Thinking about starting a home business? Do you already own a home business but need cash? Perhaps you can qualify for a small business loan.
However, before you attempt to borrow any money, you first have to figure out how much money you need. The easiest way to do this is by putting together a business plan. A good business plan is critical to your business success.
It can be a simple one page outline or it can be many pages, but it should spell out exactly how much money is needed and what it will be used for; your potential market and customers and potential for growth; what makes your business unique from others; and a rational and conservative projection of your business's cash flow.
Your plan will also help you set business goals and define the steps necessary to help you reach those goals. It is a guide for you to refer to on a regular basis to help evaluate your business progress and help keep you focused on your priorities.
Besides, a business plan is almost always required when applying for a bank loan. If you need assistance in writing a business plan, your local library should have several books on the subject. You can also try Amazon.com. In addition, you should be able to get help on writing a business plan from one or more of the sources listed below:
1. The Small Business Administration (SBA) offers numerous loan programs to assist small businesses. It is important to note, however, that the SBA is primarily a guarantor of loans made by private and other institutions.
http://www.sba.gov
2. The Service Corps of Retired Executives (SCORE) is a volunteer management assistance program of the SBA that provides one-on-one counseling, workshops, and seminars.
SCORE has chapters throughout the country. Many work in conjunction with local Chambers of Commerce. SCORE and Visa have also joined forces to help home-based and small
business owners. Contact your SBA office, local Chamber of Commerce, or the following websites for more information:
http://www.score.org
http://www.visa.com/smallbiz
3. Talk to your local bank. Find out what they require for a business loan application and also if they are participants in the SBA loan programs. Be diligent and shop around for the best loan packages, and make sure you fully understand the terms.
4. You may be able to borrow from insurance policies, IRAs, 401k's, stocks and securities, etc. Check with your insurance agent. Also, investigate what the policies are regarding borrowing from your mutual funds or retirement account. Before borrowing, make sure you fully understand
the pay-back terms and any potential penalties.
5. Apply for a home equity loan. Borrowing against the equity on your home is permitted in all states except Texas. Just make sure you're diligent about paying back the loan or you could end up losing your home.
6. If you're a woman, you may be eligible for a Specialty Loan. These types of loans are now being offered by local banks. Who knows? Filling out a one-page application just might get you an unsecured credit line or loan ranging from $2500 to $50,000.
7. Try borrowing from family members and/or relatives. If you have a good relationship with your family, perhaps you can make a persuasive argument for them to loan you money
for your home business. Just remember, borrowing from family or relatives shouldn't be treated any differently than borrowing from a bank. It's just as important to pay them back on time as well.
About the author:
Dean Phillips is an Internet marketing expert, writer,
publisher and entrepreneur. Questions? Comments? Dean can be
reached at mailto: dean@lets-make-money.net
Visit his website at: http://www.lets-make-money.net
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Monday, March 24, 2008
Friday, March 14, 2008
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Tips for Starting a Home Business
Starting a home business is a dream that many people share. You can work according to your own schedule, "fire" difficult clients, avoid difficult bosses, spend more time with your family, escape a lot of the daily stress faced by employees at their jobs, and pursue your own interest more. It's a big leap from being an employee to working for yourself, so a little preliminary planning can never hurt.
You will need to look ahead to several areas of your life to make necessary preparations, before you actually leave your job. In some cases, such as a layoff, you won't have that opportunity in advance, but still, these are very important factors to consider.
Market research and a business plan are essential. Timing is very important. You will need to think about the type of business you're starting, current economic conditions, your financial situation, and the potential market for your products or services.
If you have no other means of financial support, you should accumulate some savings to carry you through your business startup. Most experts typically suggest six months to one year of living expenses as a cushion. Don't forget that you will need to provide for benefits you may have received at a job, such as health insurance for yourself and your family and funding into a retirement plan. Of course, if you have a spouse or partner who is employed and is willing to provide these necessities during your startup phase, you are that much ahead of the game.
It is important that you choose the business structure that's best for your business. Each form of business organization has both legal and tax implications, so be sure to consult with professionals in this area.
Of course you will want to have a comfortable and quiet work space. Ideally, it will be out of the mainstream of activity. This is important not only to reduce noise, but also psychologically for you and your family, to create a sense of "at work" and "at home". While some truly start their home business from the kitchen table, you'll find that the separation will help you run your business much more efficiently. Don't forget to allow space for manufacturing and inventory storage, if your business involves those things.
Working from home, sometimes long and unusual hours, makes it very easy to ignore both your physical and mental health. The usual advice applies - try to eat a proper diet and exercise, and even if you don't have a family at home, don't work all the time. Entrepreneurs often report the one aspect they miss most from having a regular job is the contact with coworkers, so be sure to maintain a social life, even if it's only through a business networking or support group.
