying for a home loan and want to avoid bad credit, it makes sense to learn what the fees include and how much those fees are.

There are some home loans that offer an “acceleration clause”, which covers you if you miss mortgage payments.  The lender will apply the clause by allowing you leniency providing you make payments the following month on time.  This type of loan is great for avoiding bad credit, foreclosures, and repossessions.  The marketplace is swarming with realtors and other sources that will help you get a mortgage loan affordable to you with benefits included, make sure to do some checking before you choose one.

Here are some tips about loans that we’ll all take out during our life:
1. Car Loans – When applying for a car loan it’s also important to research the marketplace before agreeing to any terms & conditions.  Make sure you find the best deals affordable to you.  In college I learned the secret golden rule of car dealers, and that is that most dealers up the fees on cars by 15%. This means that if you negotiate wisely with the dealer you can get a reduction on the vehicle up to 15%.

2. Credit Cards – A word of advice when applying for credit cards, stay away from cards that have fees attached and high interest rates.  Avoid credit card offers that have upfront fees or offer a high line of credit for a fee.

3. College Loans – Always consider investigating student loans before committing your self to a personal loan agreement.  You may be qualified for a student grant from the government if you take the time to research the opportunities.

The real secret to small business success has nothing to do with technology tools, the internet or anything like that.  In fact, it isn’t even a real secret.  It has been around since man started to communicate. It’s WORDS!

Words carry enormous power.  They can make you laugh hysterically, or destroy a relationship or friendship.  Words have more power in them than any other tool at your disposal. Effective use of words, especially in business, means skyrocketing sales, satisfied clients, happy employees, and a profitable and secure future.  Yet, less than 1% of small entrepreneur businesses use words with full power.

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Just the thought of taxes can scare people out of their minds. You have to keep all your records and documents in order to be able to file easier at the end of the year. Home business owners have their own set of allowable deductions that differ from other businesses. You have a chance to save a lot of money by knowing how to take advantage of you home business situation.

Know what your deductions are. There are several deductibles that the home-based business owner is entitled to. There are auto/vehicle deductions that can help with mileage, gas, insurance, and/or other related expenses. You can write off your business cards and stationary, plus any business meals and entertainment. All business traveling expenses, education, and even the interest on your business credit card can be counted in your favor. If you use a computer the Internet service and web page related expenses could be deducted as well. Office furniture, supplies, your phone and other communication devices are also necessities that have deductions. Any postage or delivery of goods charges is also considered a business expense. The home-based owner can also get deductions on rent and utilities that keep the business running. Deductions that you will want to use on your 1040 form are: * Half of your self-employment tax amount, which can offer you a huge savings.* As much as 100% of your medical insurance costs for you and your family.

If you make more than $600 per year in self-employment you must file your taxes. You may qualify for the C-EZ form if you have had a bad year or just got started. Your total business expenses will have to be less than $5000 for that year; you have no inventory, or have to file a 4562 form (depreciation and amortization form). Make sure first and foremost that your expenses are less than $5000 and that you have taken all the deductions you are entitled to.

A large decision is who will be doing your taxes. You need to decide if you plan to do them yourself or if you want someone else to do them for you. There are several advantages in using a tax professional. They can save you much time and unneeded frustration. They can spot deductions you might miss or not know about. It also saves you from being responsible for any errors that were made in the preparation, which could end up saving you thousands. No matter how you decide to prepare your taxes be sure to claim all possible deductions to save you money in the long run. A business has many breaks for the taxpayer for a reason and you should make sure you know what you qualify for and how to save.

Every year thousands of men and women across America sign on with direct selling firm-Tupperware, Amway, or a cosmetic company-hoping to make money enough for new draperies, a new davenport, or some new clothes. They sell a little merchandise to a few relatives and close friends. Then they are through. They quit before they give themselves a chance to learn the basics of success in sales. “I am simply not a born salesperson,” they often say. No one is born a salesperson, any more than one is born a doctor or born a lawyer. Sales is a profession. To be successful in any profession one must learn not only the basic techniques, but also how to apply those techniques. Success in sales makes use of all the abilities one is born with, plus all those acquired through education and experience.

If you are looking for a career opportunity or “extra income” to help with the family budget, direct selling offers you dream-fulfilling possibilities. However, you must give yourself time to learn the techniques of sales. Ask yourself. “How long does a doctor to be study? A lawyer to be study?”

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For most folks, owning your own business is a dream come true.  The freedom of being your own boss and succeeding to the best of your ability are facts of life for the small business owner.  Sure, there’s more stress than what you probably imagined when you were creating your grand plans, but with a little strategy and planning you can overcome any tough spot you get in.  There are 7 tactics developed by successful marketers that are sure to make your business as successful as theirs.

If you want to stand out from the crowd, create a unique selling proposition that stresses the benefits the customers will receive from doing business with you.  Will they get faster service?  Go ahead and dramatize it, but keep the customer at the focus…”Get free overnight delivery!”  Hey, it tells the customer…you get quick service and a discount on shipping.   Two definite benefits in one statement.

Why should someone buy from you and not your competitor?  I hate to deal a blow to your ego, but it really has nothing to do with you , your product, or your service.  Yeah, its a little self-centered, but customers are attracted by offers that point out the things that benefit THEM.

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It takes a lot of hard work to get a business off the ground. But, it will worth every hour you have spent getting to where you will be. Before you spend so much as a dollar, talk to a few experts.  Go to the library or get on the internet and research, research, research.  Take a little time to make sure entrepreneurship is right for you.

