exQUIZZme !

What a question! What’s THAT supposed to mean?

I ask the question because so many people today who profess to be interested in operating their own business spend far too much time “tire-kicking.”

While I would never underestimate the importance of exercising due diligence when investigating any type of business or income opportunity, there comes a time when you simply have to make a decision and act upon it.

Let’s face it…no one business is right for everyone. We all have different interests, different abilities, different financial goals. But one thing’s for certain…you’ll never get off the ground if you sit on your hands!

Take my own experience, for instance. I started with an idea, a concept. I wanted to help others learn that with a little knowledge and a lot of sweat equity, anyone with the desire can earn an income from home.

This is not the first business I’ve operated from home; far from it. My first foray into the home-business scene was with a direct sales company called Discovery Toys. At that time it was in its infancy (as a matter of fact, I was the very first representative in my home state of Mississippi). For those of you not familiar with Discovery Toys, it markets educational toys and games through a variety of sales methods. It also provides an opportunity for residual income by building your own sales force. I chose to only do sales, and I did very well with it. Why? Not because I sat around wondering IF it would work; I just did it!

Another business I operated from home was as a tutor for young children whose parents wanted them to learn how to use a computer. I invested in a computer and software and marketed my business to day cares and preschools as an optional service to those parents willing to pay for it. Once again, I took a chance…and it paid off. But it didn’t happen by accident, and it didn’t happen overnight.

You can spend your time analyzing the daylights out of each and every venture, but I can assure you that if you do, at some point you’ll convince yourself that it just won’t work! And you know what? It WON’T work unless you are confident in your ability to succeed.

Here’s another news flash…when you do start your own business, you’re going to make some mistakes. If you’re not willing to learn from those mistakes and use that knowledge to improve yourself and your business, then maybe you’d just better stay in that 9-to-5 job.

Operating your own business involves risk-taking and decision-making; no one can tell you exactly how to run your business. If you’re looking for someone to answer every question for you, make every decision, and show you EXACTLY what to do every step of the way, you don’t need to be in business for yourself.

Getting started is the hardest part, but once you do, don’t look back. You’ll get discouraged and want to give up, but you have to hang in there. The rewards are many.

Like, not having any more bruised toes!

Thinking of starting an import/export business? Jennifer Henzel, a Certified Import/Export Trade Professional offers these tips for getting started:

1. Many countries have set up offices (Consulates or Embassies) in foreign countries to promote the exporting of their goods. The Consulates will supply you with industry directories and more. Embassies are located in a nation’s capital and Consulates in different cities. In many cases, the Embassy web site will contain directories and manufacturer lists, as well as an email link that you can use for sourcing

2. To import goods, communicate with that country’s Consulate situated in your own country. If you are uncertain what products the other country wants, you can obtain catalogues and lists of manufacturers.

3. Contact your country’s taxation department to ask about registration numbers or other procedures that you must follow. For example, if you are Canadian, you will require a Registration Number, issued by Canada Customs and Taxation Agency (CATA). When you inform CCTA of your plans to import or export, they issue an extension to your business number. This number is used on all related documents.

4. Find out about licensing requirements, if any. Many countries do not have licensing requirements for most products. However, if you are importing or exporting high-risk products (pharmaceuticals, liquor, chemicals, arms, certain food items and certain articles of apparel), you might need a license. “I strongly recommend that people start out with low risk items that can be easily traded and have fewer barriers­ like giftware and consumer items,” said Henzel. “Certain industries, like dairy, are guarded by lobby groups in some countries. You will be faced with quotas and restrictions.”

5. Embargoes are trade barriers set up against other countries. Many countries have embargoes against Cuba, for example. First, contact your own government to determine whether there are restrictions or embargoes against the country you are considering. Next, contact that country’s Consulate or Embassy to see if there are restrictions against goods from your country.

6. Participate in the local Boards of Trades (or Chambers of Commerce if there is no local Board of Trade). In addition to networking, you have access to research libraries and other resources that will offer good trade information.

7. Use customs brokers. “Small businesses attempting their own paperwork can run into delays at borders. If you make a mistake, you can be fined,” said Henzel. “A custom broker’s service is well worth the fee you pay.”

8. When exporting, understand that there is no one solution to shipping and customs handling that will work in every situation. Every deal is different. Each company and each set of products will require a different set of services, or a combination of services. Engaging the services of a freight forwarder is one possibility. Freight forwarders arrange shipping and customs for goods going to other countries. “You have to shop for these services and do your research,” Henzel explained. “Ask a lot of questions. It’s no different than buying a piece of furniture. You shop around first.”