Finally, try to surround yourself with positive, supportive people, hopefully starting with your own family. This will be a critical part of your support system. It's not always possible to get "buy in" from your family. Those who love you the most aren't usually trying to stand in your way - it's just that working in a home business is something unknown to them, and like everyone, they tend to be fearful of something they don't understand. If you find yourself in this situation, you they don't understand. If you find yourself in this situation, you may be able find the support you need in a business networking or mastermind group.
About the author:
For An Affordable Home Business You CAN Believe In Click Below:
http://www.eliteteamireland.com
Circulated by Article Emporium
You will need to look ahead to several areas of your life to make necessary preparations, before you actually leave your job. In some cases, such as a layoff, you won't have that opportunity in advance, but still, these are very important factors to consider.
Market research and a business plan are essential. Timing is very important. You will need to think about the type of business you're starting, current economic conditions, your financial situation, and the potential market for your products or services.
If you have no other means of financial support, you should accumulate some savings to carry you through your business startup. Most experts typically suggest six months to one year of living expenses as a cushion. Don't forget that you will need to provide for benefits you may have received at a job, such as health insurance for yourself and your family and funding into a retirement plan. Of course, if you have a spouse or partner who is employed and is willing to provide these necessities during your startup phase, you are that much ahead of the game.
It is important that you choose the business structure that's best for your business. Each form of business organization has both legal and tax implications, so be sure to consult with professionals in this area.
Of course you will want to have a comfortable and quiet work space. Ideally, it will be out of the mainstream of activity. This is important not only to reduce noise, but also psychologically for you and your family, to create a sense of "at work" and "at home". While some truly start their home business from the kitchen table, you'll find that the separation will help you run your business much more efficiently. Don't forget to allow space for manufacturing and inventory storage, if your business involves those things.
Working from home, sometimes long and unusual hours, makes it very easy to ignore both your physical and mental health. The usual advice applies - try to eat a proper diet and exercise, and even if you don't have a family at home, don't work all the time. Entrepreneurs often report the one aspect they miss most from having a regular job is the contact with coworkers, so be sure to maintain a social life, even if it's only through a business networking or support group.
Finally, try to surround yourself with positive, supportive people, hopefully starting with your own family. This will be a critical part of your support system. It's not always possible to get "buy in" from your family. Those who love you the most aren't usually trying to stand in your way - it's just that working in a home business is something unknown to them, and like everyone, they tend to be fearful of something they don't understand. If you find yourself in this situation, you they don't understand. If you find yourself in this situation, you may be able find the support you need in a business networking or mastermind group.
About the author:
For An Affordable Home Business You CAN Believe In Click Below:
http://www.eliteteamireland.com
Circulated by Article Emporium
3 Steps To Home Business Success
If you own a home business, there are 3 things you absolutely, positively must have, if you want to be successful:
1. You must have a guru or mentor:
If you aren't proficient in Internet marketing, website design and copywiting--and most people aren't, do the smart thing and seek out an Internet marketing expert to help you.
This can be a huge financial advantage for you, because 90 percent of those individuals coming online don't have a clue what their doing. And instead of doing the smart thing and
seeking out an expert for help, they'll just struggle along trying this and that and losing money, until they're finally forced out of business.
2. You must have a back-up plan:
Not having a back-up plan for your home business is like being stuck out in the desert with a flat tire and no spare. You just aren't going anywhere. Sometimes, try as hard as we
might, our ideas just don't work and we have to scrap them. That's why you should always have a back-up plan. Give your home business every chance to succeed, but if you sense it's
not going to happen, don't be afraid to pull the plug on it and move on to plan "B."
3. You must have relentless desire and determination:
This is the number one reason why most people don't succeeed. They don't have relentless desire and determination. I want you to commit the following words to memory:
"Any success you achieve will be in direct proportion to your desire and determination. The more desire and determination you have, the greater will be your success!"
Here's another example to illustrate my point:
Most people think it's Kobe Bryant's amazing talent that sets him apart from the other players in the NBA. And make no mistake, his talent does play a significant role in his
success. But what really makes Kobe Bryant special is his "relentless desire and determination." He just wants to win more than everybody else.
That's the mindset you have to have. You have to want to succeed with your home business more than anything else in the world--anything!
And remember these words:
"Any success you achieve will be in direct proportion to your desire and determination. The more desire and determination you have, the greater will be your success!"
About the author:
Dean Phillips is an Internet marketing expert, writer,
publisher and entrepreneur. Questions? Comments? Dean can be
reached at mailto: dean@lets-make-money.net
Visit his website at: http://www.lets-make-money.net
Circulated by Article Emporium
1. You must have a guru or mentor:
If you aren't proficient in Internet marketing, website design and copywiting--and most people aren't, do the smart thing and seek out an Internet marketing expert to help you.