Make a pro and con list of business ownership, and evaluate yourself honestly.  How many characteristics do you have in common with successful entrepreneurs?  Is your financial position strong enough?  Do you have the necessary technical and management skills? You’re not going to be the perfect entrepreneur.  Nobody is.  But in order to make yourself the best entrepreneur you can be, consider ways to compensate for any weaknesses you might have.

These steps to starting a business are in reasonably good order, but you might find yourself varying from it under your particular circumstances. That really isn’t a big deal, as long as you get most of it done. There are some steps you’ll be able to skip as well, but please don’t skip any of the “big ones”, which I’m sure you’ll pretty much figure out from taking a look at the list. So, assuming you’ve done your evaluation and you still want to start a business, take a deep breath, and let’s get started.

When it comes to investing, many first time investors want to jump right in with both feet. Unfortunately, very few of those investors are successful. Investing in anything requires some degree of skill. It is important to remember that few investments are a sure thing – there is the risk of losing your money!

Before you jump right in, it is better to not only find out more about investing and how it all works, but also to determine what your goals are. What do you hope to achieve with your investments? Will you be funding a college education? Buying a home? Retiring? Before you invest a single penny, really think about what you hope to achieve with that investment. Knowing what your goal is will help you make smarter investment decisions along the way!

Too often, people invest money with dreams of becoming rich overnight. This is possible – but it is also rare. It is usually a very bad idea to start investing with hopes of becoming rich overnight. It is safer to invest your money in such a way that it will grow slowly over time, and be used for retirement or a child’s education. However, if your investment goal is to get rich quick, you should learn as much about high-yield, short term investing as you possibly can before you invest.

You should strongly consider talking to a financial planner before making any investments. Your financial planner can help you determine what type of investing you must do to reach the financial goals that you have set. He or she can give you realistic information as to what kind of returns you can expect and how long it will take to reach your specific goals.

Again, remember that investing requires more than calling a broker and telling them that you want to buy stocks or bonds. It takes a certain amount of research and knowledge about the market if you hope to invest successfully.

Many entrepreneurs market via outreach events, be it trade shows or presenting seminars, and budgets to schmooze clients and impress friends are getting tight. Now that the economy is back in the spotlight, with gasoline at $2.60+ a gal., big companies announcing layoffs, and prices rising across the board, the time is here to tighten our belts and squeeze that marketing dollar until it squeals.  Believe me the rhetoric that the economy is getting better is just that – political rhetoric, and isn’t coming from the business community in the trenches.  We know better!

Even though lavish budgets are history, the creative entrepreneur can still use events as a marketing tool if he/she rolls up sleeves and goes into “guerilla marketing” mode.  Creativity is the key!  The time for promoting an event and waiting to see who registers within 6 to 8 weeks is past.  The first’s thing to remember, is that no amount of cajoling, marketing, or freebies will compel attendance at your event if it doesn’t offer real value to the attendee.

People expect to be exposed to valuable content, and aren’t attending just for the networking.  With that as a given, let me give you some guerilla marketing tips.

Some key points to remember in any outreach promotion are to build in a tracking method on each marketing piece, such as unique URLs and/or codes on registration.  Be ready to offer incentives such as discounts or gifts to gain access to clubs or sponsors members, lists or audience.  Lastly, have the appropriate marketing tool kit ready before you start.  It should contain such things as Web banners, email templates, sample sales copy, and special offer announcements packaged for easy access.

In good times or bad, these tips will help any entrepreneur draw more interest in their activity or event.  A good outreach program promotes special relationships with your sponsors, community and attendees better than any other marketing activity can before the event.  Using guerilla marketing tactics in lieu of bucks takes creativity, elbow grease, and luck.

Entrepreneurial leaders do not have a mindset that adapts to failure.  Things go wrong, of course, but entrepreneurs don’t call them “failures” they call them “glitches, mistakes, bungles, setbacks” – but not failing. When one such entrepreneur was asked about the hardest decision he ever had to make, he answered that he didn’t know what a hard decision was.  An entrepreneur will approach decision-making with the idea that there’s a strong likelihood that he/she will be wrong.  This doesn’t dissuade them – to the contrary they just do the best they can and worry about handling obstacles as they arise.

Another way of looking at it is to realize that you will make mistakes, so make them as quickly as you can in order to learn from them.  A good leader doesn’t view making mistakes as negative or irrevocable, he/she feels free to press on and try something new. There is the belief that something useful has been learned, and hopefully not at a high cost. Read the rest of this entry »

Direct marketing campaigns are truly effective when you precisely target customers likely to buy from you. This is done by Profiling and Modeling prospects and clients. Dumb mass mailings are replaced with “surgical” campaigns that market to specific customers with accuracy using technology that is now available.  Today, it’s possible to collect an enormous amount of information about customers, but to use it effectively you use it in “profiling” and “modeling”.

Both of these techniques are ways of applying external data to possible clients.  They can be used to prospect for business or to zero-in on existing customers for your mailing.  The goal is to predict behavior based on what you know about your customers. These two methods are not mutually exclusive, and marketers often use them together.  The difference is that profiling data is overlaid against an existing client database, and has a long life span. It can be used for several mailings, and in contrast modeling is used to sharpen the focus of a specific mailing. Read the rest of this entry »