9. Be familiar with Incoterms, as posted to the International Chamber of Commerce Web Site (http://www.iccwbo.org/index_incoterms.asp). Incoterms are standard trade definitions that dictate the shipping and payment responsibilities of each party. The two companies involved negotiate Incoterms for each deal. The best known Incoterms include EXW (Ex works), FOB (Free on Board), CIF (Cost, Insurance and Freight), DDU (Delivered Duty Unpaid), and CPT (Carriage Paid To). “You negotiate according to the Incoterms,” Henzel said. “You decide who pays for shipping, who pays for insurance, etc.”

10. Consult your bank for information about Letters of Credit, the most common form of payment when trading internationally. With a Letter of Credit, you minimize your risk because the banks assure that the goods are delivered before the money is exchanged. As an importer, a Letter of Credit reduces the risk of having to pay in advance for goods, or of paying for goods that are inconsistent with the product description in the Letter. As an exporter, you have the buyer’s bank’s assurance that you will receive payment provided you ship the goods as specified within an agreed-upon time.

11. Participate in Trade Missions. Consult your Board of Trade or local Chamber of Commerce to discover what is available.

12. Finally, look to the Web for information about international trade.

Good luck for everyone

Believe it or not, 2009 is coming up. Yeah, I know, where has the time gone? My mom always told me that as I got older, the years would start to fly by. Did anyone ever tell you that? Did you believe them? Well it is happening to me right now.

Before I get too deep into this article, just let me say that the intention of this article is NOT to make people angry or depressed. The real purpose for this article is to help the reader determine if he/she is doing a few key things for their business. Let’s take a look at the three main things that I feel any business owner needs to have in place if they are serious about making their business a success.

Setting Goals: Sound familiar? Of course it does. Have you done this? If you ask a lot of people, the answer you get may vary from “I know what I want to accomplish” to “Do I really need to set goals? I’m here to say that if you have not set your goals for you business, then take a few moments and write them down. Yes, I said write them down.

Be sure to set your goals realistically. Goals should be reachable. If you set unrealistic goals, then don’t meet them you are setting yourself up for failure. You need to set short and long term goals. If you don’t meet your goals on schedule, do not feel defeated. Re-set your goal and strive harder to reach it.

Setting a Plan of Action: Okay, you have set your goals. Now what? How are you going to get there? This can be the real tricky part for some. You need a plan of action that is going to keep moving you closer to your goals on a daily, weekly and monthly basis.

If only there was a “master plan” we could all use. Since there is not, only you can know what needs to be done in your business. Look at your goals and determine what action you need to take. Set your plan of action according to the goals you are striving to reach.

Be specific! Being too vague in your plan of action can leave you sputtering along. It is very important that your plan be detailed. You need the “how” and “when” of your business plan.

Implementing your plan of action: Now that you have a written set of goals and a detailed plan of action, the last key element is implementing your plan. After all, what good are your goals and plan of action without acting on them?

For most, this is the hardest part. In my mind, it can be even more so in the home business sector. If you work for some one else, you probably have that constant “some one is watching over you to make sure you get all your tasks done on time.

In the home business field, it can be very easy to procrastinate. Yes, we have all done it. Some more than others though. This is where you divide the men from the boys. While many of the “boys” are preparing to find the perfect time to get ready to get started, the “men” are already in action.

We know that there is no “perfect” time to get started. If you are waiting for this, do yourself a favor and give up. It is never going to come. To be successful, you are just going to have to do it. And do it now!

In conclusion, let me say that although these three key elements are all very easily done, doing them does not guarantee success. There is another intangible, YOU! Add your own personality to your business and let it grow.

Here’s to you and your success. Today, not tomorrow!

Every business needs money at one time or another. The process of obtaining financing can be daunting and the chances of success limited if it is approached in a disorganized or haphazard way. Lenders are conservative critters; however it is important to understand that it is their job to lend money, and they are happy to do so if their risk is reasonable. The chances of obtaining a business loan are greatly enhanced if you adhere to the following procedure.

KNOW WHAT YOU NEED

Understand how you intend to use business financing, how much funding you need and how you intend to repay the loan. Be able to communicate this clearly and confidently with prospective lenders.