This can be a huge financial advantage for you, because 90 percent of those individuals coming online don't have a clue what their doing. And instead of doing the smart thing and
seeking out an expert for help, they'll just struggle along trying this and that and losing money, until they're finally forced out of business.
2. You must have a back-up plan:
Not having a back-up plan for your home business is like being stuck out in the desert with a flat tire and no spare. You just aren't going anywhere. Sometimes, try as hard as we
might, our ideas just don't work and we have to scrap them. That's why you should always have a back-up plan. Give your home business every chance to succeed, but if you sense it's
not going to happen, don't be afraid to pull the plug on it and move on to plan "B."
3. You must have relentless desire and determination:
This is the number one reason why most people don't succeeed. They don't have relentless desire and determination. I want you to commit the following words to memory:
"Any success you achieve will be in direct proportion to your desire and determination. The more desire and determination you have, the greater will be your success!"
Here's another example to illustrate my point:
Most people think it's Kobe Bryant's amazing talent that sets him apart from the other players in the NBA. And make no mistake, his talent does play a significant role in his
success. But what really makes Kobe Bryant special is his "relentless desire and determination." He just wants to win more than everybody else.
That's the mindset you have to have. You have to want to succeed with your home business more than anything else in the world--anything!
And remember these words:
"Any success you achieve will be in direct proportion to your desire and determination. The more desire and determination you have, the greater will be your success!"
About the author:
Dean Phillips is an Internet marketing expert, writer,
publisher and entrepreneur. Questions? Comments? Dean can be
reached at mailto: dean@lets-make-money.net
Visit his website at: http://www.lets-make-money.net
Circulated by Article Emporium
10 Reasons For Starting a Home Business Online
1. You want to escape the rat race. You'd rather spend the 2 hours you waste every day with your family, or on a hobby. Running your own business online you can stop the commute, and you can feel good because you are helping to cut pollution too.
2. You can work part time building your new home business online until
you see it taking off. You aren't giving up your bill paying regular job to jump in without any income.
3. It's possible to start a home business online with very little
outlay. Webhosting is cheaper than a bricks and mortar shopfront. You already have the pc to access the net, it can start working for it's keep.
4. You can choose your own hours. If you have an appointment to keep in the morning, start your online work in the afternoon. No one can tell you "you can't have that week off in August, Bill got in first"
5. If you work harder you can benefit directly, you put more hours in
and your online business makes more profit, your wages go up. Your salary isn't fixed by someone elses view of what you're worth.
6. A lot of online business tasks can be automated, using readily
available tools. Emails can be automatically sent by autoresponders, even regularly asked questions can be sorted and answered by software.
7. A website works 24 hours a day without complaining. Even if you're on holiday your online business website can be working online for you bringing in money.
8. Your online business can be as far reaching as you want, it can
offer something for your local community. It can equally sell to people around the world, without penalty. It doesn't cost any extra to send an email to Australia, or for your website to be used to make a purchase by someone in Europe.
9. Starting a home business online means you have a continuously
growing market as more and more people come online everyday.
10. It's dress down day everyday. You can work in your pyjamas if you want, nobody's going to stop you in your own home. No more suits and ties unless you want to wear them, but that's your choice.
About the author:
Douglas Titchmarsh recently decided to start a home business online
and is running a work at home opportunities site at
http://www.cashinonline.info.
Circulated by Article Emporium
2. You can work part time building your new home business online until
you see it taking off. You aren't giving up your bill paying regular job to jump in without any income.
3. It's possible to start a home business online with very little
outlay. Webhosting is cheaper than a bricks and mortar shopfront. You already have the pc to access the net, it can start working for it's keep.
4. You can choose your own hours. If you have an appointment to keep in the morning, start your online work in the afternoon. No one can tell you "you can't have that week off in August, Bill got in first"
5. If you work harder you can benefit directly, you put more hours in
and your online business makes more profit, your wages go up. Your salary isn't fixed by someone elses view of what you're worth.
6. A lot of online business tasks can be automated, using readily
available tools. Emails can be automatically sent by autoresponders, even regularly asked questions can be sorted and answered by software.
7. A website works 24 hours a day without complaining. Even if you're on holiday your online business website can be working online for you bringing in money.
8. Your online business can be as far reaching as you want, it can
offer something for your local community. It can equally sell to people around the world, without penalty. It doesn't cost any extra to send an email to Australia, or for your website to be used to make a purchase by someone in Europe.
9. Starting a home business online means you have a continuously
growing market as more and more people come online everyday.
10. It's dress down day everyday. You can work in your pyjamas if you want, nobody's going to stop you in your own home. No more suits and ties unless you want to wear them, but that's your choice.
About the author:
Douglas Titchmarsh recently decided to start a home business online
and is running a work at home opportunities site at
http://www.cashinonline.info.
Circulated by Article Emporium
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