UNDERSTAND YOUR CURRENT SITUATION

If you are an existing business, are you profitable, and does your balance sheet have positive equity? What does your credit look like? Have a clear understanding of any existing liens and lien priority. Know your credit score and answers to derogatory credit issues (liens, judgments, slow pays, collection actions) before presenting your application. If there have been credit, profitability or equity issues in the past, present a credible argument as to why these issues have been resolved or how this loan will change this situation.

KNOW YOUR OPTIONS

All lending is critiqued from a risk standpoint. Certain levels of risk will qualify for certain types of financing. The level of risk is reflected in the cost of the financing. The more secure a lender’s money is, the less it costs you. Get creative. Financing takes many forms, and is available from a wide range of sources.

Standard (conventional) bank financing usually offers the best interest rates, however it is the most difficult to qualify for. These loans appear as a long-term liability on the business balance sheet. Conventional loans are available through banks and other lending institutions and can be guaranteed in whole or part by the SBA.

Revolving Lines of Credit are another form of business financing. This type of loan is secured by accounts receivable or inventory and is available from a bank or an Asset Based Lender. Credit cards are a form of revolving line of credit. An Asset-Based Line of Credit (ABL) is considered alternative financing and is available to borrowers who are too highly leveraged for a bank.

Real Property, Equipment Leases and Notes are another form of business financing. In these contracts the collateral for the loan is the property or equipment itself. When there is no outstanding balance owed on the asset, the property or equipment could be used in a Sale-Leaseback transaction. Here, the asset is sold to the lender for cash, and the borrower leases the property from the lender until the loan is paid.

Landlords can be a source of financing. It is not uncommon for a landlord to contribute dollars or rent concessions to the development of a tenant’s space. For this loan, the landlord may require a Percentage of Gross Sales Clause in the lease as repayment. Extended vendor terms for purchase of product may provide short-term operating capital loans.

In the event that additional credit strength is required, loan guarantors or borrowing someone’s credit may help the borrower qualify for less expensive financing. Be flexible. Your final package may be comprised of several lending solutions

PRESENT A CLEAR AND UNDERSTANDABLE PROPOSAL

Lenders need to know who you are personally, professionally and financially. The lender needs to evaluate Income Tax returns (Corporate and Personal), financial statements (income statement and balance sheet) and a cash flow projection. The balance sheet has to look a specific way. The Current Ratio should be at least 1:1, and the Debt to Equity Ratio should be at least 4:1.

Be specific as to how the money is going to be used and how it will be paid back. Lenders want to know what is securing their debt. Lenders evaluate the quality of the collateral, and want to insure that it is adequate to secure the debt in case of default. A secondary source of repayment is required prior to granting standard financing. The personal guarantee of the borrower is often required. In some situations, a lender may seek secondary collateral. Secondary collateral is simply some other asset in which you have equity or ownership, i.e. equipment, property, inventory, notes.

Business funding is not difficult if the borrower is creative and realistic. Know how much money you need and how you are going to use it. Be prepared to defend your needs and anticipate the lender’s questions. In the event that a lender cannot grant your request, perhaps it is the way a loan is packaged. Find a lender who is willing to make recommendations that will help you find financing. A good lender will tell you quickly if they can help you or not. If an intelligent and organized package is presented, a timely response is warranted.

A small business loan is designed for a wide range of UK small, medium and startup business needs including the purchase, refinance and expansion of a business.

Finance is the lifeblood of a business. Without it you cannot grow.

Small business loans are generally available from £50,000 to £1,500,000 at highly competitive interest rates from leading small loan lenders.

A small business loan can be secured by all types of UK business property, small and residential properties.

Small Business Loans can offer up to 79% LTV (Loan to Valuation) with variable rates, depending on status and length of term.

Small business loans are normally offered on Freehold and long Leasehold properties with Bricks and Mortar valuations required. Legal and valuation fees are payable by the client.

Small business loans are available for Self-Declaration with CCJ’s & Mortgage Arrears.

Small Business Loans cover most types of UK property, including:

• Development property, new & redevelopment
• Country properties
• Retail / offices / factories / warehouses
• Investment & owner occupied
• Leisure buildings (Hotels / Pubs)
• Professional practice premises

You may freely reprint this information on your website provided the following caption remains intact.

This is from Bangkok to Edmonton, credit card statements stuff mail and email boxes with payment deadlines. Every bill reminds the giver that gifts given freely do not come free. Giving and buying often exceed generosity and need as a brittle piece of plastic becomes an avaricious spoiler of hopes and dreams.

During this week, two families emailed me about credit card debt. One family lugs $12,000, and $50,000 shackles the other. Each family wants relief; however, debt accumulation comes easily while debt relief sucker punches emotions and wallets.

Consumer debt burdens the workers of all economies. Highways jam with the doldrums, “I owe…I owe…It’s off to work I go”. . Truly, as an ancient proverb reminds us, “The debtor is servant to the lender”.

Nearly every government graphs consumer debt. The U.S. Federal Reserve’s January report set U.S. consumer debt at 2 trillion dollars; the highest level in U.S. history. Canadians report an all time low savings rate (when debt goes up, savings goes down). Thailand consumers pushed debt levels up 25% last year. United Kingdom families might be forced to reduce their spending or sell their homes if interest rates ratchet up just 1%. Read the rest of Cash Or Credit »

Wonder Woman makes it looks so easy. She gets up every morning, fights the good fight, calls it a day, and starts the whole process all over again. This is the way most of us begin our workday. We work hard, accomplish lots, and get up in the morning for an encore presentation. >From childhood we were told that if we put 110% into our careers that we will be shoo-ins for promotions and raises. It sounded like an excellent plan and one that you easily bought into-hard work equals a big return on investment. Good deal.

Then one day you walk into your office only to discover that your position has been eliminated. Not through any fault of your own, but because the powers-that-be made an executive decision to reduce costs. At that moment, you quickly realize that not everything comes from hard work, and you are reluctantly thrown into the job search.

THE CHALLENGE

To your surprise, a search that you were convinced would take only a few weeks turned into a year-long process. You quickly realized that no matter how many awards you received and no matter how impressive your career progression, the old adage is true: “You’re only as good as your last sale.” And if you have been unemployed for a while, hiring managers may view your experience as being out of date. Read the rest of Yesterday’s Hero »

Building Business Credit

Most businesses want to be able to borrow money when they need it, without the owners having to guarantee the loans personally. This means less risk to the owners. But wanting to get credit for your business and actually getting it can be two different things.

One company recently approached us because over the past two years they had created a successful business, with over twenty employees. But they couldn’t get a business loan because they hadn’t taken the time to build a business credit profile and didn’t know where to start.

You may have seen marketing hype about how a business credit profile can overcome a bad personal credit file. In most cases, however, it’s important that small businesses have both good business credit, as well as solid personal credit on the part of the owners. This is especially true in the current environment where investors and venture capitalists aren’t handing money out to just anyone who can breathe and has a business idea! Even established businesses will find it necessary in some cases to provide the business owner’s personal guarantees on some loans or credit cards. Read the rest of Locate The Building »

The workathome mlm network tool can be used to generate cash while working at home. MLM stands for multi-level marketing. A company uses MLM to have participants at home sell products at a discount. In exchange, the participants earn commissions and bonuses. The participants may have to pay a fee to join an MLM network.

MLM is good for companies because it reduces the costs of marketing, sales, inventory, and distribution. The use of the workathome mlm network tool has grown thanks to technology improvements, changes in the economy, job instability, and the need for financial independence. The participants have grown beyond housewives looking for extra income. Many downsized corporate workers including men have turned to MLM. Their corporate skills come in handy. People are often recruited through motivational meetings.

By using the workathome mlm network tool, people can earn money not just from their sales but from people they recruit. The people they recruit are called a “downline”. The downline can include people from all over the world. Faxes, FedEx, and email keep these people and their customers connected. Participants may get the product in their homes and invite customers to view the product.

Income of MLM participants may be slow to grow, but many enjoy the added benefits of working at home. MLM participants may get perks such as car allowances. Some companies may require a minimum amount of sales to collect from the downline. To increase downline sales, many participants offer recruits help such as with terminology, newsletters, sales flyers, business cards, and telephone support. Read the rest of Workathome Mlm Network Tool »

I was reading the local paper and came across a picture of the cleanest garage I ever saw. In addition to a picture of the garage there was a picture of a gentlemen, in his late 60′s cleaning the cobwebs with an extension pole. I thought to myself I have never seen a garage so clean in my life. The accompanying article was discussing how this individual and another had painted and put cabinets in their garages, and how you could eat off this garage floor.

Now we have all seen those storage cabinets for garages, but how many of us ever get them and if we do, don’t we fill them up and then the garage goes back to looking like it did before we got them. Imagine if someone would come to your home, condo or townhouse and clean out, paint and organize that garage for you; and you would tell them how you want it done. I am not talking about those expensive ads we’ve all seen where they can come in and re-do your garage. Not many of us have thousands of dollars to spend on our garages. Read the rest of Where Business Ideas Come From »